I Tried to Sell $17,000 in Silver to Coin Shops... SHOCKING Results!
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- Äas pĆidĂĄn 26. 03. 2024
- How Much will Coin Shops PAY for $1000 Face Value ($17,000 in Silver Value) in 90% Silver Coins?
Today I tried to sell $1000 in Face Value on 90% Junk Silver to Local Coin Shops across the U.S. and you should HEAR some of the offers I was given!
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I Tried to Sell $17,000 in Silver to Coin Shops... SHOCKING Results!
âą I Tried to Sell $17,00...
#silvercoins #silverstacking #junksilver #constitutionalsilver - Jak na to + styl
Please Read: If you watch the video and listen closely... nowhere in the video did I get critical of the shops I called. The point of these videos is not to call out shops or throw them under the bus, it's simply to show you what to realistically expect if you were to sell your 90% Silver today.
My GOAL was to find one paying spot, I didn't really expect to succeed TBH. There were 4 shops in this video that I thought was very fair, there were obviously a couple that weren't, but even the lowest one here I even gave the benefit of the doubt.
Thank You SO MUCH for watching my friends.
--Seeker
I listen to you and will always listen, I just made a comments .
@josephrorie5728 wasn't just you my friend lots of comments about this so I thought I'd address them all at once.:)
You're always very respectful!!!!!
Hey friend can u clear this up for me? If spot for 99.999 puro is 24.65, but ur selling 90%, wouldnt it be fair to say you should expect 90% of spot, not 100%? Im new to this, plz tell me if im missing something or not properly informed. 23.80 is higher than 90% of spot, i would say thats a deal. What am i missing please.
@Crispy640 you're misunderstanding how the math works. The coins don't weigh .715ozt per dollar, that's how much pure Silver is in them if you were to refine them and remove the Silver
These shop calling videos are by far my favorite videos that you have. It's real life information. Thank you again Seeker!
That coin shop tried to tea bag you with that 12 times face offer. You should have told her, âif youâre going to rob me use a gun not a telephone â đ. Thatâs insane.
It's not a robbery if you voluntarily agree to the price.
I agree 12 face is an insult. However, I would be willing to buy from them at fair market face. I say this because the worker with whom he spoke said they don't go through any looking for dates/mint marks.
@@user-gu2ux5ob8l she sounded kind of shady to me from the beginning. I wouldnât believe anything she says. She gave a lowball quote but then implied that the owner may give more or something like that. She sounds like someone who just answers the phone and takes messages. Iâd be willing to bet that the owner or one of his associates goes through certain bulk items looking for key dates. I think this woman was playing dumb and she was really good at it too. 12 times face, lol, seriously??
@@jamesrobinson8247 I hope you get a reach around for that price, thats crazy.
That same shop was raking it in selling 28x during covid!
That tells me the dealers have little confidence in the spot remaining at current levels in the near term.
With silver being manipulated so heavily, I can see why.
They do need some overhead factored into their pricing as well, but that's a bit low of a price they are offering.
Yup
On gold and silver you are going to take about a 10% haircut on the sale and the same on a purchase.. the reason why you buy Junk Silver coins is in case of a economic collapse, massive inflation or war, famine.. I donât expect to get Change for my gold or silver bars ⊠same with ammunition⊠we are down to Emergency Rations⊠btw.. the ammunition has doubled in price/value in the last 5 years.. some has tripled⊠Lead is the Money Machine đđđđđin the game of Gold , Silver, Lead.. Lead Trumps ALLLLLâŠ
This is the type of thing that draws people away from buying silver, not going to lie.
very true Mr. Skills
Sell online
Yes, but people need to know what to realistically expect.
@@jasoncarey157Exactly. You have to do your own retailing. That puts a lot of people off. A lot of people would blanch at the idea of selling their old stuff at a street sale and making a few hundred dollars. Some people just hate selling stuff.
Plus, all the fake silver out there. From China, of course!!
My mama told me, you better shop around.đź
This is exactly why I stay away from junk silver, and never would sell back anything to a coin shop, if you do not plan on selling your silver directly to the end consumer you will most likely lose, good luck to all
I never understood why people buy junk silver
@@chrisadams3384 At 12 dollar face I would buy all day. What a joke.
@@chrisadams3384 Some probably think that it would come in handy during an economic or financial crisis and would
use it as barter money tp buy goods that they need. Whether or not that ever happens is not known at this time. I have
some 90% silver that I plan to use that way or if not needed for that will give it to my kids and grand kids. Another option
would be to trade it for gold, IF the numbers were right. A much lower GSR would work for me.
Where would you sell a large amount if not to a coin shop?
@@925inder2 Big Dealers like APMEX or Miles Franklin.
With these buy back prices it makes me think that they are glutted with 90% because people jumped to sell when the price went up so fast.
You may be right, but I remember after silver hit the pandemic high people were still buying a lot of 90% in droves. I think LCS just want to ring us out for everything. If we buy heavy bars, we lose on that when we try to sell back. When we buy 90%, we lose too. As if silver ain't worth it.
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in last month 2024
^^^
I feel a little sad about the results. Last year, I paid 20x face for around 10 lbs of junk silver.
It will go back up eventually. The physical supply will get tested again and the price of physical will rise way above paper spot and you'll get 25Ă privately selling.
Dont , everything silver , junk included is going to absolutely have it's day. Sooner now rather than later. Hold the line.
great video! enjoying your content from across the pond!
Great videos! Love tge calls , the visual calculations etc!!! Keep up the great work
Seeker you have the patience of a Saint because as soon as she said $12 face I would've hung up, lol
I probably would have laughed before I hung up
@@TheQuickSilver101 Even better, lol
Well, that's all this show is about calling dealers sad.
@@pollysworld1 None of us is forced to come here and watch the videos. Personally, I like these videos. Gives the usual silver talk a shot of reality.
@@TheQuickSilver101 yes
So here is the thing, from a coin shop manager...
Today, Upstate is buying 20 cents back of spot for qty below $1000 face, 10 cents back for full bag+.
They are selling for 18X face... so +60 cents over spot per face value.
We, as bullion/coin shops can not pay spot. If you bring in 6 bags of 90% I can pay you but I can not sit on 6 bags, I would have to wholesale.
I would also need margin to ship it and for insurance. So we have to be back of what wholesale is.
While I understand that everyone wants melt, but it's impossible, right now... But wholesale changes...
I'm selling my 90% at 18 times right now, I'm selling at "spot", until I have reduced my inventory enough, and I would rather give my customers a deal then wholesale... I'm giving 16.5x face...
16.5 gives me enough margin for wholesale in case someone comes in and dumps multiple bags, to keep the lights on and my employees paid...
Is that fair in your eyes? I'm sorry, but melt is not a thing right now with where wholesale sits...
I thought the shops paying 16.5 and 17x were fair actually... nowhere in the video was I critical of any of these shops... even the one that offered 12x I gave the benefit of the doubt.
My goal was to find a shop that paid melt, it wasn't necessarily an expectation.
I wasn't saying that your being critical buddy. Not mad here... But it is not realistic, if you did find someone they are slitting their own throats and they would be seen as fools as shop owners/operators... @@SilverSeeker
@@user-dq9zs2kr6q That's fair my friend. Like I said I felt 16.5x and 17x was a very fair offer in this market.
Would you be willing to have a chat sometime? E-Mail me if so I'd love to have you on the channel.
@@SilverSeekeremail address???
@@user-dq9zs2kr6q silverseeker@coolstax.com
It would be hilarious if you ask them what they pay for 100K face in War Nickels đ
I sold some halves about a year ago and got over melt. I didnât realize the premiums had gone down that much. Great video! These types of videos are very helpful to many people and I appreciate them.
Very informative channel and appreciate that you are fair and respectful to those shops.
I acted dumb in a coin shop that I had never been in before and I asked the same question. They offered me 10x.
This doesn't surprise me one bit. There's a fair percentage of coin shops that are run by shady individuals who will have no problem taking your money in between dipping Morgans.
I can't believe every single shop cursed you out as soon as they picked up the phone! Jeez!
đđđ
always informative and thanks for the research.
Excellent report
Keep on Seekin', Seeker! U always ask Qs that are Relevant to Stackers, & the Coin Shop calls are Very Informative. I was really surprised that not ONE would offer at - or even Near spot! Live and Learn. STILL Glad I subscribed long ago, SS!đđđ
A little Boston accent? Dalla and qwarta? :) Love these vids. Keep em coming. Lots of new silver bugs and I got a feeling they will ned to know how to unload some when it hits new all time highs this year ;)
Food for thought, if silver moons to letâs say $50âŠ.donât expect to get anywhere near that from these dealers. In fact many dealers may stop buying altogether until/unless the $50 price forms some sort of basing pattern. Currently We have been in a relatively tight range for an extended period of time so dealers know exactly how much to pay and feel confident doing so.
They won't stop buying but yeah, you may only get $35. That's what happened before.
@@ItsEverythingElseyes, I havenât heard this discussed at all and think itâs a very important consideration for stackers
Those are rough numbers. I'd rather sell privately at that rate. Thanks as always, Seeker!
Great honest video. Thumbs up!
Did you ask SD Bullion? Afraid to make that call..
Why would I call them, they show their prices right on their website. Regardless, you should listen closely to the video. I did NOT get critical of any one of these shops... this was about price discovery, not about criticizing shops. There could be any NUMBER of reasons for them buying how they buy, and I'm not passing judgement.
The point of these videos is to show YOU what to expect if you were to tell, and that's it.
I finished out my $1000 face goal 4 weeks ago. I'm finished with 90%. I would however buy more at 17x face
That is crazy! Iâm glad that my wife was sitting next to me and watched the video. Now she knows a little about what to look out for. đ
It is really cool to see the deals you are offered. I like to know what you can sell for prior to âinvestingâ In quantities. Keeps expectations in check.
TWELVE TIMES!!!
I could tell how much she was hesitating that she was going to low-ball you
And that is why I donât buy constitutional silver⊠too many dealers trying to take advantage of folks. Much easier to see if you are getting screwed or a good deal on 1 oz generics.
SDB is paying more for 90% than they are generic rounds.
@@ItsEverythingElse sure.... maybe? is SDB paying over spot for 90%? Local coin stores paying over spot for generics. And all else being equal i would prefer to sell locally.
That's kind of non-sensical for a couple of reasons.
#1) You don't really buy junk silver to make money. You buy it for barter change.
#2) What silver, exactly, are you buying that you think you're going to make money on? You're lucky to get spot on rounds, and while you can get over spot on Eagles or other sovereign metals, you're going to pay a lot more than spot when you buy it.
Junk silver is as good as an "investment" as anything. But, again, it's not an "investment." It's MONEY for when money is useless.
Barter? Get serious, we. Gave up on the barter system to create the economic miracle to day!
This is what gives coin dealers a bad name.
Maybe the really bad ones should be called "coin stealers" and not coin dealers?
99 percent are like this..they give themselves the garbage name
Well hes also selling 90% silver expecting 99.999% prices?!? And so what if they give u 16x and sell it at 19 or 20x, thats the cost of doing business and keeping a storefront open
This is what brings out the coin dealers that already have a bad name.
Each and every coin dealer is responsible for their own reputation and integrity.
@@chrisiscoolsowhat 100% agree. Stay away from LCS
That 12x is probably what they pay for culled and holed coins.
You can get silver eagles for $27.. Price was $38 last year.. I think the millions of new stackers ran out of money.
Where?
@@michaellightbown9492 nowhere
No online dealer has them for 27$ now. A month ago, yes. But not now.
New investors always get burnd!
$27? $31-$35 is what they are selling online for in most places.
Wow, those prices are a lot lower than I expected.
I started buying silver rounds and bars a couple years ago. No 90% silver yet.
Not sure if one fares any better with rounds and bars than they would with 90% silver.
Maybe a bit better on the basis of purity but US 90% silver is a lot less likely to be fake.
Thanks for the info. I just subscribed . Just waiting for the right time .
Awesome! Thank you!
Real world information đ Thanksđ
Awesome video. Love the channel.
Holding silver is a good thing, period.
How though? I'm new to this market and am wondering if I should get into it? some of these comments bring up good and bad points in regards to stacking silver
Great informative video!
17 dollars is not bad price because they have to refine silver. But in general it is not good time to sell silver now because spread is very high for all type of silver.
i love what you do! it makes you think before you sale
great show...shows that not all shops are 'created equal'...of course. It's a business. Thanks again for this show.
I used to not like this type of videos, now I think they are some of my favorites.
Just hang on.... big ride up coming
Yep...my hopes set on that "unobtanium" state of affairs.
HODLing 90% for SHTF. No plans to sell. Might *buy* a little if premiums go sane again.
If people were smart, they would of bought when silver was cheaper and 15x is still profit at this point
Why does every coin shop answer their phone with a volley of curse words?
Lol I bleep out the shops name and also use a voice changer on their audio
đ
I love these videos but you can definitely see that you have buy shops and sell shops.
This is why Iâm blessed to have more than one honest shop around me.
I love silver but let's face it, not sure we will see $30 an OZ anytime in the next few years.
That's hard to say, I mean, it's been there and over that quite recently in the grand scheme of things. But it could also go down some too, who knows.
The way things are going we might see more than $30. this year.
If silver hits $30/oz in the next few months shops will offer less and less compared to spot because more people will be dumping silver.
@@TN-cx4qi I don't know about that... again I could be wrong but $30 seems like a low threshold to get people to dump. Now $50... yea, I could absolutely see alot of poeple dumping their Silver at $50.
@@SilverSeeker Iâm just thinking that people who started in 2020 have been looking for an out and anything $30+ will be a dumping point for them. I agree $50 will trigger about any stacker to dump their silver.
Wish there was a private silver coop. A place one could trade at market value between each otherâŒïž
Great video!
I AM HOLDING ALL MY SILVER UNTIL SILVER REACHS AT LEAST $40. PER OZ. LOL
Yes. Thatâs the way to do it. Relax. Hold on. Wait. Patience is a virtue, man!
I have a LOT of 90%.....this was good to see. Thanks.
Me too. This was a very good informative video but depressing. I am in 90 percent the last few years well over 17.
â@@BCBeyer61 The premiums will go back up. Just don't sell while you're down unless you have to.
Itâs definitely an issue with junk silver - itâs why I donât go too overboard with it (even though I love it). The spreads are just too high.
When the dollar đ” is worthless and we go digital, everyone will wish they had junk silver to barter with, the Government will know every digital transaction, so good luck!
Not buying or selling but I am sure glad I paid 9x & 10x a few years ago. Great video SS!
Yet another reason not to be "investing" in junk silver. Spot needs to go to $40. for you to break even.
Thank you good show
Considering the economics (inflation and high real estate inventory) right now folks physically go into the LCS and sell to meet a need.
Good education for the new guy
Love your content , seen so many of your videos canât believe I havenât subscribed in till now. Keep up the great content đ„
Overhead cost money and dealers really don't make much on bullion sales. Numismatics are what keeps most coin shops open.
Thats not what most dealers tell me. Bullion keeps the shop open because numismatics is a really weak market.
$22.50 is spot price for 90% silver.
Dont forget that 10% of that is copper.
People should stop buying 90% silver coins for $30 an ounce then it would make sense to them
That's not how that works my friend. I get what you're saying though :)
Minimize cost, maximize profit, greed, greed, G R E E D! I have lost all respect and hope for finding a coin dealer that isn't out to SCREW the consumer with just one exception, Daniel Malone (Portsmith coin shop) Ohio
There's good ones out there, he's definitely one
â@@SilverSeekerDaniel is a great guy. I wonder what he would pay for $1000 face?
This is why you dollar cost average buying over time then when the day comes when you are going to sell you are more likely to come out ahead
Sell high buy low
Wow... Was I wrong in stacking silver? This really did shock me... I never did get any of the 90% though, all of mine is pure silver.
Glad I didn't stock up on junk silver. Had a feeling the value wouldn't hold up to what we saw last year.
I buy 90% silver as I am filling guardhouse boxes
I would like to see you get some resale prices on some of the more premium silver coins. That is like Kangaroo, Kookaburra, Krugerrand, Britannia, and so on.
I bought $50 fv on Friday. Good thing I did.
What did you pay
â. 18x FV
One thing that Iâve learned from these videos is that all pawn shops are manned by 150 year old women. đđđ»
LOL don't ya love voice changers :)
@@SilverSeeker I thought you called the same dealer in the beginning. Then I figured it out.
Tried to buy silver eagles yesterday. Coin shop didnt have any. Bought British sovereigns. Said nobody else was asking for those.
The silver game. I think it's fine to use silver as a currency in the event of an economic fail. My grandparents did it. So, holding stock is fine. Trading never worked out for me.
i think for comparison u should include sdbullions prices they pay since i know they pay more if in quantity as well
Great Video..... I live in PA between Erie and Pittsburgh...3 main trust able coins shops...16 x face Again thank you for the Math as well!
This is why I totally got out of the silver coin dealer game, they will never pay up.
i dont collect 90% because ive always been unsure how marketable it is if i need to. ive mostly concentrated on maples and britanias, with some eagles when i can get them at non-ridiculous prices
13-14 is the most Iâld pay. Business expenses etc
@Silver Seeker Thanks for sharing your experience....
Thatâs why I try to get rid of my silver bars (10ozâŠ.9999). I bought them in 2008 when Silver reached $40 an oz. Spot price for Silver haven reached $30 for a long time. I sold them to friends at Spot price of $25. Even then I am losing money. However, I am gaining on 1oz GOLD COIN (Canadian Maple Leaf; 9999). I bought them long ago at $1,400 - $1,600âŠ..currently gold is $2,200âŠ..đ
Based on this survey of coin shops, I would never buy constitutional coins and this makes me shutter if Iâm a fool for buying silver bullion. The safest way to off load silver for me is to sell to a coin shop. They really have you going both ways. Thanks for the informative video.
I buy 90% silver and will buy it over rounds and Silver Liberty's, I have bought "the junk" every since the 80"s and I will keep on buying.
I would have tried the line.... "I'm looking for a shop that will buy my constitutional silver for spot"
yeah, youll always pay the dealer to sell it and pay the dealer to buy it back. you dont want to sell your silver...you want to hold it until you use it as currency or pass it down to your kids, you do not want to have to sell your silver...its not a good thing to flip for profits.
The premiums on 90% have been very stiff here at the lcs........and to take that kind of hit when selling makes it toxic for me.......
Shows us supply is okay these days. Still holding all my AG. Waiting for $40+ before I even think about getting rid of any. Interesting video. Thanks
I am buying a ton of 90%. When silver supplies tighten the premiums skyrocket and dealers pay more. Private party buyers will pay up to 30% over spot. Give it a year or two.
đ Good info and confirms my strategy for silver weight stacking.
I personally stay as far away from buying 90% as I can.......I see no good reason to since I can easily find far more sensible ways to add pure Silver weight to my stack.
But to each their own.......I just know what doesn't and does work for me.
What is your strategy? Bars?
@exiled1gaming
If I'm weight stacking, then 90% junk silver is terrible and any .999 generic bars or rounds are much better.
If I'm collecting, then junk silver is even worse.
Personally, I see no reason ever to buy junk silver.
Interesting video, Seeker! Where is one to go to sell for spot??
Thank you
Stumbled onto your video today. I love it. I do have a question. Pre covid I bought about 20 Silver Eagles. Silver is now at around $24.76 ish an ounce. I am not selling but if I were what would be a fair price for the future. NEW SUB! Thanks in advance
probably you will not get more than 26$ , unless you sell to another stacker.
I had been buying 90% Silver for the last two months, but I may stop for a while after seeing this video. đ
My LCS is selling $10 face Dimes, Quarters & Halfs at $0.64USD an oz over spot, so these numbers for the time being sounds about right.
For $1000 face of Canadian 80%, it's about a nickel over spot, if not bang on.
Buy back prices suck
I believe that most of the coin dealers are concerned that spot is about to drop back to the $22-$23 price. Maybe you could check back with them in a couple of weeks if the current spot stays around $25 .
Shop by me pays 12x no matter what silver does.
I've never sold any silver before, so how does it work with the irs? Are shops required to get your personal information and report all transactions for the calendar year? Or just individual transactions above a certain dollar amount, like a bank with 10k threshold?
Keep in mind that businesses need to make money to stay open. Rent, wages, taxes, insurance, utilities need to be paid! Maybe ask Josh about this?
Nobody is arguing that and I was even fair to the shop that offered me $12. These videos are about showing you, the stacker, what the expect when going to sell.