when you buy silver for melt

coinspeculator · December 8, 2005 6:59AM

what is the actual cost per 10 dollars of coins such as circulated walkers kennedys ect.
5.7 times over spot ? do you add the 10 dollars from the coins on top of this figure?
thanks..

DNADave · December 8, 2005 7:07AM

10 dollars worth of silver at 5.7 times "FACE" is $57.00. Is that what you mean?

JJM · December 8, 2005 7:08AM

I could be wrong but I believe it works like this...lets say you have a common date Morgan........dealers will generally give you 4 - 5.7 times face value of the coin, or $4 - $5.70 for it,...so its actually under spot, not over spot

Weiss · December 8, 2005 7:09AM

There's no such thing as a free lunch. Whether they are old circulated coins or modern bullion pieces, you can either spend them for face value, or you can trade them based on the metals content.

You don't include the face value in the transaction.

However, the dealer needs to make a living, too. You can't assume he always buys low and sells high. Dealers who turn over tons of metals need to make a percentage either way. IIRC, dealers like Tulving charge about 2% to the value of the metals for their profit.

coinspeculator · December 8, 2005 7:09AM

$ 57 dollar per 10 dollars of 90 % silver coins .
so if i buy i can spend up to $57 dollars for $10 dollars of coins.
is that what most people pay?
ok thanks!

ttown · December 8, 2005 7:09AM

I haven't priced 90% silver lately but 5.7X face sounds too low at these prices. At 8 bucks every silver half has $2.90 worth of silver in it. It's not pure so theirs a slight discount. Dealers pay make about .25 to .40 a dollar face between a buy sell transaction. The cost of the coins are price in the buying of the silver, you buying these coins for their silver content.

Weiss · December 8, 2005 7:12AM

<< 57 dollar per 10 dollars of 90 % silver coins , is that what i should pay for them? or is the accual cost $57 dollars plus $10 >>

At $9 per ounce, right about where we are now, a 90% silver half dollar has about $3.25 worth of silver in it. That's actually about 6.5x face.

If you can buy $10 face value of 90% silver half dollars (that would be 20 of them) at 5.7 times face, you're getting a pretty good deal.

Just remember, the half dollars MUST be dated 1964 and before to be 90% silver.

DNADave · December 8, 2005 7:13AM

No, don't add the face value of the coins back to the price.

coinspeculator · December 8, 2005 7:14AM

ok sounds good thanks alot all.

coynclecter · December 8, 2005 7:37AM

If you can get some at 5.7X face, let me know if they have any more

coinspeculator · December 8, 2005 7:52AM

HERE IS A ROLL

HERE IS A ROLL HERE IS A ROLL

itsnotjustme · December 8, 2005 7:53AM

Tulving is BUYING at 6.096 for $1,000 face bags.

Tulving is SELLING at 6.396 for $1,000 face bags.

longtimecollector · December 8, 2005 7:55AM

Sold to the wholesaler today...... Got 6.08 x face for $1000 bag

coinspeculator · December 8, 2005 8:00AM

TO ALL YOU SILVER PLAYERS DONT SELL FOR 5 MORE YEARS!
THERE WILL BE A SHORTAGE AND THE PRICE WILL GO HIGHER IF THEY CANT FIND ANY SELLERS!!!

i will be buying up to 11 dollars. after that i will sit and hold for a few years as long . waiting for pull backs of course.

BlindedByEgo · December 8, 2005 8:00AM

<< HERE IS A ROLL

HERE IS A ROLL HERE IS A ROLL >>

Currently $51.00 for $10.00 face + $10.00 shipping + ~$3.50 tax in CA = for me, $64.50 for $10.00 face or 6.45 X face...

Not bad, if one wanted it and such, but not for me.

dthigpen · December 8, 2005 8:04AM

<< TO ALL YOU SILVER PLAYERS DONT SELL FOR 5 MORE YEARS!
THERE WILL BE A SHORTAGE AND THE PRICE WILL GO HIGHER IF THEY CANT FIND ANY SELLERS!!!

i will be buying up to 11 dollars. after that i will sit and hold for a few years as long . waiting for pull backs of course. >>

Riiiiiight.

BlindedByEgo · December 8, 2005 8:07AM

<< 

<< TO ALL YOU SILVER PLAYERS DONT SELL FOR 5 MORE YEARS!
THERE WILL BE A SHORTAGE AND THE PRICE WILL GO HIGHER IF THEY CANT FIND ANY SELLERS!!!

i will be buying up to 11 dollars. after that i will sit and hold for a few years as long . waiting for pull backs of course. >>

Riiiiiight. >>

Are you saying that pump n' dump won't work here?

DennisH · December 8, 2005 8:18AM

I have a bag (or awfully darn close) of Mercury dimes I'd like to sell, plusanother $30+ face in halves and quarters. Where in Southern California is the place to go?

oreville · December 8, 2005 8:20AM

coinspeculator: I would like to hear about what coins you collect. What coins you like to collect and why?

Other than the silver melt coins, of course. You are preaching to old war horses on silver melt coins and we have enough silver melt coins put away to ruin the stuctural support beams of your house. One of our posters here has put away $190,000 in face value 90% silver coins alone.

We want to keep to keep all of this silver talk a secret. We are still trying to quietly accumulate.

BlindedByEgo · December 8, 2005 8:20AM

<< I have a bag (or awfully darn close) of Mercury dimes I'd like to sell, plusanother $30+ face in halves and quarters. Where in Southern California is the place to go? >>

My House™

PM being sent.

dthigpen · December 8, 2005 8:25AM

<< coinspeculator: I would like to hear about what coins you collect. What coins you like to collect and why?

Other than the silver melt coins, of course. You are preaching to old war horses on silver melt coins and we have enough silver melt coins put away to ruin the stuctural support beams of your house. One of our posters here has put away $190,000 in face value 90% silver coins alone.

We want to keep to keep all of this silver talk a secret. We are still trying to quietly accumulate. >>

He collects Business Strike 2005 Kennedy Halves in Prooflike DCAM, of course.

itsnotjustme · December 8, 2005 8:30AM

Too late. He bought (or says he bought) 6 rolls of 1964 & 1964-D MS63-66 Kennedys.

oreville · December 8, 2005 8:35AM

<< Business Strike 2005 Kennedy Halves in Prooflike DCAM, of course. >>

Gee, I haven't seen those since 1967!

lonelyp · December 8, 2005 8:36AM

<< 

<< coinspeculator: I would like to hear about what coins you collect. What coins you like to collect and why?

Other than the silver melt coins, of course. You are preaching to old war horses on silver melt coins and we have enough silver melt coins put away to ruin the stuctural support beams of your house. One of our posters here has put away $190,000 in face value 90% silver coins alone.

We want to keep to keep all of this silver talk a secret. We are still trying to quietly accumulate. >>

He collects Business Strike 2005 Kennedy Halves in Prooflike DCAM, of course. >>

WOW!!! 190,000.00 face. If he dumped it on the market all at once would it be enough to drop silver prices? There has to be some weight there.

coinspeculator · December 8, 2005 8:40AM

i have a bunch of coins from my italian grandmother, trade dollaars seated dollars ,morgans , wheat cents, mercury dimes shield nickles a few gold coins you name it i got it.
but since i have buy my coins now, i like high mint morgans, origanal rolls of silver, bullion. I realy want to start a walker high mint set.
65 or better. but for 25 grand i cant do it anytime soon.
i cant pay the high prices for old coins now these days, so i try to find coins that will increase in price. i like toned coins. i would be buying proof sets of 2005 platinum, if i could come up with the $2500 per set. other than that,
I have uncirculated walkers coins, frankilns rolls, morgans rolls, silver bags, maple leafes, pandas, eagles, and state quarters plus some other things i did not mention. i have just one slabbed ms67 morgan. plus many 63-65
i am your investor type who buys on impulse, frown; silver coins and high grade coins that i can i can buy with my truck driver salary.
other than that, it is used as a 401 k gives me a reason to save my money..

:

coinspeculator · December 8, 2005 8:42AM

opps my bad...
ill keep it hush, hush for now on.
sorry old bird!

I hate silver it is garbage, buy gold instead

mnmcoin · December 8, 2005 8:55AM

$1000 face value bag of 90% silver has 715 ounces of actual silver so @ $8.92 per ounce that is $6377.80 or 6.37780 times face value.

Typically there is a spread from wholesale to retail for these bags, usually retail is at about spot or $.05 over spot, wholesale is about $.30-$.40 back of spot or about $300 total at current levels. It definitely depends on if you are buying a bag or just a few rolls.

morris <><

BlindedByEgo · December 8, 2005 9:06AM

<< ...so i try to find coins that will increase in price.... >>

Best point all day.

An estate attorney once asked me my coin trading strategy. I said that it was simple: buy low and sell high

He agreed that this would be a good thing

oreville · December 8, 2005 9:24AM

<< ...so i try to find coins that will increase in price.... >>

Easier said than done. Sometimes focusing your buying on coins you think will increase in value backfires! Learning to be attuned to what collector coins pleases collectors the most long term seems to work best provided there are not too many of them produced.

That is the trick.

Better yet is the following; having fun and being happy collecting coins. You will never lose money collecting coins for sure. Hoarding coins can strip you of your ability to buy the coins you really want.

I should practice what I preach indeed. I am ashamed to admit that I also hoarded too much 90% silver coins over the years but certainly not 380 $500 face value bags.

Deadhorse · December 8, 2005 9:56AM

<< $1000 face value bag of 90% silver has 715 ounces of actual silver so @ $8.92 per ounce that is $6377.80 or 6.37780 times face value.

Typically there is a spread from wholesale to retail for these bags, usually retail is at about spot or $.05 over spot, wholesale is about $.30-$.40 back of spot or about $300 total at current levels. It definitely depends on if you are buying a bag or just a few rolls.

morris <>< >>

Nice to see some concise common sense on a melt coin thread.

Should also add that as the price of silver goes higher, the wholesale price back of spot increases.

I suspect there's a sharp correction right around the corner. This really isn't the time to be buying unless you can flip it fast.

when you buy silver for melt

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