Sending coins to melt: How & where?
DennisH
Posts: 14,014 ✭✭✭✭✭
I have zero experience or knowledge in this area, even as an observer, despite 30 years as a Morgan collector, so any input would be greatly appreciated.
I have specialized in 1921-P and D VAMs for the last several years and now have over 100 raw dupes. Most are circulated. With silver at $50 and melt prices in the high-$30s, it's time to clean house. All are VAM-identified, which doesn't matter because pretty much no one cares except me and a buddy in Arizona.
So where do I go?
How do I go about it?
How much should I expect to get?
Any advice?
When in doubt, don't.
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Comments
Call around to local shops and see what they pay, or sell them here on the BST.
SB pay pretty reasonable price, maybe 10% below melt but you get cash and trouble free. I think is better than BST if you sell a lot.
Something happened Friday with many of the big wholesalers where they changed their buy prices significantly and even using COMEX spot rather than the typical Kitco as a guide. Apparently, refiners in the US are operating at maximum capacity and will take much more time than usual to pay for lots. I suspect if you list them as a group on the BST, you will have success if selling for melt or just a fraction below.
Apmex? Provident? JM Bullion? Heritage? Are they even buying? Arizona coin exchange stopped putting out their buy prices.
there are dislocations in the silver prices, with some wide bid/asks
there is so much silver getting melted, esp 90%, that a refinery is reportedly turning all but .999 away
there is difficulty selling 90%. everyone wants to sell.
if you find a dealer or refinery to take 90%, the buy price may not be appealing. however call around to find out.
there may be some stackers on the precious metals forum interested
Expect to be offered 90% on constitutional silver at this point
My local place is offering 75% on anything other than .999.
Offering 85% in .999
It doesn't cost anything to list here in the classified section.
A lot of places aren't buying at all. They can't ship it at the moment because no refinery will take it.
HOWEVER, things like dollars will still move as dollars but the bids are low because the wholesale business is overhang overwhelmed.
Some people don't think it will open up for 2 to 3 months.
Silver futures are lower going out to next June. Everyone is being cautious as that suggests a price pull back.
All comments reflect the opinion of the author, even when irrefutably accurate.
Craigslist is a good place to offload PMs if you're not looking for a premium.
http://ProofCollection.Net
Many thanks for all the thoughts and suggestions, folks.
It sounds like my best approach may be to wait for the bullion market to settle into a less volatile pattern so the refineries can catch up. That's no problem, even if it takes a year or more.
There is, of course, the risk that the price drops significantly
All comments reflect the opinion of the author, even when irrefutably accurate.
I have a mail-in place that pays 98% of melt. I've done over 15k scrap gold and have great feedback.