Selling Silver.....Refineries or ?

Trooper · February 28, 2008 4:23AM

Hello all.....

Well, I'm considering selling selling off $500 worth of silver in the near future with the prices that we are seeing now.

I have thought about Ebay but the horror stories with the amount I have don't seem worth it. I want to basically dump the whole
lot as one.....

I have heard about and read Midwest Refineries web site(in Michigan). Last time I talked to them they said Spot price at 90% then 90% of that. My biggest fear
is shipping......I'd hate to have a lost package problem...(according to mapquest, this place is a 5 hour one way drive and I actually would consider it)This quote is from the web site "Midwest refineries pays 90% of the amount of pure silver contained in U.S. coin silver (90%). "

Being from the Chicagoland area I have found a refinery that is willing to but, thier deal is once they melt you will get 95% recovery(I'm assuming that 5% is lost in the
smelting process). They then charge .30 cents per ounce and a one time fee of $250 lot fee for the assay part of the silver.....(chemical testing for purity I figure)

I called one local BM and thier quote was $12.90 per one dollar silver....

If anyone want to figure out the best actual deal out of the three above I'd appreciate it.....I'm having a mind melt right now....

Anyone have any personal opinions on the best way to sell? or know of any other refineries in the Chicago area?

Thanks

Steve27 · February 28, 2008 4:29AM

What type of coins are these, and what condition are they in?

The local refinery sounds like a ripoff, they don't need to assay coins.

Trooper · February 28, 2008 4:34AM

The coins I have fall into the "junk silver" category....mostly dimes and quaters....some halves and dollars....

thanks

BECOKA · February 28, 2008 4:36AM

Your best bet is to list what you have on the BST at a slight discount. No fees.

For instance if you have a bunch of Silver Half Dollars,

go here to see how much the metal is worth in each coin, add it all up, take 80% of that and see if anyone wants it.

That is probably a lot easier than going the refinery route.

BobSav · February 28, 2008 4:37AM

As long as the can be identified as "coins" no assay should be needed.

Bob

jmski52 · February 28, 2008 4:38AM

90% is still being discounted on both the buy and sell sides. Tulving is buying at .80 less than melt and selling at .45 less than melt. They would probably be competitive. Tulving.com

From what I am still hearing, you should reconsider. CALPERS is going to be buying into commodities.

Steve27 · February 28, 2008 4:38AM

Sell the dimes/quarters/halves to the B&M for 12.9 X face (right now full value would be about 14.3 X face). Sell the dollars separately, Peace Dollars should bring about $14 each and Morgans should bring about $15 each at the B&M.

fc · February 28, 2008 4:43AM

i would be happy if a coin store offered me 13 times face right now.
easy transaction and probably you will get cash. call ahead and ask.

SilverBaron · February 28, 2008 4:45AM

There are sooooooo many shops in the Chi-town area that calling around for a price and them going with the best offer/shortest drive would be your best bet. Quick.Short drive. Done deal.

TwoSides2aCoin · February 28, 2008 4:55AM

I purchased all of these as junk. Why ? Because the seller said they were junk silver in rolls. Why ? Because the world calls it JUNK.

StampAlarm · February 28, 2008 4:59AM

<< <i>Your best bet is to list what you have on the BST at a slight discount. No fees.

For instance if you have a bunch of Silver Half Dollars,

go here to see how much the metal is worth in each coin, add it all up, take 80% of that and see if anyone wants it.

That is probably a lot easier than going the refinery route. >>

All the guides are for full weight.

Wolf359 · February 28, 2008 5:02AM

I wouldn't melt any silver dollars. One dealer just sold a raw damaged junk piece graded VG8 for
$1,000 because of the VAM. It went so fast he kicked himself for not asking $1250.

Greeniejr · February 28, 2008 5:02AM

13X for half a bag is reasonable for a full bag u can likely get a bit more.

Coinlearner · February 28, 2008 5:11AM

Put it on the BST forum 13.5 face or the Bay . Prices are now 14 to.....17

face. People are in a feeding frenzy for silver there.

Selling Silver.....Refineries or ?

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