I refer to Coinflation frequently for one reason or another. Something just caught my eye that I had never taken note of before.. Silver spot price is $24.37 Silver value for an ASE is $24.3456 Two and one half cents is meaningless.... But why is a one ounce silver ASE not the same as The current spot value? Is it the difference in .999 fineness?
They are probably doing 24.37 * 0.999 = 24.34563 (although an ASE does have 1 oz of silver, so that should not be needed)
I did some more digging and they explain it as follows http://www.coinflation.com/coins/silver-eagle-value.html Calculate silver value : (24.37 × .0321507466 × 31.1034768 × .999) = $24.3456300049 $24.3456 is the rounded silver value for the 1986-2013 silver eagle on July 31, 2020. However, these coins will carry a premium that can range anywhere from $2.50 to $8.00 depending on the volatilty of the silver market. Why isn't the melt value exactly $24.37 since this is the live silver price? Blame math. Obviously, when you multiply the non-whole numbers like 31.1034768 grams and .999 (stated purity), you'll receive a result like $24.3456300049. Does this mean the Mint is wrong with their specification? No, not exactly. Many times, silver eagles weigh a little more than 31.1034768 grams.
