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Sterling silver prices?

mcmximcmxi Posts: 890 ✭
in U.S. Coin Forum
I have 50 1000 grain Franklin mint bars. I went to sell them to a dealer and was offered $625. This seemed way low, but i don't know much about the bullion market. It was something like $6 per OZ.
If I was half as smart as I am dumb Iwould be a genious

Comments

  • USMC_6115USMC_6115 Posts: 3,009 ✭✭✭✭✭
    Click here for bullion prices

    I have no idea if "Sterling Silver" is different, but those are the current silver prices per ounce in the link above...

    Hope that helps.
  • CladiatorCladiator Posts: 18,062 ✭✭✭✭✭
    Sterling silver is .925

    Coin silver is .900

    Bullion silver is .999
  • SmittysSmittys Posts: 9,876 ✭✭✭✭✭
    Sterling usually get bought for 80% of melt
    Not sure what you have in weight grain vs grams
    But 625 doesn't sound to bad
    https://www.ebay.com/str/christyscoins
  • USMC_6115USMC_6115 Posts: 3,009 ✭✭✭✭✭
    1 troy ounce = 480 grains

    Sounds like you have roughly 25 ounces of Sterling silver (I'm not using a calculator)

    @ 80% of melt is about $200

    Someone will correct this if I'm off...and I probably amimage
  • mcmximcmxi Posts: 890 ✭
    It winds up being 104 OZ *.925= 96.3 OZ silver.
    If I was half as smart as I am dumb Iwould be a genious
  • PerryHallPerryHall Posts: 46,350 ✭✭✭✭✭


    << <i>1 troy ounce = 480 grains

    Sounds like you have roughly 25 ounces of Sterling silver (I'm not using a calculator)

    @ 80% of melt is about $200

    Someone will correct this if I'm off...and I probably amimage >>



    You are off by a factor of 4. He has 50 at about 2 ounces each or about 100 ounces total. At $10 per ounce, total value about $1,000.



    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

  • SmittysSmittys Posts: 9,876 ✭✭✭✭✭
    Tell him you want 750.00
    https://www.ebay.com/str/christyscoins
  • USMC_6115USMC_6115 Posts: 3,009 ✭✭✭✭✭
    "You are off by a factor of 4. He has 50 at about 2 ounces each or about 100 ounces total. At $10 per ounce, total value about $1,000"

    You're absolutely right...Good thing I wasn't selling this to the dealer. I would have gotten rapedimage

    For some reason I figured a 1000 grains at half an ounce...oops

    Thanks for the correction and math lessonimage
  • au58au58 Posts: 1,288 ✭✭✭
    At $10.00 per ounce, 80% of melt is $771. If you look around, you should be able to get closer to 90%. Look on the web for midwest refineries. They are paying 88% of melt for sterling. There may be a smelter closer to you. Don't forget to account for shipping.
  • ziggy29ziggy29 Posts: 18,668 ✭✭✭
    At current prices, I think anything over $800 is probably a decent offer.
  • DeadhorseDeadhorse Posts: 3,720 ✭
    Franklin Mint sterling is heavily discounted. Some brokers don't want anything to do with it.

    I buy lots of silver in various forms, but I've learned to stay away from Franklin Mint sterling. Franklin Mint also made a lot of stuff in .999 and that's a different story.

    I'd tell you what I think it's worth, but I don't want to insult you.

    Franklin Mint sterling is easily the most heavily discounted stuff out there. Industrial silver is worth more.

    Lesson for the future to all, don't ever buy Franklin Mint sterling if you ever intend to sell it at a profit at a later date.

    Do all the math you want, figure all the factors into it that you want to and you still won't get what you'd think it should be worth.

    Sorry.
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
  • PerryHallPerryHall Posts: 46,350 ✭✭✭✭✭
    Why the heavy discount for Franklin Mint Sterling?


    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

  • CratonCraton Posts: 2,670


    << <i>At $10.00 per ounce, 80% of melt is $771. If you look around, you should be able to get closer to 90%. Look on the web for midwest refineries. They are paying 88% of melt for sterling. There may be a smelter closer to you. Don't forget to account for shipping. >>



    I sent a large amount of scrap gold to one of those smelters about 10 years ago and they will send you shipping supplies and pay for postage. They even offered to send someone to pick it up. When I say a large amount, it was proably about 3 ounces - that's a large amount to me.
    One thing that bothered me though was that after I sent the stuff in, they kept calling and calling thinking that I had access to more gold.
  • ebaytraderebaytrader Posts: 3,312 ✭✭✭
    Please call us at 954/493-8811 for a very fair quote. (We'll be wayyyyy above $625. based on the current spot.)

    Regards
  • DeadhorseDeadhorse Posts: 3,720 ✭


    << <i>Why the heavy discount for Franklin Mint Sterling? >>



    I believe the smelting issue is different than with 90% coins for example, so there is a greater retrieval cost.

    Also The Franklin Mint just has a horrible name among silver brokers, so it's part psychological as well.

    I just know from experience that I'll never deal in it again.

    I suppose the best way to sell the stuff would be via eBay where you've got lots of novice buyers.

    I can't answer you question with a proper scientific answer because I don't think there is one. I just know to steer clear of it.

    As I said, there are some brokers who won't buy it at any price.
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
  • DeadhorseDeadhorse Posts: 3,720 ✭


    << <i>Please call us at 954/493-8811 for a very fair quote. (We'll be wayyyyy above $625. based on the current spot.)

    Regards >>



    You planning on selling it on eBay?

    Lot's of inexperienced fish in that pond.
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
  • krankykranky Posts: 8,709 ✭✭✭
    Is there a name for 800 silver? My friend just gave me eight spoons that he wants me to find a way to get rid of.

    New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.

  • Conder101Conder101 Posts: 10,536 ✭
    Sometimes it is called Mexican silver because that is a common fineness for silver artworks and trinkets made in Mexico for sale here. It mght also be called Canadian silver because that was the fineness that Canada used for their coinage after they reduced the fineness in 1920.


    You might try checking with Rich Hartzog. He is the only person I know of that seems to make a market in Franklin Mint material. http://www.exonumia.com/frank.htm
  • mcmximcmxi Posts: 890 ✭
    Thanks for the replies. I found a buyer yesterday for $900. I had to drive an hour to do so but it was worth it.
    If I was half as smart as I am dumb Iwould be a genious

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