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 Replies: 13 / Views: 1,263 |
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Pillar of the Community
United States
3345 Posts |
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Pillar of the Community
United States
3276 Posts |
that's just a picture. I bet they cherry pick all the good stuff and send you an ounce of crap silver.
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Pillar of the Community
United States
1081 Posts |
To be fair, he says he's only selling as junk, and I would only buy as junk.
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Pillar of the Community
 United States
3345 Posts |
Very true, my wise colleagues.
Would you, however, consider those Morgans "junk"?
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Bedrock of the Community
United States
20753 Posts |
I didn't look but was wondering if he said UNSEARCHED?
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Moderator
 United States
16677 Posts |
IMO, just like all those truly unsearched Lincoln Cent auctions. He sends you an ounce, but hand picked crappola I can assure you. swcoin.ecrater.com
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Valued Member
Canada
162 Posts |
Lots of people put good coins on junk auction pictures.
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Pillar of the Community
United States
1659 Posts |
I steer clear of these kind of auctions. The description of what you get is somewhat misleading. They say you get an ounce of coins. Is that a troy ounce or an avoirdupois ounce? The seller doesn't directly specify.
They say that an ounce of coins usually (I really hate descriptions that leave wiggle room like that) contains $1.15 face with no nickels. That amounts to 3 quarters and 4 dimes.
3 quarters X 6.25 grams each = 18.75 grams
4 dimes X 2.50 grams each = 10.00 grams
Avoirdupois ounce contains roughly 28 grams
Troy ounce contains roughly 31.1 grams
So it looks like this auction is for an avoirdupois ounce of 90% pure silver coins.
Remember that the spot price of silver is $XX per troy ounce of pure silver
By selling silver coins by the ounce, the seller is trying to mislead you into thinking you are getting an ounce of silver, which is far from the truth.
Junk U.S. silver dimes/quarters/halves are traditionally bought/sold for $XX times face. Any other method throws up red flags for me.
I can just about guarantee you there will be no Morgan/Peace dollars in the lot. The picture showing them is only there to entice you into thinking you may get one.
Stick with auctions that have clear descriptions of what you are buying.
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Pillar of the Community
United States
3345 Posts |
No he doesn't say unsearched, in fact he mentions going through them.
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Pillar of the Community
United States
3540 Posts |
He is selling an ounce...but handpicked by him.
Just the normal bait and switch auction....nothing more...nothing less.
He alludes to sending you $1.15 face value in coin. Close to an ounce, but not quite.
The other thing he is doing...charging your full silver ounce pricing. 90% coins rarely sell for spot.
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Bedrock of the Community
United States
14454 Posts |
when you think most circulated Morgans will not sell for much more than their melt value that Morgan on the left would be considered "junk silver" to me also if I was capable of calling any Morgan Junk. Most people call coins junk if they are only worth their silver content
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Valued Member
United States
108 Posts |
Like acloco said, he alludes to sending $1.15 face value per lot. U.S. 90% silver coin is 25 grams per $1 face value (Silver dollars are slightly more). So that's roughly 28.75 grams...(little more tan) an avoirdupois ounce. cwb8539 did a great breakdown on the ASW.
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Valued Member
United States
309 Posts |
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Pillar of the Community
United States
3184 Posts |
that picture is just a picture, you won't get any of the nice coins thats show in the picture.
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Replies: 13 / Views: 1,263 |
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Posted 04/30/2011 4:05 pm
