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Where to sell junk silver?
airplanenut
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A friend asked me about some junk silver inherited long ago that she’d like to sell. I know a few dealers sort of nearby, but not super convenient; I could research other dealers that might be easier to reach. That said, she may be in town in a few months and able to hand it off to me if it would be worth it to just put it all in a box and ship it somewhere. So the question is whether the buy prices tend to be consistent enough that I should just direct her to a dealer, or if there’s a buyer somewhere in the country that pays enough more that it’s worth the extra hassle and I should facilitate shipping everything.
Thanks!
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Weigh it and take some pics and put it in the monthly BST thread in the Precious Metals Forum.. There are several buyers of scrap silver that might be interested. It's free so you don't have much to lose other than a little effort.
Worry is the interest you pay on a debt you may not owe.
90% Silver US coins?
eBay or many local shows have someone with competitive offers
you can ship hundreds of ounces in a USPS flat rate box (with enough tape)
Shipping costs will hurt. Maybe your local dealer will swap for gold bullion. Just a thought.
BST thread in precious metals, most dealers will attempt to rob her blind. What does she have? I'm in a buying kind of mood.
The whole worlds off its rocker, buy Gold™.
Find a local dealer who offers a fair price per ounce and dump all of it. It is too easy to run up expenses on sales of this type by trying to get the last possible dollar out if it.
BST has worked for me
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I’ve been thinking about this as well. I’ve got a lot of bulk 90% but bullion prices don’t seem right since lots are Franklins, walkers, etc. Should there be two sets of pricing? One based on culls and true junk and one based on coin series?
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In this neighborhood, there are nearby dealers who can do the 90% silver deals at a competitive price. Me, I would never ship very much 90%, especially to somebody who I don't know.
Many Walkers and Franklins and Mercuries trade at melt prices. Some are worthy of premiums.
Sounds like stuff pulled in 1964, so I’ll guess mostly later date silver with no real numismatic premium.
The two dealers I know of near here won’t rip her off, but are a bit of a drive. One is closer to family so she may occasionally be nearby. My thinking for not going that route other than convenience is if Brock and mortar prices tend to be lower than what you can get elsewhere in general, not assuming anyone is being unethical.
I’m guessing it will all fit in one flat rate, so we are probably talking $15. I wouldn’t part it out.
Apmex and other companies publish online buy/sell prices. I had good luck with them.
This. BST is not the higher buyer unless there is no one trustworthy locally. Shipping alone, not to mention possible transaction costs, are significant. Further, unless she knows what the correct price is, she's probably MORE likely to be taken advantage of than by a business that at least had to worry about reputation and litigation.
You are going to send hundreds of ounces of silver uninsured because getting 1% more on BST is that important
What price can a seller of 90% silver expect to get on the BST?
Because you don't want a deal on price. The bid/ask spread on scrap is a couple percent fron a reputable dealer. It almost never makes it worth the cost of shipping.
I scrap locally at 95 to 98% depending on form. He pays 100% on gold eagles. My guy gets 97 to 100%, depending on form. If you want to pay 95.5% to 98.5% plus shipping, you can have all my scrap from now on.
I've got a couple 1st spouse coins right now that you can have for 98.5% plus shipping (about $15). I've got a US gold eagle if you want to pay 100.1% of spot plus shipping.
my local coin club (of which I am an officer) eats junk silver up. we've sold all of our lots and are looking to get more. I may be interested - just to keep the auctions running.
Id pay melt. unsure what this stuff goes for on BST ... its not my cup of tea.
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Any coin shows in your area? We have a couple local dealers that show up regularly at shows and usually pay more than I have seen paid at local shops. I think the competition in the show keeps dealers from offering low ball regular prices they may pay a walk-in. (My apologies in advance to dealers on this board... just my experience in our area)
Actually, they may be paying more because they are going to walk out across the room and sell it for more to the market maker in the room. The market market will not offer you the "dealer price" on small lots for a number of reasons: risk, professional courtesy, etc.
The over the counter offer isn't low-balled for criminal reasons. It's necessary to cover the risk of holding. If you call in with $1000 bag you'll get a higher number because you can flip to the market maker eith a phone call. You walk in with $50 face, I have to hold it until I get enough to flip it or I find a retail customer
I'm (Pegasus) a buyer Jeremy.... 12.55 X Face right for 90% coin no badly worn.....fluctuating always so PM for lock in if you want to do something....... seller at 12.8X
John
John Maben
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Sorry. No offense intended. Maybe a bad choice of words. I never suggested a criminal or even bad intention. Of course I understand the overhead of running a shop. All I was saying to the OP was that from my experience you can usually find a better price at a show speaking as a regular buyer/seller. If current price is 12X, I could usually find a buyer at 10.5X to 11X at a show where our local shops will pay less generally speaking. I can walk into a show and get 97% melt on gold without batting an eye on any given weekend show, at least in the Detroit area.
None taken.
No, you are right. But I was just explaining why the dealers buy price may be higher at a show. It's not necessarily about competition.
All you non- dealers, please note the 2.5% bid/ask spread. Pretty typical.
Why take pictures of junk silver?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
You'd be lucky to be offered 9.5x from the snakes around here. They are probably selling right now @ 13x. Hardly 2.5% Move the decimal to the right and add another 5% or so. lol
The whole worlds off its rocker, buy Gold™.
Isn’t it actually essentially a 2% bid/ask spread (.25 divided by 12.55)? Either way, it sounds like an extremely fair price and that’s not surprising, coming from Mr. Maben.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Because no serious stacker likes a pile of slicks.
The whole worlds off its rocker, buy Gold™.
This is why I’m asking how big a difference I should expect. Of course it’s not worth the hassle for 1%. But what if it’s 30%? This is a market I don’t know. Also, I have blanket shipping insurance, so I don’t consider it in my shipping costs, however much value may be in the box.
Thanks John. I can’t lock anything in yet because it’ll probably be a few months before I can see anything in hand (and if it gets shipped I’m be the one to do it), but I’ll keep this in mind when passing along info.
I through the 1% number out there just because, in my experience, the bullion buyers on here are not paying full retail which would be 3% above wholesale. Some have suggested the bullion buyers here tend to even be sub-wholesale.
The only way to know the right price is to know the right price. The venue isn't going to help. Putting it on BST when you don't know the wholesale/retail spread is no better than randomly picking a dealer.
Generally speaking, you can get an idea of the multiply by multiplying the spot price of silver by 0.715 which gives full melt. A lot of dealers use 0.68 (ish) as their buy price.
There are two a year that I go to locally. If I ever see the coins they’d be dropped off smack between them.
The bullion guy at a local show. I’ve gotten within a few % of spot, zero hassle, walk away with cash.
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Agree, here as well. Haven't purchased lately but would assume at least 13X today. I won't call them snakes but I wouldn't sell at those prices. Besides, I stacked years ago. Dealers a local shops I would bet won't pay much more than10.5X face on silver. Gold does have a pretty tight spread much closer to what some suggest. I believe going to a show I could sell for somewhere in the 11.5X range. Again, haven't sold 90% or checked in some time. Some days dealer buy prices at shows may be closer to melt, sometimes not...
I just keep tossing any silver change I get into a jar.... Have not even looked at selling it....Seems shipping would be a hassle, though I know many here do it all the time. Still fun to find in the coinstar or change at the market. Cheers, RickO
I go to my local coin dealer who is also a bullion trader and is located 8 miles from my house.. They pay me 8% below
spot for gold and silver with no hassles. Just not worth spending too much time on 1 or 2% payout differences unless
your talking in 5 digits or more