How much over spot are you paying for pre-64 junk silver?

Just curious what other are paying over spot for $1 face of pre-64 junk silver coins at their local shop. My recent purchase was $1.34 over not including tax.

 

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With silver today at $15.91 an ounce, that makes one dollar (face) of 90% silver worth $1.15 in silver. That's about 15% over spot. I generally see about 10% over spot as a going price in stores, but have seen 15 and even 20%.

 

You get taxed? I've never been taxed for buying coins ever

 

Taxed on coins? We are not supposed to make political statements so I won't.

 

Flea market charges tax

I've been paying 13.5x, planning to buy $89.00 face for $1,200.00 tomorrow.

 

Are you sure?

 

Yep.. Had a decimal in the wrong place. Should be $11.51, not $1.15.

Here's my math, using a 90% silver dime for the weight and $15.91 /oz as the price.

grams % silver ounces price per Qty Price
2.5 0.9 0.072339 1.150916 10 11.50916

One dime is 2.5g which when converted to ounces (at 90%) is 0.072 oz per dime. That times $15.91 is $1.15 per dime, times 10 dimes to get to $1 face, is $11.51.

Because the OP said he paid $1.34, I thought he went back to price per dime.

 

i think he meant $1.34 over the spot price. with a spot price of $11.51, he paid $12.85 per dollar face value, which is a great deal.

 

I paid $14.90xface two weeks ago, but that ~30% premium allowed me to cherrypick the better coins.

Otherwise, it's usually around $14xface. That's mainly due to my sellers selling out their junk quickly because there are apparently still many buyers.

 

Why are you paying tax? If you go to a bank and buy 1.00 worth of coins do you pay tax? Only taxed is if coin used in jewelry anywhere I've been! They're ripping you off go to a legitimate shop.....

 

Depends on the state. While many states exempt bullion (as well as numismatic coins for that matter) several others don't. You pay sales tax just as you would for any other item you buy.

 

In Indiana, all coins and bullion are taxed. When I ask the dealer for a price, they often say "tax included". If I drive across the border into Illinois, there isn't sales tax.

 

Probably because it's the law in their state, not everywhere offers tax free sales.

 

In WI you also pay tax on purchases of all coins, junk silver and bullion. If you buy online you are to include the payment with tax return.

 

...and that happens, HOW often? : ) WA also "expects" its subjects to voluntarily submit "use tax" for ANY purchase made out of state or even in state where it is not already collected, such as yard sales and flea markets. Yeah, right.

Rob

 

Well that answers my question. I am from Wisconsin and wasn't sure if tax should be added to bullion purchases.

 

But WA does not charge sales tax on coins, stamp or bullion purchases. IIRC, Nevada charges sales tax on any bullion that has government denomination or face value on it. So Eagles and Maples carry tax, generic rounds and bars do not.

Rob

 

In MO you only pay sales tax on coins if the total is over $10,000.

 

13.2x face value for pre-1965 silver.

For Bullion Silver rounds and such, generally 10% over spot. At today's prices I don't mind paying more. I'm remembering what rounds sold for at coin shops 2 years ago, and this sure as hell beats those prices.

 

Just grabbed some today 13.5x face which includes tax.