Scrap worth more then Silver ?

i buy silver a lot.....i also bujy gold but it is a bit more rare for me to run accross....i have a simple formula...i will not pay more than 10 to 12 dollars per ounce for silver....no matter if its coin or sterling.....believe it or not i have several folks that bring it to me once a month or so.....

i always leave cards at the few local carry outs we have...i get a lot of business from them, its mostly coins...see i pay the same or a touch more than the pawn shops pay so most folks would rather just sell it to me and save the 20 minute drive to the pawn shop....

I've had reasonably good luck with gold and silver over the years. It's really better to think of it as a long term investment ( 20 - 30 yrs )

That said: I've seen the buy / sell price triple in a few short years back in the late 70's / early 80's. When the economy is fairly stable the market doesn't move much. When things are going sideways investors flock to it as a safe haven and the price climbs like crazy in a short amount of time.

It's real value is that it's portable wealth. There are a lot of places in the world where people have to pick up and leave in a hurry.

For example: Let's say that you're living in Iraq or Syria right now and ISIS is moving into the area. They're executing people left and right because they don't have the right variety of the Muslim faith. If you're one of these unfortunates you better get out of town NOW.

You're gonna need money for travel and to set up a new life for yourself somewhere else.

Gold & silver are almost universally accepted wherever you go.

Is scrap worth more than silver ? Depends on your circumstance ............

This seems so confusing.

It's simpler to check the sell price of the bullion dealers. I just looked one up. 1000 dollars face value scrap silver coins are selling for about 14,806.80.

That's 14.80 on the dollar face.

If you can but for less than that you're probably getting a good deal.

You can do that by buying small amounts from average people. They might have a few silver coins kicking around in a drawer somewhere. If you give em' 10 dollars on the dollar face they think they're getting a bargain.

Current Melt Value Of Coins - How Much Is Your Coin Worth? One of my Fav sites. Getting back to the OPs dilemma. I recently got very disciplined with my money including a budget which I stick to. I WISH I would have done this 25 years ago. Long story short, I keep an emergency cash fund of $1k on hand hidden in house for anything like that traffic ticket, blown tire, ANY cash emergency that will keep me from using my credit cards or having to do like he did and sell his silver. I think I would cry if I had to sell my silver...lol Anyway, hope things calm down for you and nothing else breaks.

Originally Posted by phred59

What bullion dealers are you using? i need to switch.

Ohh ....lord .... i just did a quickie internet search. I think it was G & M or something like that. Most of em' just have a margin that they work between the price they buy at and the price they sell at.

Buying and selling 1000 dollars face at at time is much more efficient for them so that's where they will work on the thinnest margin.

< Gentle laughter > It's not exactly portable wealth though.

its real simple how to buy silver at 10 to 12 dollars per ounce......just make some cards up,,,,,make sure and put what you pay on there.......see most pawn and jewelry shops will not give a price over the phone...some do but it is rare......anyhow once the word gets out that you always buy at any time people will eventually come......

i never buy silver at places that sell gold and silver as there way of making a living.....ill give away my best secret for getting cheap silver.......find you some younger folks that run cash registers in convienant stores or resturaunts.....let them know you buy coins pre 1964.....tell them youl give them x amount per ounce and roughly how many it takes to make an ounce....any time we have a new cashier at one of our local convienant stores or carryouts i always educate them and give em a card.......more times than not they eventually call me

heres my best secret THE WAY TO GET FREE SILVER.........go to car washes ,,,most car washes use the change from the machines to fill there bill changers.....i go to my local car wash a few times a week and run about 100 dollars through it...i once got 6 good quarters...i usually get at least 2 to 3...ive never completely struck out....i have been threatened by the car wash owner for running his changers empty,,,but after the first threat he said just to do it after 11pm at night and he did not care cause he refills the change at that time

you wouldnt believe the kids that grab old change there parents have saved and use it to wash off there cars.....i wouldnt try and make a living off of this strategy but if im down by the car wash anyhow i usually give it a whirl

Going to make a few facts that are just about how I deal with gold and silver. First "blanket statement", I never sell any silver coins. I have a lot of coins both domestic and foreign. I started collecting around the age of 10, a uncle got me started, by saying collect, sort, grade and keep your coins and you will always have money! I have also bought very little and have never been in a coin shop, except to buy sorting and storing supplies (don't buy retail coins). I'm always interested in buying coins, and will give a buy today price and cash in your pocket right now response. If you say no, and come with your coins tomorrow, I will still buy them, but for a little less than yesterday, why? (time is the same as money). I will not pay retail or spot silver price, why? (I want silver coins, but I don't need them). Foreign coins are a good source of obtaining silver, but there's a lot of "junk" out there. I got started with the foreign coins in high school, working a register at the "Piggly Wiggly". Working a register to closing time and weekends, my boss let me buy all coins at "face value". He was glad to get rid of that "funny money" and I was all eager to buy silver at face value. Picked up some nice domestic coins also, so thank you Mr. Williams (my boss). In the Navy I bought more funny money from every sailor I could. Paying almost nothing for it. You would be surprised how much funny money sailors accumulated, seeing the world, one port at a time. The airline career and more funny money was added to my collection. I honestly never realized how much silver coins I had, until four years ago. My little girl had a school project, about money, ours and the money of other countries. So we opened the office safe and for the first time, her and I went through my funny money. In forty years of collecting coins and never selling, I had accumulated silver and lots of it, without really even trying. My daughter "T" (nickname), got a A+, was able to report on coins from 68 countries. We glued examples of each country onto clear plastic sheets. We then riveted a white cardboard backing, that we labeled each coin with country, value and metal content. For me this was a project that was "priceless" and worth way more than the coins or any scrap value (we used no silver coins). "T" traded the coin displays to a boy in her class for X-box game cartridges. She knew what to do with that funny money, traded up for value.

ive got a ton of foreign coins, some are like 40 percent silver,,,some are up to 90,,,,,i keep all the ones that are 90 with my american silver coins,,,,,the others i try and seperate into bags of coins with similiar silver content.....the ones with lower silver content seem to have little ebay resale value......i still keep them,,,i also buy them but i do not pay much at all for them......

I hit my 2000oz goal last year and working on gold now but will take a long time to my 1000oz goal

Originally Posted by travistemple202020

I hit my 2000oz goal last year and working on gold now but will take a long time to my 1000oz goal

sounds like a good goal for me but I'm in the 100's a thousand would be my goal .

I can see paying under spot for scrap silver (tea sets, silverware, silver pre 1964 coins) but you won't get bullion coins that way (nothing legally obtained anyway).

Anybody here ever have an issue selling bulk gold/silver bullion at a shop and getting a visit from the IRS wondering where you got it? They seem very interested in getting your information in case its stolen and they most likely report large transactions to the IRS. If you purchased gold at $400 and sold at $1800 there would be capital gains to report.

I recently came across a dumpster with an entire 30 year failed marriage in it. This guy must've been pissed, all his wife's gold and silver jewelry was stuffed in an empty dog food bag among the many "how to fix your marriage" books from the 80's.
I don't buy silver, I find it! Unfortunately, the scrap yard won't take jewelry =( To the pawn shop!

Originally Posted by unknownk

I can see paying under spot for scrap silver (tea sets, silverware, silver pre 1964 coins) but you won't get bullion coins that way (nothing legally obtained anyway).

Anybody here ever have an issue selling bulk gold/silver bullion at a shop and getting a visit from the IRS wondering where you got it? They seem very interested in getting your information in case its stolen and they most likely report large transactions to the IRS. If you purchased gold at $400 and sold at $1800 there would be capital gains to report.

i get all kinds of silver at well below spot,,,it is not stolen,,, how do you think pawn shops get it......a lot of folks inherit stuff or find it at yard sales or flea markets...not everyone is into saving gold and silver and waiting on it to go up.....most of the people i buy off of usually say ,"well my grandpa gave ,me these when i was a kid and said they would be worth something one day, or its something they got at a yard sale or an auction......

and yes i have several of the .999 fine rounds i have bought for 10 to 12 dollars an ounce.....im telling you all you all you need to do is advertise ... folks will come...it may help that im in a small town and have little to no competition....the way my customers look at it is they are getting more than face value for coins and also they are getting as much or a bit more than a pawn shop will pay , so they are happy.....

the only way i know they would get more would be to sell the stuff on ebay,,,then there are fees and other general ebay risks