TheSilverMustFlow

Thank you for such a detailed explanation Pete, that clarifies everything I wasn't sure about. Very much appreciated, now I can't wait to try my hand at selling silver. Thanks again and have a good one!

7 minutes ago, Centauri167 said:

Every problem, how small it is, I would mention. If you sell an individual coin you must really go deep in the description and mention it as good as possible.

If you sell a lot, let's say 20 coins you don't have to go in every coin individual but just mention the general problems. Like: selling 20 coins, some with milkspotting and a few has scratches.

And always mention that the buyer may ask extra info/ photo's if wanted.

Thanks for such a detailed answer, now I understand and I know what to do. Much appreciated.

1 hour ago, Centauri167 said:

I think on your question: "Forget what prices dealers sell for as a private seller is not always likely to get the same."

My opinion is that Pete means that a private seller will/ should always ask less than a dealer. What is normal if you ask me. ( @Pete, if I am wrong, please excuse me )

 

About your other question. If you sell coins with problems ( milkspots, scratches, ... ) you should always mention it clear in the description. When a potential buyer than asks for more info you can show him a photo. If the buyer knows enough because of the description, you were correct and did it right.

 

Your reputation will be everything when you start dealing pm's, so always be correct or this adventure will not last long.

 

Good luck !

Thanks very much for your advice, Centauri, this is extremely helpful. I suspect you're right that that's what Peter was saying about pricing, that makes sense. I also fully agree with what you said about reputation, it's why I started this thread because it's really important to me to start out right, I don't want to accidentally do anything that might be considered shady or dishonest - both for the sake of my reputation and also because that's just not how I roll.

Can I just ask one more thing? You said I should always mention in the description if a coin has a problem - when you say "problem", do you mean literally any small scratch or blemish, or just more serious problems like dents or deep scratches?

Thanks again! 

15 minutes ago, Pete said:

Welcome to the silver addicts club !!

Answer to Q1
Sold prices on eBay are a good barometer for market prices and there is little merit in looking too far back in time.
Ignore any 'Buy It Now' prices with no bids etc as these are "chancers" and generally bear no relationship to the market.
Only look at the completed sales and the price paid has to include shipping costs.
The price is the price and a buyer factors this into the equation so $100 + $20 = $120 which is the same as $120 with free shipping.

If selling to any dealer you will struggle to get spot price meaning scrap value of the metal.
Spot price changes literally every second except at weekends so one day you may suddenly see a big difference in price - both up and down.
Forget what prices dealers sell for as a private seller is not always likely to get the same.

Answer to Q2
Bullion coins are only guaranteed for weight and purity and not cosmetic appearance.
Some Mints issue better quality than others but often there is a higher premium to these coins which tend to be shipped from the Mints in capsules.
Sealed mint tubes mean ABSOLUTELY NOTHING in terms of coin quality.
All this means is they haven't been handled by others but many will show scuffs, scratches and milk spots if that particular mint is renowned for producing c.r.a.p. bullion.
When selling you do not need to worry about offering any discounts as on eBay for example the bidding will address this.
You should however always show clear photographs or if selling a bulk lot perhaps avoid stating condition other than regular bullion meaning subject to small imperfections, spots etc. If a particular coin is in bad shape the picture will show this and leave it to the buyer to make a decision.

Whether you can make a profit depends mainly on the spot price of the metal.
If you buy from a dealer when spot is trending near its highs then you will find it very difficult to sell and make a profit, and often impossible if spot has fallen by say 5% or more.
If however spot jumps up 5 or 10% and you bought at a good price then sure, selling individually can make a nice profit but factor in all your costs and fees.
Many fellow stackers buy and hold then sell some inventory perhaps a few years later when prices have changed.
In these instances prices have moved by 25% or more and any bulk discount you obtained is also profit selling individually.
Keeping records is very important to show true cost of purchase and net sale after all deductions.

Many, many thanks for this Pete, you went above and beyond what I asked, lots of great info that I wasn't aware of before. I'll be reading this over this several times to help me determine how to proceed forward. 

For this purpose I was wondering if you could clarify two points in your post, if you have the time.

You wrote: "Forget what prices dealers sell for as a private seller is not always likely to get the same."

Do you mean that I will typically get less when selling a coin than a dealer would get for the same coin?

You also wrote: "You should however always show clear photographs or if selling a bulk lot perhaps avoid stating condition other than regular bullion meaning subject to small imperfections, spots etc."

So if I understand this correctly, if I sell a bulk order I should state the condition as being "regular bullion"? But I don't need to state the condition when selling individual coins, because there will be a clear photo of that specific coin? In that case, what if I make an ad for selling a coin, but mention that I have 20 or so of that coin available - do I need to show pictures of all 20 coins, since it's not really a bulk lot because I'm selling the coins separately?

I hope I was able to communicate clearly what I meant. Thanks for bearing with me, thanks again for your terrific reply, and thanks for welcoming me to the club!

Hello all,

I recently started buying mint-sealed tubes of silver coins and selling the coins individually for a small profit, and I had 2 small questions:

1. I keep hearing that the best way to know a coin's true value is to look at the "sold auctions" on eBay. I was wondering if this advice refers only to the amount paid for the coin itself, or does it also include the shipping fees? For example, if a coin sold on eBay for 100$ + 20$ for shipping, should I be trying to sell that same coin for 100$ or 120$ ?

2. When buying sealed mint tubes of silver coins, some of the coins inside will inevitably have damage and/or milk spots. First off, is this considered acceptable or should I try returning the coins? And if I keep the coins, do I need to notify potential sellers that a certain coin has a small nick, scratch or some milk spots? If so, am I expected to sell it at a discount? I think we can all agree it's annoying to pay for BU coins and get a damaged product, but I'm hoping that doesn't mean I have to sell those coins for no profit or even at a loss.

Thank you in advance for any help, it's greatly appreciated.

On 13/04/2021 at 06:38, stefffana said:

I am really happy for you, my friend! Any gram of precious metal added to your stack is a step forward. I know these coins, are gorgeous and very well made. Doesn't matter if are only .925. Silver is silver. There are a lot of silver coins .100, .300, .500, .800, .850, .900. and are selling quick.  A lot of gold coins are only .900 or .916 and are well loved. It is not necessary to be "pure".

Over all, you are the happy owner of a beautiful complete set of untouched coins (with face value and year of issue, not generic rounds), made especially for an special event.

Don't forget what happened at 1976 Montreal Olympics: it was the first 10.00 offered for an gymnastics competition in history. In that year Nadia Comaneci from Romania was awarded with the first 10.00. Even Longines electronic displays wasn't prepared you this, showing 1.00.😊 see the picture attached😊

Congratulation! It is a very nice set and I am sure, when the time to sell will come, its value will be higher.

Cheers!

Stefan.

Thank you Stefan!

Glad you approve, it's reassuring to hear that you think I made a good purchase. And I agree, purity doesn't matter - as you say, silver is silver. Pure, sterling, junk, it's all fine by me. I hope you're right that the value will increase over time - I have little doubt that the price of silver will keep going up, but it would be nice if, on top of that, such a beautiful set eventually became more prized by collectors. I feel it is undervalued at the moment. 

Also, I'd completely forgotten that the Montreal Olympics were when Nadia Comaneci obtained her historic 10.0, that makes the set even more fun to own.

Thanks again.

UPDATE: I've bought the set! Ended up getting the guy to lower the price to about 0.25$ over spot, so I'm quite happy with the price and very happy with the set itself, it's gorgeous and in great condition. It also makes a nice change from buying the same tubes of generic rounds over and over again, while costing roughly the same as said rounds.

So thank you all very much for your input! Reading your advice and opinions really helped me weigh all the pros and cons and make an informed decision, so I greatly appreciate it.

Take care!

14 hours ago, SilverTalent said:

Yeah just -  7.5 %  925 silver is more durable as well .

id buy the set if I had a chance . You have over a kilo of Sterling 925 silver can’t be bad  

 

That's good advice, thank you. I'd been leaning increasingly toward buying the set, but now you have me convinced. I agree, the silver content alone makes this worth it for that price. Much appreciated!

7 hours ago, SilverTalent said:

These coins are great and come from the Canadian mint which is reputable 

I don’t understand all the negativity about this coins.  They are proof coins 

which make them have a premium over Bullion 

I know these coins I have a set and they are Attractive 

and could be a collectors item eventually .

in the meantime they are a good investment provided you don’t pay to much over spot 925 price 

Sincerely SilverTalent 

Those are some very good points, thank you! I agree it's a beautiful set, didn't know they were proofs though, that's even better. 

Also, you mentionned "spot 925 price" - is that a different thing from regular spot price, or does that just mean I should factor in the 7.5% of the coins' weight that isn't silver? Just wondering, I'm fairly new to this.

50 minutes ago, RacerCool said:

I'd take them at $1 over spot! They'd be a good addition to the stack. 

Thanks for your input, this is helpful!

On 05/04/2021 at 08:23, Shinus73 said:

These are perfect for stacking, assuming you can get them as cheaply as anything else. They have no collectibility value.

Good to know they're specifically good for stacking, as I have no real interest in their collectability. And the price is pretty reasonable IMO, but I'll see if I can't get an even better deal. Thank you!

On 05/04/2021 at 11:53, Antwerpstacker said:

I would offer him spot for it, in a take it or leave it deal

This is second comment on this thread telling me not to pay above spot, so I'll definitely consider doing that. I'll see if I can negotiate a lower price. Thank you!

On 05/04/2021 at 09:00, StackemHigh said:

Plenty of individual coins out there most of the time. I wouldn't think collectors want them any more unless there is a special conectionto them. Spot price for sterling i'm thinking.

Thank you, I'll keep that in mind and see if I can get the seller to bring the price down. One factor to consider in my case, though, is that silver premiums in Canada are pretty ludicrous, and in the few months since I've started stacking, the best price I've ever found online was 6$ CAD over spot - and that was for generic rounds from an unpopular brand. So this seller offering me less than 2$ CAD above spot is pretty appealing. I'll see if I can get him to lower it, though. Thanks again. 

On 05/04/2021 at 06:17, Pete said:

I had this set and ended up selling at a great loss.
The reason for selling was that several coins were showing milk spots and creeping stains and I also noticed that the capsules were glued shut.
They were all 925 silver and looked great but through lack of market interest they were only worth scrap value or even less.
At the time of issue they would have been priced much higher but like so many similar sets just lost their appeal in time.

If you like the set and it is priced near spot then pursue your dream but from an investment / value point of view I would avoid if that's what is more important.
 

Thanks for explaining, this is very useful info - and I'm sorry you ended up selling at such a loss. Although in my case, the coins aren't milk-spotted at all, according to the guy selling them (I haven't confirmed this in person yet, though).

His asking price comes down to 32.95$ CAD/ ozt (spot is 31.63$ CAD right now), which is roughly 1$ USD over spot, so I think in this case there's little chance of me taking too much of a loss if I resell it (barring the price of silver dropping dramatically, of course). And while I'm only interested in them for stacking purposes, I won't deny that those Montreal Olympics coins do hold a bit of a special meaning to me, as I'm French-Canadian (though I try not to let sentimentality or nostalgia decide when I make purchases, if they aren't worth it financially). So thanks for your input, looks like I have a lot to mull over.  

On 05/04/2021 at 04:56, TommyTwoShots said:

I would snap these up, great price. A collector might pay a premium and the melt value is always there.

Good to know, thanks for the recommendation!

On 05/04/2021 at 04:31, dicker said:

Hi - out of interest are these 999 or 925?

Lots of the commemorative issues are 925 - I haven't see the Montral Olympics ones however.

Best

Dicker

They are 925, a.k.a. sterling - 14 coins that are 24.3 g, and 14 coins that are 48.6 g. The set looks like this:

I've had someone offer me a complete set of 1976 Montreal OIympics Sterling Silver Coins - all 28 coins in their original display box - for roughly 1.75$ CAD (about 1.40$ USD) above spot per troy once. Now I'm not much of a collector, more of a stacker, but that's over 30 troy ounces of pure silver at a little over spot, which I think is a pretty good deal considering current silver premiums, especially in Canada. There's also the fact that unlike bullion, these specific coins are taxable in Canada, so I'd save a lot in taxes by buying directly from this person.

But I was just wondering if there's a catch - is sterling silver less desirable than other junk silver? Are the 1976 Olympics sets hard to re-sell? Is there something else I might not know about that might impact their value? Or is this a good deal?

Any thoughts on this would be greatly appreciated, thanks in advance.