Buying coins!!!!

For the original poster's sake, lets simplify this and get back to basics. Just in case. They may or may not understand why people are arguing the numbers that are being thrown around.

So, to anubis: First off, junk silver is considered any silver coin with little to no numismatic premium past what the silver in the coin is worth. Mostly what you've purchased here. You need to know how much silver is in the coins and the daily spot price to know what's a good deal on any given day. Then you can make your own determination on how many times face you're willing to pay.

You can get a Redbook and it will tell you how much silver each denomination has up to 1964. I'm guessing most people here have the amounts memorized by now, including myself. (Although I've memorized my driver's license # too...) Pre-64 dimes contain 0.07 troy oz of silver.

Then you can go here:
http://www.kitco.com/charts/livesilver.html and look up what spot silver is today. Right now it's at $16.67/ troy oz. So the melt value of a basic, common, circulated silver dime is 16.67 x 0.07= $1.17 today. Which is 11.7 x face. I don't know many dealers that will sell right at melt price. They want some profit.

So, depending on the quantity you're purchasing, 12 to 13x face isn't out of the question as a reasonable price to pay at this time. As silver fluctuates, that will change.

At $1.50 for a Merc, you didn't pay melt but nobody could expect you to. While the pawn shop didn't get rich selling it either. You paid 15x face, but you were also buying one. If you were buying several rolls of them, you could probably get them for 12x face.

Melt price for a silver quarter at 0.18 oz is $3.00 on the nose. 12x face. Nobody but the completely uneducated public would sell a silver quarter for less than $3.00 right now. That's the rock bottom value 'at this moment.' Next week, that could change drastically.

When you step up to buying more expensive coins, it becomes a whole other ball game. I've watched the show 'Pawn Stars' several times. IMO, those guys are ruthless!! I'd never buy a coin from them. They lowball everything that comes in. And it would appear they expect to double their money (or more) on just about everything that comes through the door. People are getting paid and they're making money, but to say the consumer is winning there would take a real stretch of the imagination.

They would be far, faaar from a good coin shop. Most pawn shops are going to have beat up, low quality stuff mixed in a can (just like on Pawn Stars) with inflated prices. Or, junk silver for somewhere around melt. If that's all you're looking for, than there is no problem.

Surely, there may be a few exceptions to the rule. But know this much going into them so you can spot a good shop from a bad one. Never assume how good a place is until you've been around and seen others. It's just like nice hotels. Once you've stayed at a top tier one, what you used to think was really nice doesn't seem as nice anymore. Then you notice the flaws. You've got to get perspective. That's my advice.

 

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Silverbarter.com best deals ever on junk silver coins.

 

One of the best deals I ever got was at a garage sale in New jersey. My wife and I were on our way to Wildwood and past a yard sale. She is a sucker for them. I complained the whole time we were there and then found an 1883 CC GSA dollar. I ask the guy what he wanted and he said 50 dollars. Darn near dropped my wallet trying to get it out of my pants. You can find deals everywhere, if you're careful.

 

Quarters at $3.00 each are 12-1 face. Above melt value.

 

You would be surprised what you find in pawn shops sometimes. I saw a $5 dollar gold Indian awhile back and the guy was gonna let me have it for $250. Unfortunately when I went back a week or two later it was gone. A couple weeks ago I went to the same pawn shop and they had a $1 gold princess, very nice on the obverse. When I turned it over it was all scratched up like it had once been a brooch or some other jewelry. There's nothing wrong with checking out pawn shops, just know going in that they are some sharp, tight son of a guns and you gotta be quick on the draw.

 

$3 for a silver quarter was right at yesterday's melt value, but silver went down a little today, and the melt value is a little lower:

$2.9405

http://www.coinflation.com/silver_coin_values.html

 

Excellent post Vess1. I learned a lot.

 

Dealers were paying 12-1. I didn't know that. At this months coin club meeting. Second Tuesday in Oct. they were paying 9.5-1. Must have jumped last 3 weeks.

 

Vess1 Thanks for the advice and the Info.

 

I guess if you know the price is right.

 

Are you able to get large amount at 8x face, say $100 bag?