Need advice...

[Novapax]

My sister-in-law found a stash of silver dimes (184). Mix of mecs/ roosies / and 1 barber. Along with 3 quarters.

How much would be a fair price? If I get too close to spot, I may as well buy bullion.

Just looking for insight.


Thanks

Novapax

 

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[FloridaFinder]

To family I would try 50% melt value. I have only bought a face value, but for common dates I would try that. Since it would be a friendly negotiation you could get a good price, and if not at that price it would give you some room for negotiating. If they want melt price then you already said you wouldn't want them.

 

[palidin20603]

Ask if you can check the dates for your collection, pay face for numismatic coins. Other than that, ask her what she wants for them and pay it. Your brother doesn't CRH? How is he going to feel about it if he goes on coinflation and sees what melt is?

 

[kfs]

My sister-in-law found a stash of silver dimes (184). Mix of mecs/ roosies / and 1 barber. Along with 3 quarters.

How much would be a fair price? If I get too close to spot, I may as well buy bullion.

Just looking for insight.


Thanks

Novapax

In this situation I do no see how you can get a really good deal out of it. The fair market value is the fair market value. Paying anything less to family is going to cause hard feelings unless they say they come out and say "we don't what that much for them" you really need to offer the price people are getting for melt value. It is not like they are just an acquaintance you may never see again or can avoid easily. I have actually never sold any of my finds so I cannot help there. You could check at a local coin dealer or two and get an idea.

 

[Mr. Silver Stash]

Fair is 75% melt. Better than pawn shops, and leaves something in it for yr risk of capital and time.

 

[Wilmingtonsilver]

Is it your wife's sister? If it is, $19.15 is fair.

 

[Iamrussell]

I offer just under spot- it's more than a dealer would offer and that way they get more than taking it in and I get a better deal as well

 

[ArkieBassMan]

Dealing with family can be a very tricky situation which can lead to hurt feelings. Money and family tend not to mix well. There is no amount of silver that is worth sacrificing family realtionships IMO. For this exact reason, I absolutely try to avoid situations where friends/family and money intertwine. It rarely works out well.

My advice would be to be 100% honest and go from there. If it was my sis-in-law, I would tell her exactly what the melt value was. I would find out EXACTLY what the local LCS/pawn shops were paying and share that as well as what she could expect to receive if she sold on ebay (minus fees) or to one of the big metal buyers such as Provident or APMEX. Add in that you'd like to buy the coins, but you can't pay "full" price as there is no room for you to make any money. Then let her decide what she wants to do. She may want top dollar. If she does, I'd either pony up the cash or let them go. She might choose to give you a "family discount." If so, great. If not, don't get upset over it. Would you sell her your silver at a "family" discounted price? ~$400 worth of silver isn't worth a hassle. Expecially not a family hassle. No amount of silver is worth that.

 

[fistfulladirt]

I always pay over what the local dealers are paying, and lately fallen into several small collections, that, after the party has sold to a gold and silver place, they could kick themselves for not selling to me first. For some odd reason, an "established name" sometimes wins over getting a better price elsewhere.

 

[CC-Hunter]

Good advice from Arkie.

I recently bought some silver from strangers, but they were in my community. I told them what the melt value was, told them that they could probably get melt value if they wanted to sell on Craigslist, and told them what a LCS may pay. After giving them all the info, I told them what I would pay. They accepted my offer.

With family, I would be open and honest about what they might get for the dimes if they want to deal with selling them via other outlets, and then tell them what you would pay. Let them make the choice.

 

[minkybodl]

I have bought a few times from close friends of mine and while I am not advising you do the same I paid close to spot to them. At the time spot was only around 16 or 18 and I just added it up and paid them within 10-15 of that total figuring that I was saving money over what a LCS or Pawn shop would charge me and they were making more than they would have been paid by them. I was glad I did when silver went up over forty because they both mentioned it to me. They didn't forget what they had sold for but at least I had been fair with them at the time so there were no hard feelings later.

 

[mercury1]

I agree with Arkie and others that family can be tricky to deal with and you have to do it right. You don't want to offer less then they could get elsewhere unless they want to for the convenience of just accepting cash from you and not having to deal with strangers. I would explain how the junk silver market works. Start with melt value and that a dealer will buy below that so they can make money. If I wanted to sell to APMEX or provident I would get their price and shipping cost. Now if I've got a buyer willing to match that price, less the shipping, and pay cash,I'm going to take the cash.

 

[Novapax]

Thanks everyone. I have a good idea how to approach this now.


NP

 

[BuffaloBoy]

What percentage of spot does your dealer pay? Offer them 5-10% less than spot that your dealer will pay, that's what I would do.

 

[Novapax]

Well. Tossed the ideas around and asked her if 75% of melt would work. She was more than happy with the deal.

Takes some of my motorcycle and gun moneys out of the loop but I'm good with it.

Thanks for the help.


NP

 

[Iamrussell]

Sounds good for both of ya

 

[Novapax]

Yup.