Question For A Newbie

[jasonbo]

So lets say i go to the bank an pick up a few rolls i find some silver whats the next step in making money on this.
Do i try to unload them on a coin dealer or how do i sell for profit?

 

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[tw656]

Yes, quickest profit is the coin dealer. You may want to call a few first. I called some and a few offered me as low as 75 cents per 40% silver half, while another offered me $1.50 per 40% silver half. Of course, the price of silver for that day is going to effect what you get. A week or so ago, I got $2 per 40% half, its probably closer to $1.50 now. I think silver might be on the rise again. I usually save some then cash in for gold or certified coins. I recommend holding the 1964's, or earlier, as silver might rise considerably in the next few years. Then again who knows. Good Luck.

 

[65gt350]

Yes, quickest profit is the coin dealer. You may want to call a few first. I called some and a few offered me as low as 75 cents per 40% silver half, while another offered me $1.50 per 40% silver half. Of course, the price of silver for that day is going to effect what you get. A week or so ago, I got $2 per 40% half, its probably closer to $1.50 now. I think silver might be on the rise again. I usually save some then cash in for gold or certified coins. I recommend holding the 1964's, or earlier, as silver might rise considerably in the next few years. Then again who knows. Good Luck.

Can you let us know the name and location of the dealer and if you had to sell large volumes to get that price? I called around last week when the price was high and the best I could find was 3.86x face.

Thanks,
65GT350

 

[tw656]

Actually, I had called the dealer first and I told them that I had a 100 and they said 3.87X. I was visiting a friend and I do not live myself in this area. Any way we had hit a couple banks, then went by the shop. We only had 10 40% silver Halves and they gave us $20 for them. Not bad. Do you live on the east coast? They are located in MD.
There are a couple places on the net that give good prices, but paying to send them in is not worth it.

 

[Immy]

When silver was $12.54/oz. I got $1.55 per 40% half at a local coin shop, pretty good.

 

[65gt350]

No, I am on the West Coast and I am always looking for dealer with a good buy price. I agree with you also about the shipping. I prefer to do a face to face.

65GT350

 

[cyberdan]

When silver was $12.54/oz. I got $1.55 per 40% half at a local coin shop, pretty good.

At $12.54/oz I could have gotten $1.52 each. So we are right in line with each other.

I trust the owner of this coin store (that is more then I can say about some others) He has come to a few of my metal detecting club meeting and talked about coins.

 

[Immy]

When I brought 'em in ($489 face in 40%) the shop owner waited on me. As we emptied each roll and he loaded them into a coin counter I really expected some small talk like "Where'd you get so many?" but it couldn't have been more routine for him. I was thinking "Hey buddy, this represents over a year's worth of roll hunting, aren't you curious?" but he never asked one question and wrote me out a nice check. I also had to leave a thumbprint, which I didn't expect.