How to buy scrap silver? Advice needed

[EscCtrlSurvive]

Hello

I was hoping for some info regarding the purchase of scrap silver.

I typically only bother with BU coins/bars but I would like to diversify.

Is there an accepted percentage added to scrap silver that I’m unaware of? By which I mean.. are people just expecting more than the silver is worth? I am by no means a numismatic stacker and was hoping some of you experts out there could shine a light to help me build some old money investment weight.

I have bought high premium BU before (which was over spot once you take into account VAT, P&P and a fair sellers profit margin). However, I just find I’m being declined bids/offers left right and centre. Either items stay unsold or are massively inflated beyond base value.

Again, any advice or examples of your experiences would be a massive help.

Thanks

 

[Clens92]

1 hour ago, EscCtrlSurvive said:

Are people just expecting more than the silver is worth?

It depends what you are trying to buy, and for what price?  BU coins?  Sterling plateware and antiques?  Everything has a different price point. 

Your definition of a fair profit for the seller might be a fair way under their definition, too.

[EscCtrlSurvive]

@Clens92 thanks for the reply

I’m referring to all British silver coins pre-1947 and/or pre-1920s.

I also have tried obscure hallmarked sterling silver antique items. I tend to price things based on weight in grams at spot price for purity.

I guess a lot of people are keeping their cards to their chests but I figured I’d reach out to then community for advice anyway.

Online is a bit easier when buying. Shop owners have been the worst so far. 

Any tips would be a great help

[Caratacus]

I understand that when the price of silver rose in 2011/12,  much "crapier" silver spoons/tourist items/flatware etc & even some quite good more modern items went in the smelting pot. This has made the good stuff more collectible=£££. Apparently before 2010 European 800 & "asian"  (eg Indian artisan pots) silver was unloved & could be bought for peanuts-not now! There are no longer bargains at jumble sales or charity shops, I think e-bay has screwed the situation with overvaluations by a proliferation of experts with no knowledge.   Just an opinion.

 

 

[CarlosSilver]

My local auction house sometimes has real bargains on .925 silver items. 

[watchesandwhisky]

On 22/02/2019 at 22:21, EscCtrlSurvive said:

Shop owners have been the worst so far. 

This does not surprise me, shops have high overheads - what sort of price are you offering them in relation to spot price?

[SilvergunSuperman]

On ‎22‎/‎02‎/‎2019 at 22:21, EscCtrlSurvive said:

@Clens92 thanks for the reply

I’m referring to all British silver coins pre-1947 and/or pre-1920s.

I also have tried obscure hallmarked sterling silver antique items. I tend to price things based on weight in grams at spot price for purity.

I guess a lot of people are keeping their cards to their chests but I figured I’d reach out to then community for advice anyway.

Online is a bit easier when buying. Shop owners have been the worst so far. 

Any tips would be a great help

I went through a spell buying .500 & .925 silver coins, and found that on ebay I could pick it up for pretty much spot price plus postage. I went with a scatter gun approach, putting max bids in on lots of small quantities and usually winning a few of them. I haven't looked at this market for a couple of years though so not sure if much has changed.

[EscCtrlSurvive]

@Caratacus

thanks for the input. I genuinely enjoyed reading your reply.

@SilvergunSuperman

thats an interesting tactic. I will test it out and see if it works for me. Thanks.

@Madstacks

I did a run of antique shops kind of recently. One guy had a pre 1920s coin that had been found by a metal detector (or more accurately the detectorist’s spade). It had a huge dent/ hole in it. He had £35 on it. I asked him if he’d consider taking less. He kept telling me how good the condition was aside from the crater in it and that it was found locally etc.

He said he would do £30 but any less wouldn’t be fair. I told him it weighed less than an oz and I wasn’t gunna pay £30 for an oz. 

Anyway I think I offered him £20. It was a half crown with a bullion value of around £5. I’m kind of relieved I didn’t get that one. 😅 However 4 times spot price wasn’t enough to sway him.

 

[watchesandwhisky]

Unless it was some particularly old or rare year half crown it sounds like the owner was just dreaming. I think some dealers have managed to flog items for far above value in the past and just hold out for very high prices - your price sounded more than fair. 

I generally find anyone who has a shop is to expensive for silver 9 times out of 10.

[DarkChameleon]

31 minutes ago, Madstacks said:

Unless it was some particularly old or rare year half crown it sounds like the owner was just dreaming. I think some dealers have managed to flog items for far above value in the past and just hold out for very high prices - your price sounded more than fair. 

I generally find anyone who has a shop is to expensive for silver 9 times out of 10.

This is why ebay and amazon can win every time, no overheads or little compared to shops....I find garage sales, local school charity sales are good for deals in gold and silver, when they don't have to buy things they are less greedy about the price.