Box fees / Silver Melt VS Cost

[GarouLady]

I am curious about a couple of things and wants to do a census. One is with box fees. I only do a couple of boxes a week, mainly nickels and about a 100 dollars of halves. so far I have not had to pay a fee to get them or dump them. I have used my account to draw out the money and deposit it back in, just to have it drawn out again to get a new box. But I have heard of banks charging now. What kinda of fees have everyone else been paying just in case I want to make sure I don't get overcharged.

also I went to cash out 3 40% that I found at a local coin shop that I have gone to tons of time. I checked the price and my 3 were worth 15 bucks at the time. I asked the dealer how much he would give me and he told me 9 bucks for all three coins. My jaw about dropped. He told me to keep them because they were silver. After a while I bought a 50 peice for 13 dollars and left for the day. my math skills stink but what percentage would that 9 dollars vs 15 dollars melt.

Any help would be greatly appreciated.

Hugs and smiles,
Garoulady

 

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[Dark]

He offered you 60% of their melt value for them. That is bad.
Sell them on ebay and you might be able to score a premium over spot price.

 

[Wickaboag]

My LCS offers $4 for a 40%er. I [REGRET] Selling them! Not just because they are silver, but because I [FOUND] THEM!!!
Never paid for a box yet :\ hope it stays like this!
Wickaboag

 

[steelheadwill]

Coin shops & metals buyers are there to make money. YOURS!
I use craigslist to sell Gold and Silver.
(also for buying, an ad explaining how & why you'll pay more than any dealer (spot) gets replies)

I've done well with this approach, I meet the people in the lobby of my bank and do the transaction there.
Of course it's not worth it for 3-40% halves.
When you get a pile to move it's something to consider.

 

[Wickaboag]

Coin shops & metals buyers are there to make money. YOURS!
I use craigslist to sell Gold and Silver.
(also for buying, an ad explaining how & why you'll pay more than any dealer (spot) gets replies)

I've done well with this approach, I meet the people in the lobby of my bank and do the transaction there.
Of course it's not worth it for 3-40% halves.
When you get a pile to move it's something to consider.

If there was an ad on Craigslist for 3 40%ers at 4$ a piece, I'd pick em up!
Wicka

 

[thripp]

I wouldn't take less than $5 each for 40% halves...

 

[GarouLady]

Thank you for the help. I appreciate the input. Gives me an idea of what to do, when to do it, etc. I think I will keep them for a while. I am ordering my first box of halves at a bank less than 5 miles away. They order it on tuesday and get it on late thursday. Now that's fast! They were very sweet about it. If I can I want to get a box of nickels too while I am at it. At least with the nickels I can sell those back to my workplace for cash. The halves I will trade out to various businesses for 10 bucks here, 50 bucks there. Like buy a pack of gum at a gas station kinda thing.

Thanks a bunch.
Hugs and Smiles,
Garoulady

 

[Wickaboag]

Thank you for the help. I appreciate the input. Gives me an idea of what to do, when to do it, etc. I think I will keep them for a while. I am ordering my first box of halves at a bank less than 5 miles away. They order it on tuesday and get it on late thursday. Now that's fast! They were very sweet about it. If I can I want to get a box of nickels too while I am at it. At least with the nickels I can sell those back to my workplace for cash. The halves I will trade out to various businesses for 10 bucks here, 50 bucks there. Like buy a pack of gum at a gas station kinda thing.

Thanks a bunch.
Hugs and Smiles,
Garoulady

Not to tell you what to do, but, I agree with using halves for circulation, but dump $400 in a bank you don't use.
Wicka
FLIP DAT CASH FAST

 

[GarouLady]

I asked at one bank if they would take some rolled coins that I had. I told them it was only a couple and they said they couldn't do any transactions unless I had an account with them. I would open one with Chase but they want me to put a hundred dollars in an account and if it goes under that hundred they would start charging some sort of fee. Bummer. I know my credit union you only have to keep just 5 bucks in it for an account.

Hugs and smiles,
Garoulady

 

[Generic_Lad]

Don't pay fees to dump/buy. Unless you get a collection dump you are unlikely to break even.

If you want to snipe silver, you've got to look at a -lot- of places, it isn't very likely you are going to be able to get US silver for under melt at most coin/bullion/pawn shops. They know it and know people will pay premiums for it. Same with 1 oz bullion coins (Eagles, Maple Leafs, Libertads, Britannias, Philharmonics, etc.). You need to be educated on foreign silver coins, know which ones are sterling, which ones are 60%, which ones are only 10% and know what the key dates are for major countries (Canada, Mexico, Germany, UK, France, Russia, etc.). Go to garage sales, auctions, estate sales. Buy books, make sure you've got a smartphone on you so you can quickly Google a coin to see what it is, memorize dates, know the look of different purity silver coins, learn to tell the difference between a 50% silver and 99% nickel Canadian coin (1968 Canadians can be either), know how to tell the purity of silver by the look of even just a reverse of a coin (for example, in an auction you might see a bag of Kennedy half dollars that you can't look at the dates/edges to know if they are silver but you might see the reverse of one coin, if its got a D you can know its a 1964-D) .

In the numismatic hobby knowledge is power. Rare coins flow from those who know the least about them to those who know the most. For example, do you know that British sovereigns (a very common gold coin) have mintmarks on some issues? And that some dates/mintmarks are very rare? For example, a 1920-P (Perth mint) is quite common and sells for very close to bullion, but a 1920-S (Sydney mint) would sell for several thousand to several hundred thousand dollars. Is there a bullion shop selling a 1920-S sovereign for ~$400 (melt value of one today)? Quite possibly. But unless you know what to look for, you'd pass it up.

 

[steelheadwill]

"In the numismatic hobby knowledge is power. Rare coins flow from those who know the least about them to those who know the most." Well Said

 

[Wilmingtonsilver]

Quick question about your original post. the way you were talking about withdrawals and deposits was a little confusing to me. Are you dumping in the bank you buy your coins from?

 

[GlenDronach]

Quick question about your original post. the way you were talking about withdrawals and deposits was a little confusing to me. Are you dumping in the bank you buy your coins from?

From everything I can tell, she is. Not only in the same branch, but also in/out of her account, raising a lot of transactions. And I've questioned it before, but she's convinced it's "OK".

 

[GarouLady]

I have only done a few boxes of nickels and pennies. Got the pennies from work and the nickels from two different banks. My credit union has the only coin counter in town that isn't a coinstar so I use that as my dump bank. But I might be changing that since I found out that my workplace has no problem with taking my rolled coinage and using it for day to day transactions and my halves I gave them, they just send it back in deposit. Not bad since that will save on gas. I will be hopefully getting my first box of halves on thursday or friday from a bank that is only 6 miles away.

Normally I put some money aside in my account, about 60 to 80 a week. I had an extra 200 after a month of doing so. So I got a box of pennies, went through them and went back to put them through the counter, then I got a box of nickels and did the same thing. After the three boxes I stopped in order start saving up for a box of halves. I asked my co-worker who works in the cash office at work if I got a box of halves and wanted to turn them in would she take them. I told her I didn't want to cause trouble and it would be ok if she said no but she said that it would be no problem and asked if I found anything. I told her about my two war nickels and the buffalo. She's nice but I think she snitched the silver out of our tills which is why I haven't found anything in months. Oh well, I'll take finding a dump site that saves me gas over the occasional silver dime.

Thanks for all the help.
I appreciate the input.

Hugs and Smiles,
garoulady

 

[Wilmingtonsilver]

Do you know what bank your work deposits at? Whatever you do, you do not want to purchase coins from that bank, or any bank you dump at. It isn't a matter of upsetting the banks, it is a matter of getting the same coins over and over again. But you are just in it for the hunt, so that might not be so bad. Will leave more silver for the rest of us. lol

 

[hotrod]

My local shop gives me 10% under milt for all coins