Finance and Economics > Investing and Saving

Getting Silver junk coin for spot price on eBay

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ModernSurvival:
here is an insider tip about buying silver and getting "spot price" on coins. You guys are lucky I haven't even told my podcast audience this YET.

Here is what you do.

Step One - Go to eBay and find a seller offering "junk silver" by the pound. Look for "power sellers", most power sellers offering 1/2 to 1 pound or greater lots of pre 65 coins will be coin shop owners.

Step Two - Ignore the "buy it now price", hop your butt over to Monex and look up the spot price on 90% Silver coins, this is the link, http://monex.com/liveprices don't look at bullion but at the spot price on 90% Silver US Coin (junk silver)

Step Three - Open your calculator and multiply the spot price per ounce by the weight of the lot of coins being offered. Such as 1 pound would be spot price x 16 or 1/4 pound would be spot price x 4.

Step Four - Don't place a bid, "Make the seller an offer" at the EXACT current spot price of the coins. Most times the seller will be an informed shop owner and will recognize the "spot offer".

I have done this now four times with lots from 1/2 to 1 full pound. Three were accepted at once. Sure during times of high rise they may not take it but many times the very act of making a spot on price to an informed coin shop owner on lots at least 1/2 pound or bigger (you will have to try your luck at smaller lots) will get you a quick yes.

Then if you get quick shipping, etc. go leave positive (very positive) feedback. Odds are if you deal with the same seller again at 2-3% under spot in MOST market condition he will take your offer as most of these guys are sitting on big inventories and sell mostly to numismatic types with not tons of interest in low quality coin.

BigDanInTX:
Jack,

I've only seen the "Make an Offer" area on one listing and I am not sure how to find other listings like that.

ModernSurvival:
I think that is only on stuff with a "buy it now price", you can always put in a bid or contact the seller with a back door offer.  IE send a message saying, I will give you x per pound, etc.

BigDanInTX:
Right on, thx

archer:
Excellent tip! I'll have to try that.

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