Sold some silver today

bsshog40 · July 8, 2025 11:42AM

So I needed a new pair of prescription glasses pretty bad. I had 25oz of silver. 6 ase's and the rest just generic rounds and bars. I thought about ebay but didn't really want to deal with a bin and hoping someone to buy or gambling on an auction. And then there's ebay fees and shipping. I don't have any coin shops around me so I took them to a jewelry store. Wound up paying me $831. Good enough for me and now I can get my new glasses. Was I desperate? Yes, couldn't afford the $500 glasses. But I don't think I was ripped off either.

MrBluster · July 8, 2025 11:46AM

You did ok. It’s sounds like it was a quick and easy deal.

MsMorrisine · July 8, 2025 11:47AM

this is us coin forum just to say because you also post on pm too

you take what you can get sometimes and i'd say the jeweller got the good end o th deal, but you were in a tough spot. plus you didn't have to risk mailing the to an online place and waiting on the check

jmlanzaf · July 8, 2025 11:53AM

That's $3 under spot. I don't think that's a good price. But if it's the best you could get and you needed it, so be it.

bsshog40 · July 8, 2025 12:21PM

@MsMorrisine said:
this is us coin forum just to say because you also post on pm too

Not sure what you're trying to say here!

bsshog40 · July 8, 2025 12:33PM

@jmlanzaf said:
That's $3 under spot. I don't think that's a good price. But if it's the best you could get and you needed it, so be it.

Ya, I checked silver spot before I went in. I think I would've done worse at a pawn shop so I'm ok with it. Most that silver was bought back when silver was around $15 so I still profited off it.

MsMorrisine · July 8, 2025 12:39PM

@bsshog40 said:

@MsMorrisine said:
this is us coin forum just to say because you also post on pm too

Not sure what you're trying to say here!

i thought you wanted the pm forum, but trying to handle it nicely since it's not a big deal

braddick · July 8, 2025 12:42PM

You really can't complain when you make a decent profit.
Good on you.

johnny9434 · July 8, 2025 12:52PM

Your eyes come first in this case, ya did good 👍

Dave99B · July 8, 2025 1:03PM

More than fair.

Dave

bsshog40 · July 8, 2025 1:05PM

@MsMorrisine said:

@bsshog40 said:

@MsMorrisine said:
this is us coin forum just to say because you also post on pm too

Not sure what you're trying to say here!

i thought you wanted the pm forum, but trying to handle it nicely since it's not a big deal

Man, I've been here almost 20yrs and really never knew that forum existed. Lol I'm usually just on this forum 99% of the time. Sorry my post here bothered you!

lermish · July 8, 2025 1:12PM

OP - Just as a disclosure, I really don't mean anything negative by the question I am about to ask, honestly, I am just curious.

couldn't afford the $500 glasses.

I understand stacking and precious metals investing but I can't even conceive of forced selling of a long term metals investment at below market rates because of a foreseeable and moderate need for cash.

How many people keep most or all of their excess savings in precious metals? Is this common in the stacking community?

bsshog40 · July 8, 2025 1:21PM

@lermish said:
OP - Just as a disclosure, I really don't mean anything negative by the question I am about to ask, honestly, I am just curious.

couldn't afford the $500 glasses.

I understand stacking and precious metals investing but I can't even conceive of forced selling of a long term metals investment at below market rates because of a foreseeable and moderate need for cash.

How many people keep most or all of their excess savings in precious metals? Is this common in the stacking community?

I don't stack and never have. I used to buy a piece here and there just because. Had no reason for it. Eventually I will be selling off my entire collection as I quit collecting in 2020 anyway. I have other hobbies I'm active in and coin collecting has slowly faded to the back burner.

ChrisH821 · July 8, 2025 1:24PM

In a pinch I'd say getting $830 instantly vs $900+/- not as quickly is pretty OK.

OAKSTAR · July 8, 2025 1:45PM

A bit of advice. The next time you can't find those eye glasses, just don't sit down anywhere. I sat on mine last night!! 🤬 😤

But it gets worse... I lost my grasses for 4 days once. My wife found them in the freezer!! (that's probably a brain issue, not a vision issue 🤣 😂)

Today I have non-prescription throw away readers in almost every room in the house.

MsMorrisine · July 8, 2025 1:46PM

@bsshog40 said:
Man, I've been here almost 20yrs and really never knew that forum existed. Lol I'm usually just on this forum 99% of the time. Sorry my post here bothered you!

it didn't really. i thought you were a poster over there! mine was just an fyi.

if you can get past the constant bickering you can find a flake of gold on the pm forum

Old_Collector · July 8, 2025 2:09PM

@OAKSTAR said:
A bit of advice. The next time you can't find those eye glasses, just don't sit down anywhere. I sat on mine last night!! 🤬 😤

But it get worse... I lost my grasses for 4 days once. My wife found them in the freezer!! (that's probably a brain issue, not a vision issue 🤣 😂)

Today I have non-prescription throw away readers in almost every room in the house.

This is the way. I have an expensive high quality set of readers that stay at my desk. Then I have a dozen Walmart 2+ all over the house and in my truck, works for me too.

CommemDude · July 8, 2025 2:21PM

No need to flame, but I offer a medical FYI: obtain your prescription and the interpupillary distance from your optometrist and order online from Zenni optical (or the equivalent) where those same glasses can be purchased for under $100. Years ago I discovered that the fancy $220 frames and $230 coated lenses in my glasses cost the optometrist with a lovely office and lots of overhead exactly $38 total

OAKSTAR · July 8, 2025 2:36PM

@Old_Collector said:

@OAKSTAR said:
A bit of advice. The next time you can't find those eye glasses, just don't sit down anywhere. I sat on mine last night!! 🤬 😤

But it get worse... I lost my grasses for 4 days once. My wife found them in the freezer!! (that's probably a brain issue, not a vision issue 🤣 😂)

Today I have non-prescription throw away readers in almost every room in the house.

This is the way. I have an expensive high quality set of readers that stay at my desk. Then I have a dozen Walmart 2+ all over the house and in my truck, works for me too.

I'm just sitting here thinking of the coins I would have bought with the silver the OP cashed in.

The prices of eye glasses has got to be a stinkin' SCAM!!! You would think the freakin' things are made of gold!!

BillJones · July 8, 2025 2:53PM

@jmlanzaf said:
That's $3 under spot. I don't think that's a good price. But if it's the best you could get and you needed it, so be it.

There is difference between the spot price and the scrap price. You get something close to spot when there is a chance you can resell the item in the form that it is. You get scrap when it must be melted and processed. Some investors buy U.S. 90% silver coins. There is an active commodity market for them. That isn’t so for sterling silver flatware. Some might buy it as is, but I don’t think that it’s a big market these days.

mr1931S · July 8, 2025 3:29PM

@lermish said:
OP - Just as a disclosure, I really don't mean anything negative by the question I am about to ask, honestly, I am just curious.

couldn't afford the $500 glasses.

I understand stacking and precious metals investing but I can't even conceive of forced selling of a long term metals investment at below market rates because of a foreseeable and moderate need for cash.

How many people keep most or all of their excess savings in precious metals? Is this common in the stacking community?

How many ounces did the OP sell to obtain his dearly needed eyeglasses? Cut him some slack please. Compelled to sell is what I'm hearing, not forced as you are saying. Is getting his little stack of silver out and looking at it going to help him see better?

jt88 · July 8, 2025 3:42PM

I think you did OK. Dealer needs to make some money too. You get the cash and move on with trouble free.

bsshog40 · July 8, 2025 4:05PM

I appreciate all the responses. I know some had a little negativity and if I had been in a better financial position, I probably would have just kept the silver. I was satisfied with the outcome. There was no sentimental attachment to the silver. Lol

jmlanzaf · July 8, 2025 4:46PM

@BillJones said:

@jmlanzaf said:
That's $3 under spot. I don't think that's a good price. But if it's the best you could get and you needed it, so be it.

There is difference between the spot price and the scrap price. You get something close to spot when there is a chance you can resell the item in the form that it is. You get scrap when it must be melted and processed. Some investors buy U.S. 90% silver coins. There is an active commodity market for them. That isn’t so for sterling silver flatware. Some might buy it as is, but I don’t think that it’s a big market these days.

These were 1 oz silver rounds and eagles. You should be able to get $1 back

jmlanzaf · July 8, 2025 4:52PM

@mr1931S said:

@lermish said:
OP - Just as a disclosure, I really don't mean anything negative by the question I am about to ask, honestly, I am just curious.

couldn't afford the $500 glasses.

I understand stacking and precious metals investing but I can't even conceive of forced selling of a long term metals investment at below market rates because of a foreseeable and moderate need for cash.

How many people keep most or all of their excess savings in precious metals? Is this common in the stacking community?

How many ounces did the OP sell to obtain his dearly needed eyeglasses? Cut him some slack please. Compelled to sell is what I'm hearing, not forced as you are saying. Is getting his little stack of silver out and looking at it going to help him see better?

I think you are missing his point.

@lermish In fact, a lot of low net worth stackers who lack financial discipline (NOT talking about the OP) do use silver as a way to keep themselves from spending. In NY, silver purchases under $1000 are taxable. I see numerous people who come in and spend $50 every week or two which means they are paying a 10% premium to spot + 8% sales tax. I then see some of those same people come in and sell some when they need a car repair or something.

On the one hand, it is a horrible financial strategy. They should only buy $1000 lots. And they should have a cash reserve.

On the other hand, they are incapable of holding onto cash long enough to accrue either a reserve or $1000.

thebeav · July 8, 2025 5:02PM

To quote my late grandfather, "A man never goes broke taking a profit".
Good luck with those glasses !

BillJones · July 8, 2025 5:39PM

@jmlanzaf said:

@BillJones said:

@jmlanzaf said:
That's $3 under spot. I don't think that's a good price. But if it's the best you could get and you needed it, so be it.

There is difference between the spot price and the scrap price. You get something close to spot when there is a chance you can resell the item in the form that it is. You get scrap when it must be melted and processed. Some investors buy U.S. 90% silver coins. There is an active commodity market for them. That isn’t so for sterling silver flatware. Some might buy it as is, but I don’t think that it’s a big market these days.

These were 1 oz silver rounds and eagles. You should be able to get $1 back

They will if you buy main stream pieces, like 90% U.S. silver coins, American Silver Eagles and Canadian Maple Leafs. If you buy all over the place silver rounds, you will not get as much money.

jmlanzaf · July 8, 2025 5:44PM

@BillJones said:

@jmlanzaf said:

@BillJones said:

@jmlanzaf said:
That's $3 under spot. I don't think that's a good price. But if it's the best you could get and you needed it, so be it.

There is difference between the spot price and the scrap price. You get something close to spot when there is a chance you can resell the item in the form that it is. You get scrap when it must be melted and processed. Some investors buy U.S. 90% silver coins. There is an active commodity market for them. That isn’t so for sterling silver flatware. Some might buy it as is, but I don’t think that it’s a big market these days.

These were 1 oz silver rounds and eagles. You should be able to get $1 back

They will if you buy main stream pieces, like 90% U.S. silver coins, American Silver Eagles and Canadian Maple Leafs. If you buy all over the place silver rounds, you will not get as much money.

Everyone reputable around here is $1 back because they sell at $3 over. 5 and 10 oz bars are lower.

The key word in the OPs pay is "jeweler" as they tend to pay less because they generally don't resell them.

BillJones · July 8, 2025 5:47PM

If you want to invest in silver, you buy the main stream products. If you want to mess around, buy the other stuff. You should get it for less, but don’t be surprised when you get less back when you sell it.

mr1931S · July 8, 2025 5:57PM

@jmlanzaf said:

@mr1931S said:

@lermish said:
OP - Just as a disclosure, I really don't mean anything negative by the question I am about to ask, honestly, I am just curious.

couldn't afford the $500 glasses.

I understand stacking and precious metals investing but I can't even conceive of forced selling of a long term metals investment at below market rates because of a foreseeable and moderate need for cash.

How many people keep most or all of their excess savings in precious metals? Is this common in the stacking community?

How many ounces did the OP sell to obtain his dearly needed eyeglasses? Cut him some slack please. Compelled to sell is what I'm hearing, not forced as you are saying. Is getting his little stack of silver out and looking at it going to help him see better?

I think you are missing his point.

@lermish In fact, a lot of low net worth stackers who lack financial discipline (NOT talking about the OP) do use silver as a way to keep themselves from spending. In NY, silver purchases under $1000 are taxable. I see numerous people who come in and spend $50 every week or two which means they are paying a 10% premium to spot + 8% sales tax. I then see some of those same people come in and sell some when they need a car repair or something.

On the one hand, it is a horrible financial strategy. They should only buy $1000 lots. And they should have a cash reserve.

On the other hand, they are incapable of holding onto cash long enough to accrue either a reserve or $1000.

In at $15/oz. A few years pass. Out at $30/oz or so. That's not bad, imo. No, I'm not missing anybody's point. Silver stackers who are not able, for whatever reason or reasons, to accumulate 1000 oz. or more
of silver to trade are peanut players.Their numbers are many. Having said that, a small number of silver bars will easily bring the holder several hundred dollars of needed cash. Instantly. One never knows what situations and circumstances life will deal them.

Old_Collector · July 8, 2025 6:46PM

@OAKSTAR said:
I'm just sitting here thinking of the coins I would have bought with the silver the OP cashed in.

The prices of eye glasses has got to be a stinkin' SCAM!!! You would think the freakin' things are made of gold!!

Absolutely, I got my expensive pair mostly courtesy of Medicare, after you get bilateral cataracts they will pay for 80% of a pair of glasses, the only time they cover such things. I bought a nice MS66 1940-D Washington that I needed with the money that they would have cost me.

Downtown1974 · July 8, 2025 7:19PM

Stacking PMs without having an emergency fund (cash), seems like a stressful way to store wealth.
Pay off high interest debt, save 3-6 months salary for an emergency, max out investments/retirement accounts…then start accumulating some metals.

seatedlib3991 · July 9, 2025 5:50AM

@bsshog40 . There is an old saying that "Where you start has a lot to do with where you end." You said you paid around $15 so you could have ended with a lot worse final result. hope the glasses work out for you. James

bsshog40 · July 9, 2025 7:13AM

@mr1931S said:

@lermish said:
OP - Just as a disclosure, I really don't mean anything negative by the question I am about to ask, honestly, I am just curious.

couldn't afford the $500 glasses.

I understand stacking and precious metals investing but I can't even conceive of forced selling of a long term metals investment at below market rates because of a foreseeable and moderate need for cash.

How many people keep most or all of their excess savings in precious metals? Is this common in the stacking community?

How many ounces did the OP sell to obtain his dearly needed eyeglasses? Cut him some slack please. Compelled to sell is what I'm hearing, not forced as you are saying. Is getting his little stack of silver out and looking at it going to help him see better?

Ya, I wasn't forced to sell anything. I could actually have gotten a free pair thru the VA, but those are bifocals and I was tired of those. In my mid 60's and finally just wanted a nice pair for daily wear day and night. I could have paid from my income or paid from dollars from my woodworking hobby, but these glasses was an expense that I didn't want to take from either. I had no plans to buy anymore PM's and this small stack of silver was my way of getting glasses without seeing the cost out of my bank account. Lol As I stated, I had bought this silver back when it was cheap. I made a profit and I'm sure the jeweler will make a profit. No need to debate price with one jeweler when we only have two that are local. Lol No problem for me, I was happy with results.

JimTyler · July 9, 2025 7:36AM

You would have spent more time and energy than it would be worth trying to beat it. That’s how I would look at it.

Mr_Spud · July 9, 2025 8:16AM

Convenience and your time are worth more than you lost. I’m lucky in that I can take silver to a local coin shop and sell it to them if/when I want to. I sold several thousand dollars worth to them over the course of the last few years to fund purchasing of 19th century coins for my circulated type sets. Very quick/easy to sell this way even though I’d of gotten slightly more selling on eBay or on the the buy/sell/trade forum.

airplanenut · July 9, 2025 8:29AM

This scenario seems like a good use case for a credit card: Assuming there's no balance that would drive interest to be charged, buy the glasses with the credit card, and then you buy yourself at least a few weeks before you have to pay off the card. That gives some breathing room to sell somewhere with a higher return while also getting the glasses ASAP.

JBK · July 9, 2025 8:44AM

Throughout this whole conversation I have been more focused on those $500 glasses. I hope they are the fancy ones.

I've been there - it's surprising how options can add up.

Anyway, you were selling the silver to pay for glasses so best not to drive any farther than necessary without proper eyewear.

The silver was probably "written off" in your head years ago so it was almost like found money.

ldhair · July 9, 2025 8:48AM

I think you did good Bobby. You might want to go ahead and get what the VA has to offer as well. Always good to have a backup pair.

bsshog40 · July 9, 2025 11:28AM

@JBK said:
Throughout this whole conversation I have been more focused on those $500 glasses. I hope they are the fancy ones.

I've been there - it's surprising how options can add up.

Anyway, you were selling the silver to pay for glasses so best not to drive any farther than necessary without proper eyewear.

The silver was probably "written off" in your head years ago so it was almost like found money.

Ya, Glasses are not cheap by far. The frames are fairly cheap, it's when you start adding the rx lenses and extras to help make them last longer. I ride a m/c and really couldn't read my gauges with regular sunglasses. Bought me some WileyX glasses with the transition lenses. The frames were only $55. The dang lenses and 1 year warranty was $500. First time I've ever spent that much on a pair of glasses. They told me they would give me a 20% discount on a 2nd pair. Lol

pcgsregistrycollector · July 9, 2025 11:37AM

@bsshog40 said:

@JBK said:
Throughout this whole conversation I have been more focused on those $500 glasses. I hope they are the fancy ones.

I've been there - it's surprising how options can add up.

Anyway, you were selling the silver to pay for glasses so best not to drive any farther than necessary without proper eyewear.

The silver was probably "written off" in your head years ago so it was almost like found money.

Ya, Glasses are not cheap by far. The frames are fairly cheap, it's when you start adding the rx lenses and extras to help make them last longer. I ride a m/c and really couldn't read my gauges with regular sunglasses. Bought me some WileyX glasses with the transition lenses. The frames were only $55. The dang lenses and 1 year warranty was $500. First time I've ever spent that much on a pair of glasses. They told me they would give me a 20% discount on a 2nd pair. Lol

My friend made some glasses himself. Did some reading up on it.
https://www.youtube.com/watch?v=Ef2_aaYpZSI

bsshog40 · July 9, 2025 11:56AM

@pcgsregistrycollector said:

My friend made some glasses himself. Did some reading up on it.

That was too funny! And interesting. Lol

pcgsregistrycollector · July 9, 2025 12:07PM

@bsshog40 said:

@pcgsregistrycollector said:

My friend made some glasses himself. Did some reading up on it.

That was too funny! And interesting. Lol

Glad you liked it!

DisneyFan · July 9, 2025 3:04PM

@BillJones said:

Some investors buy U.S. 90% silver coins. There is an active commodity market for them. That isn’t so for sterling silver flatware. Some might buy it as is, but I don’t think that it’s a big market these days.

Back in the 1980s it was fun putting together a full set of Georg Jensen sterling silver flatware pieces we found in various coin shops. My wife loved polishing each piece as soon as we got home.

Morgan White · July 9, 2025 3:29PM

@pcgsregistrycollector said:

@bsshog40 said:

@pcgsregistrycollector said:

My friend made some glasses himself. Did some reading up on it.

That was too funny! And interesting. Lol

Glad you liked it!

seatedlib3991 · July 10, 2025 7:25AM

@DisneyFan . My wife also constructed a complete set of sterling silverware. Plus large rosewood box to hold her ill gotten booty. Just about everyone we knew is dead now so it has been years since we had a big gathering. That and my immune deficiency. James

DisneyFan · July 10, 2025 7:33AM

@seatedlib3991 said:
@DisneyFan . My wife also constructed a complete set of sterling silverware. Plus large rosewood box to hold her ill gotten booty. Just about everyone we knew is dead now so it has been years since we had a big gathering. That and my immune deficiency. James

I hope you have fond memories of those gatherings. Your wife is now sitting on a fortune.

One of the best buyers of sterling flatware is:

https://antiquecupboard.com/

johnny9434 · July 10, 2025 7:54AM

@bsshog40 said:
I appreciate all the responses. I know some had a little negativity and if I had been in a better financial position, I probably would have just kept the silver. I was satisfied with the outcome. There was no sentimental attachment to the silver. Lol

you can always buy more later, just saying

LukeMarshall · July 10, 2025 8:02AM

In a reputable shoppe , I walk in with the expectation to walk out with 90% of the 'value' of the coin or precious metal value.

Anything more is Langiappe,

If its less I will double think the difference and if it would be worth the extra effort to ekk out a few extra greenbacks.

Yesterday I sold a private mint gold piece to the shoppe and got 96% of spot, so I was thrilled

Cheers

telephoto1 · July 10, 2025 8:15AM

@jmlanzaf said:

@BillJones said:

@jmlanzaf said:
That's $3 under spot. I don't think that's a good price. But if it's the best you could get and you needed it, so be it.

There is difference between the spot price and the scrap price. You get something close to spot when there is a chance you can resell the item in the form that it is. You get scrap when it must be melted and processed. Some investors buy U.S. 90% silver coins. There is an active commodity market for them. That isn’t so for sterling silver flatware. Some might buy it as is, but I don’t think that it’s a big market these days.

These were 1 oz silver rounds and eagles. You should be able to get $1 back

In your area/market, or by shipping them off and waiting for payment, maybe so. Perhaps not in his area.
It's not like he got ripped off.

bigjpst · July 10, 2025 8:20AM

@bsshog40 said:
>

I ride a m/c and really couldn't read my gauges with regular sunglasses.

Solution. Remove gauges. lol.

Of my last 3 motorcycles only one had gauges. Can’t remember if those worked. Saved a bunch on glasses. Haha.
Hospital bills were a bit expensive though. Main reason I don’t ride anymore.

Sold some silver today

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