newbie question about buying silver coins

Carl2112 · February 10, 2012 12:23AM

Well since people have found out I'm interested in coin collecting a couple people have offered to sell me there old silver coins they know there worth more then face value but not exactly how much more should I offer them the melt value or slightly below it. Some are in fair condition but a lot of them are very worn especially the walking liberty's half dollars. But I don't currently have any so I wouldn't mind buying them but I also don't want to pay too much either. Any help would be appreciated.

hammered54 · February 10, 2012 12:26AM

http://www.coinmelt.com/

DuPapa · February 10, 2012 12:33AM

at current spot
Silver $33.54/oz -0.34

1942-1945 Nickel * $0.05 $1.8870
1916-1945 Mercury Dime $0.10 $2.4262
1946-1964 Roosevelt Dime $0.10 $2.4262
1916-1930 Standing Liberty Quarter $0.25 $6.0656
1932-1964 Washington Quarter $0.25 $6.0656
1916-1947 Walking Liberty Half Dollar $0.50 $12.1312
1948-1963 Franklin Half Dollar $0.50 $12.1312
1964 Kennedy Half Dollar $0.50 $12.1312
1965-1970 Half Dollar (40% silver) $0.50 $4.9603
1878-1921 Morgan Dollar $1.00 $25.9415
1921-1935 Peace Dollar $1.00 $25.9415
1971-1976 Eisenhower Dollar (40% silver) ** $1.00 $10.6065

OPA · February 10, 2012 12:35AM

I like our host's site...

Coinflation

Carl2112 · February 10, 2012 12:39AM

It must be because I'm new at this but paying $50 for coins who's face value is worth $2.50 just doesn't sit well with me. Well I guess I'll sleep well at night knowing that silver probably won't be dropping in price so they at least be worth what I pay for them

OPA · February 10, 2012 12:50AM

<< It must be because I'm new at this but paying $50 for coins who's face value is worth $2.50 just doesn't sit well with me. Well I guess I'll sleep well at night knowing that silver probably won't be dropping in price so they at least be worth what I pay for them >>

Don't count your chickens before they hatch. There is no guarantee that silver will rise, only time will tell. BTW it's down today.

PerryHall · February 10, 2012 1:12AM

Face value of coins X 0.71 X Current silver price per ounce = Silver value of coins

Pay a little less than melt value. The weight for average circulated silver coins is about 0.71 ounces per dollar of face value but coins that are worn slick have less silver and should be bought by weight. Morgan and Peace dollars weigh a little more at 0.77 ounce per coin. Hope this helps. Don't forget to visit our precious metals forum here. Use the drop down menu at the navigation at the upper right corner of the screen.

TwoSides2aCoin · February 10, 2012 1:21AM

Had a dealer offer to sell me VG-VF common date Walkers at 26x face yesterday. He left with them. If I had known you were looking, I would have bought them and added ten percent. $14.30 each sound fair for VG to VF ? He wanted $13 each. I asked him how many he wanted to buy.

stevkc · February 10, 2012 1:25AM

<< It must be because I'm new at this but paying $50 for coins who's face value is worth $2.50 just doesn't sit well with me. Well I guess I'll sleep well at night knowing that silver probably won't be dropping in price so they at least be worth what I pay for them >>

Less than a year ago silver just about hit $50. Now its around 32-33.

Carl2112 · February 10, 2012 2:22AM

I know there's no guarantee silver will continue to rise all I meant was its not gonna lose all its value over night.

DBSTrader2 · February 10, 2012 3:00AM

true... might take a full WEEK to drop dramatically, given the right conditions!

- - Dave

Davideo · February 10, 2012 3:36AM

Any one know what percentage of silver is worn off of a highly worn coin? I'm not knowledgeable enough and have never actually weighed them.

TwoSides2aCoin · February 10, 2012 3:42AM

<< Any one know what percentage of silver is worn off of a highly worn coin? I'm not knowledgeable enough and have never actually weighed them. >>

...
so , we're back to grading

Carl2112 · February 10, 2012 3:43AM

True dave I guess I'm just gonna roll the dice on this one and hope I don't crap out. Lol I don't have any walking liberty's so this at the very least will be a new addition to my collection

bestmr · February 10, 2012 3:50AM

The thing with silver I've learned, is you do it for the long haul. Years. Yeah, if you time it right, you can be a flipper but I think most people think of it as a sort of savings.

Carl2112 · February 10, 2012 4:31AM

Yes I'm defiantly thinking long term. I've still got wheat penny's I save from when I was young. I just assumed they were more rare or valuable then they really are.

Timbuk3 · February 10, 2012 4:36AM

Welcome and good luck !!!

Davideo · February 10, 2012 4:38AM

<< 

<< Any one know what percentage of silver is worn off of a highly worn coin? I'm not knowledgeable enough and have never actually weighed them. >>

...
so , we're back to grading

>>

Sorry, I'm confused? I've always treated worn silver coins as close enough to un-worn to not worry about differences in silver value. And I was curious if that is a poor assumption.

baccaruda · February 10, 2012 4:50AM

It must be because I'm new at this but paying $50 for coins who's face value is worth $2.50 just doesn't sit well with me. Well I guess I'll sleep well at night knowing that silver probably won't be dropping in price so they at least be worth what I pay for them

Yeah, it doesn't sit well with many people.

It sits very well with people like many of us who bought silver coins long ago at 5x-6x face and can sell them today at 25x face.

Carl2112 · February 10, 2012 4:59AM

I was bummed out to see the Eisenhower's he brought in weren't silver ones. I was going to buy them anyways but they have black gunk stuck to the reverse side. Any idea of how I could clean that off without being to destructive to the coin

PerryHall · February 10, 2012 5:04AM

<< I was bummed out to see the Eisenhower's he brought in weren't silver ones. I was going to buy them anyways but they have black gunk stuck to the reverse side. Any idea of how I could clean that off without being to destructive to the coin >>

Try soaking it in acetone.

DBSTrader2 · February 10, 2012 5:30AM

Carl:

Welcome to the Forum from an old-timer who started out collecting pennies in Whitman folders & gradually expanded! Walkers are one of my favorite designs, and SOMEDAY I'll get close to completing my collection (but unfortunately, likely not at these prices.....). Good luck with your efforts!

- - Dave

BryceM · February 10, 2012 5:41AM

There is one thing to be wary of when buying silver based on face value. When new, 90% dimes, quarters, and halves contained 0.7234 ounces of silver per dollar of face value. Typical circulated coins often trade at an assumed value of 0.715 ounces of silver to account for wear and metal loss. Very worn coins can contain MUCH less than this. When it's time to sell, many B&M dealers will pay you off of actual weight, not face value. I've made this mistake a couple of times and ended up with some coins that gave a whole new meaning to phrase "thin as a dime".

Res · February 10, 2012 6:18AM

<< There is one thing to be wary of when buying silver based on face value. When new, 90% dimes, quarters, and halves contained 0.7234 ounces of silver per dollar of face value. Typical circulated coins often trade at an assumed value of 0.715 ounces of silver to account for wear and metal loss. Very worn coins can contain MUCH less than this. When it's time to sell, many B&M dealers will pay you off of actual weight, not face value. I've made this mistake a couple of times and ended up with some coins that gave a whole new meaning to phrase "thin as a dime". >>

Filling up a coin tube with 50 mercs often leaves 1/2 to 3/4 of an inch (or more) space left in the tube.

newbie question about buying silver coins

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