Buying gold and silver.

[GSM]

I have been following this thread a bit and watching the numbers climb. What would the advice be to someone who is in possession of about 30-35lbs of pre-1965 US coins and silver bars be?

 

[Rowdie]

I have been following this thread a bit and watching the numbers climb. What would the advice be to someone who is in possession of about 30-35lbs of pre-1965 US coins and silver bars be?

Depends on your debt

 

[Jiffy]

A new boat and rig to pull it!

 

[49994]

I have been following this thread a bit and watching the numbers climb. What would the advice be to someone who is in possession of about 30-35lbs of pre-1965 US coins and silver bars be?

Depends on why you have the silver? Was it a hedge against the dollar? Was it an investment like owning a stock?
Most of the metals are at all time highs right now and its never a bad idea to lock in some profits at these prices. IMHO. The supreme court push back the ruling on tariffs again and that is a potential curve ball.

 

[BrokenBackJack]

Hang on to it and ride it out.

 

[Maddog]

Hang on to it and ride it out.

This

 

[guywhofishes]

 

[GSM]

It was inherited. Ride it out to what end? Also, I have never dealt in metals. Could I just take this somewhere and sell for weight value? There are so many coins I just haven't went through it all to see if there is anything special or if any may be worth more than silver value.

 

[guywhofishes]

It was inherited. Ride it out to what end? Also, I have never dealt in metals. Could I just take this somewhere and sell for weight value? There are so many coins I just haven't went through it all to see if there is anything special or if any may be worth more than silver value.

Cool - sounds kinda fun.

 

[sweeney]

Are your coins like silver eagles or peace dollars or are they like dimes nickels quarters. If the latter mostly worth just melt value, some coins carry a premium but most bulk buyers dont pay them. I'm going to go around check some prices at places and maybe sell a few pounds Friday or maybe trade out for more gold. Bismarck gold and silver exchange is one place to check and abel gold in mandan(my choice)

 

[Maddog]

It was inherited. Ride it out to what end? Also, I have never dealt in metals. Could I just take this somewhere and sell for weight value? There are so many coins I just haven't went through it all to see if there is anything special or if any may be worth more than silver value.

There may be some great finds in there.
I would give your scrap value for it. (weight)

It would be so fun to go thru it all and see what treasures are buried in there.

 

[sweeney]

Don't do this^^^^^^

 

[Big Iron]

Gravity will eventually pull silver to $100/ OZ.

 

[Dryfly36]

Sold some yesterday at 91.50/oz

 

[ORCUS DEMENS]

GSM, I echo Rowdie, depending on your debt (high interest such as credit card debit ) this is a good time to reduce that. I also concur with Sweeny and Maddog, since they are coins, some may have greater value than melt. Rarity and condition are the key factors here. I would venture to guess these coins were previously in circulation and not proofs or mint set coins. A quick check at online numistic sites would alert you to any that may be of greater value than melt. Your age and what your succession plans would also be a factor on what to do. 49994 also has a good insight, ask yourself, why did you collect them in the first place.
Or you could just say F&$k tomorrow and take jiffies advice. No one lives forever and you won't be able to use it on the other side.

 

[Maddog]

I have been following this thread a bit and watching the numbers climb. What would the advice be to someone who is in possession of about 30-35lbs of pre-1965 US coins and silver bars be?

If unawares, also appreciate the tax consequences of the sale. Possible long-term capital gains tax (versus short-term). Good luck.

 

[KDM]

I have been following this thread a bit and watching the numbers climb. What would the advice be to someone who is in possession of about 30-35lbs of pre-1965 US coins and silver bars be?

Give them to your kids. Keeps it in the family and no paperwork for the dumpster licking tax grabbers to see.

 

[Pheasant 54]

Totally agree unless you desperately need the money

 

[Rowdie]

A co-worker friend was telling me about finding a bunch of silver and cash when cleaning out his mother's house before she lost it and went to a nursing home. I wish my parents could have had the ability to save that much, but he is honest and is splitting it with his 4 siblings. His mom didn't even remember filling those old band-aid containers with $100 bills. Just in cash she had $24K. The silver with all the coins and bars, I'd bet it's now over $100K. Now that the price of silver is so high he's contacting siblings about what to do, sell then split or split the silver.

FWIW he took some of it to the coin shop in Biz on Broadway. He had a mercury dime collection with every date and mint, and one of them is worth $800, but the guy there was just gonna give him melt. 100% he knew there was some value in some individual coins. With the internet it's a quick search to know for sure.