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 Replies: 18 / Views: 5,888 |
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New Member
United States
6 Posts |
Hello, So I am new to silver hunting but would like the economic protection of at least a small collection of junk silver/cull coins. I spent the day driving around to coin shops and pawn stores today to see what they have. Most wanted to charge 16 x Face value for non-key date, pre-65 coins. I was just curious...is that about normal? Is that worth is? It seemed a bit high to me, but then, as I said, I am new to the game. If currently 1oz of silver is spot priced at $16.61 4 quarters would be roughly 71.5% of an ounce, then 1 dollar face value should be $11.87(16.61 x .715). Now they are a business, so I get it they need to make a profit, but $16 for $1 FV of coins, seems a bit high of a mark up, especially considering Provident metals will sell $1 FV for $12.38. Problem with buying through Provident is the shipping which adds another $8 for shipping, which eats up what I save on the coins. So I am a little lost. If anyone can tell/point me in the right direction, I would appreciate it. What is the most cost effective way of obtaining junk silver. Thanks!  |
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Valued Member
United States
453 Posts |
I'm guessing the local guys keep a real close eye on what the real cost for the consumer to get silver in hand is and base the price off that not the spot price you see online.
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Pillar of the Community
United States
987 Posts |
My LCS has two 90% trays that they let me cherry pick through. I was there this week and they're charging 14xface on one and 20xface on the other.
Of course it depends what your goal is. I am looking for certain types, years, etc. If you are just looking for the cheapest 90% that is different.
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Pillar of the Community
United States
4211 Posts |
 ~!! Yes, 16.00 FV is high but if you can save up some $'s and order over $100 Provident offers free shipping and would be a much better deal.  I too have a little collection of 90%....  |
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Pillar of the Community
United States
1475 Posts |
Quote:
I too have a little collection of 90%... I gotta admit. Yours were an inspiration for mine...  I couldn't find a cookie tin can at local stores, so I got a silver plated tray   And my advice for digi84, you can always "deal" with your LCS. Sometimes, cash talks. Also, save money and buy from ebay in larger lots ($100+ lot). This way, shipping will be spread out more compared to smaller silver lots. Good luck  Edited by Coconutjoe
02/26/2018 7:06 pm
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Pillar of the Community
United States
2130 Posts |
$16.61x face is high for 90% right now. Just a few weeks ago a few online dealers were selling 90% at spot. I purchased a roll of Walking Liberty halves for $124 last week. |
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Pillar of the Community
United States
4333 Posts |
You just can't beat online vendors such as Provident Metals. Free shipping to your door if you spend over $99.
Like someone mentioned, they just had junk silver at spot.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
992 Posts |
The general rule is spot x face in even dollars, but you can sorta kinda dicker that a bit, less for the really worn out stuff, not so much for the nicer appearing stuff. Don't expect to see much of a bargain, though, they're in business to make a living, and if you don't buy it, the next guy through the door certainly will. As was said above, cash talks and the more cash the louder it gets. Regular customers get regular deals, find a couple of shops convenient to you and frequent them.
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Pillar of the Community
United States
1963 Posts |
Do not pay more then 12x face. I have been selling at around 11x face. In fact, I just had a customer who sold $200 face of 90% silver for 10.75 face through me.
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Pillar of the Community
United States
1963 Posts |
Heads up, my dealer sells at 13x face, and that is super high for me.
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Pillar of the Community
Canada
3733 Posts |
you should be able to buy junk silver, for spot price, unless it is silver dollars then there is usually a premium in there.. I am in Canada and I can buy all the junk silver I need for exactly spot price,,if there are silver dollars I usually pay spot plus 1$. check around, you will find all different prices, but someone will be selling junk for spot.. if not move on to the next seller..
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Pillar of the Community
Canada
3692 Posts |
I will recommend pure silver over junk silver always. Sorry if that's not helpful because you seem to have your mind made up. If you want to cut up a generic silver bar you can do it with aviation snippers or a bolt cutter. A worn coin may have a precise purity but they will differ slightly in weight, so their values are approximate. They are legal tender and are technically dollars, but so are American Silver Eagles. I always ask new silver people their reasons for wanting silver, and it seems that your reason of "economic protection" would not disregard pure silver as an option. On the other hand, it's pretty hard to fake a US silver coin.
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New Member
 United States
6 Posts |
Thanks for the replies everyone! So a few of you have mentioned seeing coins on this site. How do I go about that? I have looked around but don't see a way to search for listings? Libertad - I'm not opposed to pure silver(I have bought some actually)...but when I look on like Providence, APMEX and Silvertowne, they all seem to have a higher premium over spot price than the junk silver.($10.18 for a half ounce or $19.85 for an ounce). Are there specific pure silver coins/vendors you would recommend? I realize the collector coins(Silver Maples, Am. Eagles, ect) or series coins(I really like the 4 horseman coins!) are going to have a premium, so not really talking about them. So I guess I could rephrase the question. What is the best bang for my buck, when it comes to buying silver? |
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Pillar of the Community
United States
987 Posts |
My opinion is that there is a lot of numismatic value to be had in carefully chosen junk silver. And that is where your most bang for the buck is if you get good at cherry picking.
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Pillar of the Community
United States
4211 Posts |
@coconutjoe - I LOVE it~!! Looks awesome!!  @Libertad - I don't have a particular "reason" to have a couple of hundred $'s in 90%. I own lots of different types of silver. Cause I'm a collector. I am NOT a silver stacker nor do it for economic protection, barter, or any of that nonsense. @didi84 - The best "bang for your buck" is usually just plain generic rounds but shop around. |
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Pillar of the Community
United States
3479 Posts |
You're probably going to the wrong pawn shops. You want to find shops that are interested in moving product quickly as opposed to sitting on coins for months. Some pawn shops are just looking for a reliable person. Sometimes they are not easy to find as many of them already have 'a guy' that buys coins as soon as they come in. But if you're more reliable and show your face more often than the other guy, you can get their business. I have a relationship with 2 local pawn shops that call me when stuff comes in. It took a couple months to establish a relationship as 'that guy'. I started out by introducing myself and gave them my card. Then every week I would stop in to see what they have. As they got to know me and realized that I'm a reliable buyer, they started calling me when coins would come in. Now I buy stuff well under spot. Last week, I picked up two Whitman albums of standing halves and Franklin halves (32 total coins) for $120. Oh, and the coins I'm buying are NOT culls. Edited by MikeF
02/28/2018 10:39 am
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Replies: 18 / Views: 5,888 |
Posted 02/26/2018 6:41 pm
