A Lunar Snake score from a local coin shop
1970SilverArt
Posts: 482 ✭
After I left work, I decided to go to a local coin dealer that was on my way home from work. I went in there to look for 1-oz silver art bars. They did not have much silver in stock when I entered the coin shop but I decided to look in their .999 silver bin to see what they had. Something caught my eye. I noticed that there was an NGC slabbed silver coin thrown in the .999 silver bin. I only saw the reverse side of the the 1-oz silver coin. At first, I thought that it was a silver Australia Kookarburra but I told the dealer that I wanted to take a look at it. When I looked at it, I realized that it was one of the Lunar coin series that was enclosed in an NGC slab.
At this point, I was deciding to get it but I was not sure yet because, from what I have seen in the past, these Lunars usually have high premiums over spot silver and I was not sure how much he was asking for it. I asked him how much he wanted for it. When he told me, I was surprised when he told me that he was asking $40 for it. At that point, I told him that I was going to buy it. Even though he was asking $40.00 for it, I ended up paying a total price of $43.70 for it because of a sales tax. Spot silver closed today at $40.66/oz (Kitco Quote). Since this dealer was located in Tennessee, a sales tax was applied to this purchase. Despite the sales tax, I still thought this was a good price for an NGC MS-69 slabbed Lunar Snake silver coin.
It is very rare that I buy 1-oz gov't minted silver coins because I am a silver art bar collector and I usually buy 1-oz silver art bars. This is the only slabbed bullion coin that I have in my silver stack. I like this coin a lot. Here is what it looks like. Sorry for the small picture but photobucket is down.
At this point, I was deciding to get it but I was not sure yet because, from what I have seen in the past, these Lunars usually have high premiums over spot silver and I was not sure how much he was asking for it. I asked him how much he wanted for it. When he told me, I was surprised when he told me that he was asking $40 for it. At that point, I told him that I was going to buy it. Even though he was asking $40.00 for it, I ended up paying a total price of $43.70 for it because of a sales tax. Spot silver closed today at $40.66/oz (Kitco Quote). Since this dealer was located in Tennessee, a sales tax was applied to this purchase. Despite the sales tax, I still thought this was a good price for an NGC MS-69 slabbed Lunar Snake silver coin.
It is very rare that I buy 1-oz gov't minted silver coins because I am a silver art bar collector and I usually buy 1-oz silver art bars. This is the only slabbed bullion coin that I have in my silver stack. I like this coin a lot. Here is what it looks like. Sorry for the small picture but photobucket is down.
DISCLAIMER: I am NOT a '70's silver art bar expert but I try my best to play one on the Internet.
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Comments
<< <i>That's a pretty nice score for $40. >>
Actually, it ended up costing me a total of $43.70 because sales tax was added to the purchase. IMO it is still an awesome score for an NGC graded bullion coin that normally sells for a high premium. I am very happy with it.
good job.
<< <i>Wasn't the fella in Pigeon Forge was it? >>
Nope. The coin dealer was not in Pigeon Forge.
<< <i>Thats a huge score! I see them going on ebay for $80-100 non slabbed. Great looking coin too! >>
I am making a wild guess here but I suspect that there were not many of these 1-oz silver Lunar Snakes minted and that might explain why they are fetching a high premium on ebay. If I am wrong on this, then please feel free to correct me.
Coins and bullion (among a long list of other exceptions) are exempt from sales tax in Colorado. Although sometimes one has to remind them of that at the cash register.