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Replies: 26 / Views: 5,401 |
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Valued Member
United States
443 Posts |
Good points ratman4762.
I was under the impression junk silver had already been sorted and picked thru, thus deemed junk, especially by a big firm like where I got these. If they haven't been and there's any good ones in there, then your correct, my bad. I trusted that when they said junk, it was junk.
I never even looked thru them.
I will, and let you know what's in there.
Maybe a costly lesson for me.
I still think they look nice, and you can't see any abrasions like I've seen on harshly cleaned coins.
Thanks for the information.
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Pillar of the Community
United States
1479 Posts |
When spot was around $14.50 - 15.00 I purchased $300.00 face from them. Apparently when the G-VF rolls ran out they filled 1/3 of my order with 8 rolls 1964 D BU blast white Kennedy's of which 6 coins were the FS-501 rpm and 3 minor rpms. The quarters produced 5 reverse proof die A or C don't remember also an inverted mint mark on a Roosevelt dime and 3 DDO War Nickels. I sold all of them on ebay and even after all fees made enough to buy a roll of Canadian 1963-67 AU silver dollars. It gets better- they were not AU they were mostly proof like BU 5 were commerative 2 were small bead variety. Check those coins for varieties, bet you have a small handful. I have never gotten any sweet rolls from Apex matter of fact usually will have 1-2 culls per roll. They replace them no problem but for me JMBullion may be smaller but I think they are better. Your stack is a hedge against hyper-inflation you may have paid a steep premium but its insurance and silver will go up and down if it goes to $48.00 bucks sell half and the other half would technically become free. If it goes down lock it up and forget about it. No your not foolish you just started stacking at a less opportunistic time silver would have to hit $26.75 oz. for break even point. In case anyone hasn't noticed were trillions in the red, unemployment is at 20 + percent, civil and political agitation and unrest with a major election 140 days away, you made a prudent move IMO. The global economy is in trouble and printing money will cease at some point...people will suddenly realize fiat money has diminished value or worse a default. I am on the dole retired Army and civil service so am last to want country to go broke however many many of this generation saves nothing, stores no food/staples, and believes the government has constitutional absolute and must feed, clothe, house, care for, school, and mandate all aspects of lives. This is fantasy, ask anyone whom lived in the former Yugoslavia 1992-1997 how quickly it all fell down or speak to a citizen of former USSR who lost all pensions, positions, when they split. All have told me only 3 things materd in getting by: the Deutsche Mark, silver/gold, and Dollars. Hang on to that silver, I hope you/me never have to use it and things get back to normal.
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Pillar of the Community
United States
4333 Posts |
We don't know what value silver coin will have in this plastic society. PM's are a weird part of an investment portfolio. They're metal. The rest is not even paper!
Clean away, you aren't hurting anything.
When I listen to LED ZEPPELIN...so do my neighbors... Roll hunting since '77 Dirt fishing since '72
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Pillar of the Community
5464 Posts |
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Valued Member
United States
314 Posts |
Because of the constant premium that US silver coins have, sometimes modest premiums and sometimes very high premiums like now, would you expect that there has been very little silver US coin melting?
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Bedrock of the Community
Australia
21788 Posts |
Silver has become in recent years has become increasingly scarce in dealers' junk boxes at their shops, and at coin shows. Unless it comes very cheaply, I am not interested. Success rate much higher than coin roll hunting, because you have to pay a little.
My chief source of junk silver has come from auction job lots, where silver has not been the main interest of the lot. That way, I get World junk silver at very reduced, or even zero cost, because there is something else I happen to be interested in. It also means that I accumulate junk silver at a very low rate, because it is never my main interest.
I have been successful in only one auction job lot where junk silver was the only interest. The only reason why I won, is because nobody else put in a bid. I got lucky; my bid was very low.
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Pillar of the Community
4628 Posts |
It's fairly easy here in New Zealand, if anything they are wanting for buyers. Mostly the junk silver is from less popular countries with us. I picked up this lot that had nearly 1 pound of silver weight (All coins .833 silver)  It cost me $480 NZ which equates to $290 USD and the silver melt on it was around $455 NZD. 7 coins were not silver, but weighed under 10 grams and the dealer refunded me $20 - S I paid $5 over melt for it. In it was many collectable pieces and only about half of it was true scrap. I consider that a bargain and obviously if you get a good deal in NZ, you can get it anywhere else.
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Valued Member
United States
443 Posts |
Well here's my inventory of what I purchased, glad I checked, they shorted me, and I sent them an email, waiting to see how they will respond. My order was for $200 face value, (400 half dollars) Franklin 90% Silver half dollars. Here's the accounting for what was actually received: 90% silver Liberty half dollar - 1 90% silver Franklin half dollar - 377 90% silver Kennedy half dollar - 17 40% silver Kennedy half dollar - 1 Liberty 1935 - 1 Franklins - 1948 - 1, D-4 1949 - 3, D-5, S-4 1950 - 10, D-8 1951 - 17, D-9, S-14 1952 - 15, D-15, S-5 1953 - 4, D-8, S-6 1954 - 8, D-22, S-3 1955 - 0 1956 - 2 1957 - 4, D-24 1958 - 3, D-22 1959 - 9, D-17 1960 - 1, D-16 1961 - 3, D-19 1962 - 8, D-25 1963 - 11, D-51 Kennedy 1964 - 12, D-5 1966 - 1 (40% Silver) I checked for the known DDR's, DDO's, and RPM's, did not find any. But the stacks are pretty!! 
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Valued Member
United States
443 Posts |
Well, JM Bullion responded apologetically and said they will be immediately sending out the coins they shorted me on this order of junk silver. So I have to give credit where credit is due. It's nice to see a company stand behind their product, and make things right. If anyone finds a deal on acquiring junk silver at a more in line price please share the contact information. I've apparently paid way too much here, but didn't know any better. Hope everyone is safe and healthy as we try to transition back to some form of normalcy of life! Take care, and thanks for sharing your knowledge here, for us rookies.  
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New Member
United States
7 Posts |
I don't have trouble finding junk silver coins at local shops, they all have at least some for sale. Most recently, I purchased 250 Mercury dimes for $357 on 5/22 and 50 Walking Liberty half dollars for $363 on 5/29. That's close to $40 above spot in each case. I'm just not sure how silver can be a sound investment when premiums are so high. Where does one buy junk silver coins without huge premiums like this?
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Pillar of the Community
United States
4333 Posts |
Quote: I'm just not sure how silver can be a sound investment when premiums are so high. Where does one buy junk silver coins without huge premiums like this? Since I started buying back in the late 1970's I've found silver Prices hit or miss. Ive bought privately, from local dealers, shows and on line. I've never really considered it an investment because it's a poor one. Currently, there's a large disconnect between the spot price and premium that one pays on top of that, which happens from time to time. You didn't do bad on your buy. Welcome to forum.
When I listen to LED ZEPPELIN...so do my neighbors... Roll hunting since '77 Dirt fishing since '72
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Pillar of the Community
5464 Posts |
Two words that should never be used in the same sentence: Coins and investment.
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Moderator
 United States
190135 Posts |
 to the Community, MrUpwardlyMobile!
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New Member
United States
7 Posts |
Thank you. I hope to learn a lot while I'm here.
Separately, where does everyone buy their junk silver coins? On various reputable websites, it seems like I'd have to pay a premium that is 20-40% of the spot price. When I go to local coin shops or gold/silver shops, the best I can negotiate them to do is a 10% premium over spot. I buy silver as a hedge against hyper-inflation and potential negative interest rates. Those are remote possibilities so they aren't exactly big positions for me to prepare for. Even so, that still seems really expensive given that the same stores would never pay more than 90% of spot to buy.
It seems like spot price is basically not a real thing.
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Pillar of the Community
United States
4333 Posts |
Quote: It seems like spot price is basically not a real thing. There is no seem about it. PM's are heavily manipulated on paper, and CB's have been fined for doing so. Profits outweigh the fines.
When I listen to LED ZEPPELIN...so do my neighbors... Roll hunting since '77 Dirt fishing since '72
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Replies: 26 / Views: 5,401 |
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