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What are you paying for sterling?

zski123zski123 Posts: 256 ✭✭✭
in Precious Metals

I'm curious what others are paying for scrap sterling. I've been buying sterling at what I perceive is a nice discount. And yes...we all know the purity of sterling and how to calculate it against spot.

I've been buying a lot at what I believe to a fair discount. Just wondering what others are targeting as a discount to spot

Comments

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    I have picked up a couple of pieces at yard sale prices.....just because it seemed better to take it than to leave it....No great windfall, but will not lose anything either. Cheers, RickO

  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭

    The problem I have selling Sterling is that I have to charge tax on it. Id rather my customers buy 90% and cheap bullion. They can amasses many more ounces that way. Rarely do I get to add to my collection of Sterling, but when I buy from work I do so at melt...plus tax.

  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭

    @taxmad
    Its no laughing matter. In the State of North Dakota I can sell precious metals in 999+ form and charge no taxes. That saves my customer 7.5%, over time thats can add up.

  • taxmadtaxmad Posts: 978 ✭✭✭✭

    @jinx86 - the lol was for the last part of your post

  • ShadyDaveShadyDave Posts: 2,196 ✭✭✭✭✭

    I buy interesting/intricate items from my LCS at melt. I bought a nice serving fork and a couple of other little things last time I was there. I have a 5 gallon home depot bucket in my basement that I chuck it in and forget about it...

  • CoulportCoulport Posts: 1,087 ✭✭✭

    I pay melt at two shops. I usually buy spoons & forks for lost wax casting. Occasionally I encounter a pretty or unusual item like a British sewing box that I keep.

    The most money I made are on coins I haven't sold.

    Got quoins?
  • zski123zski123 Posts: 256 ✭✭✭

    It's interesting to read most everyone pays melt vs. stating they only buy below melt. I made really good margins buying American coin silver especially southern (pre-civil) war.

  • jdimmickjdimmick Posts: 9,676 ✭✭✭✭✭

    I buy it over the counter at 75% flatware, bars, coins,

    jewelry 70%

    I sell it at 78% Jew & 82% Flat/coin

    that's actual weight x spot x percentage Not weight x .925 x spot x percentage

  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭

    @jdimmick said:
    I buy it over the counter at 75% flatware, bars, coins,

    jewelry 70%

    I sell it at 78% Jew & 82% Flat/coin

    that's actual weight x spot x percentage Not weight x .925 x spot x percentage

    It depends on the deal, but typically 70% of melt is our over the counter bid. Someone brings in a decent amount Ive paid as high as 90%. Really cool things I want 100%.

  • USASoccerUSASoccer Posts: 445 ✭✭✭

    .40 a gram

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,291 ✭✭✭✭✭

    75-78% of melt. The cost of chemicals, and the process of getting it back to .999 makes expensive at that price, though.
    I gotta say : it is fun in the lab.

  • philographerphilographer Posts: 1,316 ✭✭✭✭✭

    I collect this pattern: Orange Blossom by Alvin. Issued in 1905. Would be sad to see it melted. Beautiful example of heavy Art Nouveau.

    He who knows he has enough is rich.

  • Mike59Mike59 Posts: 319 ✭✭✭

    I just bought 4 Franklin Mint 1000 Grains sterling Ingots yesterday from LCS . Paid 90% of melt. My LCS guy is very fair. Problem is that FM usually makes stuff in grains not ounces so I'm concerned that when I do want to sell, people wont know how to do the math into Troy Ounce

    MIKE B.

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