.925 silver where do you sell it for refining?

davest · Nov 30, 2008

I've been adding up a bit of 925 along with some 40% coins and am wondering where to sell it and what to expect as a payment. How do you do the math? Thanx.

sniffer · Nov 30, 2008

try to find a reputable jewler or jewlery repair center

SHERMANVILLE ILLINOIS · Nov 30, 2008

http://www.midwestrefineries.com/

cyberdan · Dec 2, 2008

There is a refinery about 10 miles from me. They even came to my MD club meeting a few months ago and gave a lecture. They seem pretty honest but I have never used them yet. http://www.almanon.com/

Their pricing is very simple:
$40 assay fee + 7.5% of PM value (based on a 5 day average)

They will pay cash, check, silver shot or silver coins (2% additional fee)

I did call them last week with a few questions. The lady who gave the lecture answered. I was thinking about melting about 50 pounds of 40% JFK halves and wanted to know about the copper. (50# of 40% = 30# of copper) They do not pay out on non-PM and she had no idea there was copper in those halves. That just means she does not collect coins.

I need to do the math to see if it is worth it. 7.5% of spot now is a lot better than 7.5% of spot when it hits the roof. What do you think.

Or should I just hold onto the halves and sell as halves when the price goes back up?

Corpsegrinder · Dec 3, 2008

That depends. I own a P.Metals store where i buy scrap gold and silver all the time..

According to coininfo.com the clads full silver value is worth 1.43 each.. I would hang on to them.. When it hits 15-17 an ounce. i would unload.. Had a guy come in here with 10 100Oz Englehard bars when it was 20 an ounce. offered 70% of spot in cash. and he refused. next week the bottom fell out and has been goin downhill ever since.. so I doubt it will ever reach that again.. not anytime soon..

I have been selling my coins on the bay and doing ok compared to what i buy em at.. Just listed 34.5G of 14k gold on there.. we will see how that does..

jim4silver · Dec 3, 2008

Corpsegrinder said:
That depends. I own a P.Metals store where i buy scrap gold and silver all the time..

According to coininfo.com the clads full silver value is worth 1.43 each.. I would hang on to them.. When it hits 15-17 an ounce. i would unload.. Had a guy come in here with 10 100Oz Engleguard bars when it was 20 an ounch. offered 70% of spot in cash. and he refused. next week the bottom fell out and has been goin downhill ever since..

I have been selling my coins on the bay and doing ok compared to what i buy em at.. Just listed 34.5G of 14k gold on there.. we will see how that does..

That guy would have been beyond stupid to take 70% of spot on Engelhard bars (that would be $14 per ounce when spot is $20 :tard:

). Even back in March this year, you could at least get close to spot for them, at worst 50 cents below spot from a coin dealer.

Jim

Corpsegrinder · Dec 3, 2008

jim4silver said:
Corpsegrinder said:

That depends. I own a P.Metals store where i buy scrap gold and silver all the time..

According to coininfo.com the clads full silver value is worth 1.43 each.. I would hang on to them.. When it hits 15-17 an ounce. i would unload.. Had a guy come in here with 10 100Oz Engleguard bars when it was 20 an ounch. offered 70% of spot in cash. and he refused. next week the bottom fell out and has been goin downhill ever since..

I have been selling my coins on the bay and doing ok compared to what i buy em at.. Just listed 34.5G of 14k gold on there.. we will see how that does..

Click to expand...

That guy would have been beyond stupid to take 70% of spot on Engelhard bars (that would be $14 per ounce when spot is $20 ). Even back in March this year, you could at least get close to spot for them, at worst 50 cents below spot from a coin dealer.

Jim

I dunno Jim.. he still would have come out ahead considering what spot is at now.. but then again.. he did say he bought them in 1973 or something.. so guess even today he is still in the green.... but then again.. didnt look like the guy was selling for money either.. maybe he wanted a new truck?! 8)

jim4silver · Dec 3, 2008

Corpsegrinder said:
jim4silver said:

Corpsegrinder said:

That depends. I own a P.Metals store where i buy scrap gold and silver all the time..

According to coininfo.com the clads full silver value is worth 1.43 each.. I would hang on to them.. When it hits 15-17 an ounce. i would unload.. Had a guy come in here with 10 100Oz Engleguard bars when it was 20 an ounch. offered 70% of spot in cash. and he refused. next week the bottom fell out and has been goin downhill ever since..

I have been selling my coins on the bay and doing ok compared to what i buy em at.. Just listed 34.5G of 14k gold on there.. we will see how that does..

Click to expand...

That guy would have been beyond stupid to take 70% of spot on Engelhard bars (that would be $14 per ounce when spot is $20 ). Even back in March this year, you could at least get close to spot for them, at worst 50 cents below spot from a coin dealer.

Jim

Click to expand...

I dunno Jim.. he still would have come out ahead considering what spot is at now.. but then again.. he did say he bought them in 1973 or something.. so guess even today he is still in the green.... but then again.. didnt look like the guy was selling for money either.. maybe he wanted a new truck?! 8)

CG,

Actually premiums are thru the roof. Assuming he did not sell them elsewhere, even when silver was recently 12 or so per ounce, Engelhards were going for 3 bucks over spot. So he still could have beat 14 dollars.

He probably went elsewhere to sell them, unless you are in a small town and your shop is the only game in town. In any event, sounds like you have a great profit margin in your business.

Jim