Silver Buy Prices: What Are Dealers Offering?

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Author	Replies: 5 / Views: 1,099
Jaobler Pillar of the Community United States 6383 Posts	Posted 02/09/2008 3:37 pm 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? Report this Post to the Staff

biokemist6 Bedrock of the Community United States 12437 Posts	Posted 02/09/2008 4:13 pm 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. Report this Post to the Staff
atlashealth Pillar of the Community United States 1691 Posts	Posted 02/09/2008 5:14 pm 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. Report this Post to the Staff
KurtS Pillar of the Community United States 5318 Posts	Posted 02/09/2008 5:20 pm 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. Report this Post to the Staff
dcarver9183 Valued Member United States 168 Posts	Posted 02/10/2008 08:40 am 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... Report this Post to the Staff
Gremlin New Member United States 10 Posts	Posted 02/10/2008 11:45 am 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? Report this Post to the Staff
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