Dealer buy prices for junk silver coins

[mrstock]

Any input on about what dealers are paying for pre 64 silver circulated coins? i know silver content wise they are "worth" about 12X face. I just had  a dealer in NYS quote me 80 cents per silver dime. Seems way too low but i could be wrong

[Six Mile Rick]

You need to find the right dealers. Most metal buying dealers sell to the main man that goes to the smelter. I pay 10% under melt. So --- Silver dime gets $1.09 each.

[mrstock]

That sounds more reasonable. I guess this guy was trying to rip me off. Thanks

[Six Mile Rick]

Maybe, Like I said some dealers sell to the lead guy (not the smelter). That means they have to buy lower than I do to make any money. You need to sell to the dealer that goes to the smelter. Then you can get a better price. I also trade graded coins for silver and gold melt. 

[e1cnr]

On ‎10‎/‎29‎/‎2017 at 2:16 PM, mrstock said:

That sounds more reasonable. I guess this guy was trying to rip me off. Thanks

or has more overhead....

 

I once had a brick and mortar offer me 50% of melt for a roll of 1964 halves - not sure what a pawn shop would give. eBay usually does well, even with all the fees and shipping, but takes a couple weeks from listing to cash in hand.  The last local show I went to had a buyer that was paying very close to melt and cash and carry.

[BillJones]

Not everything goes to the smelter. My local brick and mortar store has buyers who invest in these silver coins as a way to be in the silver market. There also is or a least was a silver coins buy and sell in the commodities market.

[numisport]

Seems to me junk silver should be sold by weight and I wonder why people would sell XF/AU SILVER in a stagnant market anyway. Last junk silver I looked at a few years ago were loaded heavily with worn Washingtons. Wouldn't that be short some weight ?

[Six Mile Rick]

On 11/4/2017 at 10:13 AM, numisport said:

Seems to me junk silver should be sold by weight and I wonder why people would sell XF/AU SILVER in a stagnant market anyway. Last junk silver I looked at a few years ago were loaded heavily with worn Washingtons. Wouldn't that be short some weight ?

Even wore --- the quarter is silver and worth ? X's face.  We purchase at 10% under melt and sell for 10% over to the silver collectors looking to add to their stash. That is a great 24 hour profit!! Most silver sells within an hour or two. When we do a smelt run then all the junk and leftover silver stuff that does not sell goes.

Rings, chains , charms, spoons, coins and so on!!  Some are nice looking, cool, very old, and different  ---- those pieces get set aside for special request customers.

[numisport]

17 hours ago, Six Mile Rick said:

Even wore --- the quarter is silver and worth ? X's face.  We purchase at 10% under melt and sell for 10% over to the silver collectors looking to add to their stash. That is a great 24 hour profit!! Most silver sells within an hour or two. When we do a smelt run then all the junk and leftover silver stuff that does not sell goes.

Rings, chains , charms, spoons, coins and so on!!  Some are nice looking, cool, very old, and different  ---- those pieces get set aside for special request customers.

Is AU or Unc silver worth more ? If not why not, there's less silver there.

[Six Mile Rick]

4 hours ago, numisport said:

Is AU or Unc silver worth more ? If not why not, there's less silver there.

When you dealing with We Buy Gold and Silver there is no margin for better shape or new. It is paid melt value --- NOT collector value. Many people come in expecting more and are sent to brick and mortar coin shops. A gold and silver buying shop is not a store that holds things that later will sell to people that are interested in it. The cash flow daily of $10,000 needs to be turned into cash before the sun goes down for the next day. It's just a Quick Flip shop!!

Rick

[numisport]

4 hours ago, Six Mile Rick said:

When you dealing with We Buy Gold and Silver there is no margin for better shape or new. It is paid melt value --- NOT collector value. Many people come in expecting more and are sent to brick and mortar coin shops. A gold and silver buying shop is not a store that holds things that later will sell to people that are interested in it. The cash flow daily of $10,000 needs to be turned into cash before the sun goes down for the next day. It's just a Quick Flip shop!!

Rick

I'm sorry what I meant was why is worn flat silver worth the same as AU/Unc silver. There is less silver there. Of course if I buy 90% silver I want AU or better. If I sell silver I would sell my worn silver first right ?

[Six Mile Rick]

www.coinflation.com gives you your exact value of all the silver coins at any time. They keep up with market value and do not have separate quotes for AU, G, or BU. The value is consistent weather worn flat or pristine. So no, I do not sell my nicer silver coins to melt shops. They are not nice enough for grading fees so they just sit in pollyflips along side my silver stash. 

NOW -- if silver values were to double then the silver hoarders can have all the good looking coins that I have saved up!!

[david3142]

Rick, you are missing the point. It isn’t the numismatic value of the higher grade coins that would make them worth more (for this question) it is the fact that they are physically heavier and contain more silver. I think the answer is that there isn’t enough of a difference between a G4 and an AU to worry about it but obviously, the difference exists so arb away!

[RWB]

In large quantities, silver coins are bought by weight, with a deduction for dirt and the occasional fake. Old US Mint documents recorded the percentage of weight attributable to dirt. This was collected so that more accurate estimates of recoinage cost could be obtained.

[Six Mile Rick]

On 11/9/2017 at 5:53 PM, david3142 said:

Rick, you are missing the point. It isn’t the numismatic value of the higher grade coins that would make them worth more (for this question) it is the fact that they are physically heavier and contain more silver. I think the answer is that there isn’t enough of a difference between a G4 and an AU to worry about it but obviously, the difference exists so arb away!

David, I am not missing the point!!  You are correct as to there being less silver in a 1934 G grade as apposed to a 1963 MS63 quarter. The quarters in question are not even 100% silver so by weighing them you still do not get a correct silver weight. That is the reason for the selling and buying at ?X face. Silver stackers collect by the piece. They do not care if a silver coin is 1/100 of a gram short. They will buy the whole lot to add to their stash!!

 Yes you could use the total weight and then multiply it times 90%. You will come out very close to the same price as times face.

[Nutmeg Coin]

A guy at the flea market had two bottles of 90% silver, he wanted $1200 for what Apmex would have paid maybe $1250 for, check their buy prices. Most of the major buyers are pretty close.