What should I offer for silver coins?

[bigtime400]

There is a teller that has been picking through coins for quite a while. She doesn't really collect the stuff but she keeps it and sells it to dealers. She was really nice. Showed me what she has found recently. One of them was a 45 S nickle that was in good shape. I needed it for one of my sets so I offered her a buck for it. She took it. She was telliing me about some things she had. for instance a couple rolls of indian head pennies, morgan dollar,... etc. My questions is what do you think would be a fair price to offer her for her silver coins that would be better then a dealer would give? She said the dealer offered her $4 for all 3 rolls of indian head cents I thought that was low, and $10 for the morgan. Now that seems about right for a type morgan. Do any of you guys run across this? What do you do?

 

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[LJ]

I am no expert by any stretch of the imagination but $4 for the 3 rolls does sound low....I agree with you on that. I guess when it comes right down to it....what is it worth to you?? If it was me....I would give her $10 for the 3 rolls....because it would be worth it to me. The Morgan....not real sure...offer $12 and see how she reacts.

Good luck.

 

[Jeffro]

Common indians, about 70 cents each is what I would offer. 12 bucks seems right for the morgan. 7 or 8 times face for 90% silver coins.

It's more than a dealer will give, but still less than retail so you're not hurting youself, either.

 

[Pennyworth]

$4.00 for 3 rolls of Indian Head cents! What a rip off, I wouldn't sell them to that coin shop if I were her.

I would offer her at least $15.00 for the 3 rolls. You have no idea what dates are in the rolls and they have to be worth more that $10.00! I still think that is a really good deal,however; I've never looked at coin shops to purchase full rolls of Indian Heads.

I'm not sure what you should offer for the Morgan dollar. I wonder if it's a CC mint...oh boy that would great!

 

[scotto]

Yep, 15 bucks I'd offer too for the Indian's.

 

[GMan00001]

I did run across it a number of months ago. At the time I made an offer that was slightly higher than I expected a dealer to make, but considerably less than I would have to pay to buy it from a dealer. Some of it is a gut feel thing (just reading what the person is expecting). In my case, I believe it was a win-win since silver has jumped drastically since I bought the collection such that I could sell all the silver as junk silver (which it wasn't all junk), make a 25% profit and keep all the other Indians, wheats, buffalos, etc. I paid slightly above (about 10%) above what I thought a dealer would offer at the time.

Another data point:
The 40% Kennedys I sold a few weeks ago to a dealer at a coin show were sold at roughly 80% melt value.

With todays silver price of $14.19/oz, that would put the offer price on the "junk silver" as follows:

War nickel - $0.64
dime - $0.82
Quarter - $2.05
90% half - $4.11
40% half - $1.68
silver dollar - $8.68

which is roughly 8X face.

And adjust for condition and rarity as you see fit. $10-12 for the morgan seems about right for a common date average grade morgan.

In regards to the Indian heads, $15 for 3 rolls is 10 cents each. A typical low grade common date Indian Head seems to be in the $1-$2 range at the coin shows I've been at. But thats the dealers selling price, so make an offer that you feel is fair.

I wouldn't have too much of an issue with going up to $45 - $60 or more on the IH if you got a chance to see them and verify that they have mainly readable dates and/or less common dates (prior to 1887 are more valuable, some considerably more valuable). At $60 for 150 IH pennies its still only 40 cents each which is still considerably less than buying them from a dealer (at least what I've seen).

The other choice you have for IH is to ask what type of price she is hoping to get for them. At least then you have some idea what she thinks they are worth and can make an offer based on that. If she won't say, you will have to just guess what she is hoping to get for them.

Basically, depends on how badly you want them.

Good luck.

 

[bigtime400]

lets just say its a 1885 0 or and 1889 or something common.... which it probably is. I got to tell ya I passed on a bunch of morgans at $10 at an auction a few months back...... I could have taken them all at 7 but I wanted to get them cheaper!!!! but they refused to sell anymore for less then $10 so I said forget it! Granted silver was cheaper then.... but anyway... I did get 4 really nice ones for 7 bucks each not mint state but not AG either.

So I will tell her that tomorrow..... 15 bucks for all 3 rolls. See what she says.

So 7 or 8 times face would be more then a dealer would give? Thats still below silver prices now. Dealers don't give silver price?

 

[silverfinder37]

most dealers will give 70% unless they can get it cheaper that way theymake their mark too.