Buying Silver off a Co-Worker

[dblick]

I have a Co-Worker that wants to sell some silver coins. I want to be fair but also get a deal. Here are the totals by denomination. What do you feel is fair....

Roosevelt Dimes - Mainly 1960's - 92
Washington Quarters - Mainly 1960's - 21

Thanks!

Dan

 

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[Omega]

12x face

 

[SilverFace]

I guess that's kinda the difficult question - how much to pay to be fair and still try to get a good deal for yourself. Idk, if the coins are in avg cir condition maybe 90%-95% of current melt value. Maybe u could check CL to get an idea of what other buyers are willing to pay in your area. Good luck.

 

[BigWaveDave]

use coinflation.com

 

[hunts with son]

use coinflation.com

This! They give up to date prices on silver coins compared to silver spot prices.

 

[ArkieBassMan]

"Fair" is such a tricky word. If the co-worker is happy with the price, and so are you, then its a good deal all the way around - regardless of the selling price.

 

[SilverFace]

Its kinda hard to answer that question for someone else for different reasons. Btw, has the seller mentioned a price yet or does he/she want u to make an offer?

 

[bill from lachine]

dblick,

I'd go with 90% or so of current spot prices....it's probably above the price of most dealers and he/she doesn't have the hassle of taking a detour to haggle with them face to face.....the buyers have to make a profit and they buy anywhere from 66% to maybe 80% or so of melt to make a profit.

Win/win and you get 10% discount to what you'd pay or possibly more as they'd probably quote 10% over for scrap silver coins.

Regards + HH

Bill

 

[Twitch]

I would tell him/her what he/she could expect to be offered by your local LCS and then see where it goes from there. Currently probably in the 12-13x face I'd guess. Offering them less than what your LCS would without at least informing them of what the LCS would pay, in my opinion, wouldn't be above board.

 

[maine_Jim]

My local Gold and Silver store paid about $4.25 for each $1 of 40% and $14.00 for 90% last time I sold any. That was a few months back but at these prices I wouldn't pay more than $10 per $1 of 90% in such a small quantities. I would call your local Gold & Silver dealer and ask for exact buy/sell prices locally and use that as a guide for what your time is worth. You are also taking a chance of trouble at work if the co-worker thinks you took advantage of them so really I would say stay away from the deal, not worth the potential problems. If you really want to buy it I guess you should just tell them what the local price is and say you will match it.

Maine_Jim

 

[weighit]

When the exact same issue came up with a neighbor I said call all the pawn shops in town, or actually go there and show them the coins. Do not sell them to those guys, but get a price they will pay. He didn't want to do that, so I called all the pawn shops and asked what they would pay for the silver coins, per coin. Wrote those figures down and showed them to him, they were all over the map, but I told him I paid 75% of silver value at that days rate. He could sell to me or go to them but I would be a heck of a lot more than he could get from them. So at today's rate a dime would get him $1.15 from me and the quarters would get $2.87. Of course the days rate changes daily and my figures would change too. I ended up getting the coins as he understood he could not get what I was paying anywhere in town. He may have got more off a web site like Craig's list, but he was not going to want strangers into his home.

 

[MUD(S.W.A.T)]

Most dealers pay 85%-90%

Keep @ it and HH !!!

 

[twiasp]

Pay like 90% of melt value of .900 silver, then hope to find rare dates or errors. All will be happy.

 

[BuffaloBoy]

I'd pay $180.

 

[Omega]

Most dealers pay 85%-90%

Keep @ it and HH !!!

If you have a dealer that pays 90% for scraps, please send me a PM with his contact info, I've got a few oz of scrap gold I would love to dump @ 90%, my guy only gives me 85%

 

[jd750707]

$170 would be fair to both of you... its an ever changing market, so either one of you could come out ahead in the long run..

 

[1more4me]

Be prepared to pay spot- (Dimes 141, Qtrs 79= 220.) That is EXACTLY fair. BUT- make them tell you what they want for them!

9 times out of 10- it will be Way-Way under spot- Then give them some amount half way between thier price requested and spot. Everytime I do this- I give them MORE than they expected and get a better deal than spot. And, they always come back to me to sell more and send their friends as well..

 

[SilverFace]

In the long run the buyer will come out ahead and the seller will have seller's remorse. If the seller was a friend of mine (and even if they weren't) Id probably first encourage them not to sell if they didn't have too.

 

[westkybanded]

I'd pay 16x face.