puckhead said:
I thought 10x face was pretty fair, but initially he would only offer 8x and told me that silver had tanked today. When I responded that it was only down $1.60ish and that there was still almost $6 of silver in each 40%er, he realized that this fish was not biting. I told him I had a quantity of at least $1k face so I knew that it would be worth his time. He called his refiner and said he would pay the 10x. He also said that the offer stood til tomorrow as long as silver doesn't collapse overnight. I think this would be the quickest no muss no fuss way to go. If I had more time, maybe the forum or feebay might be the way to go. Is there any truth to the rumor that feebay will be reporting sales to uncle from now on?
I would sell to this guy if I were you.
I have tried selling 40%er's on the forum and they don't seem to be too popular with the more "discerning" silver crowd here. Folks here seem to go for 90% and higher. War Nickels and 40%er's are nowhere near as popular. I personally don't get the "silver snobbery" but that's just the way it is.
If you go the eBay route, the fees will eat up at least 10%, and you already have to come down off spot a percentage to get them to sell anyway, which further erodes your profit margin.
As far as eBay reporting your $$$ to Uncle Sam goes, there has been much confusion over this, which I will now attempt to clarify.
First off, it's not eBay, it's PayPal (big difference *sarcasm*). They are going to start sending out 1099's beginning in 2012 for the year 2011. This only affects sellers who meet BOTH the following criteria:
1. Sellers who do more than $20,000 worth of business during the year
AND
2. Sellers who receive more than 200 payments per year
As of this minute this guy is offering you around 87% of spot value on a coin worth $5.81 so IMHO it's a pretty fair deal.
Hope this helps.
