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Valued Member
 United States
264 Posts |
I just did what I saw everyone else do on ebay an listed as ounces. All the auctions that were selling 90% coins by troy ounce clearly stated such. Everyone I saw had positive feedback with thousands of similar completed listings. It took $23.10 face value on my scale to make 20 ounces at 28.5 grams per ounce. |
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Pillar of the Community
United States
2335 Posts |
I know it's a pretty common practice for people to list silver coins on ebay as so many ounces, 1/4 lbs or whatever. I don't understand why anyone would bid on an auction like that, especially if it's not specified if the seller is going with troy or avoidupois measurements. There's a lot of variability in the weight of a dollar face value of silver but X times face is still the standard measurement used to value junk silver. Having said all that, you sold $23.10 face for $550. Ignoring the fact that you are paying for shipping & fees you got roughly 23.8 times face. With silver at $29 melt would be $20.74 so you sold for more than melt. I don't follow ebay enough to know if that's a good result or not. If your coins were better than average a clear picture of exactly what you were selling might get you more than that. You would have to check on results of similar ended auctions to know for sure. Whatever the result it's pretty hard for someone to complain if they knew exactly what they were buying. Listing as so many ounces without specifying what type of ounces leaves you open to a complaint and/or negative feedback. |
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Rest in Peace
United States
9104 Posts |
 , Landon! Quote:
I did the math already. After fees and expenses it equals out to 30.00 an ounce, maybe a little more. How much over spot do 90% coins normally bring? You miscalculated. $30 an ounce would be $600 after fees, you only got $550 before fees. 90% recently brings spot or a little less. No harm in listing weight, but most buyers want a face value amount (too). Quote:
Everyone I saw had positive feedback with thousands of similar completed listings. It took $23.10 face value on my scale to make 20 ounces at 28.5 grams per ounce. Another miscalculation. 20 ounces of silver content would be 691.2 grams, not 570. Silver is 31.103 per ounce, and you need to divide by .9 for purity. The buyer has a potential claim for SNAD. There's another problem. Bidders are going to be more likely to buy from someone with thousands of FB than 30. A side problem is you're selling a $600 item, where $100-200 might be more in line with some bidders' budgets. ebay is prolly not the best outlet for bullion silver coins, unless you are well established and sell constantly and know the tricks of the trade. You took a pretty bad hit. You got $500 or so after fees for $23.10 in silver (which prolly should have been $28.00). Silvertowne is paying $19.20 per dollar* ($443.52 or $537.60 for the above amounts), and they'll take all you've got, no fooling around with slow payers, taking pix, writing ads, attempted returns, ebay fees, etc. *24.15 per troy oz. |
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Valued Member
United States
264 Posts |
Biggfredd, before throwing around all the "miscalculations" you should have read the listing and my initial post. The listing plainly states the auction is for 20 ounces of 90% silver coins. Not for 20 ounces of pure silver, not for 20 troy ounces of 90% coins, and not for 20 troy ounces of pure silver. 550 divided by 20 is 27.50. 27.50 for a standard ounce of 90% coins equals out to 30.00 an ounce for a troy ounce of pure silver after I account for the fees and shipping. A standard ounce is 28.5 grams. 20 x's 28.5 is in fact 570. All of this led me to contact the winning bidder. They said they indeed were bidding on 20 standard ounces of 90% silver coins. I told them that meant me putting coins on a scale and it totaling 570 grams and they said that was exactly what they thought. I also just looked at hundreds of active and closed auction listings and this appears to be a very common practice on ebay. |
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Rest in Peace
United States
9104 Posts |
By law, silver is measured in troy ounces, 31.103 grams per. Using 28.5 grams to the ounce (avoirdupois are 28.35 grams) doesn't work.
OK, I'll accept 20 ounces gross weight, or 18 ounces silver content. $27.50 for 28.35 grams of 90% would be 25.5 g pure, or $33.55 per ounce before expenses, so your $30 per ounce of silver after expenses is prolly correct.
It's still a complex and confusing way to sell silver coins. So much simpler to use either troy ounces pure or multiple of face value.
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Pillar of the Community
United States
3540 Posts |
Ah...I see the problem. You are WEIGHING 90% silver. Sell it by face value - $20 face value of Walking Liberty halves. You sold 20 ounces...you are correct in how you are selling by weight, but going against the normal selling grain of 90% silver coinage. http://www. (124) Not Allowed - Auto-Removed .com/coins/silver_calc.php As of this morning, with spot at 29.04, you did very well in selling the 49 halves for %550. Silver value was $514.xx. |
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Rest in Peace
United States
9104 Posts |
Quote:
you are correct in how you are selling by weight Not really, since silver is sold by troy weight. |
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Valued Member
United States
67 Posts |
All of the above is EXACTLY why most sellers sell by Face Value of coin. I can assure you many potential bidders took a look at your auction and passed because it was not sold by face value. Not everyone is comfortable dealing in weight where as everyone can pretty much figure out face value : )
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Pillar of the Community
United States
3540 Posts |
I like to haggle with sellers of 90% silver. Cull/AG/G/VG/F/VF/XF coins should not garner the same price times face as AU/BU coins.
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Bedrock of the Community
Australia
21788 Posts |
Landon: If you have acquired that amount of silver over a long period of time, you have 'dollar cost averaged' your current position, which is usually a good thing.
Rationally, to move out of your silver position, the same thing should also apply in selling out of your position. Normally, this should yield the best result for you.
It also keeps you aware on a current basis of the daily silver price, and to release the right amount of silver that suits you, relative to the current price.
Keep perusing the posts in the 'bullion' part of this Forum.
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Valued Member
United States
264 Posts |
Quote:You took a pretty bad hit. You got $500 or so after fees for $23.10 in silver (which prolly should have been $28.00). Silvertowne is paying $19.20 per dollar* ($443.52 or $537.60 for the above amounts), and they'll take all you've got, no fooling around with slow payers, taking pix, writing ads, attempted returns, ebay fees, etc. *24.15 per troy oz. You think I took a bad hit at $30.23 after fees? You then tell me I should sell it for 24.15?  |
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Valued Member
United States
264 Posts |
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Rest in Peace
United States
9104 Posts |
My calculations were based on how silver is sold normally. If you shipped Silvertowne the correct amount of silver coins for the description, you'd have gotten about 7%.
Hope you do well with your current listing.
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Valued Member
344 Posts |
just tossing this out there landon. I was wanting to pick up about 800-1200$ worth of 90%
If you still wanted to sell some I am your guy.
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Rest in Peace
United States
9104 Posts |
cb - you have no contact info.
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Replies: 20 / Views: 3,756 |
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Posted 12/24/2011 11:12 am
