Silver Question

erwindoc · June 3, 2011 2:12AM

There are lots of stores popping up in my area saying that they buy gold and silver. I am sure that many of these places are popping up around the country as bullion prices rise. I spoke to one store that is near my office today and they usually send these coins to the melter weekly. I asked them if they would let me dig through what they got before it is sent off and said yes. Do you think this would be a good place to pick up coins for melt or near melt prices. What do you think my chances of finding BU coins would be? Do you think it would be worth my time/money?

hchcoin · June 3, 2011 2:17AM

I think that is a great strategy. There is a coin shop by me that doesn't even have time to pick through the silver now to find better dates because they are so busy. They pour the buckets out on the counter and let you pick away.

ricko · June 3, 2011 2:21AM

Definitely worth time... quite possibly worth the money. Cheers, RickO

DrBuster · June 3, 2011 2:57AM

I am absolutely shocked they said yes. I have never heard of one of those places that actually sells.

guitarwes · June 3, 2011 3:03AM

<< <i>I am absolutely shocked they said yes. I have never heard of one of those places that actually sells. >>

Me too, but IMO that's a great opportunity for you. Even if it's slightly above melt and a better date/variety. Study the CherryPickers books relentlessly and it might just pay off big time!

BryceM · June 3, 2011 3:05AM

You're doing the world a service to save historic coins otherwised destined to a life as silverware. Good luck!

fiveNdime · June 3, 2011 5:07AM

<< <i>I am absolutely shocked they said yes. >>

as am I!

ive asked the same thing at a few shops, and there was no hesitation for their reply: NO!

Elcontador · June 3, 2011 5:21AM

If it's a large operation, they don't have the time to go through the material. Any additional money they get from you is found money as far as they are concerned. You might be able to snag some Barber coinage in lower grades for your collection and save it from the smelter. There's a long shot that you might actually find something that's worth serious money, as one poster to this forum did I believe about a year ago.

erwindoc · June 3, 2011 5:48AM

Good to hear everyone in agreement. I was excited that they said I could search what they had. Price wasnt discussed, but I am sure that it wont be much over melt as that is what they would be receiving anyway. Next will be the decision of what to save aside from any better dates. Ill have to get out the price guide and look to see what is worth significantly more than melt cause my finances wont let me keep everything out of the smelter.

Bigrig52 · June 4, 2011 8:21AM

I ask the dealer in my town and he told me to get bent..All i wanted was to look for errors..I mean his shop is only a 6'x15' building and his table is right there were he sits,not as if i was going to rip him off..What a jerk..

AUandAG · June 4, 2011 8:43AM

Go for it. I suspect that the minute you find some keepers the red book comes out (or similar
retail pricing). If you get for melt I'd be amazed.

bob

savoyspecial · June 4, 2011 8:51AM

>>What do you think my chances of finding BU coins would be? Do you think it would be worth my time/money?>>

good chance of finding BU coins, but they will be 1964 Kennedys that are worth (drumroll, please)..........melt!

second question, no not really......sorry to rain on the parade

SaorAlba · June 4, 2011 11:42AM

Bad place to sell, great place to buy I have found. The places here are paying like 8X for 90% then selling at 26-28X.

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