I have a quick question. If I bought a VF circulated Peace Dollar for $25, how much did I pay per ounce of silver for the coin? Thanks!
I am terrible at arithmetic. You paid a good price. I'll offer up this website that I refer to almost daily www.coinflation.com.... It gives real-time info for every denomination silver coin.
Prices are still pretty high but for under $10 over melt you did nice.I have seen some crazy asking prices and plenty of takers.
The coin weighs 26.7g. (If you've got a scale, weigh it; there's some variation in the planchets, and coins lose weight as they circulate, although at VF yours probably hasn't lost enough to matter.) It's 90% silver, so 24g of silver. 31.1g per troy ounce, so it's 0.77ozt of silver. $25 / 0.77 = $32.50/ozt. Current spot price is $23.21/ozt. As you've just seen, you generally can't get silver dollars for anywhere near silver melt. $25 isn't a bad price. Last week, the local pawn shop wanted $50 each for harshly cleaned and/or worn Morgans; THAT's a bad price.
It’s not how much is an ounce of Silver when buying coins. Your buying the coin and a junk Peace Dollar is seller for a little more than that price.
You did well. My local dealer is charging $28 for culls, not even VF. I wanted to get some for my local club’s door prizes, but they are too expensive.
