Need Some Advice

[Dr_Silver]

One of my friendly bank tellers said she found a roll of all silver quarters recently and wanted to sell it. I believe they are all Washingtons and lets assume in decent condition. I was going to ask her what she thinks is a fair price first? Where do I go from there as I want to keep a good relationship with this bank and I am not looking for a quick resale, rather just stacking silver for the future.

 

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[Icewing]

Just look on ebay for the average SOLD price of the same thing.

With the current scrap silver spot price at $15.29, 40 silver quarters are technically worth no less than $110.40

 

[Lunch Bag]

I believe if the bank itself knew she was trying to profit from bank owned and rolled coinage she would be fired.

 

[Red James Cash]

if she put 10 bucks in the till,the bank no longer owns it.

 

[smokeythecat]

Red James Cash is correct. One of my managers at my bank (before I retired) said she pulled a 5 gallon bucket of silvers out of circulation during her stint at a branch. Trouble is, someone broke in her home once and stole them.

 

[Chizzy]

Chances are, if she cannot find a stacker/collector to purchase the silvers at spot, she will get around $10 for each $1 of silver at a coin shop or pawn shop..........that's what I currently pay.

 

[GlenDronach]

10x face is fair. Better than what most places would buy at, and it still gives you a little wiggle room.

 

[ArkieBassMan]

Let the seller set the initial price. Negotiate if necessary. I'd sure hate to offer 10x if 8x, or even less would buy the silver.

It may be that there are no coin shops/pawn shops/etc in your area that pay much of a price. Out of curiosity, I called around way back when silver was in the $30's and the best price anyone in my area was paying was 8x face for 90% and the spot price of silver was more than double what it is now, even with the small run up of late. If the teller wants immediate cash, at worst you should definitely get a discount under melt, which as of right now is about 11.6x face.

Unless you have a very unique item, and certainly silver quarters are not, the completed listings on ebay are the "best price" guide in existence. It shows the amount at which items are currently selling, which is exactly what anything is "worth" - regardless of what any publication tries to tell you. Keep in mind though that selling on ebay isn't free. You'll pay ~13% (haven't checked in awhile, this may no longer be completely accurate) in selling and PayPal fees as well as be out shipping expense.

 

[fistfulladirt]

I believe if the bank itself knew she was trying to profit from bank owned and rolled coinage she would be fired.

Every bank/CU has its own policy. At one place I had an account at, a teller would do a Craigslist deal right there with management fully aware. One time I bought a roll of Walkers for 10 x face directly from a teller at her counter (good deal, one coin was a ‘38D).

Yet at another bank, the tellers there must make a customer aware that the coins they are cashing in have collector value, and they cannot accept them!

 

[Argentium]

I would offer her a good price , slightly below market - keep in mind that everybody has a hand held encyclopedia now , and in seconds can find values for comparables including coins - so I would keep this in mind as you make her an offer.

 

[Dozer D]

Offer 8x face, unless she wants to take the TIME, MILEAGE, ETC. to get a better price. You are right there, now, money on the table.

 

[Tommybuckets]

I'm with Dozer but I've missed deals for going too low. I don't care. I'll find something one way or another.