Your Questions About Storing Junk Silver Coins

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Robert asks…

The value of silver coins on the rise?

I’ve been studying market conditions and trends with old u.s. currency, and believe that the values of old u.s. silver is bound to rise. Not so much with the morgan silver dollars, but I predict draped and bust halves for example will sky rocket in the higher grades. Any opinions greatly appreciated.

Justin answers:

The flowing hair and draped bust 1/2 dollar already command very high prices in top grades that have great strikes and eye appeal. They sell for much more than book value or trends values. There is all a large following for Capped Bust 1/2 dollars with many collecting by die variety. Good quality coins do not last long on the market and go for more at auctions. All the above halves are selling at higher prices as time goes by, especially if they have superior strike and eye appeal or are a rare variety. This of course can be said of other series also, including Morgan dollars that has many more collectors. Nice strike silver dollars of some years and mints are very rare and sell for 10 times the trends values but are usually private sales. The key to doing well is to know more about the series you collect than the dealers, but never let them know that. I have found some very rare varities in dealers stores and found a 1916-D Murcury dime in a junk box. I also found some very rare medals for $5 each. Tokens and medals are catching on due to their history and more info being available. Hope this helps

Mark asks…

What is the best way to sell a 1990 American Silver Eagle 60 troy ounce coin?

Justin answers:

I answered your question two days ago about what one of these is worth, and I told you then that it is NOT a coin. It is a privately-minted silver round made to look like a silver eagle coin.

Your best bet is to take it at least three dealers or stores that advertise to pay top dollar for gold and silver. Because it is pure silver, it doesn’t need to be melted down and refined like the ‘junk silver’ these places routinely deal in, so they can comfortably give you 95% of the spot market price and charge 105% or more in a quick sale. It doesn’t mean they won’t try to get it for less, but stand firm with them.

The current market price is about $2,320 – less than the price I quoted you two days ago, because silver is lower. You should be able to get close to $2,200.

If you sold it on eBay, you might get a dollar per ounce above the spot price, or $2,380 – $2,400. But the eBay fee is $100 (it’s 9% until you reach $100) and the Paypal fee another 2.9% or about $70. Knock $170 off of $2,380 and you’re not much better than the dealer’s cash in your pocket, and you’re taking all of the risk dealing with strangers, and if you don’t do eBay already, now is a terrible time to start.

George asks…

What should i choose my parents budget is low and i dont what to make it lower help?

umm i have choices should i get a itouch, laptop(under $800), or $100 and does anybody kno of an online catalog of electronic and video games thx

Justin answers:

I am glad you are thinking of your parents budget in your decision. Techonogy is always a bad investment, especially now when most electronics are 6 months out of date when they hit the stores. My suggestion is that you take the $100 and buy some junk silver coins. Watch the economy for three months or so and watch the value of the coins. (They will not go down in value.) The dollar is going to collapse and you might find that that small investment is going to be worth more to you than you can possibly imagine now.
OR
Wait for others to start ditching their “valuables”. Check the local paper for sales and search the yard sales. This is a less glamorous way but you can still get a good value and a decent product.

Don’t take advantage of your parents kindness. Get a side job or sell something of yours of value. Ask yourself if you would even be considering making the purchase if it was YOUR money, and you will probably find the answer is no.

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