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90% silver math question
Dave99B
Posts: 8,421 ✭✭✭✭✭
Team -
I’m going be shopping around some 90% silver this week. I have too much of the stuff! I’ve been accumulating avg circulated Mercury dimes for about ten years. I’ve got a few bags. I literally have no idea how many I have, but I can say that the two bags combined weight ~55 lbs. Before I call around, I’d like to get a rough estimate of the face value.
Anyone have a clue how I could estimate it, even within $100? If so, thanks! If not, feel free to make a wild guess. I’ll report back once it’s sold.
Thanks, Dave
Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
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$1,000.
New silver dimes are 2.5 grams. A $1,000 bag has 10,000 dimes or 25 kilograms. The common rough conversion rate is 2.2 pounds per kilo. 25 x 2.2 =55 pounds.
$997.9 = 55 lb * 453.6 g/lb * (1/2.5 dimes/gram) * .10 dollars per dime
2.5 grams per dime is when they are new; a little less when worn, but maybe not too much less.
Now, if the coins are well worn the face value for that weight will be higher.
2.5 grams less 4% loss for circulation.
1 pound is 453.592 grams...189 dimes per pound x 55lb
10,394 dimes.
What's the prize for the closest guess?
If I'm off it's because you didn't account for the bag and your scale is past the calibration date
you could weigh $5 face worth and that'd yield a weight that includes an average weight of the worn coins.
something changed with google. it used to be good with conversions, but the last time i tried grams to toz, it gave me avdp oz instead with no option to select toz in the drop down.
anyway, give google a try on conversions. just enter 55 pounds 13 ounces to grams/kg/toz/whatever, hit search and you get it.
back to the selling part. ask on the precious metals forum what's a good price per face on circ mercs. there are bst threads on there, you could even sell them directly there.
The bags are unsealed and opened so you can't just assume how many dimes are in there. He may just be reusing old mint bags for storage purposes. Find someone with a coin counting machine such as a bank or coin dealer to determine how many dimes you have and then figure a value for an average circulated Mercury dime and multiply the two numbers. Based on the pic posted, they look to be a little better that the typical well-worn Mercury dime slicks found in junk silver hoards
Worry is the interest you pay on a debt you may not owe.
75 lbs, fwiw
I was thinking TARE too.
Just counting from the photo, looks like about $1147.30
The OP said 55 pounds. Tom pointed out that $1000 bag should weigh 55 pounds. He didn't assume it was a full bag.
About $23,000. RGDS!
The whole worlds off its rocker, buy Gold™.
Would you like to buy some nice coins?
Still calling around locally. I've got the following quotes so far (times face): $1.85, $2.00, and $2.13
Dave
Per the web, melt value for 90% silver is $2.28 per coin per $1,000 face amount. I am guessing ballpark for this is 5% less to you, as the buyer needs to make some money on the transaction. Question is what sort of premium can you get on your Mercs? I have no idea.
"Seu cabra da peste,
"Sou Mangueira......."
definitely post your question on the precious metals forum. 1.85 and 2 is ridiculous
Several shops are selling at spot right now. So I’d take the closest offer to spot.
5% back of spot seems about right for that quantity, in today’s market.
30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!
Rolls of mercs are $150 on ebay, which is $3each.
bob:)
But, then there is the time and fees.
with that quantity:
Yes, dont be too greedy , many places have backed way off due to lack of sales. The companies we ship too, are at -1.00
vermillion guy from florida, who imo is about as fair as they come and nationally connected was at minus 1.00 also on 90% in his last video.
I might add: One guy i know who is waiting to unload at 35.00 has 200k face of 90% . (yes, you read that correct $200,000 in face