Junk Silver Question - Seeking Input ...

This is a good point @Lon Chaney. I can afford to purchase all of them. I live in NYC so heck, it just means not going out to dinner the rest of the month.
I just don't have the experience I'd like to have in negotiating these types of deals. I hear spot, and I think it's a bargain. Then I hear about folks picking up coins for a good 5% below spot and I'm like @#!(%$@!

 

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the real question is if you think todays price is a good point to buy silver or not. if you think it is then 5% under or over is not the issue. that doesn't matter long term if you buy in at the time you think is right.

 

It will lower their overall weight, but not substantially since the bulk of wear is on the rim and details and the bulk of the weight is in the body of the coin.

I have a really worn Morgan dollar that is almost featureless. It weighs 25.2 grams instead of the usual 26.7 grams, so almost 6% less than normal. For a half, I'd say a well worn half shouldn't weigh much less than 12 grams. If it's not worn and it weighs less than 12 grams, something is wrong. If it's very worn, but you can still see features, and weighs 10 grams or 13 grams, something is wrong.

 

I agree with this statement a lot... Silver is great if it's in an uptrend.. not so great if its a downtrend.. Technically its still in a downtrend and most people believe a bottom has occured in the silver price.. I think nows a great time to buy some on rumor of QE3.. The only thing that could bring silver down now is if the EU Crisis gets out of hand then all bets for silver and gold for that matter would be off....

 

@Silverfool, excellent point. I've been acquiring silver over the past couple of years based on my
assumption that at some point in my lifetime, silver will hit $50 - $60 an ounce. Based on that assumption, buying at < $30 an ounce certainly would seem to be a good buy.

Then again, there are good buys and even better buys. I bought quite a bit of silver bullion at a higher price point, so buying now will definitely help my cost average.

 

@Blaubart, that is extremely helpful ..... Thanks!!!

 

If I was buying, I wouldn't really worry about silver weight loss usually. The slick coins are usually older ones (Barbers, SLQ, Walkers, etc) and would carry a little premium based on coin type.
There's a reason coins end up in the junk pile. AU Washington quarters, mid-grade Merc dimes, slick ol' Barbers. Each piece in the junk pile is usually there for a good reason.

 

I'd be careful about everything you read in this thread. There are a few responses that smell like they came out of the backside of a bull, or from somebody that's never purchased an ounce of silver bullion or $1 in junk silver in their life. I'm not saying, I'm just saying....

 

Don't wait to buy silver.........Buy silver and wait.

 

So why was it that silver's price remained unchanged when QE1 was announced? Don't make the mistake of thinking that QE affects silver prices. It does affect gold, but not silver.

 

A Good Deal!

Trust Me! LOL He's giving you a great price for 90% Silver halves. Look at the offerings listed in CoinTalk "For Sale", or look for half dollar lots on Ebay. I would not hesitate a moment! Good Luck! :thumb:

 

Ultimately, I have to agree with @akajcw95. I don't believe that silver has hit bottom, but I'm certainly am not astute enough to try to call the bottom so it just means that I need to purchase more on dips.
I still feel that at some point in my lifetime silver will hit $50 - $60/ounce (if not higher) and purchases such as the one I'm going to make today will look pretty good if I can flip at those prices.

Then again, worse case scenario, the family members who get to my vault first will be awfully happy with what they find!!

 

Just My Experience

From my experience as a buyer/seller of 90% Silver coinage, concerning the purchase prices touted in CoinTalk threads, I agree with the statements of PeacePeople. It is analogous to my gambling associates' statements about their Casino winnings. I currently offer VG-VF 90% at slightly less than spot, and offer to buy similar material at spot. I have many buyers, but virtually never a seller. and dealers are constantly removing (i.e. organized flagging) my ads.

In regards to varying weight of 90& Silver coinage, I carry a magnet and scale to all transactions, with BU "standard" specimens for all denominations, as do many buyers. Coin lots are often weighed at my suggestion, and my VG-VF coins are normally within 1% of nominal weight. I've generally found "full date" (AG-G) 90% coins to be within 3% of nominal weight.

Just my humble experience :thumb:

 

@imrich, I appreciate your insight. I only wish that you were in my neighborhood! I'd be happy to both buy and sell from you based on what you posted.

 

Hope you bought 'em!

 

@beachbum99, I went back yesterday to purchase them, and it was a no-go! The day before he said I could purchase as many as I wanted. When I went back yesterday there were several that were in such poor shape, I said I didn't want them. It became an all-or-nothing proposition.

I mentioned to him that this wasn't an issue < 24 hours prior, but he apparently thought he could push me in to buying them all. His rationale was that he can take them to someone else and they'll buy everthing at $9.75/coin. I said I would too, but that didn't seem to be an option (he wanted me to pay $10.25/coin).

It made no sense, but it is what it is.

 

Good job!

Sometimes you just have to walk away.

 

Thanks @Blaubart. I agree and from the feedback I've received on this string, I'm confident I'll find similar if not better buys!

 

This is not true other than that it didn't move immediately with the announcement. All it takes is one look at the chart 5 year silver chart. QE1 was in 2008, and QE2 was in 2010. They correspond precisely with both uptrends.

 

Bummer! You will find the right deal...