$10,000 for 100 pounds of mostly US silver coins?
SirAnthonyAC
Posts: 646
Hello,
Presuming you had the money… would you jump at the chance to pick up 100 pounds of mostly silver coins (I've seen the coins... average circulated condition, Morgans, halves, a bunch of books with maybe 5 of the books being cents including a book of Indians) for $10,000?
I see on EBay that, usually, those “5 pounds of US coins” auctions sell for around $1300 to $1500 so, I’m figuring it would be hard to go wrong picking up 100 pounds for $10,000.
My plan would be... to purchase the lot, sell it off in 5 pound groups, and keep the best coins for myself at the end.
I know there’s risk but, is there something I’m missing or would this be a good deal... basically paying $1000 per each 10 pounds of old US coins? What are the pit-falls to watch out for?
Presuming you had the money… would you jump at the chance to pick up 100 pounds of mostly silver coins (I've seen the coins... average circulated condition, Morgans, halves, a bunch of books with maybe 5 of the books being cents including a book of Indians) for $10,000?
I see on EBay that, usually, those “5 pounds of US coins” auctions sell for around $1300 to $1500 so, I’m figuring it would be hard to go wrong picking up 100 pounds for $10,000.
My plan would be... to purchase the lot, sell it off in 5 pound groups, and keep the best coins for myself at the end.
I know there’s risk but, is there something I’m missing or would this be a good deal... basically paying $1000 per each 10 pounds of old US coins? What are the pit-falls to watch out for?
0
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spot prices. why not though, you gotta take a risk here and there.
Leo
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Thanks, logically the offer sounds good to me, I guess it's the size of the investment that is making me think twice.
If he only had 10 pounds of coins and wanted $1000 I wouldn't think twice but... laying out $10,000 (even though the math is identical) has me a bit worried.
If I do this... I will post buy and the progress!
L
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
a friend where you can converse casually about what is actually in the hoard
it might be worth the risk.
<< <i> I wouldn't do it, LBS of US silver coins can mean different things, and so can E-Bay--------------------------bigE >>
I hear you but... including the books and holders the coins are in... it's 100 pounds on the UPS scale.
<< <i> BTW... is the book of Indians complete?? >>
No, there are holes but there are quite a few coins, it was just one of the books I noticed.
If it's on ebay, I'd avoid it
One might be tempted to say.....
100 LBS
1,600 Ounces (But that would not be Troy Ounces would it?)
Mostly, 1,400 Ounces
$13 x 1,400 = $18,200
So since there is no free lunch and a fool and his money are soon parted, we know you will not get $18K for $10K.
Here are a few critical questions:
1) If such a good deal, why is it being sold like that?
2) Define mostly. Is that 90 of 100, 51 of 100, or are there 6 different metals (Silver, Copper, Nickel, Copper-Clad, Silver-Clad, Bronze, Steel) and there is more silver than anything else. (Like 20/18/18/14/10/10%)
3) What units are those pounds measured in?
4) Is the seller well known to you so you know you will receive the lot after paying $10,000?
"Mostly silver?" That can mean 51% silver coins and still qualify, with 40% silver halves and war nickels possibly heavy in the mix. If Ebay, expect the high value items such as silver dollars to be shown prominently and the junky low value stuff such as late date Lincoln cents in folders hidden. Those Lincolns in folders might worth about $1 a pound (160 cents in a pound, figure the folder is half the weight or more). I'd also expect low value by weight coins such as Bicentennial clad coins that novices put away (about $12 a pound).
Bulk silver can be sold for close to melt, so as others have mentioned, a person has to wonder why the lot is being sold that way. Most folks that go looking for Santa Claus on Ebay end up finding the Grinch. Again, bright red on the scam radar.
The only way I might do it, is if I could inspect everything and weigh everything in person. Photos aren't going to cut it, unless every item is clearly shown, and given the size of a 100 pound lot, that seems unlikely.
What are you actually getting in this 100-pounds of mostly silver coins? Well, you may be getting "mostly silver coins" in terms of weight, but might be getting "mostly silver coins" in terms of quantity of coins. Also, when metals are sold they are often listed in pounds or ounces that are troy pounds or troy ounces even though the descriptive term of troy is not listed. A troy pound represents 82.286% pound. Additionally, have you thought of the fact that 40% silver JFK halves from 1965-1969 (exclude the 1970-D, which will not be in the pile) will likely make up the majority of these coins? These weigh 11.5 grams (~0.406 ounces) each. If we keep these three options in mind for the parameters of the auction as it has been described then we can obtain in 100 pounds, which might actually be 100 troy pounds and therefore is 82.286 pounds, the following-
(82.286 pounds)x(16 ounces/pound)x(one JFK half/0.406 ounces)=3,243 JFK halves (40% silver)
The above total of 3,243 JFK halves (40% silver) represents $6,469.79 in silver at today's spot price. However, the auction states that the majority of the coins will be silver, not all of the coins. Therefore, a significant number of those JFK halves might be clad coins taken from circulation, which would reduce the value of the lot significantly. The seller may then add to the lot some circulated and cull Morgans, silver Washingtons, Mercs and Franklins to make the lot look even tastier to a novice. The addition of some non-descript Wheat cents and some books partially filled with IHCs that will likely be low-end culls without any better dates will round out the lot.
What is the above lot worth? Perhaps $4,000 at today's aggressive silver prices. Will it contain good coins or is it simply junk silver? It is junk silver that someone will pay $10,000 to obtain.
In honor of the memory of Cpl. Michael E. Thompson
"mostly" is scary
He did mention reselling in smaller lots on eBay after keeping the coins that he was interested in. I presume that he knows what percentage of this 100 lbs. is silver, what quality of coins are available, etc. & is more concerned about tying up $10,000 while trying to unload the remainder (as in: will my return be high enough to warrant tying up my money & spending my time?)
Russ, NCNE
<< <i>
My plan would be... to purchase the lot, sell it off in 5 pound groups, and keep the best coins for myself at the end.
>>
Do you suppose the owner of the lot has already thought of this?
Of course he has.
``https://ebay.us/m/KxolR5
What I’ve seen are photos of the coins… he’s in Jersey and I’m in New York so, it wouldn’t be much of a drive to swing down there and take a good look..
Yes, he could sell them in smaller 5 to 10 pound lots but that is more work then he wants to do and he could also sell them individually too but that is far more work then even I’d be willing to do!
I’m hoping he just wants to make a quick turn around without multiple smaller auctions and he’s not scamming… if I can see the coins and pick them up, then well…
I will let you know what I do.
Thanks!
I'll know more shortly as I'm going to be visting NJ soon!
Well that in itself means at minimum around $4000 if they were common date, crappy Morgans. If I could just take a look (which sounds like you are doing) I would make sure I had a checkbook with me at the time.
Hope all goes well and let us know!!
Perry
Morgan, modern sets, circulated Kennedys, and Wisconsin error leaf quarter Collector
First (and only - so far) Official "You Suck" Award from Russ 2/9/07
That's about $7.62 an ounce. That's too good to be true since many of these coins are not silver, and some may be 40% silver.
Unless I could separate out the 90% silver and weigh it, I wouldn't touch it.
San Diego, CA
<< <i>Eeeek! I'm getting closer to buying this lot... there are 400 Morgan Dollars included and "some of them have CC on the back" as he says. In the photos he showed me the pile of Morgan's looks to be in mostly VF condition, a few look VG and others EF to AU with a few BU in round plastics.
I'll know more shortly as I'm going to be visting NJ soon! >>
I think I read through the thread, but I still don't understand how you met this person. Is this just a person that contacted you out of nowhere because you were buying/selling silver on ebay? That has happened to me before a few times with similar stories... they are always just one state away and something always has CC on the back.
It might help if you describe the initial contact and initial communications. Is this a family friend? Or someone from Ebay land. The latter usually means trouble. A legit Ebay seller could realize a lot more than $10,000 if the coins are real, and would know that. A scammer would look for someone on the bay with a modest amount of coin experience that might get taken in by the song "Here comes Santa Claus." Watch your back for the Grinch, he is everywhere in Ebay land.
Holy crap... I did it... I brought the lot!
In all honesty I'd rather not mention how I came across the lot but, after going through a bit of it for about an hour, I picked it up, I paid by the pound and paid a fair price.
I actually took all original books and bags I was planning to as well as a few other boxes. There's a complete Peace Dollar set inc the 1928 in about Fine condition, an almost Complete Washington quarter set with the 1932D in G to VG (it's missing the 1932S) and a complete Lincoln set missing only the 1909 S VDB. and two bags of silver carded coins, along with a bag of over 400 Morgans. There are at least 4 CC Morgans in the bag in about VG to Fine condition. The other bag had really surprising coins, in between lots of walking liberties, there was an old EF Trade Dollar, a 1859 Indian head cent with sharp full liberty and quite a few PCGS and NGC graded coins, there was also a GSA CC Morgan as well along with PCI and ICG slabs, other companies I never heard of like the PCC and there are also Hallmark slabs... when did Hallmark grade coins?
He also had a box of sets, half, quarter, dime, nickel, and cent from many different years, some from the 1950's some from 1974 along with other assorted third party sets and some modern stuff as well... I just took it all.
Anyways... I figure I'm going to start selling on EBay again.
I planned on selling the more modern stuff first to get going and then gradually start adding in more and more of the old silver... any thoughts? Any tips or things to watch out for?
I took a few photos of the lot:
Thanks in advance!
Anthony
400 Morgans
Extra box of different coin sets
The good coins books
Bags of old silver coins
Keys and high grades I found just browsing through about half one of the bags
Graded stuff including a GSA CC Morgan, PCGS CC Morgan, and other stuff
Russ, NCNE
In honor of the memory of Cpl. Michael E. Thompson
or just someone selling a collection?
Al
I think that many of us felt that if it were an Ebay deal, extreme caution (read:RUN!!!) was in order... From what you've posted, that does not seem to be the case.
Plus, the Ebay auctions usually have the phrase "GOLD FOUND!!!! L@@K!!!!" smoewhere in them
Best of luck to you.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
<< <i> Why can't you say how you came across this deal? >>
He was an Ebay seller who didn't get the reserve on an auction that I liked a while back, I emailed him, we got to talking, he told me more and more about the large collection and other boxes he had, I saw photos, we negotiated price based on weight, and once I had the coins in hand I really liked what I saw, so I purchased them. He said he was not willing to spend the time breaking this all up into small auctions so... I came to his rescue!
<< <i>
<< <i> Why can't you say how you came across this deal? >>
He was an Ebay seller who didn't get the reserve on an auction that I liked a while back, I emailed him, we got to talking, he told me more and more about the large collection and other boxes he had, I saw photos, we negotiated price based on weight, and once I had the coins in hand I really liked what I saw, so I purchased them. He said he was not willing to spend the time breaking this all up into small auctions so... I came to his rescue! >>
Sometimes quick cash wins out.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Another example of the numismatic food chain at work. Looks like you landed a big fish. I hope it wasn't a close friend, or family, or if it is, you'll offer them more money as proceeds come in from sales.
/edit to add: it was an Ebay related fire sale. In that case, enjoy the fruit.
coins in so many different grades.
my first reaction after seeing the pictures was that was not a steal.
looked to be an even trade.. not 30,000 in retail :-|
it looks like the remains of a failed coin store.
http://bit.ly/bxi7py
<< <i> Probably stolen coins >>
Na, after speaking to the guy for over a month, they weren't stolen.
How did it all work out for you SirAnthony ?
You paid $10k for 100lbs = $100 a pound
I purchased a collection in Oct that included 219 lbs. Paid $19k = $86.75 per pound. I just weighted it today. Mostly silver. Includes everything from Large cents to Morgans to currency and several whitmans etc etc. Most loose, bunches 2x2's, rolls etc.
I'm not loosing any money on it considering the price of silver. Several keeper coins. It's finally separated into denomination now. Still going thru looking for the valuable stuff. Several variety coins, semi keys and a 1916d dime that was unexpected. Wow, it is a slow process. Sorry, don't have any pictures. It's all in plastic tubs, suitcase, spread out on table and floor. It's a mess. Don't really want to post pictures of my hobby room on the internet.
I was negotiating on it when you posted your thread. Didn't close on it until Oct. Retired local gentleman that quit collecting in 1964 or so. Not expecting to get rich off this, but it is fun. It was brought about by word of mouth.
<< <i>Hello,
Presuming you had the money… would you jump at the chance to pick up 100 pounds of mostly silver coins (I've seen the coins... average circulated condition, Morgans, halves, a bunch of books with maybe 5 of the books being cents including a book of Indians) for $10,000?
I see on EBay that, usually, those “5 pounds of US coins” auctions sell for around $1300 to $1500 so, I’m figuring it would be hard to go wrong picking up 100 pounds for $10,000.
My plan would be... to purchase the lot, sell it off in 5 pound groups, and keep the best coins for myself at the end.
I know there’s risk but, is there something I’m missing or would this be a good deal... basically paying $1000 per each 10 pounds of old US coins? What are the pit-falls to watch out for? >>
if you don't i will!