Expert: Joe Hylas - 11/5/2004

Question
-------------------------
Followup To
Question -
Hi Joe,
First, thanks for volunteering.

I have about 20 lbs of silver quarters (US). I'm sure they have been inspected for numismatic value.
My question is: How would you recommend I sell them?  What should I be leary of and what pitfalls should I avoid?
I live in NY just north of NYC.
Thanks,
Jerry

Answer -
Hi Jerry,
Selling silver quarters is easy.  Right now, they are worth about $1 per coin.  Since there is nothing special in the lot as they have already been inspected, simply count up the face value and multiply that by 4.
I'm on Long Island.  If you want to box them up and ship them insured to my office, I will cut you a check.
Since $1,000 face value weighs about 65 lbs., you probably have about $300 in face value which translates to about $1200
You can email me directly for my shipping address at
OmegaPM@aol.com

Regards,
Joe Hylas

Thanks Joe,
Isn't the silver worth more than the coins?  What if I sold the silver instead of the coins?  How could I do that?
Jerry

Answer
Hi Jerry,
It is illegal to melt the coins.  Anyway, the coins are 90% pure silver which translates to about $6.50 per ounce.  Each $1 in face value = 3/4 of an ounce
3/4 of $6.50 is 4.87
So $4.87 is the full melt value for $1 face value
However, silver coins are traded in bags of $1,000 face value, partial bags such as you have are sharply discounted as you can see.
Then you have a dealer who is in business to make money and 20% is not unreasonable considering the work involved.

Regards,
Joe Hylas