Jul 18, 2012, 12:09 AM
What Is Fair Price For Silver Coins?
I'm seeing a teller tomorrow who has 2 rolls of silver dimes to show me. She said a dealer offered her $40 a roll which would be 8X face. With silver currently being in the $27-$28 range, what would be a fair price to offer her? The last time I bought silver coins, I paid 10X face. I was thinking of offering her that. What are your opinions?
Last edited by CW3(RET) USARMY; Jul 19, 2012 at 10:53 PM.
Reason: Made correction to dealer offer price
Jul 18, 2012 12:09 AM
Jul 18, 2012, 12:12 AM
Id offer $50/roll if she scoffs top out at $60. Just me though, others would offer more im sure.
Jul 18, 2012, 12:47 AM
They are selling for $90+ on eBay per roll. If you bought them for $70, you'd still make money on them. Guess it just depends on whether you are selling or keeping. I'd start the offer @ $60 & max out at about $75. If they are Mercs, they are worth maybe $10 more.
Jul 18, 2012, 01:54 AM
First off, your math is off. << She said a dealer offered her $40 a roll which would be 9X face>> If it is $5 in dimesper roll, and she was offered $40, that's ummm ... 8X face, right? But, back to your question.
I'd be happy to pay about 17X face right now, which is lower than they are going for on most sites. I can sell them right now on the nucleo site for 19.41 times face, so 17X is a decent discount. IN fact, if you want - you could buy them for whatever you can get them for. 10X face. 12X face. And sell them for 17X face to LOTS of people in a heartbeat. But, I think if you offer that low then you are low. granted, the dealer was low too, but I'm tlking on the BID it is 19.41X face, and she can find that out TOO if she loks. You don't want her to know and then hear you say 10X face. She'll think you are ripping her off. give her a good price, buy at a little discount,and be happy with that. that's my thought. :-)
Jul 18, 2012, 02:07 AM
17x is fair thats what i just paid for a nice pile. I feel silver is low and i will keep it for 10 more years i will be 66 then..
Jul 18, 2012, 04:40 AM
IMO, a "fair" offer is a price she is happy receiving and you are happy paying...whether its 9X face, 17X face, or 200X face.
Originally Posted by CW3(RET) USARMY
Jul 18, 2012, 06:22 AM
Let the teller tell you how much she wants first you dont offer first. If its low tell her thats a nice offer and do a little better for her because your that kind of an honest person and could not sleep at night if you paid her that. Guess what You are not looking for a one time transaction, you should be thinking about building a friendship with this woman and buying her a giftcard to a local restraunt next week for thinking of you and giving the call. Im betting she calls you on every silver coin she comes across from this point forward.
I bought 9 dimes from the clerk at our local gas station and paid her 2.00 per dime and she threw in a free war nickle. Silver is low and I have no problem paying melt, who doesnt think its going to go up?
If it were easy and we scored keepers everytime it would be called Coin Roll Picking not Coin Roll Hunting.
Jul 18, 2012, 06:41 AM
Around here, if I offer 20 X face they are offended thinking they are being ripped off. They will then go to the "reputable" coin dealer and sell for 12 X, he has to be honest, as "he's been in business a long time."
Jul 18, 2012, 06:42 AM
Keep in mind that if you low-ball the teller, you might score these rolls at the time, but you might not be the one she calls with her next pile of silver as she might shop for a higher offer. Paying a fair price keeps both of you happy such that you'll be the first she calls when gets rolls of silver quarters or large dollars.
Jul 18, 2012, 08:24 AM
R.I.P. Rich Hartford, You'll be missed.
Jul 18, 2012, 08:51 AM
I have been paying $20 for every $1 for a little while now. I have been collecting a nice little stash and people keep coming back!
Jul 18, 2012, 08:59 AM
$20 a face is What it is round here in the mountains of east TN. I always try to offer a fair price to get repeat sellers. Never make the first offer find out What they "want" for it and go from there. Some of the best times is when you offer them more than they want. This ensures they will always keep you in mind.
Jul 18, 2012, 12:34 PM
I only have one problem with the "have her tell you what she wants first" approach. Most of the time, these people are coming to you because YOU know they are worth, and they do NOT know. YOu have been going in to the bank and collecting for a long time, so they are asking you to share your knowledge. To say "you go first" is to tell them you are not going to give them that information, and make them think you are not going to give them what they are worth. WHen someone asks me I always start at my best price (Which, as I said, right now is about 17X face. A little discount, but a great price compared to what others will probably offer her) and I do so in order for them to feel they were right to put their trust in my knowledge of the values. I even mention they are worth a little more but that is my offer price, as I am paying on the bid side, not the ask side, and they rally like that (realizing they are getting 17X what they got it for, and i'm getting a little 10% discount or so)
Bottom line. I don't like the "you go first" approach when someone comes to me for MY knowledge and honor in a topic they don't know well enough.
Jul 18, 2012, 12:49 PM
Low ball em and god sort em out.
Jul 18, 2012, 01:30 PM
I tell my sellers that I will pay 80% of melt and then I tell them about Coinflation.com. They can find the value of the coin and how much I will pay. I get repeat sellers.
"Hello from deep within the copper mines of Western Kentucky."
"Keep your hands off of my stack."
Jul 18, 2012, 01:49 PM
I just dig them...I have seen the odd person with coins at the coinstar machine when I cash in my clad...If I see a silver coin in their tray I offer a dollar for it....they never say no...usually pick up a few coins a month that way...10X is the most I would every pay, there are millions of them in the ground waiting for us..
Jul 18, 2012, 04:34 PM
I paid 18 X face the other week for a roll of quarters. If you rip off the teller and they find out the teller will probably never let you know about anymore silver that is turned in.
Jul 18, 2012, 04:42 PM
I would offer her $150 for both rolls and thats as high as I would go its more then she will get just about anywhere else.
Jul 18, 2012, 04:58 PM
Originally Posted by CoinFetcher
Jul 19, 2012, 11:04 PM
What Is Fair Price For Silver Coins Update
First of all thanks to jrf30 for helping me with my basic math. I'm usually pretty good with basic math but for some reason, I had a brain fart & blew that easy multipilication problem.
Second of all, thanks to everyone for your replies & advice. I saw her & after we had a discussion about this, we came to a agreement of $60 per roll. She was happy with that. I also opened a statement savings account at her branch & made sure that she got the credit for me opening the account there.
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