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 Replies: 15 / Views: 1,330 |
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Valued Member
Philippines
107 Posts |
howdy! I have sold 90 pieces of 1 Philippine Peso 1907-1910(s) at Bullion Value.. 20 grams/5144 ounce here is my computation .5144 ounce x 18USD (current spot price) = 9.3USD x 45 (current exchange rate to PHP) = 416PHP 416PHP x 85 percent (as you say most dealers buy em at that percentage)= 354PHP. the dealer should buy my coins at 354 PHP since I told him "would you agree to buy my coins at melt value and atleast at 85 percent of it" he says ok.. but this is his computation.. 18USD x 45PHP = 810 per ounce = 31.103 810PHP/31.103 = 26.04PHP (per gram) 26.04PHP x 75 percent silver = 16.60PHP 16.60PHP x 20 grams (weight of peso) = 332PHP so the buyer bought my coins at 332PHP each..  what should be the correct formula for these coins? I believe that my formula should be the one to be use.. what do you think of it? I am getting the correct formula because I still hae thousands of 10 censt, 20 cents and 50 cents which I want to sell in the future.. thanks... Edited by e-baguio
07/18/2008 10:59 pm
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Rest in Peace
United States
9104 Posts |
Let's see. You're figuring them at 80% pure, he's saying 75%, correct? So which are they?
26.04PHP x 75 percent silver = 16.60PHP on what planet? Try 19.53. He multiplied by .85 again.
19.53PHP*20=390.6PHP per, which is about 75/80 of your number.
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Valued Member
 Philippines
107 Posts |
oh I get it now.. have not seen that 75%..it should be be 80%!
and he should have done this way
26.04PHP x 80 percent silver = 20.832
so if he have done this it would result to my computation which is 354PHP per coin..
naah that's a cheap calculation he's done..but he is figuring on buying all my coins so I guess we will meet next time..i would demand the balance.. and I will try to see if he have done this in purpose... but would an experience dealer really do that? thanks to this community I have seen what I should do..
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Rest in Peace
United States
9104 Posts |
The 75-80% is a matter of fact. The other is he could easily enough multiplied by 85% again, since that's what you agreed on, and he forgot he had already taken that into account.
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Valued Member
Philippines
107 Posts |
I'm sorry I might have not been eloquent to that point..
i mean the dealer agreed at 85% on the current spot price..
current spot price for bullion value of 1 peso is 416PHP
416PHP x 85% = 354 but he have forgotten OR deliberately forgotten that the 1 peso coin has a .80 percent silver content..
in that case he ows me atleast 2,000PHP..
and I'm thankful to you for that extre bucks because you have enlightened me..like a Bombay (boom - bai) I will demand my money with interest.. he he he..
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Rest in Peace
United States
9104 Posts |
OK, I made a mistake in my comments, but not in the calculations.
He paid you for 75% pure when he should have paid you for 80% pure (assuming you're correct on the purity). 75/80 of 354 is 332 (round numbers). That's why the difference in numbers.
Quit bellyaching, you got 332 times face value. :) I wish I could get that for US silver coin scrap.
At 85%, he's a strong buyer for lower grade scrap. Kitco pays .41 a gram for .800. .41*45PHP*20=369 However, they pay on weight, and if your coins aren't new, they're not going to weigh the full 20g.
I think you're wise to dump them. I seriously doubt their numismatic value is anywhere near what they're worth for scrap, and probably never will be. Of course if you see a coin worth at least double scrap value, it might pay to hold it back.
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Valued Member
Philippines
107 Posts |
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Pillar of the Community
United States
7123 Posts |
The 10 centavos from 1907 to 1935 are 0.7500 silver
The 20 centavos are also 0.7500 silver from 1907 to 1928
and the same for the 50 centavos all listed as 75% silver.
The peso's are 80% and would have to be figured seperately at that purity .
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Rest in Peace
United States
9104 Posts |
Doubtful you'd find a collector willing to pay as much,and you're already getting top scrap price.
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Valued Member
Philippines
107 Posts |
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Rest in Peace
United States
9104 Posts |
I'd think it's top price. The lower the grade, the more it costs for refining chemicals. 75% is getting pretty low.
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Valued Member
Philippines
107 Posts |
oh..  what do you think, good to very good condition for not rare coins will be melted down? i may not know how to grade exactly but basing on how to grade coins.. yes I guess some of my coins specially the cents are in that category.. though I think more than half of my coins are in f-unc condition... ahh.. then i'd better just choose the g-Vg to be sold as scrap |
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Rest in Peace
United States
9104 Posts |
Depends on cat value. If something books for $!00 in G, you don't want to sell it for scrap.
In 1980, plenty of proof coins and BU dollars were melted.
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Pillar of the Community
United States
6326 Posts |
Nice Avatar !........ Got a fair amount of Centavos too.....but they're not that old sadly !... 
Edited by eaglefoot
07/20/2008 6:23 pm
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Rest in Peace
United States
9104 Posts |
Centavos should bring a decent price for scrap copper.
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Valued Member
Philippines
107 Posts |
geee eaglefoot. you have a nice avatar too.. my cents as I have seen it in 2006 coin catalog has no price for g-vg condition.. but in F condition they sell at BV-.15-.75 USD..so I guess i'd better sell these coinc at BV value or atleast nearer to that.. |
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Replies: 15 / Views: 1,330 |
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Posted 07/18/2008 11:59 pm
