@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.
I didn't say that nor did I mean to imply it. I do think, however, for other readers of the thread that we shouldn't float $3 under as the expectation.
Absolutely, if you are on a farm in Iowa you will pay a "rural tax" in stuck a small sale.
$26 dollars of face silver is a small amount. Wouldn't expect even a B&M to give me $1 back (3%) since they may have to sit before sending off in quantity. If all ASE, would expect a little better since that could sit on the shelf for demand. I think OP got a great deal esp from a jewelry store. Now gold is a little different, but even that, wouldn't expect spot if the market the prior weeks was volatile. Maybe $3,317 today but could be $3,200 tomorrow. Again small quantities make a big difference.
@coastaljerseyguy said:
$26 dollars of face silver is a small amount. Wouldn't expect even a B&M to give me $1 back (3%) since they may have to sit before sending off in quantity. If all ASE, would expect a little better since that could sit on the shelf for demand. I think OP got a great deal esp from a jewelry store. Now gold is a little different, but even that, wouldn't expect spot if the market the prior weeks was volatile. Maybe $3,317 today but could be $3,200 tomorrow. Again small quantities make a big difference.
This wasn't $26 face. It was 25 oz of Eagles and rounds
My mistake, but still a small quantity to expect close to spot. My B&M is pretty good here in NJ and never got closer to 6% back. They have to make money and there is a financing cost sitting on inventory.
@DisneyFan . To be honest it doesn't matter what that silver is worth. Here is what happened at EVERY family function we ever hosted.
MaryKay's oldest brother Mike would hold a piece of silver up to the light and say in a loud voice. "So your the one who stole Mom & Dad's fancy silver!" My wife's face would then turn beet red and she would stomp over to the built in blond hutch. Since her Irish was up she would hit him in the face with a stack of paid receipts and say: "Mom & Dad never had fancy silver! I bought this and here is the proof!" Then Mike would say these exact words everytime, "Your just to young to remember! Somebody stole their fancy silver!" Repeat at least a half dozen times.
It is my belief that it would be easier to go back and prevent lincoln from getting shot then to have stopped that little piece of drama. James
@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.
@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.
I didn't say that nor did I mean to imply it. I do think, however, for other readers of the thread that we shouldn't float $3 under as the expectation.
Absolutely, if you are on a farm in Iowa you will pay a "rural tax" in stuck a small sale.
Regardless of location, $3 back is roughly 92% of spot so I think he did pretty well, especially considering he sold to a jeweler who was not an actual coin/bullion dealer.
@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.
I didn't say that nor did I mean to imply it. I do think, however, for other readers of the thread that we shouldn't float $3 under as the expectation.
Absolutely, if you are on a farm in Iowa you will pay a "rural tax" in stuck a small sale.
Regardless of location, $3 back is roughly 92% of spot so I think he did pretty well, especially considering he sold to a jeweler who was not an actual coin/bullion dealer.
In Rochester, nobody but the pawn shops are under $1.50 back. Most are at $1 back on small lots and close to spot on large lots. I think you're going to have far fewer buyers if you set the expectation at 10% over to buy and 10% under to sell. It would take a 20% rise to break even.
Again, that isn't a horrible price but I think people should expect higher on ASEs and 1oz rounds. [Unless you are nowhere near a coin shop. ]
@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.
This is the way.
Ya, I've been doing this for a while. I have a pair of OnePower glasses that have been really good. At almost 66 yrs old, those glasses are starting to not work very good anymore. My left eye is dominate and those glasses aren't treating my eyes that good anymore either.
@seatedlib3991 said: @DisneyFan . To be honest it doesn't matter what that silver is worth. Here is what happened at EVERY family function we ever hosted.
MaryKay's oldest brother Mike would hold a piece of silver up to the light and say in a loud voice. "So your the one who stole Mom & Dad's fancy silver!" My wife's face would then turn beet red and she would stomp over to the built in blond hutch. Since her Irish was up she would hit him in the face with a stack of paid receipts and say: "Mom & Dad never had fancy silver! I bought this and here is the proof!" Then Mike would say these exact words everytime, "Your just to young to remember! Somebody stole their fancy silver!" Repeat at least a half dozen times.
It is my belief that it would be easier to go back and prevent lincoln from getting shot then to have stopped that little piece of drama. James
At least he didn't pretend to steal a few pieces of silver like my brother-in-law would do every time he came over.
@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.
This is the way.
Ya, I've been doing this for a while. I have a pair of OnePower glasses that have been really good. At almost 66 yrs old, those glasses are starting to not work very good anymore. My left eye is dominate and those glasses aren't treating my eyes that good anymore either.
I'm up to the 3X power ones now and I'm only two years older than you!!! But yeah, a pair in every room that I might be reading in. This is the way. (I love the Mandalorian!)
@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.
I didn't say that nor did I mean to imply it. I do think, however, for other readers of the thread that we shouldn't float $3 under as the expectation.
Absolutely, if you are on a farm in Iowa you will pay a "rural tax" in stuck a small sale.
Regardless of location, $3 back is roughly 92% of spot so I think he did pretty well, especially considering he sold to a jeweler who was not an actual coin/bullion dealer.
In Rochester, nobody but the pawn shops are under $1.50 back. Most are at $1 back on small lots and close to spot on large lots. I think you're going to have far fewer buyers if you set the expectation at 10% over to buy and 10% under to sell. It would take a 20% rise to break even.
Again, that isn't a horrible price but I think people should expect higher on ASEs and 1oz rounds. [Unless you are nowhere near a coin shop. ]
I'm not necessarily disagreeing with that, particularly on ASEs- but as spot continues to climb, a $1 under spot buy number becomes harder to maintain from a margin standpoint, particularly on rounds, when you have over-inventoried volume sellers like SD Bullion for instance, who regularly text generic silver round offers at little to nothing over spot.
Comments
I didn't say that nor did I mean to imply it. I do think, however, for other readers of the thread that we shouldn't float $3 under as the expectation.
Absolutely, if you are on a farm in Iowa you will pay a "rural tax" in stuck a small sale.
$26 dollars of face silver is a small amount. Wouldn't expect even a B&M to give me $1 back (3%) since they may have to sit before sending off in quantity. If all ASE, would expect a little better since that could sit on the shelf for demand. I think OP got a great deal esp from a jewelry store. Now gold is a little different, but even that, wouldn't expect spot if the market the prior weeks was volatile. Maybe $3,317 today but could be $3,200 tomorrow. Again small quantities make a big difference.
This wasn't $26 face. It was 25 oz of Eagles and rounds
My mistake, but still a small quantity to expect close to spot. My B&M is pretty good here in NJ and never got closer to 6% back. They have to make money and there is a financing cost sitting on inventory.
@DisneyFan . To be honest it doesn't matter what that silver is worth. Here is what happened at EVERY family function we ever hosted.
MaryKay's oldest brother Mike would hold a piece of silver up to the light and say in a loud voice. "So your the one who stole Mom & Dad's fancy silver!" My wife's face would then turn beet red and she would stomp over to the built in blond hutch. Since her Irish was up she would hit him in the face with a stack of paid receipts and say: "Mom & Dad never had fancy silver! I bought this and here is the proof!" Then Mike would say these exact words everytime, "Your just to young to remember! Somebody stole their fancy silver!" Repeat at least a half dozen times.
It is my belief that it would be easier to go back and prevent lincoln from getting shot then to have stopped that little piece of drama. James
This is the way.
mbogoman
https://pcgs.com/setregistry/collectors-showcase/classic-issues-colonials-through-1964/zambezi-collection-trade-dollars/7345Asesabi Lutho
Regardless of location, $3 back is roughly 92% of spot so I think he did pretty well, especially considering he sold to a jeweler who was not an actual coin/bullion dealer.
RIP Mom- 1932-2012
In Rochester, nobody but the pawn shops are under $1.50 back. Most are at $1 back on small lots and close to spot on large lots. I think you're going to have far fewer buyers if you set the expectation at 10% over to buy and 10% under to sell. It would take a 20% rise to break even.
Again, that isn't a horrible price but I think people should expect higher on ASEs and 1oz rounds. [Unless you are nowhere near a coin shop. ]
Ya, I've been doing this for a while. I have a pair of OnePower glasses that have been really good. At almost 66 yrs old, those glasses are starting to not work very good anymore. My left eye is dominate and those glasses aren't treating my eyes that good anymore either.
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
https://n1m.com/bobbysmith1
At least he didn't pretend to steal a few pieces of silver like my brother-in-law would do every time he came over.
He did just fine and he took care of his eyes as a plus.
I'm up to the 3X power ones now and I'm only two years older than you!!! But yeah, a pair in every room that I might be reading in. This is the way. (I love the Mandalorian!)
mbogoman
https://pcgs.com/setregistry/collectors-showcase/classic-issues-colonials-through-1964/zambezi-collection-trade-dollars/7345Asesabi Lutho
I'm not necessarily disagreeing with that, particularly on ASEs- but as spot continues to climb, a $1 under spot buy number becomes harder to maintain from a margin standpoint, particularly on rounds, when you have over-inventoried volume sellers like SD Bullion for instance, who regularly text generic silver round offers at little to nothing over spot.
RIP Mom- 1932-2012