What would you do?

[Kantuckkeean]

Not exactly CRHing, but I'd like to hear from the members of this forum.

A local pawn shop has some "junk silver" for sale. There are quite a few silver dimes (Mercs and Roosies) for as low as $1.35 each, and some silver Washingtons starting at $3.75 each. This particular pawn shop owner is fond of cleaning coins so that they're EXTREMELY shiny. I've been eyeballing this stuff for a couple of weeks and debating purchasing some dimes. I picked up a couple of ASEs from the place at $22 each. So my question is: What's the most that you'd pay for "junk silver"?

Thanks and kindest regards,
Kantuck

 

[mountainman 2]

I'd buy all that he has at those prices. I just sold at 16X Face.

 

[FiresEye]

It's not junk silver, it's at melt silver.

I'd pay spot, or less preferrable.

 

[ArkieBassMan]

I think you almost have to buy at those prices, especially the dimes at 13.5 times face. Of course, I'd try to haggle a better price using the ol', "What's the lowest you'd take if I buy them all?" line. At any rate, I think you could turn a bit of an immediate profit if you wanted to go that route, as well as save yourself one of those big, "Why didn't I buy those?!?" moments if/when silver skyrockets as almost everyone is predicting.

 

[jim4silver]

Those prices seem ridiculously low. Local coin dealers are paying at least 18 X face even for small amounts. I don't know why this pawn shop owner would not just package it all up and wholesale it, he/she would do much better than 13.5 X face. Apmex is paying over 19 X face for 1000 dollar junk bags.

I would buy as much 90% junk silver that I could at 13.5 X face. I would even get a loan from the bank to buy it if I had to. You could flip it and make a great return almost instantly. It really should not matter at all if the coins have been cleaned or polished, as long as they are not smoothies or damaged otherwise.

Jim

 

[festiva_ford]

Over the weekend I went across town to a pwan shop i'v never been to and they were seling dimes for 1.50, (they only had canadians) quarters for 3.75(none left), dollars for 25, and halves for only 7.50!! I bought 5 of them and was able to sell all of them to my local coin shop for 50$(he gave me more seince I know him well) I'm going to go back for more!

 

[quiksilver]

mmmmm Where is that pawn shop?

 

[fistfulladirt]

i just paid 20 X face for a quantity of '64 kennedys, sold some 40's to upgrade. I can't find junk silver at or below melt. I still paid less than Apmex not even including shipping. In other words, i would not have blinked an eye at your low price.

 

[packerbacker]

yeah, that ain't junk, that's 90% stuff there. Silver, as we speak , is at $28.42; admittedly a little higher than yesterday. A silver at that price has $2.06 worth of silver in it and a quarter has $5.14. The coin shop near me would probably pay you $1.85 or so for your dimes and about $4.75 for your quarters. Find a place to offload them and buy 'em up!!

 

[Kantuckkeean]

Thanks for the replies. I guess I'll be buying them up tomorrow. I was going to do just that today, but I wasn't feeling well enough to walk over there on my lunch break.

Kindest regards,
Kantuck

 

[engine 823]

Seems like that is the norm here in Ky. I have a couple of pawn shops that have silver at about the same prices. I buy what I can. It sure is not face value like CRHing but it is still a good deal. I bought a 2004 ASE yesterday for $20.00 and he acted shocked I paid that much without debate. Said he got them alot and would sell for that price on any he got in. Also said to check twice a week before the silver scrap guy came and I could buy junk silver coin from him. Seems like around here that is the norm but everywhere else it is EXTRA UNORDINARY!

 

[rwb83]

Yeah i'd buy it at those prices...I just payed 1.50 each a week or so ago for dimes.

 

[mts]

Do you guys ever worry about getting counterfeits at those low prices? I'd buy all I could at those prices but when the price is too low it makes me suspicious. Just curious.

 

[Syrys]

You guys that find cheap silver at pawn shops and flea markets are lucky. I have gone to everything I can find within 40 miles, and the ONLY place I have found that is selling any at all is selling silver quarters for $7 each and 40% halves for $7.50 each...

They do have a few barber and walking liberty halves for $12-$13 though, are those worth getting?

 

[SEANO]

You guys that find cheap silver at pawn shops and flea markets are lucky. I have gone to everything I can find within 40 miles, and the ONLY place I have found that is selling any at all is selling silver quarters for $7 each and 40% halves for $7.50 each...

They do have a few barber and walking liberty halves for $12-$13 though, are those worth getting?

Bit pricey, probably can't turn them for a profit unless you can isolate a decent date or condition.

"pawn shops and flea markets" Don't fell bad, I don't have any luck there either..

 

[mts]

You guys that find cheap silver at pawn shops and flea markets are lucky. I have gone to everything I can find within 40 miles, and the ONLY place I have found that is selling any at all is selling silver quarters for $7 each and 40% halves for $7.50 each...

They do have a few barber and walking liberty halves for $12-$13 though, are those worth getting?

Bit pricey, probably can't turn them for a profit unless you can isolate a decent date or condition.

"pawn shops and flea markets" Don't fell bad, I don't have any luck there either..

I don't have luck at pawn shops or flea markets either. The pawn shops around me sell all of their silver on eBay for outrageous prices. The flea markets don't even have silver to sell. Our local flea markets are run mostly by Mexicans who don't seem to care at all about silver. Just DVD's, old crappy tools, and knock off purses, jeans, and shoes.