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Thread: Need Some Advice

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  1. #1
    us
    Apr 2017
    New York
    28
    31 times
    All Types Of Treasure Hunting

    Need Some Advice

    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.

  2. #2
    us
    Jan 2016
    NW Arcanslaw / SW Misery
    Minelab X-Terra 705 Gold / Garrett PropointerAT.
    2,373
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    All Types Of Treasure Hunting
    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
    Last edited by Icewing; Jan 30, 2019 at 05:55 PM.
    Johncoho likes this.
    “During the gold rush its a good time to be in the pick and shovel business.” Mark Twain

  3. #3
    us
    Lunch Bag

    Dec 2018
    Coastal Georgia
    XP DEUS
    147
    384 times
    Relic Hunting
    I believe if the bank itself knew she was trying to profit from bank owned and rolled coinage she would be fired.
    Icewing likes this.

  4. #4
    Charter Member
    us
    WolfPack member

    Aug 2009
    New Hampshire
    Garret Master hunter Cx Plus
    12,824
    7931 times
    The Truth
    if she put 10 bucks in the till,the bank no longer owns it.

  5. #5
    Charter Member
    us
    Nov 2012
    Maryland
    XP Deus, Tesoro Cibola, Tesoro Tejon
    11,709
    19119 times
    All Types Of Treasure Hunting
    Banner Finds (7)
    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.

  6. #6
    us
    Chuck

    Feb 2015
    North Central PA
    Tesoro Compadre, Tesoro Vaquero, Garrett Pro-Pointer
    1,908
    2951 times
    All Types Of Treasure Hunting
    Honorable Mentions (2)
    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.
    PetesPockets55 likes this.
    Back to the hunt.........

  7. #7

    Aug 2012
    1,443
    853 times
    All Types Of Treasure Hunting
    10x face is fair. Better than what most places would buy at, and it still gives you a little wiggle room.
    PetesPockets55 and Chizzy like this.
    "The right to swing my fist ends where the other man's nose begins." Oliver Wendell Holmes.

  8. #8
    us
    Dec 2009
    AR
    Minelab E-Trac
    2,505
    1020 times
    All Types Of Treasure Hunting
    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.

  9. #9
    us
    Feb 2008
    Great Lakes State
    dirtfishing
    10,603
    2464 times
    silver surfing
    Honorable Mentions (1)
    Quote Originally Posted by Lunch Bag View Post
    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!
    When I listen to LED ZEPPELIN...so do my neighbors

  10. #10
    us
    Feb 2008
    Santa Fe, New Mexico
    Whites, MXT.
    8,388
    4481 times
    All Types Of Treasure Hunting
    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.
    PetesPockets55 likes this.

  11. #11
    us
    Feb 2012
    2,686
    2219 times
    Coin roll hunting
    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.
    PetesPockets55 likes this.

  12. #12
    us
    Mar 2015
    Bodymore, Metalland
    Minelab Excal, Safari, Garrett infinium, Whites prizm 4
    710
    1209 times
    All Types Of Treasure Hunting
    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.

 

 

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