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Silver Buy Prices: What Are Dealers Offering?

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Jaobler's Avatar
United States
6383 Posts
 Posted 02/09/2008  3:37 pm Show Profile   Bookmark this topic Add Jaobler to your friends list Get a Link to this Message Number of Subscribers
Spot price of silver today was $17.18 per ounce. I called my local coin dealer to find out what he was paying for silver half dollars. His current rate was 11 times face for 90% silver coins, but only 3.5 times face for 40% silver halves, which seems low to me. I calculate the silver value as follows:

90% silver halves: (12.5 grams per coin) X (90% silver content) / (31.1 grams per troy ounce) X ($17.18 per ounce spot price) = $6.21 per coin.
My dealer will pay $5.50 for these, which is about 88% of silver value.

40% silver halves: (11.5 grams per coin) X (40% silver content) / (31.1 grams per troy ounce) X ($17.18 per ounce spot price) = $2.54 per coin.
My dealer is only paying $1.75 for these, or 69% of silver value.

Seems like they're cleaning up on the 40% coins. Does anyone else have reports on what dealers in their area are paying for these coins?
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biokemist6's Avatar
United States
12437 Posts
 Posted 02/09/2008  4:13 pm  Show Profile   Bookmark this reply Add biokemist6 to your friends list Get a Link to this Reply
My local dealer is buying at 11x face as well for 90% and 3x face for 40%. He told me the reason for the discrepancy is the fact that the bigtime bullion buyers/smelters are not that interested in non 90% or sterling silver since so much 90%/925 stuff is being sold these days and the fact that smelting costs are higher when silver content is lower.

Also, he is briskly selling $100, $500, and $1000 face bags of 90% coins to walk-ins but no one is interested in purchasing face bags of 40% halves or 35% nickels.
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atlashealth's Avatar
United States
1691 Posts
 Posted 02/09/2008  5:14 pm  Show Profile   Bookmark this reply Add atlashealth to your friends list Get a Link to this Reply
My local coin club is paying 12X face for 90% silver coins...its one way we raise $$$ for the club. $12 for silver dollars...$6 for half dollars...$3 for quarters.
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KurtS's Avatar
United States
5318 Posts
 Posted 02/09/2008  5:20 pm  Show Profile   Bookmark this reply Add KurtS to your friends list Get a Link to this Reply
quote:
Seems like they're cleaning up on the 40% coins. Does anyone else have reports on what dealers in their area are paying for these coins?


It's quite likely it's harder for them to turn around the clad coins, hence the lower price. And I think the costs to melt would be higher proportionally, which would also offset the silver content value. I'll ask my local dealer what's up next time I visit. Lately it seems that 50% of their business involves buying/selling bullion or melt-equivalent coins.
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dcarver9183's Avatar
United States
168 Posts
 Posted 02/10/2008  08:40 am  Show Profile   Bookmark this reply Add dcarver9183 to your friends list Get a Link to this Reply
my dealer is constantly talking about the melt price...i get irritated with all that talk. he's not going to melt anything..he's going to sell the coins to other customers...
New Member
United States
10 Posts
 Posted 02/10/2008  11:45 am  Show Profile   Bookmark this reply Add Gremlin to your friends list Get a Link to this Reply
Heard on other boards people getting about 10.50 to 11 x face in small qtys.

atlashealth, I wonder how your club makes money paying 12x face? What do they do with the coins, hold them?
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