Silver Coin Cache - What should I pay?

[Kamyu]

Hello all,

Today I was talking with a shop keeper I know who knows I collect coins. He had told me before he had a bunch of older coins he had saved from his register however he didn't know where they were at. Today I was in and he told me he had finally found them. I took a quick look through them and offered to buy them all. He wanted me to come back in a day or two cause he just wanted to see what was a decent price for them. He said he wasn't going to do anything with them and that I had first crack at them.

My question is, what roughly should I offer for them.

Here's about what was in the small cache:

Silver Roosevelt Dimes - About 15 or so
Silver Washington Quarters - About 17
90% Silver Kennedy Halves - About 5 or 6
40% Silver Kennedy Halves - About 9 or so
and the surprise
A 1899 Barber Quarter. I think that was the year.

So what roughly should I be offering per coin. It sounds like he's willing to sell them for less than spot. But I want to offer him a fair price for them. Condition of most was ok. Some were more worn than others. The barber front was actually fairly decent. The face was a bit rubbed though.

Any help is appreciated.

 

[ArkieBassMan]

Personally, I would let him set the price. Don't bid against yourself. No sense in offering 20x face for the 90% if he'd be happy getting 10x.

The condition of the Barber might come into play. If its in really good shape (unlikely, but possible), it might be worth more than the rest of the coins combined. Should it be an 1896 S, and not an 1899, its worth a lot. Also, should one of the Washingtons be a '32 D or S, its worth WAY over melt (again unlikely, but worth checking - especially if his asking price is high). Again, the better the condition, the more its worth.

As I type this, spot price for 90% is about 23x face. If you think silver is going up in the future, then paying up to spot makes sense. If you think its going down, paying close to spot makes no sense. If you're as unsure as I am as to what silver is going to do, paying spot or close to it is a gamble.

For me, 15x face or less for the 90% is an easy no-brainer buy. Maybe even up to 17x face. 18x+ I'd have to think about it. But thats me. I'm not the one buying. If you're happy with the deal, then its a good deal regardless of the price.

 

[Bigheed]

good advice Arkie!

 

[jrf30]

It's really dependent on how much you want these coins. I'd say paying about 17X - 18X face for the 90% coins and 8X face for the 40% would be a good deal for both of you. You can try to buy them for less, but just like "No sense in offering 20x face for the 90% if he'd be happy getting 10x" it is also true no use HIM offering them to you at 10X face if you'd be happy with 20X face. Both sides of that argument are valid. So I say instead of seeing who will break first, just offer a fair price (17X-18X and 8X) and then if he says yes you are good, and if no, then at least you gave it a try.

The worst you can do is offer something low like 12X face and find out he has an offer for 15X so he takes that one. Especially if you would have been happy buying them at 16X face. PLus he thinks you are cheating him. You lose the coins AND the person. So set your price, be happy if he takes it, and if he does not, then you didn't want to pay more than that anyway.

ONe other thought. You might want to call some local coin shops on the phone. That is probably what HE is going to do, since he wants a day or two. Ask them what they pay for junk old silver coins. See who is the highest. If someone is at 17X, then you should go 18X (If you are willing ot pay that). If the highest you find is 15X (Or worse) then you have more room. Prepare. Know your competition. Bid accordingly. And bid where you are happy if you get them, and happy if he passes. THAT is the KEY part of your offer. Bid there and you'll both be happy.

Seem fair?

 

[Kamyu]

Hey all,

Thank you for the feedback.

I'll see what he comes back with first for price and try to negotiate from there.

At this point, I only really want the Barber. From what I remember when I glanced at it, the front was probably in fine condition and the back somewhere in Good to Fine. The date was fully legible at a glance and the back was more worn than the front. Pretty certain it was 1899 too. Not sure about mint mark though.

As for the rest, will have to see what he wants. I was thinking of offering maybe $2.50ea for the quarters, $2.50eafor the 40%ers and $7ea for the 90% kennedys, and maybe $1ea for the dimes.

Not sure what to offer for the Barber.

Just hoping he doesn't come back asking for something ridiculous. I'll pass if that happens. Despite wanting that Barber. :\

 

[sneak]

Good question. I was called a liar and thief this week because I had an ad on Craigslist offering 16 times face value. Silver had went up a couple bucks since I first posted the ad but dang!

 

[Farchaus2k]

Go all Price Is Right style on him. Offer $1.00!!!

 

[blackbeard1717]

Go to coinflation.com gives you melt down value of silver coins.