Selling silver

[bobr]

I called our coinshop here in town and asked what they were paying for silver halves. The quoted me $1.25 for 40% and $4.00 for 90%. Sounds low to me, but what do you all think?

 

[silvershark]

1.25 is deff. low for a 40%. as or right now, they are at 2.06 in silver weight.

 

[coolpix9]

Here is a link to a fellow forum member who is trying to buy silver. He is about the average going rate. What were you hoping to get for your silver and how much do you have ? I am not affiliated with Davy in any way. Jim
http://forum.treasurenet.com/index.php/topic,81787.0.html

 

[Emperor Findus Cladius]

Definitely sounds low to me. Is there any other shops you can call to get quotes?

 

[65gt350]

Bobr,

How about trying a pawn shop? They usually have access to a smelter for the silver and gold. They might offer more. How much are you trying to get rid of?

65GT350

 

[bobr]

I don't have much to sell, and I'm not planning on selling it. I was more looking into the price coin shops are getting as I have someone who wants me to buy their silver, and was trying to figure out a good price to give them. I did contact the only other shop within about a sixty miles, and they are offering $4.50 for 90%, or .9 of spot. I did look up today's price on coinflation web site.

 

[65gt350]

I don't have much to sell, and I'm not planning on selling it. I was more looking into the price coin shops are getting as I have someone who wants me to buy their silver, and was trying to figure out a good price to give them. I did contact the only other shop within about a sixty miles, and they are offering $4.50 for 90%, or .9 of spot. I did look up today's price on coinflation web site.

With 90% silver coins being worth 10x face I think the dealers offer of 9x face is more than fair. Again it depends on quantity but I think if you offer to buy anywhere from 8.5 - 9x face you are making a reasonable offer. If the coins are walkers I would go 9x and if they are kennedy or franklin I would go 8.5x.

65GT350

 

[Emperor Findus Cladius]

I would probably offer 80 - 90% of what the dealer is offering, just in case silver takes a bit of a dive then you are protecting yourself.

 

[fiatboy]

That's low. Try other coin shops. In my experience, coin shops are either shady, hole-in-the-wall sleaze holes, or they're well-lit, top-drawer, well-paying numismatic establishments. Most pawn shops feed off of people's desperation (although there are exceptions) and don't pay very well. I know that doesn't really help any, but I do wish you luck. Finding a good coin shop is a lot like finding silver in circulation, you just have to "keep pluggin'" and you'll eventually hit the jackpot.

 

[scotto]

Watch some of the ebay auctions and see what others pay.

 

[fiatboy]

Good point, scotto. I totally forgot about ebay.