Pre '66 Australian Silver Coins
- Thread starter Greg123
- Start date
all the best!
Golden ChipMunk
Well-Known Member
Depending on your location.
There are Silverstackers meeting around Australia.
I suggest you attend one of the meeting near you and get to meet your local.
There are Silverstackers meeting around Australia.
I suggest you attend one of the meeting near you and get to meet your local.
Welcome to the forum!
50% Australian junk silver is about the cheapest silver on the market, worth about spot. It is plentiful, usually dirty, takes up twice the space of pure silver and most refiners won't touch it, which limits where you can sell it. I have loads of it because it is dirt cheap.
92.5% Australian Junk silver should be easier to sell, still dirty but you don't see it so often, refiners will buy it and it is closer to pure silver. You might be able to get more than spot for it.
If both are offered at spot, the 92.5 will probably sell easier.
On the positive side, the small fractional sizes means you can sell it to people who can't afford to buy large sizes, if you want to make hundreds of small sales.
Selling 20kg at a time though, unless you meet face to face with someone local it will be difficult, postage will be expensive.
Good luck though and I will keep an eye out for the sales post.
50% Australian junk silver is about the cheapest silver on the market, worth about spot. It is plentiful, usually dirty, takes up twice the space of pure silver and most refiners won't touch it, which limits where you can sell it. I have loads of it because it is dirt cheap.
92.5% Australian Junk silver should be easier to sell, still dirty but you don't see it so often, refiners will buy it and it is closer to pure silver. You might be able to get more than spot for it.
If both are offered at spot, the 92.5 will probably sell easier.
On the positive side, the small fractional sizes means you can sell it to people who can't afford to buy large sizes, if you want to make hundreds of small sales.
Selling 20kg at a time though, unless you meet face to face with someone local it will be difficult, postage will be expensive.
Good luck though and I will keep an eye out for the sales post.
First of all guys, thanks for the rapid responses, I was not expecting that and its super appreciated.
I had not considered a refinery, ABC in Sydney seems hard to get a hold of on the phone (short week here in Sydney probably doesnt help). Does anyone have more information they could share about selling it to a refinery or just getting it refined into bars to be sold? Has anyone here used a refinery they would recommend or could provide insight on the pricing structure? I'm in Sydney but would be happy to travel on the east coast for a better deal.
Again, really appreciate the help.
Greg
I had not considered a refinery, ABC in Sydney seems hard to get a hold of on the phone (short week here in Sydney probably doesnt help). Does anyone have more information they could share about selling it to a refinery or just getting it refined into bars to be sold? Has anyone here used a refinery they would recommend or could provide insight on the pricing structure? I'm in Sydney but would be happy to travel on the east coast for a better deal.
Again, really appreciate the help.
Greg
Golden ChipMunk
Well-Known Member
Why not attending Sydney Meeting held by @sammysilver , Meet those great guys locally at Sydney. this 27 April
https://www.silverstackers.com/foru...keratti-soiree-sunday-27-april-1-3-pm.110350/
https://www.silverstackers.com/foru...keratti-soiree-sunday-27-april-1-3-pm.110350/
Just me, but I think if you try and sell small amounts on the forum, you'll build up a reputation as being reliable. I (personally) wouldn't sell to a refiner as they'll a) pay you way less than spot (they need to make a profit), and b) technically it's illegal to melt down Australian currency, and the only non-legal tender Australian currency is the holey dollar and the dump. You are far better (IMO) to sell 100g here, and 100g there and slowly build up a reputation as a reliable and trusted seller.
No, no-one will come after you if you do decide to melt the coins, but really if you do, you are doing yourself a disservice (IMO).
The other option is to take them to your LCS and see what they'll offer you (for the pre-65 stuff [and assuming they're not worn to the point of being slicks], don't accept less than 5% below spot, and for the post-65 stuff, don't accept less than 15% below spot). It might take a bit of work, but 5%/15% below spot should be your absolute lowest price point for selling them.
Again, all subjective and just my opinion. YMMV.
No, no-one will come after you if you do decide to melt the coins, but really if you do, you are doing yourself a disservice (IMO).
The other option is to take them to your LCS and see what they'll offer you (for the pre-65 stuff [and assuming they're not worn to the point of being slicks], don't accept less than 5% below spot, and for the post-65 stuff, don't accept less than 15% below spot). It might take a bit of work, but 5%/15% below spot should be your absolute lowest price point for selling them.
Again, all subjective and just my opinion. YMMV.
Come to the meeting and I’ll steer you in the right direction.