Junk silver??

MoneyLA

I sent a colleague to a local coin store to buy some junk silver over the weekend. He was intrigued with the idea of buying some 90% silver coins after I did a report on the price spike in silver last week. He came back this morning and reported the coin shop was sold out of its junk silver. What's going on in local coin shops near you? Is there junk silver to be had, or is it also sold out? Besides the TV reports, Ive also been writing about silver on my website. cheers, alan mendelson

kamehameha00

At the coin show I went to yesterday some people were buying junk silver for 5X face value.And at my local dealer their is still junk silver to be had.

itsnotjustme

Biloxi show dealers were paying 5x, selling 5.4x.

topstuf

There's plenty. I seldom sold any. People want .999 silver when they buy. Especially if they remember 1980 when .999 was over 50 bucks and 90% was $33.50 per oz.

Coin shops have junk silver when people sell it to them. They buy a LOT of it because it is what most small sellers have.

Std rule of thumb here on West coast was....buy 90%, hope like hell somebody would take it off your hands, finally get tired of it and ship it. Usually EAST. East coast buys 90% for some reason. AND silver eagles. Just TRY to find someone in Calif who will buy SAE's. Nope. Generic rounds is what sells.

For a long term buyer, I would not tell them to buy the silver coins.

Unless of course they are REALLY paranoid and think the gov't will TAKE the .999

hmmmmmm.

MoneyLA

premiums are rising on common circulated morgans.

these are prices I got friday in los angeles:

two 90% half dollars $5.32
one morgan $11.00

cheers, alan mendelson

Prometheus183

A friend of mine that runs the auto shop here on post showed me a .999 1 Oz. bullion piece a couple weeks ago. He asked me what it was worth and I pulled up kitco's site and showed him. He didn't seem interested, and in fact commented "oh, is that all?" So, I told him I'd give him 80% spot price for it, and he said "sure, you want the rest too?"
"The rest?", I asked. He replied, "yeah, I've got 46 others just like it at my shop in Tooele". I paid him on the spot for all 47 ounces.
I asked him where he got them, and he said someone gave them to him in payment for an old chevy intake manifold, and figured they were worth at least a buck a piece at the time.
He got the bonus plan.

Craig

nankraut

Prometheus183: Hey...that was interesting.

dcarr

I know some people that prefer 90% "junk" silver coins to bars. The coins have a face value, for one thing. You can also be fairly certain of their content. Is that 100 oz silver bar full of lead ? A bag of coins can be divided up for smaller transactions. It isn't really practical to cut up a big silver bar. And lastly, 90% coin is usually cheaper (per silver ounce) than bars.

dcarr

PS:

Some old Chevy intake manifolds can be worth quite a bit - even more than 46 x $7.50 = $345.00

ddink

Wow, I never realized people were paying so much more for .999 silver than they were for junk silver back in '80. That's an interesting factor to consider--does that only happen in really crazy markets (when silver gets really high) or is it always like that?

ccex

<< <i>Wow, I never realized people were paying so much more for .999 silver than they were for junk silver back in '80. That's an interesting factor to consider--does that only happen in really crazy markets (when silver gets really high) or is it always like that? >>



I've never seen 90% silver coin so severely discounted in recent years. However, I recall reading that in early 1980s the refineries were so backed up that dealers paid lower (like 1/3 back of spot) for items they would have to ship off to a refinery, not knowing what the spot price would be when they finally received .999 silver back.

The point has been made here earlier that 90& junk silver has its merits, and I hope it will be quite some time before the silver market again goes out of control as it did in late '79/early '80

dcarr

<< <i>Coin shops have junk silver when people sell it to them. They buy a LOT of it because it is what most small sellers have.

Std rule of thumb here on West coast was....buy 90%, hope like hell somebody would take it off your hands, finally get tired of it and ship it. Usually EAST. East coast buys 90% for some reason. AND silver eagles. Just TRY to find someone in Calif who will buy SAE's. Nope. Generic rounds is what sells.
>>



Well, I think you need to look around a little bit more (if you have some to sell). There is one large California dealer who currently has a 90% junk silver buy price listed on the internet of 5.15 times face ($5,150 per $1000 face bag).

The current "melt" value is about $5.50 per dollar, and some delaers are selling it for $5.40 per dollar.

LucyBop

Junk Silver?

Search ebay for PCI or NTC.....

JohnZ

Why would anyone want a handful of junk silver?

Answer me that.

Deadhorse

<< <i>Why would anyone want a handful of junk silver?

Answer me that. >>



I've been buying junk silver from board members for over a year now and continue to do the same.

I generally pay more than dealers. Just PM me. (shameless plug, I know)

Why? I continue to believe it will go up further.