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Where to sell Silver coins?

I was recently given some very old silver coins that I would like to sell.

However, I am not the most knowledgable when it comes to this type of stuff. Where should I go, in the Toledo area, to not be ripped off? Who should I talk to?

Any help is appreciated!

created by skippy5k on Apr 02, 2012 at 07:10:05 pm     Business     Comments: 24

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Haven't sold, but I recommend "Toledo Coin Exchange" on Sylvania Ave.

http://www.toledocoin.com/

They also deal in silver/gold as well.

posted by INeedCoffee on Apr 02, 2012 at 07:26:39 pm     #  

If you have access to a digital camera to take pics I could try and give you estimates. Numismatics is a hobby of mine. But any shop is going to give you less than value since they'll need to make a profit off it. If there's only a few, get a market value and try ebay. Toledo Coin seems to be the most fair. Hopefully HistoryMike will chime in as well on this.

Good luck.

posted by INeedCoffee on Apr 02, 2012 at 07:29:44 pm     #  

Are they silver dollars?

posted by Molsonator on Apr 02, 2012 at 07:35:21 pm     #  

I've always used Howard Cook at HCC Coins out in Holland. Very fair and friendly.

http://www.hcc-coin.com/

posted by Ace_Face on Apr 02, 2012 at 09:12:02 pm     #  

Thanks for the suggestions. @molsonator and coffee: yes, there are about 15 silver dollars with mint dates between 1879 and 1922

posted by skippy5k on Apr 02, 2012 at 09:18:30 pm     #  

nice probably Liberty dollars they are nice. Often kept by collectors because they are solid silver, and just pretty with a young lady liberty on the front. The older ones are Morgan dollar and have the same silver makeup.

Interesting note on the Morgan. There are some with a CC designation meaning they were minted in Carson City which had a silver mine. Back in that time travel wasn't as easy so they were allowed to mint their own using locally mined silver :)

A lot of history in your hands. The mint that issued them can change the value a good bit.

posted by INeedCoffee on Apr 02, 2012 at 11:05:34 pm     #  

Agreed with INeedCoffee that Clyde Englehardt at Toledo Coin is a fair dealer.

They could be worth a bit more if you have rare issues, but the historic spike in silver prices means you have some significant melt value in these silver dollars, which each contain .7735 ounces of silver. The melt value on Morgan/Peace dollars is about 25 times face right now, so with 15 silver dollars you have approximately $375 in metal alone.

Now, dealers have to make a profit, so do not expect on a melt exchange to get every penny. I would not take less than $20 per coin at the moment for melt value.

As far as numismatic value: some Morgan and Peace dollars are extremely rare, while most are quite common. The value of course depends on wear, and you need some expertise to properly grade these coins. This table provides mint totals for Morgan dollars, while this page provides mint totals for Peace dollars. As you can see, some of the rarest silver dollars are the Carson City (CC) mint issues. The mint mark position on Morgan dollars is above the letters DO in DOLLAR, on the back:

mint mark position

posted by historymike on Apr 03, 2012 at 08:07:58 am     #  

Thanks, historymike. I will take your suggestion and go to Toledo Coin. Should I expect to pay a fee for the appraisal?

posted by skippy5k on Apr 03, 2012 at 10:09:04 am     #  

Skippy5k - HCC does not deal in smaller numbers (is my understanding...I could be wrong).

What i did when I had about 50 silver dollars of the same years is sell them on e-bay. I never had a problem and you can get a good idea of market value. I sold them in quantities of four so shipping would be less for the buyer. What is funny is i got the exact price that others were getting - not a dime more. When I saw the same coins at an antique mall...the price was within a dollar.

If you don't like e-bay, at least visit it to get their pricing before visiting a coin shop.

Good luck.

posted by Molsonator on Apr 03, 2012 at 10:29:46 am     #  

I recently took a bag full of silver coins of my Aunt's , into both HHC & Toledo Coin Exchange, for comparison.HHC, gave me about $900 more than what Toledo Coin, offered.
In fact, when told of HHC's rate, the salesman at Toledo Coin, seemed a wee bit put off by my claim!
No doubt, customers waiting in line heard it also because some of them split !

posted by BigWillard on Apr 03, 2012 at 11:14:51 am     #   1 person liked this

Skippy5k: it has been a few years since I was in the business, but I doubt that Clyde would charge a fee to give you an offer on coins (he never did in the past). Dealers make the money on the spread between what they can sell a coin for and what they buy it at.

An ethical dealer (like Clyde) will not rip you off. An unethical dealer will be unlikely to rip you off if you have some idea of the true value (like melt). However, an unethical dealer will salivate if you walk in and act like a total newbie, and the next thing you know you are accepting a low-ball offer. Remember: the absolute least these coins are worth is melt value, and if you have some coins of a low mintage and/or of very high quality, there could be much higher values.

Chances are, though, that these are common mintages and of average quality, so melt value is your likely outcome. Still, a couple hundred bucks is nothing to turn up one's nose for.

posted by historymike on Apr 03, 2012 at 11:17:10 am     #  

Any recommended websites I can pursue to educate myself before going in?

Big Willard, I am a bit confused. Dd HHC or Toledo coin give the better rate?

All, than you for your help in this. I appreciate it,

posted by skippy5k on Apr 03, 2012 at 11:56:40 am     #  

HHC, by a sweet $900, was the WINNER !!The difference had me back at HHC, so fast...my shoes caught fire !

posted by BigWillard on Apr 03, 2012 at 12:05:53 pm     #   1 person liked this

Big Willard, was the difference in price for basic 90% silver coins? If so, what was the rate for every face dollar? Any help is much appreciated.

posted by dino on Apr 03, 2012 at 12:18:54 pm     #  

The idea of melting these for the raw silver makes me sad. But people have to eat.

posted by INeedCoffee on Apr 03, 2012 at 01:53:57 pm     #   1 person liked this

Fiber makes me sad.

posted by Molsonator on Apr 03, 2012 at 02:14:04 pm     #   5 people liked this

Here is a guide for the melt value of silver coins.
http://www.coinflation.com/coins/silver_coin_calculator.html

posted by roygbiv on Apr 03, 2012 at 02:48:55 pm     #  

Dino, No, it wasn't based on silvers weight and price. It had to do with most of the silver coins being in nearly perfect condition.( they were hidden in an old suit my grandfather wore to church ) That difference of $900 ,made the decision quite easy for me to make...I love easy decisions !

posted by BigWillard on Apr 03, 2012 at 03:13:56 pm     #   2 people liked this

I thought you were talking about a bag or so of 90% silver coins...you must be speaking of coins with collector/numismatic value, because there's no way that much 90% silver coins could fit in a suit.

posted by dino on Apr 03, 2012 at 05:37:56 pm     #  

"Melt value" does not mean people necessarily melt the coins, INeedCoffee. This is the theoretical value if the coins were melted, but most dealers do not send the coins to be melted. It is much easier to roll up and bag up silver coins for exchange than it is to actually melt them, since the coin has a known metallic composition.

posted by historymike on Apr 03, 2012 at 07:26:40 pm     #  

Dino, the $1 coins numbered 109 and, were all "old wagon wheels ", dating from 1880-1895. Beautiful coins all...my Aunt, weeped at the recollection of where they were found, what they were used for, and her Father's, smiling Irish face.

posted by BigWillard on Apr 03, 2012 at 08:14:12 pm     #   2 people liked this

Thank you for sharing that BigWillard :)

posted by INeedCoffee on Apr 03, 2012 at 11:01:36 pm     #  

Talking of coins, looks like Canada is getting rid of it's penny. Here is an argument for us doing the same.

http://www.slate.com/articles/business/moneybox/2012/04/abolish_the_penny_the_united_states_should_follow_canada_s_lead_and_ditch_one_cent_coins_.html

posted by SensorG on Apr 04, 2012 at 02:55:05 pm     #  

We found those blasted coins in an old trunk my son wanted for college. We figured that the coins & his other belongs found were stashed there by my father at the Old Farmstead. Other items found would have one of those "picker show",actors in fawning desire for their purchase.
{My Aunt, is closest living kin to my Grandfather, and is the correct recipient of the loot.}
A Colt pistol found is still being thoroughly researched . That, I will keep...

posted by BigWillard on Apr 04, 2012 at 08:28:09 pm     #   1 person liked this

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