i was thinking about this, because i go to flea markets all the time and sometimes i dont trust the people who are running the stands, which is a fair concern, but what should i bring with me when i shop to know if it is true silver and a real coin, and to know if what i am paying for it is fair, thanks in advance -Mark
Money lol. Bring a jewelers loupe and make sure brain is in control, not emotions. Also, beware of Prada, Gucchi and other high end names. I have seen a lot of fakes marked .925 that were not even silver. You could bring a gold/silver purity test kit but I doubt anyone would let you scratch their items up to do the test. Knowledge is the most important thing to bring. Good luck!
thank you, and i was thinking that if it was in a cardboard flip, and if i asked, to use a magnet to test it. and i dont have the money to buy bullion, i was thinking old morgan dimes and halves
You're welcome, sounds like you need a redbook too. Maybe you meant to say Barber dimes and halves. Morgans only come in dollars. Call a coin by the wrong name to an unscrupulous dealer and you most likely will be taken advantage of.
A means to access the internet and http://www.kitco.com/market/ to know what the price of silver is doing while you're shopping. B&M's check it when they're buying silver from customers, you should access it while shopping for silver.
Very true, although I wasn't taken advantage of. A local dealer gave me a hard time, (half joking, half serious), for calling Lincoln Cents "pennies". Then I got to talking with him about specific errors and I think he realized I had a decent amount of knowledge so that probably saved me. Haha
A little advance preparation would be the best thing to take with you. > Check the latest spot price for silver. > Morgan and Peace dollars contain .77344oz of silver. > All half dollars prior to 1965 contain .36169oz of silver. > All quarters prior to 1965 contain .18084oz of silver. > All dimes prior to 1965 contain .07234oz of silver. So, before you leave for the flea market, compute the melt value for a coin of each denomination, and while you're there you can simply multiply that figure by the quantity of coins for each denomination. Since you'll be at a flea market, try not to pay a premium for any of these coins. Make offers as close to melt value as possible. Be prepared to haggle, but don't be insulting! If the seller won't budge, just tell him that you can't afford his prices and thank him for his time. Chris
im going to make a little card to put in my wallet with all these silver amounts, then before i leave to go to a flea market ill go on coinflation and find the melt value and write that down also, thanks for the advice -mark
Don't forget the 40%ers, halves .1479 oz. of silver, dollars .3161 oz. of silver, and the war nickels .05626 oz. of silver.
I left the 40%ers and the war nickels out intentionally. If you're looking to sell, these are the hardest to unload on dealers, so why should you buy these at or near melt value? It's an entirely different thing to look for them searching rolls which have only cost you face value from a bank. Chris
Multiply the silver content by the spot price and take that figure with you to the flea market. For example, if the price of silver is $34/oz, then one silver dollar is worth: $34 x .77344 = $26.30; one half dollar is worth: $34 x .36169 = $12.30, etc. Chris
thanks guys, just finished my cheat sheet, i put it on the back of my student id so i never forget it, and i wouldnt buy a war nickel just to sell it to a dealer, if its really nice and the price is right ill buy it and put it with my other nickels
If you aren't a math whiz www.coinflation.com has all this info there. Granted you would have to have WiFi to use their calculator but you could jot down the prices before you take off. EDIT: Should have read the whole thread. lol
Remember that those weights are for new, uncirculated coins. Worn ones can have 5-10% lower weight (especially if holed). I would bring a loupe to examine coins for obvious signs of fakery (ie; casting marks, silver plating). You may want to bring a small digital scale, or a test weight if dealers are using their own scales.
thanks george, i do need to invest in a loupe, i have a 3x that i found thats for reading, but that wouldnt do so well compared to a 10x or a 20x, and i will consider deducting the 5% when i make an offer, and even if it is extremely worn, i will still buy it because it is a piece of our history, but i wouldnt pay spot price
