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1000oz Ag Bar: Help Needed!

RedHerringRedHerring Posts: 2,077 ✭
in Precious Metals
A fellow posted the following message on CCF forums and I wonder if you guys can help? Any value to this bar over silver spot??

US Assay Office New York 1000oz bar by jack6278

I am not a collector or an investor, this thing just kind of fell in my lap. I was prepared to sell it to a recycler at spot -.55 The bar weighs 71lbs. It is marked with an eagle in a circle, US assay office new york, 1955, fineness 999. I wasn't sure what it was when I bought it for a few hundred dollars so needless to say I was very happy to find out it is real silver worth about 30k but now I'm seeing ebay auctions for 60k and a HA auction selling one for 10k over spot. Do I have something really special here?

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Comments

  • ZubieZubie Posts: 1,160 ✭✭✭✭
    Someone sold you a 1000oz Silver Bar for a few hundred dollars??? Holy Crap!!!
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  • RedHerringRedHerring Posts: 2,077 ✭
    Well I wish it was me! It was a guy who posted to CCF forum. He got it at a back yard sale!

    Do you think a 1955 New York US assay office bar adds any value?

    By the way, he posted later that the guy who sold it to him thought it was a doorstop from a US embassy!!
  • ZubieZubie Posts: 1,160 ✭✭✭✭
    oh jeez, I didn't even read the first line, I just jumped to the 1000oz part!!! Wow, I've never seen a 1000oz bar in person before, but, maybe there is a market for rare older bars like that???
    Now thats a great problem to have!!!
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  • MeltdownMeltdown Posts: 8,789 ✭✭✭✭✭
    As far as I know, the early (pre-1960) mint bullion pieces are very scarce and often command a decent premium.
    Some of the smaller versions sell for nearly $100 per oz.

    Click on this link to see my ebay listings.

  • CaptHenwayCaptHenway Posts: 32,119 ✭✭✭✭✭
    I've never seen an assay office bar that large. I have no idea what kind of premium it might bring, if real.
    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.
  • AmigoAmigo Posts: 966 ✭

    I would be very cautious buying that size of a bar without an idependant assay. There are way too many fake items out there, especially things that are easy to fake. Gawd, I've gotta start going to yard sales. I bought over 2 dzn gold rings the other day from a lady that collected them all from yard sales. She says many of them she purchased for $5-10 from people that didn't realize they were gold. Just thinking about gets my blood flowing.
  • CaptHenwayCaptHenway Posts: 32,119 ✭✭✭✭✭
    I guess Kagin's would be the market for the assay office bar. Call them.
    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.
  • DoubleEagle59DoubleEagle59 Posts: 8,308 ✭✭✭✭✭
    Yard sales are like going to the Casinos.

    99 times out of 100 it's a waste of time.

    Getting back on track, definitely have the bar checked out.

    A 1000 oz bar should only weigh about 63 lbs, not "71 lbs".
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • CaptHenwayCaptHenway Posts: 32,119 ✭✭✭✭✭
    1,000 troy ounces = 480,000 grains

    divided by 437.5 = 1,097.1428 avdp. ounces

    divided by 16 = 68.571425 avdp. pounds.

    Next question----is the bar exactly 1,000 troy ounces? Most bars in the category genericly called "1,000 ounce bars" are poured and weighed and marked and run anywheres from 970 to 1020 ounces. The final price is adjusted to reflect the actual weight.

    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.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    More importantly, did that bar come out of Dwight Manley's garage?

    Is that why Kagin should be interested? image

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • CaptHenwayCaptHenway Posts: 32,119 ✭✭✭✭✭
    Kagin's has always been a player in assay office stuff. Might not end up to be the higher buyer, but it that bar had walked into the shop I used to work at, they would have been one of the placed I called.
    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.
  • HTubbsHTubbs Posts: 4,138 ✭✭✭
    Apmex had a 1000oz (or right around 1000 ounces) US Assay Office bar a few weeks back and I think they were asking about 10k over spot. I just looked on their website tonight and couldn't find it, so I assume it's been sold.
  • morgantypemorgantype Posts: 456
    I just saw some nice 8-10 oz US Assay Office bars at Long Beach offered for 1000.

    This will definitely carry a premium.
    Many buy and sell transactions. Let's talk!
  • RedHerringRedHerring Posts: 2,077 ✭
    Thanks for the help guys!
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