| Author |
 Replies: 10 / Views: 1,893 |
|
|
Valued Member
United States
75 Posts |
I occasionally will bid on those auctions for lots of 90% silver coins. There are tons and tons and tons of listings for 1 oz of 90% silver coins and sometimes you can snag a deal. But more often than not they get overbid.
Case in point - last night I get an alert that I have been outbid. Not really a shock, I get outbid on 90% of these auctions because I refuse to overpay unlike the silver fever nuts. But what did shock me was the bid - some guy bid FIFTY DOLLARS! Then, a minute later, another bidder stole the lead with FIFTY ONE DOLLARS! What are these people thinking?!
We are talking about ONE OUNCE, a regular ounce, not even a troy ounce, of JUNK SILVER. Last I checked the silver spot price was around 22/troy ounce. So these auctions should be going for somewhere around $17 tops.
*smh*
|
|
|
|
Bedrock of the Community
13014 Posts |
Silvers having a sizeable drop again and for whatever reason people think theyre never going to be able to find silver again when that happens so they over pay for it. Last time it lasted about two weeks then calmed down well see how long this time.
|
|
Valued Member
United States
127 Posts |
I got a lot like this from ebay for $20 and some change shipped last week. I know what you mean about people over bidding. I lucked out on the one last week but still paid about two bucks more than I should have. |
|
Valued Member
 United States
75 Posts |
I'm confused, the price of silver drops so people think it is HARDER to get?
|
|
Bedrock of the Community
13014 Posts |
Miz basically yes. Its panic buying are a large move if you start seeing that consistently with the lots.
If its a single lot there's also the chance someone either does or thinks they see something with much more numismatic value so they'll pay more for it.
|
|
Pillar of the Community
United States
592 Posts |
Pretty sure most of these are those stock photo random lots, not anything you can cherrypick.
|
|
Valued Member
United States
253 Posts |
The website I use to check spot silver prices is showing spot silver at $19.58 for a drop of $1.67 since yesterday that puts silver dollars at just over $15.00 in silver value and 90% halves at just over $7.00 in silver value. Hope the US Mint drops their prices on silver products again soon.
|
|
Pillar of the Community
United States
1795 Posts |
@mizugori I agree with you 100% I will not overpay for the price of silver even with postage. Don't need it that bad. Got most of my junk silver at cost in early 70's from the banks.
|
|
Valued Member
United States
410 Posts |
I've decided to start buying the US Mint quarter silver proof sets and picked up 3 sets 2 weeks ago for $25 each including shipping. That is pretty good considering the Mint wants $37 + shipping for the 2013 set but now it looks like I overpaid. My new target for the remaining sets I need is $20 each.
|
|
Valued Member
United States
395 Posts |
I have stuck with my LCS for most of my needs lately. Much easier to tell him what I'm willing to pay for something and having him obtain it for me. Of course I've pretty much boycotted ebay for fees etc so my opinion is slanted ;) And my LCS is fair which helps. |
|
Pillar of the Community
United States
1812 Posts |
Quote:
There are tons and tons and tons of listings for 1 oz of 90% silver coins and sometimes you can snag a deal Since being on a self imposed ebay & PayPal ban for 7 years now, I have not viewed the above listings but do know about 90% Silver coinage weights. 90% Silver Dimes, Quarters and Halves contain .72 troy ounces per $1.00 face value (silver dollars .77oz ea.) when manufactured. With circulation wear deduction the formula for each Dollar face value (D,Q&H) is .715 oz pure silver. With this formula, one troy ounce pure silver would contain $1.40 face value of 90% silver and assume each listing would be that amount ~ $1.40 x .715 = 1.001oz troy. Since the drop in silver price, I decided to break out the old tourch and melted about $8.00 face of 90% silver into 2 units, then melted the edges of dimes & quarters on top. Will post photos whenever I have the time to upload them to photobucket. |
| |
Replies: 10 / Views: 1,893 |
|
Posted 06/20/2013 1:36 pm
