Call on collection weighed in ounces

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logger7
logger7 Posts: 9,859 ✭✭✭✭✭
in Precious Metals

I got a call from a potential customer who had weighed out all his 90% silver coins, predominantly dimes. I told him to convert the ounces to how much the coins were worth you have to convert to Troy weight. Is this not correct? Also multiply by .90 and the per ounce spot price. Of course the dealer has to offer behind spot.

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  • TomB
    TomB Posts: 23,189 ✭✭✭✭✭
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    Alternatively, if you already know the gross weight then simply multiply it by 0.9 to get the actual metal weight.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

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  • logger7
    logger7 Posts: 9,859 ✭✭✭✭✭
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    @TomB said:
    Alternatively, if you already know the gross weight then simply multiply it by 0.9 to get the actual metal weight.

    I'd think you have to translate the normal weight into Troy weight, for example the dimes weigh out:

    274 oz avoirdupois which translates to around 250 oz troy weight x 90% x $29 (estimate) $6525

  • TomB
    TomB Posts: 23,189 ✭✭✭✭✭
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    Of course you would.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • logger7
    logger7 Posts: 9,859 ✭✭✭✭✭
    edited June 23, 2024 3:41PM
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    As the guy was looking for a definite number/offer, I was clear with him that giving him that based on his scale would not work; going by face value is the only reliable measure. His aunt worked at a bank for a number of years and got a lot of 40%, 90%, war nickels, some common currency and Morgan dollars many unc.. I figured 19x face was good, as the local shop buyers are closer to 18x. He was looking for another 20%-30% over my estimate. I know a travelling buyer with a coin counter. I may hear back from him. Putting out tens of thousands of dollars partly based on the customer's demands seems to be the trend, they think they have more than they actually have. The fellow doesn't even realize the mint marks lower the prices a lot as all he has is common dates. He used "rainbow" for dollars that are only toned.

  • PerryHall
    PerryHall Posts: 47,752 ✭✭✭✭✭
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    @logger7 said:
    The fellow doesn't even realize the mint marks lower the prices a lot as all he has is common dates.

    Did you mean "contact marks" rather than "mint marks"?

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • blitzdude
    blitzdude Posts: 7,723 ✭✭✭✭✭
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    @logger7 said:
    Of course the dealer has to offer behind spot.

    Offer him 50% of spot. Dealers got to eat. And they wonder why nobody's interested in the gutter metal. LOL!

    The whole worlds off its rocker, buy Gold™.
    BOOMIN!™
    Wooooha! Did someone just say it's officially "TACO™" Tuesday????
    Retiring at 55, what day is today? :sunglasses:

  • logger7
    logger7 Posts: 9,859 ✭✭✭✭✭
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    @PerryHall said:

    @logger7 said:
    The fellow doesn't even realize the mint marks lower the prices a lot as all he has is common dates.

    Did you mean "contact marks" rather than "mint marks"?

    He has rolls of 1901-O, 82-s, 1904-o, 1889, etc.. He failed to check out the mm on the first three.

  • dcarr
    dcarr Posts: 10,257 ✭✭✭✭✭
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    @blitzdude said:

    @logger7 said:
    Of course the dealer has to offer behind spot.

    Offer him 50% of spot. Dealers got to eat. And they wonder why nobody's interested in the gutter metal. LOL!

    .

    The reason you only buy SLV is because nobody is dumb enough to sell physical silver to you at your ridiculous low-ball offers.

    .

    Moonlight Mint
  • rte592
    rte592 Posts: 2,234 ✭✭✭✭✭
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    @dcarr said:

    @blitzdude said:

    @logger7 said:
    Of course the dealer has to offer behind spot.

    Offer him 50% of spot. Dealers got to eat. And they wonder why nobody's interested in the gutter metal. LOL!

    .

    The reason you only buy SLV is because nobody is dumb enough to sell physical silver to you at your ridiculous low-ball offers.

    .

    I don't care who you are...that's funny 😭

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