Question on silver

[LordBrownTrout]

Two years ago, I bought two bags of pre 1965 silver coins, quarters, 715 ounces per bag. I bought them when silver was approx 10 dollars an ounce. I don't plan on selling them anytime soon but I was wondering about the bid and ask price. When selling back to a dealer will they be buying at bid price or a commission of some sort?

 

[Oddball]

Depends upon the dealer.

Some have lower premiums and commissions than others.

You'll have to shop around.

 

[Jos]

https://www.kitcomm.com/forumdisplay.php?f=8

 

[Charles_Main]

Depends upon the dealer.

Some have lower premiums and commissions than others.

You'll have to shop around.

Isn't a purity rating important as well. Admittedly I do not know much about silver.

 

[Oddball]

Safe assumption that it's heavily circulated "junk" coin.

Dealers price that accordingly.

 

[Paulie]

Two years ago, I bought two bags of pre 1965 silver coins, quarters, 715 ounces per bag. I bought them when silver was approx 10 dollars an ounce. I don't plan on selling them anytime soon but I was wondering about the bid and ask price. When selling back to a dealer will they be buying at bid price or a commission of some sort?

Oddball was right, there's no absolute. One dealer might be firm on only the bid price, and another might want it so bad that he'll pay a premium to get it.

Personally I like to sell physical metals on ebay if it's small amounts. You can usually get more than spot for your metals. Right now silver is breaking out, so the demand will probably lend itself to some premiums over spot.

1400 oz of silver at $10? You're up 100% right now. Even though I think silver has higher to go, take some off the table.

 

[syrenn]

Two years ago, I bought two bags of pre 1965 silver coins, quarters, 715 ounces per bag. I bought them when silver was approx 10 dollars an ounce. I don't plan on selling them anytime soon but I was wondering about the bid and ask price. When selling back to a dealer will they be buying at bid price or a commission of some sort?

It all depends on the coins. Are they being sold for the silver value in weight alone? If you don't know anything about coins have them all looked at, you may have a winner in the bunch.

Generally when you sell them back to a dealer it will be for less then market prices...as the dealers must make a profit as well.

 

[LordBrownTrout]

Thanks alot, fellas. I took one bag off the table and sold it. Precious metals isn't my forte and am pretty ignorant in the trading of it. I have educated myself somewhat but the dealer that I bought from a couple of years ago took me for a little too much profit, about 500 dollars worth, but oh well, that was my fault for not doing my homework. Im into entrepreneurial start-ups, always been terrified of the market due to not being able to control monies, lol. Anyway, I walked away with about an 80 percent profit from two years ago. I've heard of silver prices reaching 100-200 dollar range per ounce in the near future. However, if that's the case I'd really hate to see what the economy would be looking like at that point. Thanks again for the advice.

 

[william the wie]

Take the advice of Syrenn and do it quickly. By the way junk silver is 900 fine (90% pure). Precious metal by the foot or inch is also a good way to go but it is a totally different market. Rhodium is so shiny that it looks fake if you are worried about safety and most people have never heard of it. (It's a platinum group metal used in reflectors.)

 

[Paulie]

Thanks alot, fellas. I took one bag off the table and sold it. Precious metals isn't my forte and am pretty ignorant in the trading of it. I have educated myself somewhat but the dealer that I bought from a couple of years ago took me for a little too much profit, about 500 dollars worth, but oh well, that was my fault for not doing my homework. Im into entrepreneurial start-ups, always been terrified of the market due to not being able to control monies, lol. Anyway, I walked away with about an 80 percent profit from two years ago. I've heard of silver prices reaching 100-200 dollar range per ounce in the near future. However, if that's the case I'd really hate to see what the economy would be looking like at that point. Thanks again for the advice.

Silver at $200 an ounce?

In a situation like that, you'd probably rather have the silver to use for purchases instead of liquidating it for what would probably be pretty worthless Dollars at that point.

 

[william the wie]

$200 silver does not necessarily mean US economic collapse but it certainly means that Japan, China, EU or US has gone under. Since I listed the big four in order of fragility (China has at least one empty city designed for more than a million people built on spec in Inner Mongolia) I would suspect that the US would still be more or less functional at that point but $200/oz for silver is not good economic news. If any of the other three go under the loss of wealth in the US would be massive and make the meltdown look like a correction.

 

[LordBrownTrout]

Well, silver up to 27 an ounce a little while ago, right now around 26.50. Thanks, fed, for devaluing the dollar more, 600B injection. Suicidal. Unbelievable.

 

[Big Black Dog]

I recently sold a small amount of silver coins on eBay for over $1,900. Put it in for a 3-day auction and did very well. Of course with an auction it can be "ify" unless you establish a reserve price. I was happy with my silver auction.

 

[william the wie]

At this point consumption of silver is picking up and its recoverability is going down. I suspect asteroid mining within 10 years will be needed to catch up with the shortfall.

 

[Toro]

Silver is going parabolic. Last time it did so in 07-08, it went up 130% in a few months. Such a return would get it over $40.

 

[LordBrownTrout]

Silver is going parabolic. Last time it did so in 07-08, it went up 130% in a few months. Such a return would get it over $40.

40 sounds reasonable. Every dealer that I've contacted in the last 4 weeks is saying 35 by the end of the year and then north, north next year. I'm kicking myself for not buying more at 10 but oh well.

 

[nraforlife]

Two years ago, I bought two bags of pre 1965 silver coins, quarters, 715 ounces per bag. I bought them when silver was approx 10 dollars an ounce. I don't plan on selling them anytime soon but I was wondering about the bid and ask price. When selling back to a dealer will they be buying at bid price or a commission of some sort?

Good move- you have just announced on a bulletin board you are worth a home invasion. Sure hope you aren't silly enough to try selling those coins on Craigslist.

 

[william the wie]

Two years ago, I bought two bags of pre 1965 silver coins, quarters, 715 ounces per bag. I bought them when silver was approx 10 dollars an ounce. I don't plan on selling them anytime soon but I was wondering about the bid and ask price. When selling back to a dealer will they be buying at bid price or a commission of some sort?

Good move- you have just announced on a bulletin board you are worth a home invasion. Sure hope you aren't silly enough to try selling those coins on Craigslist.

Where did he say he was keeping it in his home? For that matter where did he give his name much less address? My gold and silver is not in my house, my most likely storage locations are not places anyone would invade and neither my name nor has my address been given out to anyone online except fellow LP activists and relatives. You may have noticed that I am one of the few that did not give you an orange and I believe LordBrownTrout accepted my friend's request a while back.

 

[uscitizen]

Have the silver converted to emulsion and sell as quack medicine.
Pat Robertson was giving it away as a gift for a certain level of contribution.
Said it would cure the plague.

 

[william the wie]

Have the silver converted to emulsion and sell as quack medicine.
Pat Robertson was giving it away as a gift for a certain level of contribution.
Said it would cure the plague.

Actually silver may be a highly toxic micro-nutrient. Arsenic (last word I got it was needed in nanograms so Arsenic deficiency has only been studied in animals on controlled diets and the symptoms other than death are hard to attribute to any one biological system), Cobolt (B12) and Gold (used by mitochondria) are other highly toxic micro-nutrients.