Converting zinc to 90% silver

[TwoAndAHalfCents]

I have been accumulating 90% junk silver coins for a long time. Recently I switched to searching boxes of pennies so that I can add copper to the mix. Now I have a problem. There is a growing pile of zinc pennies that I would really like to turn into a nice pile of 90% silver coins. Is that too much to ask?

So here's my idea:
- Dump zinc pennies at CoinStar machine
- Get Amazon.com giftcard (no fee charged)
- Shop online at Amazon.com for SILVER

http://www.amazon.com/Value-Silver-Washington-Quarters-Ounce/dp/B003GCCY8A/ref=pd_sim_misc_22

It sounds like a good plan but 40X face is pretty steep.

[bman]

sounds like a good plan as long as the silver doesn't have too much of a premium on Amazon.com
Coinstar machines are also not the fastest coin counters so depending on how much you need to dump it could take a while.

[PennyBoy]

Not to be a "debbie downer", but I have searched Amazon in the past for hours, to no avail. I did it for the same reason, I was gifted a gift card. If you are a numi you can find good deals on coin supplies, otherwise, I wish you all the luck in the world. Shipping may also be a deal breaker.

Another idea may be to just trade the Amazon gift card, or any other gift card you can get from coinstar, for 90%.

GOOD LUCK!!!

[CuJoe]

If I were you, I'd toss the Amazon card on ebay and get some Paypal scratch for it. Then dig around for some silver and use that cash to pay for it. Just a thought. I know that Paypal and ebay both have some fees, but far less than 8% Coinstar fee.

[daviscfad]

sounds like a plan. I would be on the lookiut for a free coincounter though

[TwoAndAHalfCents]

Thanks for the feedback. I didn't even consider shipping fees. So looking at high priced silver on Amazon with shipping sounds like it would be too much to pay. I agree that finding a bank or credit union with a coin counter would be a better way to go and just avoid Coinstar.

[schockergd]

I bet you you could get silver via craigslist for the cards

[Henchman]

ome fees, but far less than 8% Coinstar fee.

The coinstar fee of 8% is probably better then selling on eBay. eBay upped their fees to 9%+ and PayPal is another 2.9% + .30 per transaction. So on average you are at least paying 11.9% and .30 per sale off the item selling price + SHIPPING. F U eBay! Now charging a % on the shipping fee. So people used to scam on this and make money off shipping. eBay is saying it is to REWARD sellers that offer free shipping. So basically you are Paying eBay to buy postage now. Ridiculous if you ask me.

I still buy and sell on eBay as it is a great way to reach a vast consumer base, especially for collectables. When you aren't sorting pennies, hit up some yard sales and buy stuff you know about to resell for fast cash. Growing up in the video game age I buy and sell video games and usually sell for 5x on my money. Since having kids I purchase kid items I know I can turn around and sell fast. This is how I am funding my Penny/Silver addiction

Basically, I am saying don't sell anything on eBay for even money. You will lose out every time. Dump crap you don't need anymore or stuff you bought low and are selling high.

Cheers,
Henchman

[TwoAndAHalfCents]

I would be reluctant to sell off a gift card on eBay considering the seller fees. I'll just stick to using eBay as buyer. BTW, just snagged another 38 different 90% silver coins there yesterday averaging just under $35/OZ.