Questions of a n00b

I'm in Chicago, so I assume I'd have to pay sales tax on that? It's stupidly high here at 11% so I'd bet buying online might be the best bet for me. Or is it no subject to sales tax?

 

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Well I guess a 1000oz bar relates the same way 90% is the same price as spot. It would cost money to make it a 1oz bar.

 

Check with your state. In New York sales over $1000 are tax free.

 

I think the spot price quoted (on many sources) is the price for 1.000 silver. Thus 0.999 should be adjusted. If the price for silver is $40.00/ounce, 1 ounce of 90% silver coins would be 0.9 X $40 = $ 36 and there might be some premium. BTW, an ounce of precious metals is weighed on the Troy scale, while an ounce of cheese is weighed on the Avoidoipous (Please excuse attrocious spelling) scale. They are different.

 

What kind of brick and mortar place would you go to to purchase precious metals? Seems like a pawn shop would be a rip off, but, maybe not?

 

Another note, as it turns out, all purchases in IL are tax exempt. Imagine that, this State did something right.

 

They can be ok but not that great for quantity. Go to a coin store.

 

coinflation.com will tell you that silver value of our own coinage. our countries coinage was .900 pure silver, sterling is .925 pure silver, fine is .999 pure silver. there is no "atleast 90%" in our 1964 and earlier coinage. someone else listed kitco.com a lot of dealers use that for what they sell at. a dollar in 90% silver is .72 of an oz. i mean dollar as in 4 quarters or 10 dimes, a silver dollar is .77 of an oz of silver. get yourself a red book. it will tell you how much silver is in our coins and by seeing what the spot price is you can determine how much 90% coinage is.

 

and i agree with this completely. after they know you, you can also usually get better deals as well

 

90% US silver is recognized & never discounted.

In my case, the difference between my dealer's buy & sell price for 90% US silver is small. Also, if I would want to sell or trade a little amount, I could trade as little as a dime. If I want to trade or sell a lot, then you just put many dimes or quarters or halves in a bag. (Yes, you get a better price when you are selling a $1,000 face as opposed to selling a single dime).

 

It was about 1-year ago that I purchased this Mercury dime set for around spot. It included a 1921 which was unexpected.

 

Read this a couple times, lost equally every time I lost it. Mainly the part about a dollar being 90% and the rest after that?

 

Living in Chicago, you might want to visit Harlan J Berk on Clark St. they have a wide range of bullion and collectible coins. Their ASE prices are high in small quantities, but very good if you buy a roll. Bring cash for the best price. No sales tax in Illinois on coins and bullion. I buy most of my bullion there, and since you aren't paying shipping the prices are comparable to online sites.

 

"...They also weigh slightly more because the price of silver was much lower and the mint was more lenient."

???

Umm, Tyler, are you sure about that??? It's news to me.

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ten dimes equals one dollar in 90% which is .72 of an ounce of pure silver
two quarters and a half dollar equals one dollar in 90% which is also .72 of an oz of pure silver
one silver dollar in 90% equals .77 of an oz of pure silver
silver dollars contain more silver then a dollars worth of silver coins

 

I weighed my 1990 and 2001 eagles and they all weigh 31.3-5 grams. More recent dates are 31.1-2 grams.