My Silver cash in with Midwest Refinery.

[Ron from Michigan]

With a surplus accumulation of silver I guess it was time to cash in at a reasonable price.I figured 10 times the face value would be a decent price so the new pawn shop on the corner would be worth a try.I needed to check a couple pieces of jewelry to see if they were real gold a quick stop at the shop was needed. I asked the pawn dealer if he bought silver coins?The price I had in mind was 10 times the face value on silver the pawn dealer laughed and said no way not even close.With his buying price quote I said no thanks and left.Anyway a call to Midwest Refinery gave me a quote of 90% X 90 percent of the actual weight after melted the current price of silver between 17-18 dollars an ounce.With 97 dimes and 8 quarters sent in on this Monday got a check in the mail for 138.00 for the 10 Oz. of silver.By the way they don't take silver war nickles.My point is watch the price of silver and get the best possible price. Later Ron

 

[dahut]

I sent in my platinum rig find last week - 8.44 grams. I got a check for $275.
When I asked why it was not at 90% of spot, I was told that was a single ring buy price.

Since I only had battery money in the deal, I figured it was $275 of found money. Money I didn't have before the detector went beep.

Sorry to hear you sent the silver for melt, Ron. But you only live once.

 

[Ron from Michigan]

Dave,the ring in your post?Gosh, what have we sunk to,next thing we will be searching for pop bottles for refunds.Times are tough,I have plenty of horse meat,LOL better not say that too loud around the old paint. Later Ron

 

[dahut]

Dave,the ring in your post? Gosh, what have we sunk to, next thing we will be searching for pop bottles for refunds.
Times are tough, I have plenty of horse meat,LOL better not say that too loud around the old paint. Later Ron

I've decided that a ring in a box is of little use, beyond bragging. The value it represents is better when realized, especially if I do so now and not wait for another plummet in metal prices.
SO the few substantially valued items I find will, hereafter, be exchanged for their actual value. With the money, I buy detectors, guns, ammo, good tools and other things that have hard, practical value.

God Bless metal detecting.

 

[Ron from Michigan]

Dave,in my area most hunters myself included have a Concealed Pistol License.So I guess the detector, guns,ammo,and good tools come together.All joking aside the carry permit is a lot of responsibility and most of us wouldn't carry if it wasn't necessary.Heck we always have to be on our good behavior.I'll cash in on finds if the price is right.Someone who knows a little about metal detector's can flip sales and make extra cash. Later Ron

 

[dahut]

Dave,in my area most hunters myself included have a Concealed Pistol License.

Ditto

I'll cash in on finds if the price is right.Someone who knows a little about metal detector's can flip sales and make extra cash. Later Ron

Done that, too.

 

[dirtdigginlady]

Would silver coins not sell elsewhere for more than their melt down price??? I would have thought so.

 

[Ron from Michigan]

DDLady,Key dates on silver coins fetch more money.I have found it difficult to deal with coin dealer's.Most want to give you a price that's lower than the spot quote.Ebay hasn't been good for me with coins either.I have kept my key dates and older silver coins.Later Ron

 

[dahut]

DDLady,Key dates on silver coins fetch more money.I have found it difficult to deal with coin dealer's.Most want to give you a price that's lower than the spot quote.Ebay hasn't been good for me with coins either.I have kept my key dates and older silver coins.Later Ron

Every dealer wants to give you the lowest price possible. He is not in the market to make you rich, but to make a profit for himself.
Typically, you can expect 25-40% of the "book" value on a valued coin, less for common or badly worn coins. 2-3 times face value is normal on run of the mill coins.
So when someone says they found this or that coin and it is listed in the book as $XXX, you gotta take that with a grain of salt. Especially grubby cents and scabbed, browned out nickels. What the book says and what you can actually get for it on the open market are two very different things.

 

[deathwind1]

Most people buy the Red book and expect to get that much (ain't going to happen)---I try to buy the Blue book as it is a lot closer to what you will get---That book is made for the dealers to look at !

 

[jabbo]

Last summer I was talking to a guy who is a member of a coin collecting club. He has a detector but rarely uses it, his real passion is coin collecting. Maybe selling to members of a local club would give you better prices.

 

[norman maassey]

With Fall and Spring silver hunt coming a silver dime being $1.15 at face value.

 

[go-rebels]

I've decided that a ring in a box is of little use, beyond bragging. The value it represents is better when realized, especially if I do so now and not wait for another plummet in metal prices.
SO the few substantially valued items I find will, hereafter, be exchanged for their actual value. With the money, I buy detectors, guns, ammo, good tools and other things that have hard, practical value.

Absolutely right on!

 

[Larry (IL)]

That sounds about right Ron. Silver coins have been selling for around 12 times face around here. Pawn shops are the worst place to sell anything unless you really need fast cash, they usually offer about half of what they can sell the mdse for. Our club has also been buying silver from club members at 12 times face for our silver hunts. Usually a small ad in your local newspaper will find buyers for your silver without having to pay shipping or discounts from dealing with a business. After all, businesses have to make a profit to stay in business too.

 

[silversmith]

Well shucks....! I've always thought a lot more of w.h.o.r.e.s than hoarders. Shipping to "melters" is cool by me. The only silver I've found that's worth much (bullion wise) are .999 ingots. It's just jucy as hell to have around, and you can walk into a coin shop and get spot any time. So, petal the silver crap you find, and buy ingots. Silver dollars are Ok, but you just can hardly beat tossing a 10 oz silver bar down on your desk and drooling over it. Oh yeah, a 10 oz. GOLD bar would be better But I'll never see one of those. Lets see, where did I put my gold pan.....!!!!!

 

[Ron from Michigan]

Larry,thanks for the information.HH Ron