Exchange 40%ers for bullion
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  1. #1
    us
    Oct 2015
    N.E. Louisiana
    78
    28 times
    Coin Roll Hunting

    Exchange 40%ers for bullion

    Well, I have a couple appointments with coin dealers today. We will be discussing trading my 40%ers for 90% or silver eagles. However, I am new to the silver game and have zero idea as to what I should expect. What bottom dollar should I have on the worth of my 40%s? What is the top dollar in worth I should be willing to give for 90%s or silver eagles?

  2. #2
    us
    Feb 2011
    America
    8,176
    1632 times
    All Types Of Treasure Hunting
    I would not take less than $1.80 for my 40% silver halves at today's spot price. Good luck!
    Vdubguy likes this.
    HH
    BuffaloBoy

  3. #3

    Jan 2013
    Columbus, OH & Beijing, PRC
    Etrac
    66
    26 times
    Metal Detecting
    Quote Originally Posted by Sfynks870 View Post
    Well, I have a couple appointments with coin dealers today. We will be discussing trading my 40%ers for 90% or silver eagles. However, I am new to the silver game and have zero idea as to what I should expect. What bottom dollar should I have on the worth of my 40%s? What is the top dollar in worth I should be willing to give for 90%s or silver eagles?
    My assumption is that by "coin dealers" you mean people who run a physical coin shop. This is just my opinion, obviously, but I would HIGHLY suggest that you stay as far away as possible from coin dealers if you want to sell, trade or purchase coin, bullion, scrap, or currency.

    Donít get me wrong, Iím all for supporting small local businesses. It's quite OK to go to a LCS to buy storage tubes, 2x2 flips, or other supplies.... but NEVER sell, trade or buy coin from them, as your behind will be metaphorically sore for weeks afterwards.

    There are alternatives to dealers. Try putting a post up on your local Craigís list, go to a local antique / collectible / coin auction and simply strike-up conversations with people in attendance, post your stuff on a local metal detecting forumís ďbuy/sell/tradeĒ section (if you can for free), do ANYTHING other than deal with coin dealers.

    Be patient, be firm, be tenacious and you might be able to trade your 40%ers for 90%ers at a 3-for-1 rate or better (a straight-up trade would be 2.44 to 1, but that isnít going to happen).

    Good luck!

  4. #4
    us
    Jun 2014
    The 2nd State
    787
    1022 times
    Coin Roll Hunting
    I'm with Buff on the price, I would not go any lower than that. I'm not sure what my dealer pays for 40%, but it's probably a bit less than he pays for 90%.

    My dealer pays $1 under spot and sells for $1 over spot (He's a great guy!). If he paid the same rate for 40% as 90%, you should get right around $2.00 a piece. Since 40% are less desirable, he might pay less.

    Right now you can get ASEs on JMBullion for $18.63 a piece with free shipping on any order.

    If your dealer gives you the worst case $1.80 per 40%, you could take the cash from 10.35 of them and buy the ASE from JMBullion ($18.63/$1.80=10.35).

    Since it would take 10.35 40% to buy the ASE from JMBullion, your dealer should ideally straight up trade 10.35 40% for each ASE WORST CASE. You would essentially be trading 1.53 oz. of 40% for 1 oz. of .999 ASE. ($3.70 net loss a piece)

    Best case at $2.00 a piece, you're at 9.32 40% per ASE ($18.63/$2.00). That is essentially trading 1.37 oz of 40% for 1 oz. of .999 ASE. ($1.48 net loss a piece)

    To summarize, he should straight up trade between 9 to 11 40% straight up for an ASE. The closer you get to 9, the better. If he's much over 11 per ASE I wouldn't take the deal.

    As a disclaimer, your "net losses" are certainly covered by the fact that you found your 40% at face value, so you don't necessarily need to consider it a loss per se.

    My personal opinion is to try to find another collector who is looking to diversify into coin from .999 pure. You will likely get a fairer trade since you have something that he wants and he has something that you want. Let us know how it goes!
    bertmaster2000 likes this.
    2019 CRH Total

    $291,495 halves
    ---574 boxes---$3940 CWR---$220 MWR---$335 loose
    ---90% - 209------90% - 64------90% - 0-----90% - 3-----> 276
    ---40% - 912-----40% - 76------40% - 8------40% - 13----> 1009
    Ken-1182---Ben-52---WL-50---Barb-1---Total ---> 1285 Silvers/257.18 oz.

    "The only way to deal with an unfree world is to become so absolutely free that your very existence is an act of rebellion." -Camus

  5. #5

    Jan 2009
    1,402
    118 times
    All Types Of Treasure Hunting
    My coin dealer sella the Eagles ar $17.57 and buys 40% Keens at $3.50 per dollar. This means I have to sell him 10.04 Kenns ($5.02 face )40% for one Eagle. I am ok doing this because in my mind the Eagle is just costing me $5.02 in 40%. Halfs.
    norcalsteve likes this.
    2012 Finds
    Kenns40%   5
    Kenns90%   0
    Benns         0
    Walkers       0

  6. #6

    Jan 2009
    1,402
    118 times
    All Types Of Treasure Hunting
    Due to the fact that I find the 40% crh
    2012 Finds
    Kenns40%   5
    Kenns90%   0
    Benns         0
    Walkers       0

  7. #7
    Charter Member
    us
    Feb 2008
    Great Lakes State
    dirtfishing
    11,803
    4082 times
    silver surfing
    Honorable Mentions (1)
    My six rolls of 40% halves sat on Craigslist for about a month. I was able to get about 70% of melt, which was about twice what my LCS would pay.

  8. #8
    us
    Nov 2010
    1,022
    191 times
    All Types Of Treasure Hunting
    Why in the world do you want to reduce your silver position?
    FormerTeller and cdickrun64 like this.

  9. #9
    us
    Oct 2015
    N.E. Louisiana
    78
    28 times
    Coin Roll Hunting
    Well, the meetings went about the way you guys predicted. The best offer I got was 3 times fv. And then it occurred to me... I could actually probably come out a little ahead if I just sold them on the bay.

  10. #10
    us
    Oct 2013
    Whites DFX, coinmaster Gt Pro
    1,077
    1346 times
    All Types Of Treasure Hunting
    Has anyone here looked at the cost of melting the 40%ers into silver bullion? Is it feasible?
    CRH 2019 silver to date 75.3591 oz

  11. #11
    us
    Jun 2014
    The 2nd State
    787
    1022 times
    Coin Roll Hunting
    As an FYI, I asked my dealer today what he pays for 40% and he said he would do $3.75 on the dollar or $1.88 a piece (again, good guy). Spot price is $14.55 today, for reference.

    Sfynks, if you head out to the Bay, make sure you take fees into account... 10% off the top + PayPal + shipping.
    Last edited by Avago; Dec 05, 2015 at 05:21 PM.
    2019 CRH Total

    $291,495 halves
    ---574 boxes---$3940 CWR---$220 MWR---$335 loose
    ---90% - 209------90% - 64------90% - 0-----90% - 3-----> 276
    ---40% - 912-----40% - 76------40% - 8------40% - 13----> 1009
    Ken-1182---Ben-52---WL-50---Barb-1---Total ---> 1285 Silvers/257.18 oz.

    "The only way to deal with an unfree world is to become so absolutely free that your very existence is an act of rebellion." -Camus

  12. #12
    us
    Apr 2011
    1,868
    1347 times
    Before I'd sell silver at a dealer, I'd check to see how much Provident, JM Bullion, etc would pay, and how much their ASE's cost. A quick glance at Provident's website shows that they're paying $4.09 per $1 face for 40%'s. They're selling BU ASE's for $17.74. By my math that's 8.7 40% Kennedy's per ASE. However, you do need to figure shipping.

    Bottom line, do your homework to give you leverage when bargaining with your LCS.

  13. #13
    us
    Nov 2010
    1,022
    191 times
    All Types Of Treasure Hunting
    Quote Originally Posted by FormerTeller View Post
    ......Provident's website shows that they're paying $4.09 per $1 face for 40%'s. They're selling BU ASE's for $17.74. By my math that's 8.7 40% Kennedy's per ASE............
    Good math FT. That's losing over 1/4 ounce of silver per ounce transacted (without accounting for shipping).

    I have 6,170 40% Kennedy halves, so divided by 8.7 means that I can get about 709 1 oz Eagles.

    My 40% position currently has 912.5 ounces of silver, so I would lose over 200 ounces.

    Unless you live in what amounts to the size of a hall closet and need more room, it makes no sense.
    Last edited by CardsNCoins; Dec 06, 2015 at 11:01 AM.

  14. #14
    us
    OIF05+OEF08, 101st ABN DIV.

    Dec 2014
    Brooklyn, NY
    AT Pro/BH Platinum, (Garret Pro-Pointer)
    829
    608 times
    Metal Detecting
    Selling or trading 40% halves you will never get full silver value...
    AlabamaRelic likes this.

  15. #15

    Jan 2009
    1,402
    118 times
    All Types Of Treasure Hunting
    So then you accumalate them just? For what?
    2012 Finds
    Kenns40%   5
    Kenns90%   0
    Benns         0
    Walkers       0

 

 
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