What is the lowest grade that one should buy 90% for?
bosco5041
Posts: 1,303 ✭
I talking about buying it by the piece (not wieght) at the going rate of around melt give or take. I have heard of people buying lots of silver by the piece and it being worn to much and when they sell the purchaser wants to buy by the wieght instead of the piece.
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Halves are best to buy (except for Barbers because they're usually too worn) and that's why they usually command the highest premium.
Then Wash. Quarters. Try to stay away from a Lot with alot of 1930's in it, that is unless you're willing to search every coin looking for one of the '32 series.
Newer Roosevelt dimes should bring about the same premium as Wash. Quarters. Older ones and Mercs. should go for less.
Again, this is all jmho and the way I view buying 90%...and i'm not sure if I answered your question so I'll try to.
I don't look at each coin and try to grade it. When I'm buying 90%, I try to spread the coins out and get an overall "grade" for the Lot. After all with most 90% purchases, these days, you're buying it for the silver, not the grade of the coin because the silver is worth more than the numismatic value, typically.
Now when you go to sell it, I can guarantee you the first thing a dealer, or big purchaser like APMEX is going to do is weigh it. It a catch-22, and this is why some people only buy 90% from the 1960's and try to avoid getting beat down a little when that time comes to sell.
Hopefully, some food for thought.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Same for Standing Liberty Quarters. If you are getting them as 90% silver, you can shave with them.
I prefer Franklin 50c for 90% silver. If/when the time comes when pre 65 silver becomes currency again, people will know that every
Franklin is 90% silver. With Kennedy's 1964 is 90%, then they went to 40%, then clad, except for some proofs, mints, etc.
If you are buying bulk 90%, weigh it.
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Now when you go to sell it, I can guarantee you the first thing a dealer, or big purchaser like APMEX is going to do is weigh it. It a catch-22, and this is why some people only buy 90% from the 1960's and try to avoid getting beat down a little when that time comes to sell.
Hopefully, some food for thought.
Really? I worked for 21+ years for the biggest dealership in Chicago (perhaps you know it?), and not once did I ever weigh an incoming junk silver lot.
Perhaps two or three times I looked at it and told the seller that because most of the coins were too worn for us to resell in junk silver I would only buy it at a lesser multiple of face, and if he or she said yes we ran it through the coin counter and bought it by face. We then kept that lot separate and sent it to the refiner with our silver scrap.
<< <i>Wouldn't it be better if all of the junk silver was refined and taken out of "recirculation"? >>
There is usually a demand for it, so why burn it if people want it?
We did pull out the slicks and bent and holed stuff and burn that before reselling the average circs.
The 2 where I sell 90% that weigh it, maybe because I'm usually taking them a min. of $500 face when I do sell to them? You'd think after doing business with them both for over 15 years, i'd get a break lol. It almost always is close enough because I have already taken the slicks out and present them as such.
The main guy I'm talking about is in Munster for over 35 years.
<< <i>Really? I worked for 21+ years for the biggest dealership in Chicago (perhaps you know it?), and not once did I ever weigh an incoming junk silver lot.
The 2 where I sell 90% that weigh it, maybe because I'm usually taking them a min. of $500 face when I do sell to them? You'd think after doing business with them both for over 15 years, i'd get a break lol. It almost always is close enough because I have already taken the slicks out and present them as such.
The main guy I'm talking about is in Munster for over 35 years.
It could be as simple as being a 'regional' thing.
Did you ever try to buy a decent knish in Colorado? Not entirely impossible but.....
On the other hand our variety of Latino food is unequaled. ( Said with no intention of 'setting off' the Californians here, just relating a fact).
Me: I have $xx face (His buy price is always posted at shows)
Him: (Pulls out calculator) I'll give you $yyy.
Me: Hands him the 90%
Him: Hands me a check
No counting, no verification. It doesn't matter if they are rolled or in a ziploc baggie with the amount written on it.
I am fairly cer4tain he counts it after the show but there has never been a problem. I have been at his table once when someone walked up and he stated to some guy that "the last batch was a little lgiht". I saw some money change hands but don't know the details.
The really bad ones in FR/AG can be seriously under-weight. And it does seem to hit dimes/quarters worse than halves.
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<< <i>Really? I worked for 21+ years for the biggest dealership in Chicago (perhaps you know it?), and not once did I ever weigh an incoming junk silver lot.
The 2 where I sell 90% that weigh it, maybe because I'm usually taking them a min. of $500 face when I do sell to them? You'd think after doing business with them both for over 15 years, i'd get a break lol. It almost always is close enough because I have already taken the slicks out and present them as such.
The main guy I'm talking about is in Munster for over 35 years.
It could be as simple as being a 'regional' thing.
Did you ever try to buy a decent knish in Colorado? Not entirely impossible but.....
On the other hand our variety of Latino food is unequaled. ( Said with no intention of 'setting off' the Californians here, just relating a fact). >>
In the Baltimore area my local dealer will want to buy by weight if there are slicks/low grade silver coins in the lot. I think every dealer has their own way of doing things.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
1. 1964 Kennedy half
2. Roosevelt dime
3. Franklin half
4. Washington quarter
5. Walker half
you don't have to avoid the more worn coins, just pay a little bit less for them. I prefer the coins listed above but I won't pass up older coins if they have an appropriate price discount.
when selling , I would throw in a lot of state silver quarters, halves ,and dimes from broken up proof sets to help balance some weight back.