How can I calculate the cost of 90% on the fly?
mrpaseo
Posts: 4,753 ✭✭✭
What is the easiest way to figure out how much it costs (I.e
22x face) BEFORE I go in to buy?
The local B&M sells 90% for spot + 3% + local tax (not sure what that is at the moment).
I would like to be able to calculate on the fly how many x face any certain location is charging (for example a flea market).
What's the formula?
Thanks,
Ray
22x face) BEFORE I go in to buy?
The local B&M sells 90% for spot + 3% + local tax (not sure what that is at the moment).
I would like to be able to calculate on the fly how many x face any certain location is charging (for example a flea market).
What's the formula?
Thanks,
Ray
0
Comments
Coinflation
and again to Coinflation for piece by piece info is really great. I have a hard time remembering, and calculating while transacting, so..
---In the field I sometimes need help with an on the fly purchase:
I use my "Silver Calculator" app on the android phone.
It can use a price you set, or spot. It can add up the number of quarters, dimes, etc individually or in total
with a visual picturing of each type, and that sub total and complete total. Easy to move the count of
anyone item up or down as needed.
In case you have to back down or up to a specific item amount to accommodate what you have to spend.
It has a problem solver mode to do just this as well.
You can set what silver piece types are in your display to simply things.
"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>Let this be your guide.
Coinflation >>
there is an app for a smart phone for this site.
From 0.7 you can subtract or add a % for say .69 or .71. A % off or added to the X face value would get you 20.8 or 21.2X.
$27 spot is 10% from the $30 spot. So 21X face less 10% or 21-2 = 19X.
If you have a calculator with you then you can use the more accurate values of .715 for 90% or .77 for silver dollars.
.715 is the .7 value + 2%. If your dealer charges 3% premium then you're looking at .7X +5% or 21X face + 5% = 22X....for $30 spot.
<< <i>The easiest number to remember is 0.7. Multiply the spot price by that to get your X face value. $30 spot = 21x face.
From 0.7 you can subtract or add a % for say .69 or .71. A % off or added to the X face value would get you 20.8 or 21.2X.
$27 spot is 10% from the $30 spot. So 21X face less 10% or 21-2 = 19X.
If you have a calculator with you then you can use the more accurate values of .715 for 90% or .77 for silver dollars.
.715 is the .7 value + 2%. If your dealer charges 3% premium then you're looking at .7X +5% or 21X face + 5% = 22X....for $30 spot. >>
I'm sorry, but I have no idea what all that means
Let's say I want to get some Junk Silver. This guy sells JS at SPOT + 3% + tax (Which I found out today is 9.5%). Can someone tell me what that calculates to (As in how many X Face).
Also, if I walk into a flee market and they have some quarters (let's say $3.00 worth) and I want to make an offer without insulting the guy. How do I count up what a fair offer is?
Current SPOT is $27.45 x .715 = 19.62 (What does that mean to me?) Does that mean that the current going rate is 19.6 x face therefore the $3.00 would be $58.80 for the 12 quarters (I think I just figured out the math above...lol).
Thanks,
Ray
1) I go to coinflation.com everyday as well.
2) The first thing I do is go to the silver coin calculator.
3) The default is for a quarter. Just hit submit and it will tell you the value of a silver quarter.
4) Try again for any other coin.
5) Try to purchase it for that price or lower.
Without using any formula or calculations:----------
I mentally know a quarter is about $5 and dime about $2.25 so I always have a good starting point for a few pieces at a flea market.
-12 silver quarters x times $5 is about $60 bucks (if they are selling for $50 great. If they are selling privately for more than $5 each don't.)
-now if at a store or a regular coin dealer at a flea market, expect to pay a small tad more.
It gets a little confusing when mixing methods fer sure.
<< <i>I try to get a spot price at kitco before I go to buy, begin a transaction, or buy. Kitco for a simply price
and again to Coinflation for piece by piece info is really great. I have a hard time remembering, and calculating while transacting, so..
---In the field I sometimes need help with an on the fly purchase:
I use my "Silver Calculator" app on the android phone.
It can use a price you set, or spot. It can add up the number of quarters, dimes, etc individually or in total
with a visual picturing of each type, and that sub total and complete total. Easy to move the count of
anyone item up or down as needed.
In case you have to back down or up to a specific item amount to accommodate what you have to spend.
It has a problem solver mode to do just this as well.
You can set what silver piece types are in your display to simply things. >>
Awesome! I need to get one of these
Amat Colligendo Focum
Top 10 • FOR SALE
Glad you asked , though, it gives me a chance to ask about your icon. What calibre? What distance?
<< <i>Mine was done on an iPhone. I don't know about the androids.📴
Glad you asked , though, it gives me a chance to ask about your icon. What calibre? What distance? >>
5.56mm (green tip ball round), 50 meters, M4 with iron sites. Just toying around while zeroing my weapon.
over $1500. Make sure the guy is not ripping you off with sales tax !
<< <i>What is the easiest way to figure out how much it costs (I.e
22x face) BEFORE I go in to buy?
The local B&M sells 90% for spot + 3% + local tax (not sure what that is at the moment).
I would like to be able to calculate on the fly how many x face any certain location is charging (for example a flea market).
What's the formula?
Thanks,
Ray >>
Are you trying to calculate the
MELT VALUE of a dollar's worth of .900 fine dimes, quarters and halves? That would be the spot price of silver times 0.715.
or, the
RETAIL PRICE of a dollar's worth of .900 fine dimes, quarters and halves? That will fluctuate from day to day, week to week, and month to month, depending upon the
(quantity you are buying) PLUS (the Law of Supply and Demand.)
Thought to self: (was that sarcastic enough for people realize dealers have been in business for generations for a reason?)
Seriously, take whatever Spot is at the time...let's just say $30. Now multiply 30 by .7. That gives you $21. Now take $1-1.50 off and start negotiating from there. ($19.50-20.00)
Keep in mind, there is a premium as the denomination of the coin goes up, i.e., you should pay less for dimes than quarters, less for quarters than halves.
Dollars are a whol 'nother animal because people want to "grade" them and try to get some numismatic value out of them. That was fine 5 years ago. Nowadays if it's a common date even in AU, it should be purchased for the silver in it solely...absolutely no numismatic value. If the seller tries saying, but these are all AU, say, I'll pass, thank you.
<< <i>You mention sales tax. Some state do not tax bullion over a certain value. Example, California, NO sales tax if transaction is
over $1500. Make sure the guy is not ripping you off with sales tax ! >>
I am sad to say that I believe all the B&M around here are praying on the Soldiers. So far, they all... well, suck. This last guy has a large variety but he has high prices. I asked the price of one Australian Silver Kookaburra and he told me $59, I said something like, I'm sure that is a fair price... He said, they are trending $100... Looking on line they are trending in the $45 range.
I'll keep looking for a good B&M even if I have to put a few miles behind the windshield.
Ray
<< <i>
<< <i>What is the easiest way to figure out how much it costs (I.e
22x face) BEFORE I go in to buy?
The local B&M sells 90% for spot + 3% + local tax (not sure what that is at the moment).
I would like to be able to calculate on the fly how many x face any certain location is charging (for example a flea market).
What's the formula?
Thanks,
Ray >>
Are you trying to calculate the
MELT VALUE of a dollar's worth of .900 fine dimes, quarters and halves? That would be the spot price of silver times 0.715.
or, the
RETAIL PRICE of a dollar's worth of .900 fine dimes, quarters and halves? That will fluctuate from day to day, week to week, and month to month, depending upon the
(quantity you are buying) PLUS (the Law of Supply and Demand.) >>
Looking for melt to add to the stack
Thanks,
Ray
<< <i>Just pay the dealer what he's asking, they're always fair, especially if you are a new customer to them. They'll have hot coffee and sprinkled donuts for you the next time you come in.
Thought to self: (was that sarcastic enough for people realize dealers have been in business for generations for a reason?)
Seriously, take whatever Spot is at the time...let's just say $30. Now multiply 30 by .7. That gives you $21. Now take $1-1.50 off and start negotiating from there. ($19.50-20.00)
Keep in mind, there is a premium as the denomination of the coin goes up, i.e., you should pay less for dimes than quarters, less for quarters than halves.
Dollars are a whol 'nother animal because people want to "grade" them and try to get some numismatic value out of them. That was fine 5 years ago. Nowadays if it's a common date even in AU, it should be purchased for the silver in it solely...absolutely no numismatic value. If the seller tries saying, but these are all AU, say, I'll pass, thank you. >>
Good advice, thanks,
Ray
<< <i>Dollars are a whol 'nother animal because people want to "grade" them and try to get some numismatic value out of them. That was fine 5 years ago. Nowadays if it's a common date even in AU, it should be purchased for the silver in it solely...absolutely no numismatic value. If the seller tries saying, but these are all AU, say, I'll pass, thank you. >>
Morgan and Peace dollars have become popular as types with upwards of 30% premiums to spot, even as culls. This listing (not mine) is typical. At $27.25 spot, a roll of pre-1936 silver dollars contains about $420 worth of silver. They can no longer be bought in any grade near melt, unless from an uninformed seller. Pre-1936 silver dollars are no longer suitable as bullion purchases - they are all "numismatic" now.
My Adolph A. Weinman signature
See if you can find out how much they go for when YOU try to sell them. Not being a smart arse, Just speaking from experience and from the Poll I took here Please keep in mind the date of when taken...when Spot was higher than it is now. The evidence is undisputable. People will not give anything more than the bullion value with Dollars these days, and when selling you're lucky to get that. Take from someone whose had to bite the bullet and take a loss doing so recently.
Or, go here on your computer to install it on your phone:
<< <i>I am unable to locate the app for my android... what am I doing wrong? >>
The linky
"BUY 90 PERCENT SILVER PARTIALS OK
DON'T SEND MATERIAL THAT'S JUNK PLEASE
MISC 90 + 1.90
MERCS + 2.00 NICE MATERIAL PLEASE
HALVES + 2.25 NO JUNK MIXED IN 'EM"
So, he is paying spot plus $1.90 per ounce for good quality common 90% figured at 0.715 ounces per dollar (not 0.700) delivered to him, and in his terms he is picking up the insurance on bags, so the flat-rate shipping cost on a bag to him is $39.95.
That said, some B&M proprietors don't like making packages or standing in line at the post office, and will sell it to you a little cheaper than that to save themselves some trouble. Just remember that at $30 an ounce common 90% melts at $21.45 per dollar, and they can get 22.8 times face if they ship it, so don't expect to be able to demand that they sell it to you at 19.5 to 20 times face unless you like getting laughed at.
You can ask how much they will sell it at, and if it is cheap take it and count your blessings.
<< <i>You mention sales tax. Some state do not tax bullion over a certain value. Example, California, NO sales tax if transaction is
over $1500. Make sure the guy is not ripping you off with sales tax ! >>
Or try CASHOLA.
<< <i>The evidence is undisputable. People will not give anything more than the bullion value with Dollars these days, and when selling you're lucky to get that. >>
Ebay buyers are people.
A recent Greysheet buy ad offered $29.50 for any VG/better Peace dollars.
A local B&M in my area offers 4x face higher for cull dollars than for ordinary 90% silver.
My Adolph A. Weinman signature
I'd be happy to pay over bullion value for non-culls considering even 90% is bringing near a $2 premium. How can silver dollars not bring the same $2 premium that 90% does?
Culls are one thing. Wouldn't expect the same treatment for typical circs.
<< <i>Usually is SPOT x 0.715 for everything but the dollars, which are a little higher. >>
^^THIS^^
This is all you need to figure out what FV multiple equals spot for 90% junk. It really is that simple. Just multiply spot (price per oz) x 0.715 and that tells you your multiple of face value. Then all you have to do is follow the trends of what kind of premiums dealers are charging for 90%. Traditionally you could get 90% for spot or maybe a little lower. However in the past couple of months I have seen premiums rise and it is very hard, for me at least, to find places to buy 90% at spot.
<< <i>
<< <i>Usually is SPOT x 0.715 for everything but the dollars, which are a little higher. >>
^^THIS^^
This is all you need to figure out what FV multiple equals spot for 90% junk. It really is that simple. Just multiply spot (price per oz) x 0.715 and that tells you your multiple of face value. Then all you have to do is follow the trends of what kind of premiums dealers are charging for 90%. Traditionally you could get 90% for spot or maybe a little lower. However in the past couple of months I have seen premiums rise and it is very hard, for me at least, to find places to buy 90% at spot. >>
That is quite right. Prices fluctuate according to the law of supply and demand. Right now the demand is high, so the premiums have risen.