Buy Silver Coins (not junk) for Melt Value? How about Buffalo Nickels?

[bertmaster2000]

A friend of my parents who had a newspaper route in the early 60's kept two rolls of Franklin halves, several rolls of liberty dimes, and several rolls of buffalo nickels he was given as tips. He said they're mixed years and dates ranging from Fine to Very Good condition, likely because they've been out of circulation for ~50 years!

He confirmed he has the 2 Franklins I need to complete a circulated set I'm putting together, and he said I'd have a very good start on at least one set of liberty dimes and buffalo nickels.

He's offered to sell the 90%-ers to me for melt. Would you buy them for melt? I honestly think melt is fair...

How much should I be willing to pay for the buffalo nickels?

I am excited about all the coins, but I admit I got more excited when he told me he also has some walkers...Should I be willing to pay more than melt value for the walkers?

One more thing, he knows he could go to his local coin shop instead of selling to me. I have no idea what they would pay for an average coin, so I have no idea how this plays into the deal he is offering me.

Thoughts?

 

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[Molon Labe]

Coin shops will pay him anywhere from 50%-75% of melt value. Buying it for scrap is a good deal in the fact that most junk coins will sell for a small premium over spot but its not rare to come across good priced junk silver. I would only buy if you already wanted to buy some junk silver.

 

[DeepseekerADS]

Buy the silver!

On the Buffalos, go with gut on what you think is fair - considering the fellow is your friend. Buying silver from around the block, typically you'll pay a little bit of a premium. So, if you're getting them at current melt, you're actually getting a very fair deal.

 

[Beachkid23]

Melt is good if your looking to keep them. To resell, pay less. I'd buy them for melt on Friday. Jk, but the price tends to drop on Fridays!

 

[baddbluff]

I'd go with him to the coin shop & get an offer from them - that way he will realize that anything you offer him above what they offer will be a good deal for him. The Buffs depend on the dates/condition. If they are dateless, they are worth 5c. If there are key dates, they could be worth $100s.

 

[cudamark]

I agree with baddbluff, get a bonafide offer from a coin shop, and offer him a little more. Just don't do it in front of the clerk at the store or you'll never get a good deal there again!

 

[bertmaster2000]

I agree with baddbluff, get a bonafide offer from a coin shop, and offer him a little more. Just don't do it in front of the clerk at the store or you'll never get a good deal there again!

Going to a coin shop with him is easier said than done because he lives 3,000 miles from me. We'll be in the same place, a small town w/o a coin shop, over Christmas. I plan to buy the coins from him at that time. I think melt value for the silver coins is fair to me and him because I plan to keep the coins indefinitely, and although I believe the coins are not rare, they are in better than average condition.

Thanks to all for your input!

 

[fistfulladirt]

I care not what anyone says, but in my experience, it's very difficult to buy junk silver at or under melt.

I would jump on it.

 

[TheRingFinder]

Here is the latest offer I got from a coin dealer -

Remember, this is all for worn coins, and no key dates.

Merc or Rosie - $ 1.40 each
Silver quarters - $ 3.29 each
Silver half's - $ 6.58 each
War Nickels - $ .55 each

Buffalo's are not worth much, try a consignment store.

 

[Twitch]

Here is the latest offer I got from a coin dealer -

Remember, this is all for worn coins, and no key dates.

Merc or Rosie - $ 1.40 each
Silver quarters - $ 3.29 each
Silver half's - $ 6.58 each
War Nickels - $ .55 each

Buffalo's are not worth much, try a consignment store.

That's odd. I've never seen a place pay more for 5 dimes than they would for a $0.50 piece. Usually, if anything the halves get's a tiny premium. The halves and quarters are in line with each other but the dimes seem odd. War Nickels always get killed.

I'm with fistfulladirt, for nice circulated examples of any 90% AG I feel pretty good when I can get them for melt, assuming I'm looking to hold. On the very rare occasion I find them under melt I feel like I got away with one, which isn't too often, but happens from time to time. got a roll of Rosie's off of Ebay a few weeks ago for ~$52. Not sure how it happens, but from time to time it does.