9 oz of silver. Did I do alright?

I just won 9 oz of silver at a silent auction for $230. 4 uncirculated silver eagles (1999,2000,2001x2) and a 5oz bar. Melt at current price should be ~$161 so did I do alright?

Also, if this belongs in bullion more, go ahead and move it, please.

 

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I would say you paid too much.

 

You'd be doing much better if you paid $162

 

If you had paid melt or lower you would have done better, that goes without saying. You won the auction because you bidded more than anyone else. So said, if you're happy with your coins and silver bar, that's all that matters.

 

I figured I paid too much, but the chances that I'd see them at a silent auction like this is kinda slim. I guess I'll just eat the price then lol.

 

Oh hell, Coin Vault would package them into a lot and ask 320$ with 9.99$ shipping - might even throw in a NGC plastic coin storage box ( a 20$ savings)!!

 

So what's the silver bar look like, anything special?

 

Nothing terribly special, and the money went to a good cause so I suppose that's a good thing lol

 

As I see it $190 (plus tax, if applicable) would be retail at a coin shop.

No clue on whether this is a scarce bar or not, I'd guess not, but there is one currently on eBay where the seller is asking $195 for a 5 ounce Pan American. No idea if this is crazy or not.

 

Good way to look at it. You spent a little on your hobby and a little for a good cause. Sounds good to me.

 

Unfortunately you paid more than full retail.

Full retail would be silver eagles at $4 over spot, so 22 x 4= $88, then $2 over spot for a generic 5 oz silver bar, so 20 x 5= $100

$188 is full retail in my opinion. I would of paid about $175-$180 tops.

 

Since you say this was a silent auction and the money was going for a good cause I would assume it was for a charity of some kind. If so you may be able to use the amount you paid over the retail value as a charitable deduction on your taxes. You ma have to get some paperwork from the charity though.

 

Silver has been on a solid upswing for a week or two now. If it keeps up you'll be doing alright.

 

Silver price is just over $18 per troy ounce.
http://silverprice.org/

You got burned.

 

Lets see, $230 for 9 ounces of silver equals $25.55 per ounce and silver is currently at $18.58 per ounce but on the day you reported this purchase silver closed at $18.15 an ounce and presumably the purchase was over the weekend where silver was at $17.96 an ounce,


I'd say,


As long as your happy then I'm happy but................

I don't think it was really that good of a deal.

Was there a "bidding war"?

 

Yes, he will. But silver will have to pop $25.55 and sustain that price before a profit would be realized.

It's not a bad thing mind you. But it is risky from an investment standpoint.

 

Some years of Eagles do sell more than Bullion however I'm not sure which years they are. Some in the mid 90's are worth over $30 each.

 

I think you did okay. A little high, but it depends on the condition of the coins.

Silver Eagles in those years, if bought today in BU condition will run between $25-$30. If they're not BU, then you can get them a little cheaper. Let's say you pay $20/oz. on the silver bar, your total (ASE's + Bar) would be between $200-$220.

 

1996 is the big money year as its the low mintage, 2nd best is 1986 (inaugural year and fairly low mintage). Then 1994 and 1995 are also good low mintage years that sell for a premium.

Personally I wouldn't pay more than $2-3 over for any eagles other than the above years, and even those have to be in B.U. condition to fetch a decent premium over spot.

 

The four eagles are uncirculated and from Littleton Coin. There was a bit of a bidding war which is what caused escalation in price