Selling AG junk coins ???

[Dozer D]

I may be forced to sell several ounces of my junk silver coins in the near future. Couple questions come to mind?
Is there a max limit that you can easily sell to keep it under the RADAR of IRS reporting as a capital gain tax reporting etc?
A fair price close to melt acceptable? +/-
Would the large bullion houses offer a fair deal vs a local shop. Has anyone ever dealt with these large companies (Amex etc)?
Selling my collection & silver stack is a last resort to keep my head financially above water. Your thoughts & comments.

 

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[FormerTeller]

You should be able to get 90-92% of melt from a coin store. No records

 

[Guest 1551]

im curious as well for when i eventually decide to cash in

 

[SFBayArea]

I've sold to APMEX before. Call them up to get a quote over the phone and lock up the price over the phone. They'll send you a confirmation number to email that you print out. Follow instructions and mail it to them. When they receive the package, they count and send you a check agreed upon in your original confirmation notice. APMEX may the best when you have a large quantity to sell.

As far as I know, I reported my sale on tax report the following year. It's not much in taxes as it was considered as long term capital gains which is 15%. However, APMEX never sent me a 1099 so I'm sure nothing got reported to government.

 

[ArkieBassMan]

You should be able to get 90-92% of melt from a coin store. No records

No coin store near me will pay close to this. I haven't checked lately, but they were only paying 8x face for 90% when silver was ~$32.

If your LCS pays similarly to mine, another option would be to sell on ebay (usually well above melt), paying the ~13% selling fee and the income tax. It might be a viable option if needed.

 

[FormerTeller]

My LCS normally pays 85%, but you can bump them up if you sell in volume and know your business. Another thought would be to go to a coin show and check prices with several dealers. Again, no paper trail.

 

[maverick]

I've sold to provident metals a few times, very easy, very fair and have not had to report anything. Call them up and get your price locked in and they are very helpful in the whole process( which is very easy) HH, Maverick.

 

[DeepseekerADS]

I've purchased junk silver coins here from other members. I've sold some here. Gotta be a Charter Member to do that.

I've also purchased a bit on Craigslist. I just study the "Collectables" section for a while, sorting out who is who, and who is legit. That's risky in some areas for both buyer and seller. Public place - Starbucks or the like, and I did watch the section for over a month prior to any dealings.

 

[boogeyman]

I've purchased junk silver coins here from other members. I've sold some here. Gotta be a Charter Member to do that.

I've also purchased a bit on Craigslist. I just study the "Collectables" section for a while, sorting out who is who, and who is legit. That's risky in some areas for both buyer and seller. Public place - Starbucks or the like, and I did watch the section for over a month prior to any dealings.

The key here is cameras. Believe it or not the best place for me is the local drug store. They're bristling with cameras, and they're actually monitored by their loss prevention people. Restaurants are good if you can get a booth in view of the cameras on the register, and if something goes wrong you've got a bunch of witnesses. Get there early so you can write down their license when they pull in.

 

[halfhunter]

I'm a member of a group on facebook called Coin collecting buy sell trade ask. I have done A Lot of business on the site. A very trust worthy guy buys huge lots on there all the time. John Miles is his name and has always paid fair prices. At least take a look at it. It has a sister site as well. Coin collecting Buy sell trade AUCTION ONLY. I do most of my deals through paypal, but have built up enough trust to do some PMO's too. Check it out

 

[yvairguy]

So is it against the rules to PM the person that has stuff to sell?

 

[DeepseekerADS]

So is it against the rules to PM the person that has stuff to sell?

Tough one there, but it is a violation of the trust relationship we as individuals and members have with Tnet.

 

[FormerTeller]

One more idea to consider is going to a meeting of your local coin club. Most of them have auctions that may or may not be open to the public, but I guarantee if you tell them you're a visitor and that you want to sell your silver for melt (or close to it) you'll get some takers.

 

[SFBayArea]

I've also sold smaller amounts to people I met on Craigslist. Just small quantities though. Set up a meeting at or near your local police station. That's the safest place to meet out of all of them.

 

[boogeyman]

I've also sold smaller amounts to people I met on Craigslist. Just small quantities though. Set up a meeting at or near your local police station. That's the safest place to meet out of all of them.

Sorry........ But I've got to say it. You've got to be kidding me right? When ever we wanted to drag race, the best place was right in front of the cop shop! NEVER a cop around none of us ever got caught (10plus years) or stopped. Unless you're extremely lucky, you have a better chance having a cop closer anywhere else! Not to mention, most cop shops only have cameras in the lobby, the sally port, and maybe the parking area for the units. Not to mention, if they see you, the they're selling dope scenario pops into their heads faster than a bolt of lightning!

 

[Pete_Iredale]

I've heard in many places the police are completely ok with you coming into to lobby to make sales like that.

 

[LooseChange]

If you are going to sell to CL buyer, do it in the waiting area of your bank or credit union. Tell the buyer that it will be at the bank because the coins/product are in a SDB (safe deposit box) at the bank, that you do not want to carry the coins/product around after taking them from the SDB, and that you are going to deposit the cash right after the sale (again, so that you do not have to carry it around).

It is best if those are actual truths - especially that you are going to deposit the cash right away. It addresses the personal safety concern and the risk of counterfeit cash (ask the buyer to wait with you for the deposit).

 

[Owassokie]

If you are going to sell to CL buyer, do it in the waiting area of your bank or credit union. Tell the buyer that it will be at the bank because the coins/product are in a SDB (safe deposit box) at the bank, that you do not want to carry the coins/product around after taking them from the SDB, and that you are going to deposit the cash right after the sale (again, so that you do not have to carry it around).

It is best if those are actual truths - especially that you are going to deposit the cash right away. It addresses the personal safety concern and the risk of counterfeit cash (ask the buyer to wait with you for the deposit).

I 'liked' this but wanted to say this is a great post. Thieves pretending to be a buyer will often call just looking form information on how/when/where to rob you. By indicating certain items are in a secure location, not in your home, you are minimizing the opportunity for all kinds of theft including home invasion, robbery, and counterfeit payment.

 

[Owassokie]

I've sold to provident metals a few times, very easy, very fair and have not had to report anything. Call them up and get your price locked in and they are very helpful in the whole process( which is very easy) HH, Maverick.

I have sold to Provident Metals as well. I echo all of Maverick's thoughts. I'll add that I did my due diligence in visiting LCS, calling the national buyers(including Apmex), and considering CL/Ebay. Provident was the best option for me. If you're going to sell to individuals, I would suggest creating relationships (start small) on the Bullion Stacker website or one of the trusted groups on facebook.

OO

 

[A2coins]

I think it would be easy to sell 90 percent.