Need some guidance selling silver

Moonbiter · July 16, 2008 11:15AM

I'm about ready to enter a new realm that I am totally ignorant of, selling silver. I have pre '64 coins, ASE's and Libertads to sell, but I'm not sure how to go about it. My local B&M is out of the question. I called today, and he is offering 10x face for my quarters and dimes, and only $17 for my ASE's and Libertads.

I've been looking at ebay, and I've seen stuff selling for good money there. However, I only have 4 feeback, as I don't buy a lot on ebay. Is this low feedback going to hurt any sells I try doing? I'm also not sure if I should but a reserve on my listings either. I'm afraid to list with no reserve and get burned by them not selling for anywhere near their value, but I've also heard that auctions with reserves don't do well.

Then there is our BST board, but I'm not sure how stuff on it, if it goes for the same type of money as on Ebay, I'd go that route because I'd rather sell to someone here, then to someone on the bay.

My biggest fear, is not getting fair money. My local B&M has forced me to look elsewhere to sell my silver, but I'm afraid of getting burned, so I'm almost tempted to just hold it and never sell. LOL

If anyone has any suggestions, please post of PM me.

I don't have what I would consider of ton to sell. I have 706 dimes, 133 quarters, 36 Libertads and about 70 ASE's. I'm not ready to sell, but the time is getting near to maybe sell a few and get another gold coin.

Thanks.

blu62vette · July 16, 2008 11:22AM

I dont think you will see the same prices here as on EBay. You will have a simpler transaction and less the Ebay fees to boot. Take that into consideration. However I wouldnt expect full spot for the circ stuff either. Maybe close, but not a premium like Ebay sometimes has.

Moonbiter · July 16, 2008 11:27AM

I would not expect full spot on the circ stuff but I've seen people stating that a respectable dealer would pay about 12x face in this market right now. I might have to try the BST here and see how things go. I'd rather get a bit less and not deal with all the fees and that, and still get a fair price.

mrpotatoheadd · July 16, 2008 11:36AM

If you're thinking eBay, keep the fees in mind. Plus, there's the work of taking pictures, listing the item and handling the end of auction details like emails and packaging the stuff for shipping. Checking out closed auctions for a common date Libertad (1984), there are 11 closed auctions for amounts from $17 to $27, with 5 over $20 and 6 under. Supposing you sold one coin for $22, accepted PayPal for payment and offered shipping at exact cost, you'd be looking at about $3.00 in fees, netting about $19/coin. And that's for a listing closing at an above average price.

Something to consider...

trozau · July 16, 2008 11:39AM

List it on the BST for what you feel is a fair price for them and see what happens.

jmski52 · July 16, 2008 11:22PM

List it on the BST for what you feel is a fair price for them and see what happens.

I agree with trozau - the worst that could happen is that you don't get a high enough offer to suit you. Your silver is generic and a fair market value can be determined by each and every potential buyer.

The biggest benefit of BST is in the avoidance of ebay's ever-increasing heavy hand.

In the meantime, you can also list some of it on ebay in order to gain more feedbacks. When selling bullion items on ebay, I always start with a $0.99 open (unless it has a numismatic premium).

The buyers on ebay are competitive (greedy) enough that your bullion is not very likely to stray from the true value. However, then you get nailed with the ebay fee structure.

quickwing · July 16, 2008 11:54PM

Yesterday my local B&M was $11 bid X $14 ask. For $1000 face bags he would have a tighter spread. $10 is low but not robbery to cast out a price to a "tire kicker". I think I would use the BS&T board, save the eBay fees and hassles. And of course you set the price and terms, not the auction market. I've had good luck selling junk silver on it myself. For the pros eBay is a living for the rest of us it's a last resort (since the price changes).
Good luck with the sale and acquiring a new gold piece.

Frankcoins · July 16, 2008 11:58PM

<< <i>

I don't have what I would consider of ton to sell. I have 706 dimes, 133 quarters, 36 Libertads and about 70 ASE's. I'm not ready to sell, but the time is getting near to maybe sell a few and get another gold coin.

Thanks. >>

Sounds like a reasonable quantity to have on hand in case of worldwide economic collapse.

rgCoinGuy · July 17, 2008 12:00AM

Don't forget the "T" in BST, if you are looking to pick up a gold peace, you could offer to sell or TRADE and you may even get a better deal in a trade. Good luck!

PTVETTER · July 17, 2008 12:14AM

try this
a figure somewhere between .6 to .65 times the bid spot. that should getyou in the game!

garsmith · July 17, 2008 12:37AM

Feedback doesn't seem to matter to much on eBay when selling bullion coins, you would do good there with the ASE's and Libertads. Just list a few at a time to build your feedback rating. If you list 2 or 3 then people watching see you have good transactions you can list more and they will bid.

jmski52 · July 17, 2008 1:09AM

Sounds like a reasonable quantity to have on hand in case of worldwide economic collapse.

Indeed.

skeeterhawk · July 17, 2008 2:14AM

Call Dilllon-Gage in Dallas and get a quote from them. They normally will pay very competative for this type of stuff......two days ago I was quoted 13X face for 90% and silver spot was about $0.30 lower then it is now. They have been around about 25+ years and their checks have never been an issue to my knowledge.......their number is 800.375.4653

stockwiz · July 17, 2008 2:25AM

5-10 years from now, after the collapse and reorganization, 1000 ounces of silver will buy you a new house. My advice: don't sell.

Weather11am · July 17, 2008 2:43AM

Go with apmex.com ...they have some of the highest buy prices and get a check out very fast. They're paying over 12.5X FV right now.

Need some guidance selling silver

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