A decent premium for a 1996 Silver Eagle
1970SilverArt
Posts: 482 ✭
I did some shopping today at various local dealers for some silver and I found a Silver Eagle that was priced at a good price IMO. Here is what it looks like............
I bought this 1996 SAE for $38 from a local dealer today (spot silver closed at $34.62/oz today). This is the lowest premium that I have seen for a 1996 SAE. It is a bit "scruffy" on the reverse side but that is not a big deal to me. I am happy with it.
I bought this 1996 SAE for $38 from a local dealer today (spot silver closed at $34.62/oz today). This is the lowest premium that I have seen for a 1996 SAE. It is a bit "scruffy" on the reverse side but that is not a big deal to me. I am happy with it.
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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I'm happy and sad at the sametime!
In God We Trust.... all others pay in Gold and Silver!
<< <i>How were the inventories of the locals you visited? >>
The inventories at all of the local dealers that I went to were either low (less than 20 oz's) or non-existent. I went to a total of 6 dealers today and I came away empty-handed from 4 of the 6 dealers that I went to today. I am very surprised and happy that I was able to find a SAE for $38. I usually do not buy SAE's but I could not pass up this '96 SAE for $38. That was a good deal to me. I usually buy 1-oz silver art bars but I did not see very much at all in terms of silver art bars. Silver is very hard to find locally at the moment.
Should have been thrown in with the 'generic' silver round pile. Those are about $2 over spot at most.
Got quoins?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Totally fugly.
Should have been thrown in with the 'generic' silver round pile. Those are about $2 over spot at most. >>
I should also note that most of the local dealers in my area have increased their premiums after the drop in spot price from $49 to $34. The local dealers that I have been to now charge $3 over spot for .999 generic silver with SAE's going for between $4 to $5 over spot regardless of condition. As I mentioned earlier, I usually do not buy SAE's because I am a silver art bar collector and I am more familiar with silver art bars than I am with SAE's. However, I have a good enough "feel" for what the premiums are for SAE's in my local area are. I also want to state that sometimes there are "fugly" SAE's that are thrown in with the generic .999 silver bin pile but I have never seen a "fugly" 1996 SAE thrown in with the generic silver round pile. $3.38 is the lowest premium that I have seen on a '96 SAE in ANY condition. Those are just my observations.
<< <i>No justification for extra premium on 1996. Over three and half million of them sold by the mint. >>
I do not know if the extra premum for a 1996 SAE is justified or not but apparently the 1996 SAE has commanded a higher premium in the past because everytime that I have seen a raw '96 SAE at coin shows and at local dealers, the premium s much higher on a 1996 than any other SAE. The price that I paid for this '96 SAE is the best that I could find in my local area and the fact that it is a 1996 "key date" made it a better deal IMO despite the condition that it is in.
1995 W ASE - now that's a key date.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>Totally fugly.
Should have been thrown in with the 'generic' silver round pile. Those are about $2 over spot at most. >>
I should also note that most of the local dealers in my area have increased their premiums after the drop in spot price from $49 to $34. The local dealers that I have been to now charge $3 over spot for .999 generic silver with SAE's going for between $4 to $5 over spot regardless of condition. >>
If that's what you are stuck with. So be it.
In my area, rounds are 1.90 over spot. Discounts for 20 or more and 500 and more.
No problem silver eagles are 4.40 over spot. Discounts are available for the above quantities.
Generic (junk) and odd ounce bars go for 1.60 over spot per ounce.
typo.
Got quoins?
<< <i>big difference in a key date because of low mintage and a key date because of lowest mintage (over three and a half million in the case of the 1996). 3,500,000+ mintage doesn't fit my definition of a "key date." The only thing that makes 1996 a key date is the unjustifed extra premium asked for by sellers. Just because a seller calls it a key date does not make it a key date.
1995 W ASE - now that's a key date. >>
Ok. Fair enough. I stand corrected. However, $3.38 is the lowest premium that I have seen on a 1996 SAE in ANY condition. Key date or not. The other local dealers in my area were charging $4 to $5 over spot for all other SAE's. As mentioned, I usually do not buy SAE's because I am a silver art bar collector and I mainly collect rare silver art bars. The '96 SAE got my attention and I bought it because I have not seen one for that low of a premium.
<< <i>
<< <i>
<< <i>Totally fugly.
Should have been thrown in with the 'generic' silver round pile. Those are about $2 over spot at most. >>
I should also note that most of the local dealers in my area have increased their premiums after the drop in spot price from $49 to $34. The local dealers that I have been to now charge $3 over spot for .999 generic silver with SAE's going for between $4 to $5 over spot regardless of condition. >>
If that's what you are stuck with. So be it.
In my area, rounds are 1.90 over spot. Discounts for 20 or more and 500 and more.
No problem silver eagles are 4.40 over spot. Discounts are available for the above quantities.
Generic (junk) and odd ounce bars go for 1.60 over spot per ounce.
typo. >>
In normal situations, The main dealer that I usually go to would charge me any anywhere from $1.50 to $2.00 over spot for .999 generic silver rounds and bars. However, once spot silver went from $49 to $34 in a very short period of time, then the premiums are now $3-$3.50 over spot for .999 generic and $4-$5 for SAEs. I do not know what discounts my local dealers give because I am a very small buyer and I do not buy enough to qualify for a discount. Large coin shows are IMO the best places to find silver of any kind for a low premium based on my past experience of buying silver at coin shows. I guess prices differ from location to location. The local dealer where I bought that '96 SAE from is not the main local dealer that I usually go to and this local dealer that I bought the '96 SAE from usually does not have much silver in stock based on the past occasions that I have been to his shop.
<< <i>
<< <i>big difference in a key date because of low mintage and a key date because of lowest mintage (over three and a half million in the case of the 1996). 3,500,000+ mintage doesn't fit my definition of a "key date." The only thing that makes 1996 a key date is the unjustifed extra premium asked for by sellers. Just because a seller calls it a key date does not make it a key date.
1995 W ASE - now that's a key date. >>
Ok. Fair enough. I stand corrected. However, $3.38 is the lowest premium that I have seen on a 1996 SAE in ANY condition. Key date or not. The other local dealers in my area were charging $4 to $5 over spot for all other SAE's. As mentioned, I usually do not buy SAE's because I am a silver art bar collector and I mainly collect rare silver art bars. The '96 SAE got my attention and I bought it because I have not seen one for that low of a premium. >>
Apologies, my posts were not directed toward you and your purchase. I was speaking in general about the premiums on 96's and those that pay them. Unlike many '96 buyers, you paid the right price for yours.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>
<< <i>big difference in a key date because of low mintage and a key date because of lowest mintage (over three and a half million in the case of the 1996). 3,500,000+ mintage doesn't fit my definition of a "key date." The only thing that makes 1996 a key date is the unjustifed extra premium asked for by sellers. Just because a seller calls it a key date does not make it a key date.
1995 W ASE - now that's a key date. >>
Ok. Fair enough. I stand corrected. However, $3.38 is the lowest premium that I have seen on a 1996 SAE in ANY condition. Key date or not. The other local dealers in my area were charging $4 to $5 over spot for all other SAE's. As mentioned, I usually do not buy SAE's because I am a silver art bar collector and I mainly collect rare silver art bars. The '96 SAE got my attention and I bought it because I have not seen one for that low of a premium. >>
Apologies, my posts were not directed toward you and your purchase. I was speaking in general about the premiums on 96's and those that pay them. Unlike many '96 buyers, you paid the right price for yours. >>
No apology necessary. No harm done
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Totally fugly.
Should have been thrown in with the 'generic' silver round pile. Those are about $2 over spot at most. >>
<< <i>I think you did just fine. You obviously didn't pay any real premium. >>
if you want to dip it and most of that may come off, it's fugly but like ^^^^ said
I can hear it now................I dont want that gold bar... it has ugly spots!
In God We Trust.... all others pay in Gold and Silver!
<< <i>Do you think the dealer inventories are low due to people buying or that the dealers don't want to get caught with a large inventory if the price drops substantially again >>
I think that it is that more people are buying. I spoke to a couple of the local dealers and they were saying that people were just coming in and buying up all the silver. The main dealer that I go to has had problems keeping silver in stock because there might be a few people that come in and buy all of the .999 generic silver they had. When spot was going up towards $49 last month, my main local dealer still had trouble keeping up with demand because more people were buying silver. There is a bigger demand for silver now than it was a year ago. I noticed that difference.
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<< <i>No justification for extra premium on 1996. Over three and half million of them sold by the mint. >>
If there are 5 million collectors and only 3500000 made, that would seem to warrant an extra premium, and being the lowest mintage of the series would make it a "key" for that particular issue, wheither rare or not. JMO ! ! !
HH
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
<< <i>One possible reason for the premium on the 1996 ASE is that many of them (perhaps most) are socked away in rolls by silver investors who aren't aware that they own a "scarce" date. >>
<< <i>
<< <i>No justification for extra premium on 1996. Over three and half million of them sold by the mint. >>
If there are 5 million collectors and only 3500000 made, that would seem to warrant an extra premium, and being the lowest mintage of the series would make it a "key" for that particular issue, wheither rare or not. JMO ! ! !
HH >>
Even coins are subject to prices driven by speculation. This coin is an excellent example.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Even coins are subject to prices driven by speculation. This coin is an excellent example. >>
The grandaddy of speculative coins is the 1950-D nickel, with a mintage of 2.6 million. In 1964 an uncirculated example fetched $30, or $217 in today's dollars! Currently it is about $9, having lost about 96% of its value since the bubble burst.
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