selling for melt value... guidance please

Hello Cointalk folks...

I have a bit of coins to sell for melt or bulion value.

I realize that coin dealers need to make money, etc.

So what should I expect?

For instance, if silver is at 18, and one dollars with of silver (4 qtrs, or 10 dimes, or 2 halves) should be worth 90% of 18 or 16.20... minus a percentage they usually include such as 8 to 15%...

Does that sound correct? What if they come back and say 'I pay $10 for each dollar' or 11 or 12?

Please share your knowledge and experience with me, very appreciative!

Oh, can I offer it up to cointalk members??? or is that taboo?

 

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Sure, offer them for sale in the Open section.

 

Remember 1 silver dollar has only .7734 of an oz. of silver , so if silver was $10 you multiply 10 X .7734 , NOT .90:smile:hatch::hammer:
rzage

 

What would you multiply by if silver was $18? :hammer:

 

What would you multiply it by . 18X.7734:hail:
rzage

 

Unfortumaely it does not work that away. If silver is at $18.00 an oz, then you would have to have an oz of silver and 4 quarter would not equal an oz and neither would 10 dime or 2 halves.

Here is a website that has melt value calculator that will help you calculate what coins are worth at melt. www.coinflation.com

 

That is a good site for determining the melt value but keep in mind the volume plays a part in the purchase /sell transaction. If you walk into a dealer with only $1 face value silver you will not get as much as if you walk in with $100 face or $1000 face.

 

Expect about 10 times face value (at current spot price). More if you have a LOT.

Dealers sell to other dealers. If they can get 11 times from another dealer in need they'll dump it in $1000 face value increments.

.999 fine usually goes at $1.00 under spot. You are right dealers have to make money and they often work on very small margins when it comes to silver.

 

Andy,

We were talking about silver dollars. According to my Red Book a US silver dollar contains 0.77344 oz. of pure silver. The formula to calculate the melt value of a US silver dollar is:

MV($1S) = 0.77344 X Spot

If the spot price of silver is $18.00/oz. then the melt value of a US silver dollar is:

MV = 0.77344 X $18.00 = $13.92

For other 90% US silver coins the formula to calculate the melt value is:

MV(90%S) = FV X 0.724 X Spot

where FV = Face Value

You don't need a full ounce of silver to calculate the melt value of the silver in a coin or a number of coins. The formulas take all that into account.

It is really as simple as that.

 

This is true, but what I got out of TRT2 question, was if spot was $18 and if he had a dollar of Quarters (4), or dimes (10), or halfs (2) would the value be 90% of $18 which equal $16.20. And that answer is no.

At todays prices (17.43) a dime has a silver value of $1.2608 which 10 would only equal $12.61. even at $18 it would only be worth $1.30 X 10 = $13.00.

The site that I was talking about is EZ to use, all you have to do is plug in the amount of coins be it quarters, dimes, nickels, or halfs and it will calculate the melt value of those coins at that day silver price.

If you had 100 1946 to 1964 Roosevelt dimes (90% silver) and you wanting to know the melt value of those coins just plug in the numbers and it will give you the total. 100 dime at 7.2339 Troy oz at todays silver price of $17.43 = $126.09.

 

derrr, this is what I use:
http://www.coinnews.net/tools/automated-silver-coin-valuator/

 

This is ture with dealers, but I would not sell coins at melt to any dealer because they would only pay about 50% of melt anyways. But there are companies out there that will pay up to 80% of spot for gold or silver and you can even go on Ebay and do well with even a small amount.

 

I think it is nice (if not important) to know how to calculate something yourself. But that's just me.

When you rely on a machine to calculate everything for you what do you do when the machine is broken? It is very frustrating for me when I go to a store and the power is out or the computers are down and the clerk tells me, "We can't sell you anything because we have to have the registers to calculate your total and to calculate your change." Fooey! Give me a pencil and a pad of paper and I can calculate it myself!

 

Yes, this is another very good site!

Thanks,
Paul

 

I do agree that it is important to know how to calculate formulas and as an Electrician I use them every day. I am also from the old school ways, give me a slide-rule and I can calculate how fast a truck carrying a 4 inch pipe 10 feet long at a 45 degree angle needs to be going so a rain drop can pass through it without hitting the insides, but it is also just as nice to have tools at your disposal that make life a little easyer.

 

You'll get more selling it here than going to a dealer.

 

Hobo's formulae are correct. You just have to remember that the Silver Dollar is an exception. If you have a mix of quarters, dimes and halves, his formula is WAY easier than coinflation.

Of course, if I had any amount to sell, I would prabably do six different calculations, check four different websites and then throw some salt over my shoulder

 

Coin silver is already certified as to purity and content and should always sell for more than melt, not less. It is not "scrap" in the traditional sense in the way discarded computers or phones are scrap. It's a shame if you have to sell because under current circumstances you'll probably get ripped off by any dealer you go to -- it isn't their fault, just part of the way business is presently conducted. This will probably change in time. It would be better to sell the coins here.

 

If you settle for about 10 times face, that's your business, but know that the bullion value at $18 is 13 times face.

 

I for one would be interested in seeing what you have for sale... feel free to PM me about it!