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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 09/24/2008 : 16:29:15
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Today at work a co-worker wanted to know if I was willing to exchange cash for silver, I thought she meant bills for small change so I agreed.
What she had were four silver quarters and six silver halves (Three clad three 64 Kennedys. She found th silver in the cash register when she worked in a convenience store exchanging clad coins for silver).
She was expecting a trade in face value or double, but I gave her $5 for the quarters and $11 for the halves (It was early in the morning and I could only think of offering five times face). She was suprised to hear that silver had gone up so much but preferred that I buy the silver from her since her grown kids are not interested in coins and she didn't feel like travelling to a coin dealer and possibly get cheated.
Also worth considering
I may have figured out one reason why some silver ends up in circulation instead of being taken to a coin dealer-
When I was at my coin dealer/jeweler a few weeks ago, a lady came in interested in selling a gold ring. He gave her a fair price and asked to see her dirvers license. She didn't have her license with her so the sale didn't take place.
Perhaps one reason silver still ends up in circulation, besides ignorance of its value, is because those who have it are unwilling to leave a paper trail for the tax man to find.
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 09/25/2008 : 08:57:24
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Good point on the paper trail but coin shops around here are required to do this by law and I think have to hold the item(s) for 7 days before they can ship to the refiner or resell.
You got a good deal. Local coin shops and Craigslist buyers around here are offering anywhere from 7.8 to 9.0 x face for 90% silver. I am not sure what the going rate is on 40% halves...maybe $1.30 to $1.50 each or so.
Is she still working at a convenience store? If yes, keep buying from her as you both win! |
My hobby: collecting real money 1 copper cent or nickel at a time.
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/25/2008 : 17:15:38
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She left the convience store for her current job which offers much better pay.
She brought in some silver today for sale, two Morgan Dollars, two Peace Dollars and a Silver Eagle. I paid about what the price is listed on coinflation (and I did mention to her about the site.)
She had some silver halves and silver quarters but I didn't bring enough cash to buy it all. I will try to buy it up on Monday.
It is a fair deal for us both, I get the coins for a fair price and she gets paid about the melt price of the silver coins, and she doesn't have to deal with a dealer who might or might not give her a good price. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/29/2008 : 17:09:17
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Monday followup:
I bought up the rest of the silver she had,
8 silver clad halves
14 silver halves (2 walkers, 6 franklins 6 kennedys)
27 quarters
40 dimes (21 roosevelts 19 Mercury)
All for $190, four times face for the clad, 10 times face for the rest.
Of special note- One mercury dime is dated 1916 that looks like it came out of the mint a month ago, it has very little wear, a $15-$20 dime retail. Too bad it didn't have D mintmark or it would have been the find of a lifetime. |
Edited by - pencilvanian on 09/29/2008 17:11:09 |
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coppernicus
Penny Collector Member
USA
383 Posts |
Posted - 09/29/2008 : 22:13:33
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| You have to love it when people are offering up silver at a reasonable price. |
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Silver Day
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