Value of Kennedy Silver Clad Coins?

[DoubleCovaBrotha]

I've got approximately 50 silver Kennedy coins from 1965-1969. My local coin dealer is offering me just a little over 4x face value for them. Is this a good deal considering it is a local dealer? I don't really want to deal with eBay or Craigslist.

 

Thanks everyone!

[WoodenJefferson]

"Let there be LINK"

 

$3.22 per seems 4x is a little shy, but then again the dealer has to make a few X in order to stay in business.

[cpm9ball]

Suppose you have exactly 50 of them. The dealer is offering you $100 and the current melt value is a tad over $160. I'd try to find a better offer.

 

Chris

[DoubleCovaBrotha]

Okay thanks everyone. He should still make money if I offer 5x then...let's see if he'll bite.

[mtnstyne]

I offer 5x for 65-69 Kennedies and straight up 10x for anything 1964 and earlier, sometimes I feel those are lowball prices but I figure that I have to make some margin to make it worth my time to resell them.

[DoubleCovaBrotha]

Yeah, I understand. I don't mind my local dealer making some money off me, I just want to make sure I'm getting a good deal too. I looked on eBay and I see some people making nearly 6x face on these! But once you factor in the eBay/PayPal fees and the hassles with shipping and unknown customers, 5x face is worth it.

 

Question, since you're paying 5x to buy these, where do you go sell these to make up the profit?

[James Mayer-migration]

Sorry but I don’t think you could pay 5x face for 40% and make much of anything, melt value does not matter much because the cost or refining is much higher on these coins because you have to remove 60% junk to get to your silver. Same reason why war nickels are not worth any near melt. If anyone feels that theses coins are worth full melt value please let me know I have lots for sale.

[mtnstyne]

sorry for the delay.

 

I offer 5x for 40% silver and 10x for anything 90% silver, but I have never been offered just a bunch of 40% silver halves before and it never crossed my mind. I am probably just breaking even on them and need to lower my offer, but I could also probably offer 12x face for 90% and still make money. I was in a pawn shop today that buys for 12x and sells for 16x.

 

My location makes the options very limited for sellers, there are only a few places to buy and sell coins within a 2 hour drive (I drove 2 hours each way today to an auction that didn't happen) and the only coin shop within an hour is only open 2 days a week and very stingy on buying and sells at full retail.

[Coindude]

The problem with 40% silver coins is that no one wants them. There are plenty of them and no one seems to be able to get rid of them. In fact they often sell for less than spot price. Currently with silver just over $22, spot price would be right around $160. 40% silver Kennedy's contain 0.14467 of silver, that's where the price comes from.

 

Best of luck selling those coins.

[mtnstyne]

I go to a lot of auctions locally and there always seems to be a bunch of the 40% silver halves in large lots or mixed in with 90% halves. They seem to do alright at auction and almost always go slightly above melt. For some reason it seems to me there is a lot of hoarding going on with these old guys I got to auctions with.

 

There are the guys who come to buy the quality coins and then there are the old farmers who come and just buy quantity after quantity of silver coins. Here are a couple of the lots that are at an auction I am going to in two weeks:

 

372 franklin halves mixed

173 barber halves mixed

294 1965 and newer kennedy halves + 80 franklin halves

1002 1965 and newer kenndy halves + 97 franklin halves

364 mixed silver halves

 

then they have many other bulk lots for quarters, morgans etc...they just throw them all in a shoe box and auction them off...it is difficult to tell what you are getting but you would be amazed at how high they will go. I will post some results in a few weeks after they do the auction.

[DoubleCovaBrotha]

Thanks, I'd be interested in knowing. I just offered them to my local guy at 5x and he readily accepted. I asked him how he makes money on it and he told me that he just ships it off to someone else almost right away who buys it for more than what he pays for them. We're pretty friendly but I thought it would be disrespectful for me to ask who he sells to exactly.