Just bought 200 silver coins below melt on Ebay

silvereagle

Hell yes. Gotta love this deal. I just bought 200 pre 1964 washington quarters on Ebay for $399. With the $6.50 shipping, the price is still below the silver value of the quarters. The listing also said there were some key dates in it. Either way its a great deal.

200 Quarters @ .18084 ounces of silver each @ 11.53 per ounce = $412.76 worth of silver. I got it for $399. Thanks rio whatever for the great deal.

Russ

Is it 200 or 150?

Russ, NCNE

silvereagle

its 200. 150 wouldnt be so great.

morgannut2

So what's that in coin dealer speak? about 8 times face? I'll ask what the buy is at Balt show tomorrow--seems higher than the 6.5 I got last show, but who knows.

Russ

<< <i>its 200. 150 wouldnt be so great. >>



Okay, did you get it for $299 or $399?

Russ, NCNE

morgannut2

200, then you're fine

silvereagle

Dang I am so excited I am posting crazy. I got 200 for $399. Was bidding on 150 for $299 but didnt win that.

AU58WALKERS

8 x face not that great a deal

silvereagle

riofresh has up on ebay 500 silver roosevelt dimes for $399 right now.


500 silver dimes @ .07234 ounces of silver each @ 11.53 current spot = $417.04. Shipping probably about $10 its still below melt.

mikeJ

kitco buying price for 90% is 7.375 at close today

silvereagle

Auwalker. If you are buying the coin for less than what the silver alone is worth, it is a great deal.

AU58WALKERS

<< <i>Auwalker. If you are buying the coin for less than what the silver alone is worth, it is a great deal. >>



$405.50 (your cost $399 + $6.50 shp) vs $312.76 silver content (your number) is not less than silver value.


EDIT:
I see you changed your numbers

silvereagle

It is less than silver value. There is more than $2 in silver in a pre 1964 washington.

morgannut2

You keep changing numbers -so it's about 8X face after all. I'm able to buy for a bit less (7.75 X face) and sell at 7.25 Times face.

Keep in mind the buy/sell don't follow the spot price exactly--the coins are worn afterall. So values go at mulitples of face.

AceK

Is "melt" the relevant measure? I think I'd be focused on what someone will pay for unmelted 90% silver. Unless it's more than 8X face, the math doesn't work here.

AU58WALKERS

Check with your local dealers for coin silver...I think you could get a better deal and no shipping.

Edit:
When considering "MELT" you must also factor in refining fess and assy fees and the refiners cut.

silvereagle

how much do they lose on wear ? I am thinking 1 or 2 percent. Hopefully not more

Russ

<< <i>You keep changing numbers >>



Yeah, the initial post was very confusing.

Russ, NCNE

Russ

PS: With metals showing a strong upward bias recently and indications that it will continue, he did fine.

Russ, NCNE

silvereagle

I am not getting why 8 times face is a bad deal. Thats like saying buying a raw morgan for $8 is a bad deal. Depends on how much silver content is in the coin and what the current price of silver is.

Yes I got screwed up on the numbers because I originally bid on a 150 coin lot for $299, got beat on that one and then won a 200 coin lot for $399 from the same seller.

AceK

Russ probably has a point. Unless there's a miracle in the middle east, oil and precious metals are probably going to keep climbing.

AU58WALKERS

<< <i>I am not getting why 8 times face is a bad deal. Thats like saying buying a raw morgan for $8 is a bad deal. Depends on how much silver content is in the coin and what the current price of silver is.

Yes I got screwed up on the numbers because I originally bid on a 150 coin lot for $299, got beat on that one and then won a 200 coin lot for $399 from the same seller. >>



$8 x face + shipping, IMO is not as good a deal as you can probaly get from your local dealer,
but as Russ says your ok in them....for now.

silvereagle

and you can bet that if kitco is paying 7.375 times face then 8 times face is still a good price. Those places always offer low ball prices that are so low I wouldnt even consider selling them anything. If they are offering 7.375 times face, you can bet that with a little work you will easily be able to get 8.375.

Also, I agree with Russ silver is going to keep going up and buying some at below current spot price cant be a bad deal. Also, I have checked the local dealers/pawn shops. Its a joke what they want for coins. Local pawn shop had a 1/4 ounce gold coin asking $499 for 1/4 ounce of gold ? are you kidding me. It wasnt slabbed or a key date. It was just a 1 / 4 ounce of gold and they are asking almost the price of a full ounce.

AU58WALKERS

<< <i>and you can bet that if kitco is paying 7.375 times face then 8 times face is still a good price. Those places always offer low ball prices that are so low I wouldnt even consider selling them anything. If they are offering 7.375 times face, you can bet that with a little work you will easily be able to get 8.375.

Also, I agree with Russ silver is going to keep going up and buying some at below current spot price cant be a bad deal. Also, I have checked the local dealers/pawn shops. Its a joke what they want for coins. Local pawn shop had a 1/4 ounce gold coin asking $499 for 1/4 ounce of gold ? are you kidding me. It wasnt slabbed or a key date. It was just a 1 / 4 ounce of gold and they are asking almost the price of a full ounce. >>



I would not consider "pawn Doggies" as "local metals dealers".

silvereagle

I have been to local coin dealers as well. Most people expect the price of silver and gold to keep rising and as such the coin dealers have bumped up their prices due to future expectations. I would say you would be hard pressed to find a price better than 12 times face at a local dealer. Hell, you arent getting a morgan or peace for less than $15 I dont care what condition it is in. And if they have 200 silver washington quarters I would expect their asking price would be in the range of $599. - $799.

granddad

I bought Morgan and Peace dollars for $12 each yesterday, and $1000 face 90% bags for 7.45x face.


Have a Great Day!
Louis

Russ

In small volumes like this, he has a point. Unless one has an ongoing buying relationship with a dealer who does a lot of bullion, it's unlikely that a better deal could be had with a small purchase like this one.

Russ, NCNE

silvereagle

grandad can you still get that deal ?

mjpm.com is paying 7.85 X face and silver went down 3 cents today. buy at 7.45X face and sell at 7.85 X face . thats a good profit.

AU58WALKERS

<< <i>grandad can you still get that deal ?

mjpm.com is paying 7.85 X face and silver went down 3 cents today. buy at 7.45X face and sell at 7.85 X face . thats a good profit. >>



Don't forget the shipping...a $1000 bag is about 50 lbs.

ABC123

IMO Silvereagle got a very decent deal. There probably is a better deal somewhere in cyberspace--but who cares, Silvereagle and the Seller are both satisfied with the deal. Stop thinking and figuring--it's bad for the team--Joe Gibbs

CaptHenway

It wasn't a bad deal, but it's no rip either. You paid a fair price. As of Friday, Engle's spread on $1,000 bags was 7.83x/8.19x. Come into the store on Monday, and if silver is at the same price as it was on Friday I will sell you a $1,000 bag for 8.0x cash or check.
I only have one available.
Tom DeLorey
Harlan J. Berk, Chicago