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Junk Silver Prices Thread - Report In Here

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Pillar of the Community
United States
2386 Posts
 Posted 09/20/2021  3:20 pm  Show Profile   Bookmark this reply Add John77 to your friends list Get a Link to this Reply
Stocks are off 900 points as I type this and silver has still managed a drop of .19 cents to slip to $22.18. This is the lowest level it has been at since 7/21/2020 when it was $21.28 an ounce at the close of trading in New York.
CRH Nickeloholic. 1,300,000 nickels searched in five years! Already have found THREE complete Jefferson sets!
Edited by John77
09/20/2021 3:21 pm
Valued Member
United States
220 Posts
 Posted 10/03/2021  2:50 pm  Show Profile   Bookmark this reply Add Dowhat to your friends list Get a Link to this Reply
On OCT 1st, FV was $18.30 @ my LCS for 90%. Picked up Britannia's @ $28.00 ea.
Pillar of the Community
Canada
4321 Posts
 Posted 10/06/2021  5:13 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
My LCS in Ottawa sells junk silver for melt, and always has. Still they regularly sell quantities to the refiner. They haven't run out of junk silver yet.
Pillar of the Community
United States
2461 Posts
 Posted 10/17/2021  8:00 pm  Show Profile   Bookmark this reply Add Arkie to your friends list Get a Link to this Reply
LCS paying $17/1, selling at $20/1.
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Canada
572 Posts
 Posted 10/23/2021  12:58 pm  Show Profile   Bookmark this reply Add Amaths to your friends list Get a Link to this Reply
@oriole

You are very fortunate! Is it possible to share your LCS? Worth a visit when I am in Ottawa next time. Cheers!
Valued Member
United States
432 Posts
 Posted 10/23/2021  1:03 pm  Show Profile   Bookmark this reply Add Kurrykid to your friends list Get a Link to this Reply
JM Bullion is offering $2.50 over spot to buy junk silver right now. That's 19.27x...not bad for an online bullion dealer.
Valued Member
United States
220 Posts
 Posted 10/24/2021  02:59 am  Show Profile   Bookmark this reply Add Dowhat to your friends list Get a Link to this Reply
Did you mean to say over melt price? If it is $2.50 over spot price I would think their 90% inventory will skyrocket. They have not had much available lately.
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United States
4202 Posts
 Posted 10/24/2021  4:24 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
Who would sell.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Valued Member
United States
432 Posts
 Posted 10/24/2021  4:28 pm  Show Profile   Bookmark this reply Add Kurrykid to your friends list Get a Link to this Reply

Quote:
Did you mean to say over melt price? If it is $2.50 over spot price I would think their 90% inventory will skyrocket. They have not had much available lately.


Their email said "We just increased our buyback price on all 90% Silver Coins. For a limited time, we are offering +$2.50 Per Oz Over Spot!"

Thanks.
Edited by Kurrykid
10/24/2021 4:29 pm
Valued Member
United States
220 Posts
 Posted 10/26/2021  5:19 pm  Show Profile   Bookmark this reply Add Dowhat to your friends list Get a Link to this Reply
OK, I am confused. I did not see the JMB offer Kurrykid, I take your word for it. I do not receive their e-mail. You stated their buy price @ $19.66 x FV. The spot price for that day was hovering around $24. How does $19.66 x FV equal $24 spot + $2.50?
At $24/spot, melt would be $24.00 x .715 for 90% = $17.16/FV. Add $2.50 to $17.16 = $19.66 x FV.
Now, @ $24.00/ spot + $2.50= $26.50xFV!
Who would not sell @ spot x $2.50 and reinvest the difference in 90% to grow your stack? I would!
Something is off here.
Please tell me what I am missing. If JMB offered that deal, I am truly sorry I missed it and should subscribe to their e-mails.
Please explain what I missed here. A deal to good to be true, usually is.
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United States
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 Posted 10/28/2021  10:56 pm  Show Profile   Bookmark this reply Add John77 to your friends list Get a Link to this Reply

Quote:

JM Bullion is offering $2.50 over spot to buy junk silver right now. That's 19.27x...not bad for an online bullion dealer.


They know what's coming.
CRH Nickeloholic. 1,300,000 nickels searched in five years! Already have found THREE complete Jefferson sets!
Pillar of the Community
United States
1710 Posts
 Posted 10/29/2021  10:18 am  Show Profile   Bookmark this reply Add NumisEd to your friends list Get a Link to this Reply

Quote:
At $24/spot, melt would be $24.00 x .715 for 90% = $17.16/FV. Add $2.50 to $17.16 = $19.66 x FV.


Does not seem to be correct.
A Morgan or Peace dollar contains 0.7734 oz of silver. So, $24 x 0.7734 = $18.56/FV.
A Franklin half contains 0.36169 oz of silver, So, $24 x 0.36169 = $8.68 = $17.36/FV.
Valued Member
United States
220 Posts
 Posted 10/30/2021  08:39 am  Show Profile   Bookmark this reply Add Dowhat to your friends list Get a Link to this Reply

Quote:
Does not seem to be correct.
A Morgan or Peace dollar contains 0.7734 oz of silver. So, $24 x 0.7734 = $18.56/FV.
A Franklin half contains 0.36169 oz of silver, So, $24 x 0.36169 = $8.68 = $17.36/FV.

Numised, your calculations are correct. However, that is not how FV is calculated for 90% constitutional silver (junk).
Junk silver consist of dimes, quarters, and halves minted pre 1965. It does not include silver dollars as they have a higher silver content.
The silver content of dimes, quarters, and halves are proportional to one another.
For example;
1 dime contains .07234 oz of silver. Ten dimes ($1) contains .7234 oz. silver.
1 quarter contains .18084 oz silver. Four quarters ($1) contains .72336 oz silver.
1 half dollar contains .36169 oz. silver. Two halves ($1) contain .72338 oz. silver.
Any combination of dimes, quarters, and halves equaling $1 will contain .7234 oz. of silver.
However, FV for junk silver is not calculated at full silver content of .7234 oz. Instead, the industry standard is .715 oz. to compensate for silver loss due to circulation wear and tear. Thus "junk" silver. That is why it is exchanged in FV and not by actual weight.
Also, any combination of dimes, quarters, and halves equaling $1.40 will contain approximately 1 ozt of silver depending on their condition. Obviously $1.40 of slick Barbers would be considerably less than 1 ozt.
Some coin shops sell halves for a higher premium than dimes and quarters claiming availability and numismatic value as a reason. I avoid these LCS's. My area has several shops that do not set higher premiums for halves.
Regarding silver dollars, they are not considered "junk" as they contain a higher percentage of silver and do carry some numismatic value. Cull Morgan's and halves are available and should sell for below spot but higher than 90% FV.
I hope this explains the discrepancies.
Pillar of the Community
Canada
4321 Posts
 Posted 10/30/2021  08:47 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
@Amath, My usual LCS is Universal coins. There are three other LCS in the region but I don't know what they charge. At or very close to melt I think.
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United States
4673 Posts
 Posted 10/30/2021  10:13 am  Show Profile   Bookmark this reply Add Adam_E to your friends list Get a Link to this Reply

Quote:
Cull Morgan's and halves are available and should sell for below spot but higher than 90% FV.


I think this is where the disconnect is. I'm not sure what you mean by "below spot" here. When I hear someone say they got something below spot, I interpret that as they got something for less than the value of the silver content relative to the spot price. So if someone told me they got Morgan's for below spot I would think they bought them for less than $18.50 when considering a spot price of $23.91. And I'm fairly certain you aren't saying that Morgan's would trade that cheap(unless you are, in which case please send me to where I can buy them all .

I think this is the way JM is advertising. The current "spot price" of $1fv of 90% is $17.30, they will offer an additional $2.50 on top of that for a total of $19.80.

I'm not sure if JM calculates it to be the minted weight or adjusted weight, but I'm 99% sure that's what they intended to advertise in their offer.
Edited by Adam_E
10/30/2021 10:16 am
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