Going buy/sell rate on 90% junk silver
Manorcourtman
Posts: 8,223 ✭✭✭✭✭
What would you expect to get for junk 90% silver with silver being over $40 an ounce? What's a good buy price in your experiences these days? Just curious what's happening in the market these days with 90%.
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It's a buyers market. I was offered $8.00 an ounce under melt for 57-64 proof coins from a dealer.
Melt is 29.6x, as mentioned above be prepared to be severely lowballed if you go to a dealer. Some of the BIGS such as Bullion Exchanges are selling $100 bags at 28.9x delivered. Youd be best off trying to sell here on the BST for slightly under melt or just hold off until the gutter hits $50+ which should be soon. At that point offers will more than likely still be under melt but the herd likes to get in at the top so who knows. Good luck. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
I'm constantly accumulating not selling. Was just curious what people are buying and selling for. My local guy sells for 25x face so I am fortunate! Going to buy some later this morning. I'll post a pic. I just don't like bars and rounds. The 90% has history and I like searching it for varieties and higher grade material. I'm always amazed at what I find in the "junk" silver rolls. There is a lot of higher grade material being sold in the junk silver category these days with silver surging in price. I've found some early date Walkers and numerous BU Frankies in the halves I've been buying. It's a shame in my opinion we lose better grade material to the melting pot. But it's all about the $$ and not the numismatic history of this country. Call me old fashioned!
It seems the higher the face value of 90% the lower the premium between offer and spot price. When silver was 20X face, you'd have no problem getting full spot or even a bit above spot price but I don't see anyone paying 29.6X face now.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
I bought proof 90% from mint sets a couple years ago and it's the same price. I didn't expect it to moon, but I also didn't expect to wonder if I could break even after fees when spot doubled.
I'm not letting it go any time soon and I'm still very happy with my purchase. I believe it will only go up but I don't anticipate making any money in the short term.
Sub 200 jewelry is doing much better, luckily.
what are the refiners paying if sold direct to them?
Local place in MI
If my math is correct:
41.05 * 0.715 * 0.92 =27.00 face
(When I typed in the formula the software actually entered the answer!)
The shop I work at, last Friday we were buying at 26X and selling at 28X
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We had a customer coming in, Michael had the privilege of talking to her…
She had a 1964 Kennedy half and asked what it was worth, he told her we would pay $13, she said even though it’s worth a lot more??? He says well, ma’am, we sell them for $14.
She just turned and walked out the door without saying anything else.
Sometimes it’s really fun to work with the public.
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Sorry if this is a stupid question but how do coin shops even make money like that?
I assume there are bigger deals that carry you and these are just a small fraction to keep foot traffic or something?
Are $13 JFK halves sold at $14 basically your version of Costco rotisserie chicken?
Like my local bullion guy buys gold at like 3400 and sells at 3500 and man that's just a hundred bucks. How many people are just strolling in buying gold bars?
I must be misunderstanding some key detail here because how would that even keep the lights on?
Got to sell a lot of chickens.
She had a 1964 Kennedy half and asked what it was worth, he told her we would pay $13, she said even though it’s worth a lot more??? He says well, ma’am, we sell them for $14.
Coinflation.com gives a 1964 Kennedy half a melt value of $14.84 currently.
Sometimes it’s really fun to work with the public.
Think of it this way = you've just started her on the path to her enlightenment about money.
how do coin shops even make money like that?
Like most successful businesses, they know how to add, subtract, multiply and divide - in addition to serving the needs of their clients. The smaller the transaction, the higher the margin must be.
When the bullion market is hot, the number of transactions, both buy and sell - increases and volume generates more profit. When bullion is slow, coin shops tend to rely more on collectibles, premiums, supplies and diversification into other categories - and they probably cut staff & hours.
I knew it would happen.