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 Replies: 33 / Views: 8,719 |
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New Member
United States
10 Posts |
Hi guys and girls. I've been searching the net for information on a silver bar that I bought and came across your forum. I am not a collector or an investor, this thing just kind of fell in my lap. I was prepared to sell it to a recycler at spot -.55 The bar weighs 71lbs. It is marked with an eagle in a circle, US assay office new york, 1955, fineness 999. I wasn't sure what it was when I bought it for a few hundred dollars so needless to say I was very happy to find out it is real silver worth about 30k but now I'm seeing ebay auctions for 60k and a HA auction selling one for 10k over spot. Do I have something really special here? |
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Valued Member
United States
286 Posts |
oh man *drools* when did you buy it!
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New Member
 United States
10 Posts |
I bought it about 6 months ago. I'll never *** Edited by Staff | The bad word filter is in place for a reason. Bypassing the filter and making the intended word obvious anyway is completely unacceptable. *** at the wife for dragging me to yard sales again. I can't believe it wasn't grabbed up by one of the early goers. We didn't get there until about 11. I thought it copper or brass and took a chance on it figuring if it was copper I'd get my money back. The wife and I joked on the ride home about our gold bar and how we're moving to Tahiti. After we found out what it was and was offered 15k (spot was $26)for it we decided to hold on to it until we could get 30k. So do you think this is something that is collectible or should I just go with the spot?
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Valued Member
Canada
442 Posts |
geez, I need to go to more yard sales!
Don't think there's much numismatic value to it, but I think I'd be happy with spot!
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Bedrock of the Community
United States
10982 Posts |
Quote:
So do you think this is something that is collectible or should I just go with the spot?
Very nice yard sale find! Nothing like buying a $300 doorstop and finding out it's worth $30,000! These giant bars are not collectible in the the sense that collectibility adds to their value. They are valued on the spot price of silver only, particularly at the current level silver is trading. Chances are your bar weighs 71 adv. pounds or just over 1,000 troy ounces and spot -$0.55 is a fair offer. Some buyers will want an assay on a bar like that. The assay will verify the fineness and should confirm that no holes have been drilled into the bar. If it's okay, today you're looking at just over $29,000 based on the weight and offer you have received! Cheers! |
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New Member
United States
10 Posts |
Funny you mention door stop because that's what the guy said it was, "an official US embassy door stop" I'm very happy with the 30 but these auctions I'm seeing are telling me something is up with this thing. The auction below sold the same bar, but 1954 for about 10k over spot in Jan of 06. Then I find an ebay auction with a guy asking for $60k. I would love to take the 30 right now, God knows we could use it, but I don't want to be kicking myself finding out a week later that I could have gotten 45. http://coins.ha.com/common/view_ite...&Lot_No=6191http://cgi.ebay.com/1949-NY-Assay-O...ht_722wt_922 |
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Pillar of the Community
 United States
2448 Posts |
There was a guy in Paramis, NJ that had a 70# silver bar he used as a door stop in his shop. Did you buy it in New Jersey?
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New Member
United States
10 Posts |
Na, bought it in New Hope, Pa
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Bedrock of the Community
United States
10982 Posts |
Hang onto it. Silver spot was close to $10/oz in Jan06 so the bar on Heritage did bring a large premium (albeit when silver was much, much lower). If I find more information, I'll post it here.
P.S. Do you have a picture of it to display?
Edited by BH1964
02/03/2011 11:43 pm
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New Member
United States
10 Posts |
Thanks bherring1964, really appreciate it. I'm at work right now but I'll post pics when I get home. You mention in an earlier post about holes being drilled. When I sent it out to be tested they did drill 2 small holes, both about 1/8" diameter by 1/4" deep. One on the top, one on the side. I assumed this was to make sure it wasn't a coated lead bar. I have to admit that I'm getting very interested in coins after spending the past couple days looking through your site. I starting digging through my old coins that I threw in a drawer because I thought they were "neat" I always thought my 1883 no cent nickel, or 1935 Buffalo nickel had to be worth something. Oh well, I still like them. :) |
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Bedrock of the Community
United States
10982 Posts |
jack6278: Happy to help out if we can! I found out that US Assay Office bars do carry a premium over spot. It was reported that APMEX had a 1,000oz assay office bar for sale a few weeks ago for $10,000 over spot. It is no longer available and likely sold. You will want to call APMEX and let them know what you have and they will give you a quote. I've sold to them many times, they are a first rate operation. http://apmex.com/Another suggestion is Kagin's. You should call them also. From what I have gathered your bar is worth about $40K retail. How much under that you would accept is a personal matter but it shouldn't be more than 10%. Best of luck! http://www.kaginsinc.com/cgi-bin/inventory/main.plWarning: Coin collecting can be habit forming.  |
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New Member
United States
10 Posts |
So I've been trying to get pics of this thing. Anyone have any secrets to show the ridge detail without shadows? I tried taking a straight down shot, lighting from both sides but got way too much glare. I'm using a Sony DSC-T7. On another note I've contacted APMEX and Kagin's. APMEX was kind enough to offer me .50 under spot even after I brought to their attention the one they had listed for $10 over spot. Kagin's has shown interest so we'll see how that goes. The way the silver market is going over the past few days I don't mind waiting. I say $33 by the end of the week!! |
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Valued Member
Canada
442 Posts |
I think APMEX's quote sounds a bout right as they dont' really seem to be a numismatic kind of buyer. Hoping Kagin gives you a good price. Best of luck!! Oh yea.. we all want to see pictures! |
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New Member
United States
10 Posts |
They might not be a numismatic kind of buyer but they sure are a numismatic kind of seller. I understand they're in business to make money but come on, a 35%+ profit? I'm corresponding with Cherie, a numismatist at Kagin's, through emails now and waiting to hear back on a price. I just picked up a tripod today. I'll try setting the timer and snapping a pic that way. My shaky hands probably aren't helping my pic quality.
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Bedrock of the Community
United States
10982 Posts |
I almost never use a flash. That sounds like part of the problem. Just use good incandescent or halogen back lighting. Looking forward to the pics!
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New Member
United States
10 Posts |
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Replies: 33 / Views: 8,719 |
Posted 02/03/2011 2:42 pm
