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Is 16oz Pounds of 90% Silver Coins for $239.99 a pound a good deal?

MrSpudMrSpud Posts: 4,499 ✭✭✭
in Precious Metals
Hi,
I just got an email offering "16oz Pounds of 90% Silver Coins for just $239.99 a pound". Does this sound like a good deal or is this a scam?

Comments

  • dontippetdontippet Posts: 2,606 ✭✭✭✭
    I'm sure it's not troy ounces. Regular ounces are lighter, therefore take 16 x .91145833 to get a total of 14.583 troy ounces of coins. Then take 14.583 x .90 to get a total of 13.125 ounces of actual silver. At $239.99, you are paying $18.29 per ounce of silver. Any fees on top of that, shipping, handling, etc...? You would be paying about 2% over melt. If you look at the BST board, you will find sellers selling 2% UNDER melt including delivery. So, I would start there. Oh, I just happen to have some 90% coins for sale there as well under melt.

    I'd be curious what type of coins you would be receiving. You should be receiving around $18.35 face.
    > [Click on this link to see my ebay listings.](https://www.ebay.com/sch/i.html?_nkw=&_in_kw=1&_ex_kw=&_sacat=0&_udlo=&_udhi=&_ftrt=901&_ftrv=1&_sabdlo=&_sabdhi=&_samilow=&_samihi=&_sadis=15&_stpos=61611&_sargn=-1&saslc=1&_salic=1&_fss=1&_fsradio=&LH_SpecificSeller=1&_saslop=1&_sasl=mygirlsthree3&_sop=12&_dmd=1&_ipg=50&_fosrp=1)
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  • CaptHenwayCaptHenway Posts: 32,125 ✭✭✭✭✭
    In other words, you basically break even if you get the stuff, and lose everything if you do not.

    Call your local B&M coin shop. Ask them if they will sell you $20 face in 90% silver, denomination of their choice, at melt if you pay in cash and pick it up.

    Let us know what happens.

    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • AboutAgAboutAg Posts: 201 ✭✭


    << <i>Hi,
    I just got an email offering "16oz Pounds of 90% Silver Coins for just $239.99 a pound". Does this sound like a good deal or is this a scam? >>



    In general, it is safe to assume that any offer to sell bullion buy the pound (or avoirdupois ounces) is a scam.

    More often than not, they are legitimate, but just uneducated sellers (take a look on the bay for '1.1 ounce silver rounds'; I'm sure they are all 1 ounce silver rounds, but on an avoirdupois scale they register as 1.1oz). The pound sellers are only legally required to sell you 12 troy ounces (unless they state otherwise, as this E-mail), so some take advantage of that.

    And of course, if the E-mail is not from someone you have done business with before, remember that there is a delete key somewhere on the keyboard...
  • jmski52jmski52 Posts: 22,825 ✭✭✭✭✭
    Do you know the people who sent you the email?
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • MrSpudMrSpud Posts: 4,499 ✭✭✭
    It was a place called Mike's Coins that I bought a cent from one time long ago.
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