If silver was $12.27 an ounce...

[billjustbill]

I have a chance to buy some American silver coins. When I sold silver in 2011, Refiners paid 80% for scrap silver and I would charge 5% for the time to sit down at a table with the coins' owner and find out what all is actually there. I've seen one freezer baggie with Morgan and Liberty faces and the owner says there's 74 silver dollars to begin with and two of them are well worn.... There are supposed to be 1964 and older rolls and rolls of dimes, Washington quarters, and a roll or two of silver nickels. General appearance is that the coins were pulled from pocket change back in the 1950's and '60's. There's an old coin pricing book and partially filled penny collection folders in the cardboard box and in the cigar boxes which tells me that if there were any key coins, they probably had already been pulled...

Based on Coinflation.com and their current silver pricing of each type coin, I've made an offer that equates to buying each coin based on 75% of what it's silver value.... Worn coins are present, but I've stacked each coin type in ten coin stacks. I pull a stack of average worn coins and place a ten-stack of the thinner coins I pulled aside and place it next to it to show how much less metal is present. Then, I add either an average worn coin or several worn coins to get that stack even and still call that stack equal to ten average coins.

Doing it this way, it comes out where the pure silver content is worth $12.27 t.oz. How much coinage would you buy at this price if it went well passed $1,000.00 in cost?

Thanks,
Bill

 

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[stefen]

Another quiz...

 

[billjustbill]

Another quiz...

But, it doesn't have any questions about what you would do if you found a $100 bill in some estates sale boots... before you buy them...

 

[Mackaydon]

I dumped silver when it hit $40 and have been waiting that long (five years) to get back into the market--when silver again gets into the !2s.
I don't know how much I would start to stack at $12.27 per oz, but you would certain have my attention.
Don.....

 

[billjustbill]

"Whew-Wee"..... Ever written a check for 1,800 dimes at .93 cents each? 1/3 Merc's; 2/3 Rosies....

Took over two hours to open the rolls, and with a lighted magnifying glass, pull the clads out....

Everybody was happy to get the silver price and everybody was glad to get finished!

What do you think?

Bill

 

[Goose-0]

Of the 1200 Rosies, how many were clad? A 90% U S silver dime is worth $1.17 today for its solver content, so you paid 20.5% under spot price for those dimes.......MINUS the clad dimes.

 

[billjustbill]

Of the 1200 Rosies, how many were clad? A 90% U S silver dime is worth $1.17 today for its solver content, so you paid 20.5% under spot price for those dimes.......MINUS the clad dimes.

Goose,

We pulled all the clad coins before stacking them in stacks of 10. Every coin is silver, 1964 or earlier. If it wouldn't have made the lady even more nervous, I wish I'd had taken pics to show how they looked stacked on a small kitchen table....

Bill

 

[fistfulladirt]

If folks in my area can't get 110% from a private buyer, they will dump it on the LCS for 50 cents on the dollar.
I run into it time and time again, makes absolutely no sense.

 

[Bruce R]

I look at the price of silver in the newspaper, multiply it by. .69 then subtract $ 1.50 and that's about what a dollars worth of regular silver coins are worth. Right now a bucks worth of silver is almost ten bucks.

 

[Goose-0]

Your figures don't seem to work for me. Silver is now at $16.33. $16.33 X .69 = $11.27- $1.50 = $9.77......for $1 worth of 90% U S silver coins? I use a different calculation. The spot price of silver is $16.33....X .7233 = $11.81.......the true value of $1 worth of 90% U S silver coins (except the silver dollar) Look it up on 'Coinflation'. (I might be missing something on your explanation.)

 

[jim4silver]

The easiest way to determine the MELT value of junk silver US coins (dimes, quarters and halves) is to multiply current silver SPOT x .715 (industry standard since most coins show some wear). For silver dollars, multiply by .7734.

Bruce's method above must be the "common core" method to get to melt?

Jim

 

[Bruce R]

I'm sorry, I use the formula given to me by the guy I sell to. There's others around here that pay more, but only by check. If I'm giving up hard cash , I demand the same in return. My last transaction was 4yrs ago, $ 8,600. CASH. My bank won't even let me withdraw that much from my own account without waiting a few days. I'm sitting on roughly $ 300. face value in silver right now and I ain't selling until it hits at least 25 on the dollar.

 

[Goose-0]

J-4-AG, your .715 figure is very close to melt and should be used instead of my figure due to wear. Your figure is only 1.02% off of true melt.

Bruce R, you're talking about silver hitting $34.60/oz for silver to hit $25 per $1 of silver coins. Who really knows when that might happen....at election time, (there always seems to be an "October Surprise"), another 'police action' by the U S, a stock market crash?

Something is stirring up silver hoarders because every time I go to my favorite pawn shop to buy silver and coins for my collection, I'm informed that, "We just got in a bunch of coins, but they don't seem to last the day they are displayed....they're sold." We'll see what happens in the next year or so, it seems that P Ms are just are on a level path.

 

[Bruce R]

I can wait.

 

[xr7ator]

If my bank wouldn't let me have my money in cash any time I wanted it, I'd get a new bank asap!

 

[jim4silver]

If my bank wouldn't let me have my money in cash any time I wanted it, I'd get a new bank asap!

Some small banks don't keep all that much cash on hand, and what they have is intended to be used for multiple customers instead of one guy walking in and hogging it all (from their perspective). I talked about this before with one of my coin dealer friends who goes through multiple thousands per day paying sellers of PMs and jewelry that come in to his store, and he said they have to "order" cash at least a few days ahead and they are basically on a pre-set schedule to get a certain amount each business day, and if he tries to get extra (more than he ordered) sometimes he gets grief from the bank. I don't know why they don't keep more cash at banks it's not like it will spoil or go bad?


Jim

 

[Bruce R]

Not to mention that the government is trying to force everyone into electronic transactions only, easier to keep an eye on you.

 

[fistfulladirt]

If my bank wouldn't let me have my money in cash any time I wanted it, I'd get a new bank asap!

Why not just dump your bank, period. I refuse to support their greedy fee-based setup. Credit unions all the way, I'm part owner of two!

 

[SorenCoins]

Im 12 years old now, but I remember when I was around 6 a 1 ounce silver bar at this one coin shop costed $13. I didnt get it though, I was too young and didn't understand it.