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iOWNme
20th March 2011, 07:22 AM
Hoping you guys can give me your opinion on some prices my local shop offered me.

I was interested in $10 face value of pre- '64 quarters, or 40 quarters. His price was $262.35.

According to coinflation.com, these quarters have $6.38 worth of silver in each one. 6.38 x 40 = $255.20

I have never bought from this place before, so i may not be getting the 'good guy' price, so i would like to ask what is the 'above spot' rate for junk silver?

Also, he wanted $40 each for Silver Eagles, and $33.xx for Morgans....?


Opinions please!

Thanks again,

hoarder
20th March 2011, 07:33 AM
Most dealers around here pay $2 or more below spot for 90%. Just put ads in craigslist under "items wanted" and "collectibles".

iOWNme
20th March 2011, 08:00 AM
Thanks guys....

palani - I see it for $277.xx?

$10 face, junk (http://www.bulliondirect.com/catalog/lp/US90_Silver_Coins_$10_Face_(pre1965)_(7.15_oz).htm l)

madfranks
20th March 2011, 03:08 PM
Lately, I prefer to buy my junk silver by weight rather than by face value. I've gotten rolls of dimes in the past that are worn down at least a good 10-15%, so you're getting less silver. Unfortunately most dealers only sell by face value, but if you ask to buy by weight sometimes they will accommodate you.

hoarder
20th March 2011, 03:25 PM
Lately, I prefer to buy my junk silver by weight rather than by face value. I've gotten rolls of dimes in the past that are worn down at least a good 10-15%, so you're getting less silver. Unfortunately most dealers only sell by face value, but if you ask to buy by weight sometimes they will accommodate you.
The standard figure, 715 troy ounces of silver to the $1000 face bag is a wear adjusted figure already. Granted some bags go under 715, but some go over, especially if the have a lot of 90% Kennedy halves, which run heavy.
I agree that selling 90% by weight makes sense, but I don't know of any dealers who do this.
A large percentage of buyers seek Walking Liberty halves and Mecury dimes, both of which run pretty thin. I say more power to us serious silver investors, buy less worn 90% and hold it for the day that they do start weighing 90%.

Sparky
20th March 2011, 04:25 PM
So he was charging you $36.26 per ounce, which was a dollar over spot this morning. It's also about 2.8% over spot. A tad high, but not unreasonable. It's reasonable enough that it wouldn't be worth quibbling over compared to the goodwill you can develop by being a new customer. You're paying him a total of 7 bucks over spot, which would be the most you could "negotiate" down. Not worth haggling over.

BTW, my local guy is also selling Eagles for $40.

SLV^GLD
20th March 2011, 04:36 PM
It's a square deal. If you don't like it you are free to look elsewhere. But, it is a square deal.

iOWNme
20th March 2011, 07:35 PM
Thanks to all who replied. I am slowly learning.....


:)

osoab
21st March 2011, 06:21 AM
Picked some up for 23x face yesterday. ;D

Sparky
21st March 2011, 07:22 AM
Picked some up for 23x face yesterday. ;D


$31.79/ounce. Score!

Though this underscores the challenging of bartering with PM. 10-15% variation of price on the same day.

gunDriller
21st March 2011, 12:24 PM
CIRCULATED silver, not junk silver.

woodman
23rd March 2011, 05:31 AM
It should go up in price now. I just had to offload some to buy some machinery. Oh well, at least the machinery is worth more than the stupid paper I bought it with.

silver solution
28th March 2011, 09:10 PM
It should go up in price now. I just had to offload some to buy some machinery. Oh well, at least the machinery is worth more than the stupid paper I bought it with.
No its going down for a short time. I would guess down a lot.

So you can buy it back if you have the cash flow.

woodman
3rd April 2011, 12:30 PM
I like the old silver coins. I didn't really want to sell because it feels comforting to hold something of value. I really needed the machines to keep my business competitive though. I will reinvest as soon as I can. I'm told it will be a busy year for me so hopefully I'll recoup the value soon.

Interesting that one of the bags of junk dimes had a bit over the face value of what I'd supposedly bought. In other words more than $500 face. About $5 over if I remember. I'd never counted it out prior to liquidation. A bag of quarters counted out perfect but had 1 clad in it. Bastards!

silver solution
18th April 2011, 08:04 PM
WOW was I wrong here. I did think it would pull back a few bucks for a couple of days.

Nothing ever goes straight up with out a big pull back RIGHT?