How would you sell $2000 in silver

[bjybjy]

My buddy just found about $65 face value of pre 1965 silver coins in his attic. I used coinflation calculator and with everything being what it is, he has about $1950 in silver currently. He can really use the money right now and wants to sell it ASAP. He turned to me for help since I used to buy and sell coins, but I've never tried to unload that quantity of silver at once.

Where do you sell your silver in large lots? I've heard about ARA but don't know specifics about what they offer. I used to be a powerseller on eBay so I know that route, but would prefer to not drop 12% or whatever if I can help it.

I'm just looking for what would be a reasonable rate, so he doesn't get ripped off. He's called a few local places and I think the highest offer so far is like $1500 which I told him was likely way too low.

This will also be good practice for me since when I used to buy and sell coins silver was less than $5 an ounce and I had about 50-60 ounces stashed away for a rainy day that I may look to sell soon.

Thanks for any input you can give.

 

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[palidin20603]

APMEX- American Precious Metal Exchange- they are online and they are great

 

[bjybjy]

APMEX- American Precious Metal Exchange- they are online and they are great

Thanks for the input. From your experience, if combined spot value was $2000, approximately how much would you expect to get paid for the coins?

 

[palidin20603]

92-93%

 

[bjybjy]

92-93%

Thank you for your help!

 

[clovis97]

Our coin local shop, here in Indiana, has a 2 point spread between what they sell and what they buy at.

If silver is at 30X face, they pay 28X face.

I'd go with Craigslist, and ask full melt...but that is just me.

 

[Piledriver]

I'd sell 'em the minute my family was sufferin' and not one minute sooner.

Keep on Rollin'

 

[Bentfork]

Why aren't you buying? You could probably buy from him at 90% of melt and he'd still make money not paying fees or commissions.

 

[bjybjy]

Why aren't you buying? You could probably buy from him at 90% of melt and he'd still make money not paying fees or commissions.

Because I'd feel guilty giving him anything less than 100% of what he could get elsewhere.

 

[SilverFace]

If you must sell I would suggest Craigslist. I've sold some coins there in the past and it seems to work ok - and their are no fees which I like. And you could probably get close to spot. But I wouldn't advise anyone to sell their silver unless they really had too - you may regret it in the future. Now is actually a better time to be buying (or scoring) than selling.

Good luck and keep on searchin'.

 

[madwest]

Why aren't you buying? You could probably buy from him at 90% of melt and he'd still make money not paying fees or commissions.

Because I'd feel guilty giving him anything less than 100% of what he could get elsewhere.

A lot of the bigger online dealers only buy $100 face or more. Local shops pay considerably less. Ebay is fee crazy. Craiglist is hit/miss and some would argue unsafe.

Research it and give him exactly what he would pocket from an online dealer (assuming he/you could meet the minimum face value to sell). You both win. He gets best price, you get Ag for wholesale.

 

[JT10]

I recommend Provident Metals. I have sold to them once with no problems. They list right on their webpage what their buy price is.

http://www.providentmetals.com/sell-to-us.html

 

[Dok Holliday]

APMEX- American Precious Metal Exchange- they are online and they are great

I concur. This is the place!

 

[msimpson]

Why aren't you buying? You could probably buy from him at 90% of melt and he'd still make money not paying fees or commissions.

Because I'd feel guilty giving him anything less than 100% of what he could get elsewhere.

Offer to match the buy price of AMPEX. BTW, I second AMPEX.

M

 

[ImpurestStewart]

I don't think I would ever sell that much silver. I don't like trading my PM for paper. Just saying. Apmex is good though! Good luck!

 

[bjybjy]

I don't think I would ever sell that much silver. I don't like trading my PM for paper. Just saying. Apmex is good though! Good luck!

My buddy sold it for $1700 :-/ I'd have given him more, or found someone that would, but he had three kids getting ready for school so money was tight and he could use the cash.

 

[oxbowbarefoot]

APMEX, Provident Metals or a local dealer that you have a good relationship with are all good options. I've sold on Craigslist several times with no problems, but you should be careful. I recommend meeting at a bank during business hours in clear view of a camera if you choose the Craigslist option. Just be vigilant, congrats on the find!

 

[jewelerdave]

I don't think I would ever sell that much silver. I don't like trading my PM for paper. Just saying. Apmex is good though! Good luck!

My buddy sold it for $1700 :-/ I'd have given him more, or found someone that would, but he had three kids getting ready for school so money was tight and he could use the cash.

Id have paid about $1900 today...work closely with dealers, either online or locally, find out whos fair, or be a dealer yourself. I started out as a vest pocket dealer and now I have a booming business.
Any fair dealer will buy and sell in a thin margin. say selling at 99% to 104% and buying in the low to mid 90%'s of value. the lower the spread, the better the deal.