Buying silVer question

[Redheron]

OK so I was not clear last post, will be more detailed now, sorry. I have a chance to buy silver from a friend who need to sell due to family situation. I never bought bulk silver and was questioning what value is good! I'll list out what I'm getting. Appreciate any insight and best ways to sell this off eventually. Was going to buy as an investment and see what silver does in few years.

Bars Mixed 1oz through 10 and few bars 50 Oz and misc commerative coins and such 494 Oz

Morgan peace dollars 174 coins

90% silver half dollars 449 coins

40% silver half dollars 253 coins

90% silVer quarters 552 coins

90% silver dimes( mostly mercury dimes) 1221 coins

35% silver wartime nickels 331 coins

15 Oz foreign silver coins I believe 80 % silver 

 

[5huggy]

50 oz bars alone attract a good price - depending on type/manufacturer/mint

That list looks like a "LARGE" sum to me - 

I cant put a figure to it - BUT I am pretty certain there some other members will give you a SHOUT!

[Darr3nG]

You have listed approx. 1000 toz silver, at today's spot price of $17.10 per toz, gives you a spot or melt value of approx. $17,000.

If you are buying at this price (or less), then you probably have yourself a good deal.

As @5huggy has said, some of the bars and some of the individual coins (depending on year / condition / mint etc.) can command a premium, so it would be a worthwhile exercise to read up on mintages and numismatic values.

Hope this helps.

[Notafront4adragon]

Spot for that lot is about $17.8k 

The Morgans will have a bit more of a premium and quite a bit more if there's any rare ones. 

As @5huggy says above the bars will be worth a bit more too if selling to the right party. 

If I were buying such a large amount I won't want to pay much over spot.

Bear in mind when you sell to a bullion dealer or such you get less than spot and anything under 90% can be worth a even less than the melt value to a dealer.

[Redheron]

15 minutes ago, Darr3nG said:

You have listed approx. 1000 toz silver, at today's spot price of $17.10 per toz, gives you a spot or melt value of approx. $17,000.

If you are buying at this price (or less), then you probably have yourself a good deal.

As @5huggy has said, some of the bars and some of the individual coins (depending on year / condition / mint etc.) can command a premium, so it would be a worthwhile exercise to read up on mintages and numismatic values.

Hope this helps.

Thank you. We came up with 1050toz. I agreed to a spot price of 17 for 17,850. There are about 12 graded ms69 coins and a lot of in my mind worthless commerative silver like a 5 oz washing quarter, and such. If I could post pictures I would let you see what I took photos of. But buying at spot seemed to be a good deal just trying to sell it will be a pain if you don’t dump at spot? 

[Darr3nG]

1 hour ago, Redheron said:

Was going to buy as an investment and see what silver does in few years.

This seems like a reasonable strategy. Hold until a time if / when spot raises to a level where you can dump the 'junk' on a dealer for the 17.8k invested and in the meantime, cash in on the premium pieces (graded and morgans) - you should be able to get a sense of their relative values on ebay sold listings.

[Redheron]

The dimes look like I could get a 50-70 cent premium per dime but that is a lot of work lol. 

[Notafront4adragon]

4 minutes ago, Redheron said:

The dimes look like I could get a 50-70 cent premium per dime but that is a lot of work lol. 

To actually make some money you'll have to do some work I'm afraid! To offset that junk stuff you do wanna identify the premium stuff and sell that slowly.

[RacerCool]

1 hour ago, Redheron said:

Thank you. We came up with 1050toz. I agreed to a spot price of 17 for 17,850. There are about 12 graded ms69 coins and a lot of in my mind worthless commerative silver like a 5 oz washing quarter, and such. If I could post pictures I would let you see what I took photos of. But buying at spot seemed to be a good deal just trying to sell it will be a pain if you don’t dump at spot? 

Sounds like a good deal for you, and he's getting better than he'd get if he went to a pawn shop. Win-win situation. 👍😎

[Redheron]

Any way I can post Picts and get an opinion? I am clueless to this except knowing spot and that is what I offered at 17 and he agreed . 18750. Now I need to figure it out I guess lol

[Chicagodogs]

Get a neodymium magnet for the Morgans. They are a highly counterfeited coin, especially mint marked "CC" Carson City. Silver is non magnetic, if you don't know. There are some very good forgeries. Also, weigh them just to be sure. Even some coin shops get duped. The 90% junk silver, dimes, quarters and halves are about the safest. Good luck to both of you!

[Redheron]

I read up a little on this! I asked him, and he collected all coins within the last 20 years. Not sure the counterfeit stuff what prevalent let. If I weigh them will they weigh slightly off? Also I saw a lot of counterfeits have a brass core, that shurly won’t weight the same and if so not the same dimensions 

[Chicagodogs]

3 minutes ago, Redheron said:

I read up a little on this! I asked him, and he collected all coins within the last 20 years. Not sure the counterfeit stuff what prevalent let. If I weigh them will they weigh slightly off? Also I saw a lot of counterfeits have a brass core, that shurly won’t weight the same and if so not the same dimensions 

Your right, some are brass or copper. If plated either the weight or dimensions will be off. Comparing to known real coin would be another way of checking. I saw on the field of a plated fake, little bubble like blemishes. And the inscription wasn't crisp.

[Redheron]

Now I’m worried spending 18k lol. I think it’s all legit and where I live is in the country. I asked him and he says all good. The only onesI would question are the eagles and commerative coins. He has a bar that he bought that was drilled

[Guest]

4 hours ago, Notafront4adragon said:

Spot for that lot is about $17.8k 

The Morgans will have a bit more of a premium and quite a bit more if there's any rare ones. 

As @5huggy says above the bars will be worth a bit more too if selling to the right party. 

If I were buying such a large amount I won't want to pay much over spot.

Bear in mind when you sell to a bullion dealer or such you get less than spot and anything under 90% can be worth a even less than the melt value to a dealer.

Wouldn't spot be $16.94 or 16.94k?

Nvm saw it was 1050 instead of 1000. My mistake.

[Redheron]

I agreed to 17 at 1050 oz! I’ll reweigh this week when I pick up. I appreciate all replies and once I get it will be happy to post some Picts. I bought silver lol not coins so I don’t know it if I have anything worth over spot