LCS and 90% silver

[skeeterd]

How much do the local coin stores in your area charge for 90% silver coins? I only have one store locally and they are currently charging 26.5 times face value. I have been buying off ebay and with shipping, I pay about 25 times. Is my LCS prices high, or is that normal around the country.

 

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[jim4silver]

How much do the local coin stores in your area charge for 90% silver coins? I only have one store locally and they are currently charging 26.5 times face value. I have been buying off ebay and with shipping, I pay
about 25 times. Is my LCS prices high, or is that normal around the country.

Skeeterd,

Paying 26.5X face for regular old junk silver is not a good choice. Spot is roughly 22X face. You are paying over $36.00 for an ounce of pure silver (spot is now 30.44). You could be buying silver eagles for cheaper than that from some online coin dealers.

Here the prices for 90% dimes and quarters is roughly 23.70X face at the high end, and probably 23.25 if you shop around. Interestingly, 90% halves have been getting higher premiums at the wholesale level right now for some reason. Since I have been into PMs (2006 or so), I have not seen the premiums on 90% halves so high relative to 90% dimes and quarters. I have no idea why that is but I am glad almost all my junk silver is 90% halves.

You should think about opening your own coin business if that store is the only one around. You could beat their prices and still make a nice profit.

Jim

 

[Kaynos]

I dont buy 90% at local coin store cause (at least in Canada), you have to pay taxes if it's not .999% pure. So add this to the already inflated prices they ask for and your are paying way too much. Generally at my local flea market i can buy junk silver (in bulk) at spot price and tax free. Last time i went there i bough this guy 700$ worth of canadian junk silver (80%) at spot.

 

[skeeterd]

Thanks. I don't buy there, I was just wondering if it was like that in most coin shops. I guess they're taking advantage of being the only place in town.

 

[fistfulladirt]

I have only one LCS in town, and I usually buy below spot when possible, but he moves the 90% quickly regardless.