| Author |
Replies: 16 / Views: 2,652 |
|
New Member
United States
26 Posts |
Hello...I have a question.
How do you buy US silver coins? Does anyone buy US silver coins at the price that silver trades for? Is there a place to buy maybe 100 silver dollars or 200 dimes or quarters? Is this a good way to invest in silver? I love collecting coins and this idea just occurred to me. duh
Thanks for reading my question. Any advice would be very much appreciated.
Ed
|
|
|
|
Bedrock of the Community
13014 Posts |
You can get the pre 64 coins from almost anywhere. Provident Metals, Silver Town, APMEX all sell large bags of these coins if thats what youre looking for. The ones you want are known as junk silver that dont sell for much more than melt. If youre looking for silver thats as good a way as any just know that if you sell youll only get melt price as well, but silver from a countries mint is almost always more sought after than a private mint
|
|
New Member
 United States
26 Posts |
Thank you for the info. Will you tell me the price of junk silver coins? What would the cost of a dollar, half dollar, quarter, and dime be today?
|
|
Pillar of the Community
Canada
2805 Posts |
If you have $1.40 in any 90% denominations, it will add up to 1 troy ounce of silver. If silver is $30 a troy ounce (in the future, look back on this and laugh), a silver dollar (0.715 oz) will be worth at least $21.45. A half will be $10.73, a quarter will be $5.36, and a dime will be $2.15.
And if anyone tries selling you Canadian silver, be prepared! It's a different system at 80% purity where $1 will add up to 0.6 oz, and the last two silver years have varying percentages: 1967, where they were either 80% or 50% and are impossible to distinguish by eye, and 1968, where they were either 50% or worthless cupronickel (test with a magnet). And anything before 1919 will be 92.5% silver. It's a complicated system so it's a lot harder to buy junk silver up here ^_^
|
|
Pillar of the Community
 Canada
9864 Posts |
Quote: and 1968,where they were either 50% or worthless cupronickel (test with a magnet). No Canadian coins were struck in cupronickel(which is non-magnetic)'til 1982,and only 5¢ coins were of this metal 'til 2001 and again for one year in '06. The $1,50¢,25¢,and 10¢,post-silver,were struck in 100% nickel until about the turn of the century
"Dipping" is not considered cleaning... -from PCGS website
Edited by DBM 04/04/2013 01:12 am
|
|
Bedrock of the Community
13014 Posts |
Quote: What would the cost of a dollar, half dollar, quarter, and dime be today?
If you google silver melt value of coins several good websites come up that show you the current value and adjust their prices as the spot prices change. You more than likely wont be able to buy them exactly for that and will have to pay a premium, generally speaking though the more you buy the lower the premium
|
|
New Member
 United States
26 Posts |
Thank you very much. This is great information. You have taught me exactly what I wanted to learn. You guys are the best!
|
|
Pillar of the Community
United States
1088 Posts |
Check your local coin shops if you have any as well. The local shop by me sells silver coins like pre 1964 dimes and quarters for around 20-23 times face value. Not saying that this is a huge bargain but at least you get to look at what you are buying before you just send an online company some money.
|
|
Valued Member
United States
186 Posts |
Coin clubs usually have auctions. It get mine from there. silver sold is around the spot of that day.
of course its depends on what it is too.
|
|
Pillar of the Community
United States
1195 Posts |
I get mine at my local coin shop. At todays's prices, they charge around $20-22 for $1 face of silver (except Morgans and Peace dollars)
Edited by argentum 04/06/2013 02:37 am
|
|
Valued Member
Canada
57 Posts |
I prefer collecting the Morgan/peace dollars, for me bigger is better
|
|
Bedrock of the Community
United States
10982 Posts |
Quote: If you have $1.40 in any 90% denominations, it will add up to 1 troy ounce of silver. If silver is $30 a troy ounce (in the future, look back on this and laugh), a silver dollar (0.715 oz) will be worth at least $21.45. A half will be $10.73, a quarter will be $5.36, and a dime will be $2.15. The 0.715 multiplier does not work for U.S. silver dollars. It works for U.S. silver dimes, quarters and halves. Silver dollars have more silver in them per unit of value (i.e. versus 2 halves) and nearly always have a numismatic premium unless they are severely damaged. $1.30 in 90% silver dollars contains 1 troy ounce of silver. $1.40 in 90% dimes, quarters, halves contain 1 toz.
|
|
Valued Member
Canada
57 Posts |
Is 0.715 for uncirculated or does that account for wear?
|
|
Bedrock of the Community
13014 Posts |
Its for uncirculated. The only way to account for wear is to weight the actual coin in question but people generally dont nit pick about that since the loss is minimal unless its so worn it just looks like a disk
|
|
Valued Member
Canada
57 Posts |
O ok I always wondered that. I've heard of people sending in their underweight junk to aapmex because they use face value and pay full rate for pretty beat up coins
|
|
Bedrock of the Community
13014 Posts |
If you send in enough it will add up, but the overwhelming majority of the weight is in the disk itself not the details on either side. Places liek APMEX are going to resell it for spot anyway like it was all there so they dont really care/just kept it simple as opposed to weighing every single thing.
Edited by basebal21 04/06/2013 04:52 am
|
| |
Replies: 16 / Views: 2,652 |