Friendly Metal Detecting Forums   Big Boys Hobbies
List all sponsors

Go Back   Friendly Metal Detecting Forums > Everything About Finds > What's the Value?

Reply
 
Thread Tools Search this Thread Display Modes
  #1  
Old 08-13-2009, 10:39 AM
bottlecaps's Avatar
bottlecaps bottlecaps is offline
Elite Member
 
Join Date: Aug 2007
Location: New England
Posts: 943
Thumbs up silver coins and what you can expect for them

I originally wrote this as a response to bbader61gv question "Where can I sell my silver coins and what can I expect for them" http://metaldetectingforum.com/showt...475#post355475 but decided to make it is own thread in order to inform a greater audience.


While the same negotiating principles can be applied for a coin with numismatic value the following is based on selling "beat-up" dug silver coins that don't have any real numismatic value.

Most local coin shops and pawn shops will pay melt value for your silver coins.

So say you have a beat up Morgan dollar it weighs 1 once its 90% silver

@ a market price of $12.00 per ounce of 999. Silver

$ 10.88 would be the market value of the silver in your morgan.

And it goes the same with dimes 10 beat up dimes, 4 beat up quarters 2 beat up halfs = $10.80 market value.

Now if "$10.80" is market value of 1 once of 90% silver a coin shop still has to have it melt down and refined and then sell it/ship it to a jeweler middleman ect... this all cost money so you may only get $8.00 more or less after everything is said and done.

Now that we covered that in order to get the best price from a coin dealer you could spend all day driving around burning all your profit trying to find the best price but if you ask your coin dealer for a store credit price he may give you more money. i.e. You trade in 10 ounces of coined silver (100 beat-up mercs) he offers you $80.00 cash or $95.00 store credit, You look around the store and settle on a 1850 gold dollar priced at book value of 145.00 in vf-20 condition. Now You have turned from the seller to the purchaser now you have the negotiation power!

You offer him a non insulting $120.00 he agrees to the price and you hand him $25.00 and walk out of the store with your shiny gold dollar.

Now for accepting the store credit you added $15 to your sale then you negotiated $25.00 off your purchase giving you a total of $40.00 add that to the $80.00 cash that he originally offered for your silver and you got $120.00 thats $9.80 more than market value! But wait there is more you could hold on to that gold coin or you could sell it on eBay giving you the potential to make an even larger profit!

__________________
1652 massachusetts oak tree shilling, 1700 william III halfpenny, 1720 louis XV Half sol,1778 Louis XVI one sol, 1785 vermont copper, 1798 draped bust LC

Reply With Quote


  #2  
Old 08-13-2009, 11:24 AM
hoser's Avatar
hoser hoser is offline
Elite Member
 
Join Date: Jan 2006
Location: Northern Michigan
Posts: 2,646
Default

Good info bottlecaps. Here is a link to a site I use quite a bit to get an idea as to what value of a certin coin I have. Hope this helps too.
http://www.numismedia.com/fmv/fmv.shtml

__________________
Minelab ETrac, Whites Beach Hunter ID, BullseyeII PP, Vibra-Probe560 PP. I'll stop detecting when they run out of DIRT!

Reply With Quote


  #3  
Old 08-13-2009, 01:43 PM
Voriax's Avatar
Voriax Voriax is offline
Identification Mod
 
Join Date: Jan 2006
Location: Lappeenranta, Finland
Posts: 4,096
Default

And you can check the current melt value of US and Canadian coins from here: http://www.coinflation.com/

Voriax

__________________
White's MXT w/3 coils. Vibraprobe 560, ProPointer. Nautilus DMC-2Ba w/3 coils.
Oldest coin: A Swedish Ortug from 1529. Evolve beyond belief. <;,><

Reply With Quote


  #4  
Old 08-13-2009, 01:52 PM
fir469's Avatar
fir469 fir469 is offline
Elite Member
 
Join Date: Feb 2007
Location: Southampton, NJ
Posts: 626
Default

in both of these threads there is still no mention of selling to a refinery for melt value or to make into bullion... I would like to turn my horribly beat up silver coins into one ounce bars.... do the refineries accept coins???

__________________
Equip: Minelab ETrac & Sov Elite, DFX, ACE250, Tesoro S Sabre+, JWF Pulse 8, Nautilus IIB, Minelab Musky, Compass XP Pro, Goldquest SS, Propointer, & Lesche!!!

Reply With Quote


  #5  
Old 08-13-2009, 01:58 PM
bottlecaps's Avatar
bottlecaps bottlecaps is offline
Elite Member
 
Join Date: Aug 2007
Location: New England
Posts: 943
Thumbs up

great links guys !!!

__________________
1652 massachusetts oak tree shilling, 1700 william III halfpenny, 1720 louis XV Half sol,1778 Louis XVI one sol, 1785 vermont copper, 1798 draped bust LC

Reply With Quote


  #6  
Old 08-13-2009, 02:17 PM
bottlecaps's Avatar
bottlecaps bottlecaps is offline
Elite Member
 
Join Date: Aug 2007
Location: New England
Posts: 943
Default

Quote:
Originally Posted by fir469 View Post
in both of these threads there is still no mention of selling to a refinery for melt value or to make into bullion... I would like to turn my horribly beat up silver coins into one ounce bars.... do the refineries accept coins???
all of the local coin shops around here sell .999 silver bars in many diffrent wieghts bought from middlemen who buy it from the refinery. i could go to the coin shop today trade my silver coins in and buy a bar as for sending your coins into a refinery and then them mailing you a silver bar made with your coins would never happen when they refine metals its with hundreds or even thousands of pounds at a time. the refinery is a whole saller and does not deal in retail.

also when you pack you silver in that envalope and you get a check notice its called a "settlement" because you have to settle for what they give you! be very aware that many refineries have thousands of complaints for under value , lost items or simply never sending a check. I would much rather deal with some one in person handing me cash$$$ when I hand him my hard earned silver!!!!!


so o answer your question yes refineries buy coins and you can find thousands of them by a simple google search but why take the risk your local coin shop buys them too

__________________
1652 massachusetts oak tree shilling, 1700 william III halfpenny, 1720 louis XV Half sol,1778 Louis XVI one sol, 1785 vermont copper, 1798 draped bust LC

Reply With Quote


  #7  
Old 08-13-2009, 02:30 PM
fir469's Avatar
fir469 fir469 is offline
Elite Member
 
Join Date: Feb 2007
Location: Southampton, NJ
Posts: 626
Default

Midwest Refineries is a well known and easy to deal with company from what I hear... JCham sends jewelry in to melted to bars and shipped back all the time. Granted it may not be your items coming back in that bar, but your bars are based on the weight you send to them. Paying a coin dealer for an assayers bar is insanity... they overcharge on every item in their shops by at least %50 of its book or melt value, that's rediculous!! I'm not gonna pay a coin dealer $35 or so for a 1 ounce bullion bar worth $14 in melt value. I have never and will never buy coins or bullion from a dealer.... prices are truly outrageous! I went to one in the spring and asked if he bought old silver coins for melt... he offered me 6x face on the coins when the melt value was 12x face and when I asked what he charged for beat up silver dollars (to make coin rings) he wanted to charge me $21 a piece for them almost completely worn smooth.... The heck with that!!

Actually now that I think about it... let me know next time you are going to the coin shop, I'll pay ya 1x more then your dealer will for your scrap coins... because even then its still a steal....

__________________
Equip: Minelab ETrac & Sov Elite, DFX, ACE250, Tesoro S Sabre+, JWF Pulse 8, Nautilus IIB, Minelab Musky, Compass XP Pro, Goldquest SS, Propointer, & Lesche!!!


Last edited by fir469; 08-13-2009 at 02:32 PM. Reason: added PS
Reply With Quote


  #8  
Old 08-13-2009, 02:30 PM
ohiochris's Avatar
ohiochris ohiochris is offline
Elite Member
 
Join Date: Jun 2009
Location: Findlay , Ohio
Posts: 3,686
Default

Quote:
Originally Posted by fir469 View Post
in both of these threads there is still no mention of selling to a refinery for melt value or to make into bullion... I would like to turn my horribly beat up silver coins into one ounce bars.... do the refineries accept coins???
Im not very knowlegable in these things but I am thinking it would be easier to sell the coins ( or rings ) if you dont melt them down first , that way they know what they are and the purity of the silver. If you melt it down first then they cant really idetify it. Makes sense to me anyway.

__________________
Garrett AT pro

Reply With Quote


  #9  
Old 08-13-2009, 02:34 PM
fir469's Avatar
fir469 fir469 is offline
Elite Member
 
Join Date: Feb 2007
Location: Southampton, NJ
Posts: 626
Default

no no no... I was saying send your coins to the refinery, they melt them into bars, charge you a service charge and send the bars to you. They offer that service for jewelry and other silver/gold items... I'm just unsure if they accept coinage.

__________________
Equip: Minelab ETrac & Sov Elite, DFX, ACE250, Tesoro S Sabre+, JWF Pulse 8, Nautilus IIB, Minelab Musky, Compass XP Pro, Goldquest SS, Propointer, & Lesche!!!

Reply With Quote


  #10  
Old 08-13-2009, 03:02 PM
Voriax's Avatar
Voriax Voriax is offline
Identification Mod
 
Join Date: Jan 2006
Location: Lappeenranta, Finland
Posts: 4,096
Default

Quote:
Originally Posted by fir469 View Post
I'm just unsure if they accept coinage.
Well, if you check Midwest Refineries home page there is very little they do NOT accept...mostly silverplate and foreign coins.

Voriax

__________________
White's MXT w/3 coils. Vibraprobe 560, ProPointer. Nautilus DMC-2Ba w/3 coils.
Oldest coin: A Swedish Ortug from 1529. Evolve beyond belief. <;,><

Reply With Quote


  #11  
Old 08-13-2009, 03:04 PM
bottlecaps's Avatar
bottlecaps bottlecaps is offline
Elite Member
 
Join Date: Aug 2007
Location: New England
Posts: 943
Default

Quote:
Originally Posted by fir469 View Post
no no no... I was saying send your coins to the refinery, they melt them into bars, charge you a service charge and send the bars to you. They offer that service for jewelry and other silver/gold items... I'm just unsure if they accept coinage.
THEY TAKE COINAGE refineries are like bottom feeders they would burn the monolisa if it had silver in it.

IF YOU WOuLD JUST LISTEN TO ME YOU WOULD BE IN YOUR CAR DRIVING TO THE COIN SHOP WITH YOUR SCRAP SILVER COINS GETTING CASH AND BUYING AS MANY SILVER BARS THEY HAVE

I GUESS IF YOU WANTED BARS MADE FROM YOU R ACTUAL FINDS YOU COULD GO TO harborfreight AND BUY A TORCH AND MELT THEM DOWN YOUR SELF AND THEY WOULD BE .900 FINE

__________________
1652 massachusetts oak tree shilling, 1700 william III halfpenny, 1720 louis XV Half sol,1778 Louis XVI one sol, 1785 vermont copper, 1798 draped bust LC

Reply With Quote


  #12  
Old 08-13-2009, 03:09 PM
bottlecaps's Avatar
bottlecaps bottlecaps is offline
Elite Member
 
Join Date: Aug 2007
Location: New England
Posts: 943
Default

moved

__________________
1652 massachusetts oak tree shilling, 1700 william III halfpenny, 1720 louis XV Half sol,1778 Louis XVI one sol, 1785 vermont copper, 1798 draped bust LC

Reply With Quote


  #13  
Old 08-13-2009, 03:41 PM
Voriax's Avatar
Voriax Voriax is offline
Identification Mod
 
Join Date: Jan 2006
Location: Lappeenranta, Finland
Posts: 4,096
Default

Bottlecaps, please tone down the shouting.

Dunno what google you use but "refinery complaints" gives 80 hits and without the "'s about 290.000, of which most deal with pollution issues.

Afaik several members have used the Midwest Refineries with good success and if you check their webpage they claim they pay you either in 1: Check, 2: Bank Wire, 3: Gold, Silver and Platinum bars, coins and rounds. Or any combination of those 3.

As I haven't found any valuable metals in such quantites that I'd need such services I'm really an outsider in this issue..not mentioning being a non-US person. Perhaps you have personal experience with refineries.

Voriax

__________________
White's MXT w/3 coils. Vibraprobe 560, ProPointer. Nautilus DMC-2Ba w/3 coils.
Oldest coin: A Swedish Ortug from 1529. Evolve beyond belief. <;,><

Reply With Quote


  #14  
Old 08-13-2009, 06:30 PM
ohiochris's Avatar
ohiochris ohiochris is offline
Elite Member
 
Join Date: Jun 2009
Location: Findlay , Ohio
Posts: 3,686
Default

Heres another question along this line. If you were to melt stuff down into bars or even have a company do it for you , and even if they were stamped with the purity , how would a future buyer of the bars be sure they are the purity they say they are ? These days it seems nobody trusts anybody so without being able to identify exactly what the silver was before melt , and they arent gonna just take your word for it I dont think , wouldnt they have to melt it down and test it to make sure it is what it is ? Not that its really important in this discussion, I am just curious about it now.

__________________
Garrett AT pro

Reply With Quote


  #15  
Old 08-13-2009, 06:46 PM
bottlecaps's Avatar
bottlecaps bottlecaps is offline
Elite Member
 
Join Date: Aug 2007
Location: New England
Posts: 943
Default

like jewlery, bars also have a makers mark while I geuss this could also be forged another way would be to do the math take the wieght and volume and make sure its correct ie The density of gold is 10.18 troy ounces in one cubic inch of pure gold

__________________
1652 massachusetts oak tree shilling, 1700 william III halfpenny, 1720 louis XV Half sol,1778 Louis XVI one sol, 1785 vermont copper, 1798 draped bust LC

Reply With Quote


  #16  
Old 08-13-2009, 08:43 PM
Land Fisher's Avatar
Land Fisher Land Fisher is offline
Junior Member
 
Join Date: Jul 2009
Location: Minnesota
Posts: 74
Default

Be careful when considering what is numismatic value. I was at a pawn shop looking at Morgans a month or two ago. They won't sell key dates or MS coins over-the-counter (apparently they sell these online). Nonetheless, I found an 1888-O Morgan in maybe VF+ shape for $16. I looked carefully at it, more carefully than the pawn shop owner apparently, and noted that it was the so-called "Hot Lips" double-die error coin. Worth about double what I paid.

Also, I have the current Yeoman's "Red Book" and also a copy from about a decade ago. What I sometimes do is look at a coin's price in 1999, and again in 2009. Some coins seem to jump at different rates in terms of numismatic value, I try to imagine a sort of 'trajectory' for where a coin might land in another decade.

So I'd be careful melting down silver, unless you're very clear the coin is "junk silver".
Reply With Quote


  #17  
Old 08-13-2009, 10:51 PM
gasishigh's Avatar
gasishigh gasishigh is offline
Senior Member
 
Join Date: Mar 2009
Location: East Arkansas
Posts: 339
Default

Quote:
Originally Posted by ohiochris View Post
Heres another question along this line. If you were to melt stuff down into bars or even have a company do it for you , and even if they were stamped with the purity , how would a future buyer of the bars be sure they are the purity they say they are ? These days it seems nobody trusts anybody so without being able to identify exactly what the silver was before melt , and they arent gonna just take your word for it I dont think , wouldnt they have to melt it down and test it to make sure it is what it is ? Not that its really important in this discussion, I am just curious about it now.
Most people who buy rounds or bars of metal look for well known companies like Johnson Matthey for example. There are plenty of others out there. A few years back I bought 2 100 oz bars, well actually one was a 102.? oz bar from another company. Both were marked .999 fine. The dealer charged me 45 cents over spot per ounce for the JM bar, the other he sold to me for 25 cents over spot and only for 100 oz even though it was 102 oz because of the reason out forth above. So yes the refiner name plays a big part. For a reference one ounce rounds at the time were $1-1.25 over spot. I would like to point out holding silver in modern US coins is probably the cheapest way to hold silver. You and the rest of the world knows exactly the silver content too. If you are holding silver as a personal hedge to feed your family in case of all out financial collapse that IS what you need. Are you going to saw pieces off a large bar to barter? Besides those 10,000 dime bags Monex sells make a gun safe harder to steal!

__________________
Steve: TESORO VAQUERO, VIBRA-PROBE 570, PREDATOR 85E

Reply With Quote


Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Did NOT expect this aviationgale Stories and Pictures of Finds 8 09-19-2013 01:57 PM
Once again no pic but 2nd silver of the year didn't expect it. Michaeltime General Hobby Discussion 5 04-16-2013 08:57 AM
Where can I sell my silver coins and what can I expect for them? bbader61gv What's the Value? 12 08-17-2009 08:53 AM
Silver When You Least Expect, Just Dumb Luck Today! milco Stories and Pictures of Finds 21 06-03-2009 10:45 PM


All times are GMT -4. The time now is 04:10 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.