Advice on Selling Silver
Posted: Tue Oct 25, 2011 7:17 pm
I am new to this forum and have dabbled with Coin Collecting a long time. I recently inherited a collection and am in the process of grading, sorting and cataloging many coins. One thing I am doing it separating the AG Silver quarters and dimes from around 1930 - 1966 inclusive. I've seen a lot of ads online for people wanting to buy silver however the most I've seen lately is an offer for 15.1 face value as of Oct 25, 2011. Given the spot price of silver is around $32 today and each quarter is 80% Silver with a weight of 5.83 grams, the offers don't seem to add up.
Each Silver quarter should contain (0.8 X 5.83) or 4.66 grams of Silver.
Given it takes ~28.35 grams to make an ounce, it takes 6.08 quarters to make an ounce.
Four quarters should therefore be 0.667 of an ounce or around $21.35 per $1.00 face value.
The pawnshops are offering $15 hence making around 36% profit on Silver.
Here is the question:
How does the bulk silver process work? I assume it is illegal to deface CAD currency yet somehow it does get melted down. The local pawnshops etc are obviously easily selling it to someone given the volatility and eagerness they pursue silver with. Does anyone know of a good blog post or article to explain the process in Canada? I obviously would want to sell the junk silver at the best price possible but also recognize there is work involved in smelting metal.
Are there any reputable places to deal with? I feel like I need a shower after reading some of the websites of the silver and gold buyers. Thank you in advance for any help.
Each Silver quarter should contain (0.8 X 5.83) or 4.66 grams of Silver.
Given it takes ~28.35 grams to make an ounce, it takes 6.08 quarters to make an ounce.
Four quarters should therefore be 0.667 of an ounce or around $21.35 per $1.00 face value.
The pawnshops are offering $15 hence making around 36% profit on Silver.
Here is the question:
How does the bulk silver process work? I assume it is illegal to deface CAD currency yet somehow it does get melted down. The local pawnshops etc are obviously easily selling it to someone given the volatility and eagerness they pursue silver with. Does anyone know of a good blog post or article to explain the process in Canada? I obviously would want to sell the junk silver at the best price possible but also recognize there is work involved in smelting metal.
Are there any reputable places to deal with? I feel like I need a shower after reading some of the websites of the silver and gold buyers. Thank you in advance for any help.