How would you sell junk silver

[hokiemojo]

A similar question has been asked before, but I don't think this topic has been approached the way I'm presenting it here. If I'm wrong, I apologize.

I've gotten into CRHing, mostly though pennies and with some nickels. Then I branched out into CR dimes and found my first keeper a few weeks back. I'm just starting to look for AG, so before I get too far into this, I'd like to have an exit strategy. What do others do?

Do you sell them to coin shops or pawn shops as you find them?
Do you save up a roll and then sell it on ebay?
Do you save a hoard and sell to an online broker?

I know most people here just keep what they find, but I'm curious what you would do if you WERE planning to sell.

It sounds to me like ebay and the brokers are about equal options because people pay much more on ebay compared to the broker, but the broker has a much smaller fee and you know who you are dealing with.

I'd love to hear some well thought out reasoning. Hopefully my question was well presented.
Thanks!
HH!

 

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[jrf30]

Sell on Criags List for a good retail price, with no fees. At times, when the price is high for some reason compared to the street, I sell to an online service called bulliondirect. That's the ONLY two ways I sell. Craigs list by far is my favorite. A s for all those that worry about meeting people, I 've met buyers at OUtback steakhouse, at banks, at stores. Whereeer. A s long as you don't meet someone at our own house or in an alley, I don't see robbery as an issue. And the buyers on CL have been great. SOld many people junk silver from CL.

 

[Mackaydon]

Pawn shop will give you only a % of melt, unless it is really valuable, but even then, you can do better with other sources.
Don........

 

[coolpix9]

Are you searching for Au(gold) or Ag(silver) ? There may not be much Au floating around while you are CRHing. Cheers, Jim

 

[hokiemojo]

Are you searching for Au(gold) or Ag(silver) ? There may not be much Au floating around while you are CRHing. Cheers, Jim

Good point. I corrected my original post now. I'll take either if I find it though (-:

 

[StoneWhisper]

My suggestion.. if you have a smelt and any forms, I would smelt anything and everything down.. The actual ring or jewelry doesn't have a value.. but the gold and silver does and smelting it down would get right to the point.. at this point.. having a smelted gold bar in your pocket (about the size of a half dollar or more) is worth it's weight in gold. sort of speak.. in other words.. smelt it down and keep it.

 

[Generic_Lad]

My suggestion.. if you have a smelt and any forms, I would smell anything and everything down.. The actual ring or jewelry doesn't have a value.. but the gold and silver does and smelting it down would get right to the point.. at this point.. having a smelted gold bar in your pocket (about the size of a half dollar or more) is worth it's weight in gold. sort of speak.. in other words.. smelt it down and keep it.

That is not a very good option. First, it adds extra expense to it and secondly coins/rings are at least somewhat recognized. If I hand you a 1964 Washington Quarter and if the details look right you can be 99.99% sure it is silver. If I hand you a lump of metal which I say is silver, are you -really- going to believe it? It costs a whole lot of money to have it properly assayed and even then it is not very recognized.

Everyone knows that a silver coin is silver. There is absolutely no question about it. In the event of a dollar collapse do you want to have coins that it is easy to look in any basic reference (or online!) and show that they are silver or a bar which could be anything from pure silver, to 90% to even 30-40% silver or even just plated base metal?

My advice, shop around. Craigslist is good, sometimes you will have great pawn shops/jewelry shops/coin shops who will pay you very close to spot. Most of the time you don't though, but go to all of them and ask. If you have a lot of coins, selling direct to a refiner or large online store (APMEX for example) is generally a good deal. But I say try every avenue, you never know until you try them all!

 

[sagittarius98]

I would smell anything and everything down

Do you mean smelt?

 

[quiksilver]

i go to good coin shows where I can ask a dozen or so dealers to get a good price ....tho at this point i know which ones give the best price.....the shows at westchester county center in ny and parsippany nj have 2 really good coin shows.

 

[red89]

I plan on keeping my silver for a very very long time. Although if I ever decided to sell...there is no way in hell I would sell to a pawn shop. I've taken a few 90% halves in just to see what they would give me, and I had several shops offer between 5 and 7 dollars...for 90% halves? No thanks....I'll keep them. I understand they want to turn a profit but paying under half of what they are worth is kind of insulting. (this was a few weeks ago when silver prices were up a little more than they are now)

 

[StoneWhisper]

sagittarius98

I'm sure we create typos.. some more then others and I will admit when I'm typing my mind types faster then my hands. So Yes I meant "Smelt"

Generic_Lad

Who said anything about smelting down coins.. I was talking in generals "If" it can be smelted.. then I would smelt it.. Coins, I would not smelt.. Stop putting unseen or other words into my sentences.. and besides.. he asked for options.. and I gave him mine.

 

[sagittarius98]

sagittarius98

I'm sure we create typos.. some more then others and I will admit when I'm typing my mind types faster then my hands. So Yes I meant "Smelt"

I know we all make typos, I just like to point them out (I pointed out BBs "decant" in a different post than the clipped nickel one).