did i pay to much?

i just purchased 1/20 .999 silver rounds 1250 of them i paid 1,675.00 for all of the coins did i pay to much? spot is always higher the smaller the size right? i think i am going to sell 1,000 of the coins to hopefully break even is this doable or should i try and return the coins?

 

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IMHO yes way to much if my math is correct
1250(1/20)/ 20 (1 oz of silver)= 62.5 oz of silver
62.5x$$1193.75
$481.25 dollars worth of premium.
I looked you could get 6 sunshine 10 oz bars for 201.90 from ampex shipped and delivered for $1236.35

 

Well if you multiply the 1250 coins you bought times 1/20 then multiply it by spot you'll get 1193.75 as the exact spot worth of the coins you bought. So I suppose you did overpay.

How do you plan to sell them and how did you come up with selling 1000 of them to break even?

 

Beat me to it!!

 

What did I win? lol :goofer:

 

bragging rights I suppose, as I'm too lazy to ship prizes out hahaha

 

i purchased them on ebay i thought i was buying the maple coin and i did not look at it closely enough the were the marijiana .999 1/20 round they are selling on ebay for 5.00 each not including shipping i was going to try and sell them for 1.75 a coin 100 at a time and sell 1,000 of them that is less then ebay prices and i though the smaller the coin the higher spot. so youre saying i should just return them hugh?

 

welcome to the forum adam, I suppose if you sell that 1000 out of the 1250 for about a buck seventy five you will come out pretty close, heck if they are pretty neat sell them for 2 dollars apiece and make a few dollars. a coin that small usually have higher premiums, I think the term is that the cost of minting them has to be factored in. Signeurage?

 

ohh o.k and thank you for the welcome.i have been collecting coins for years i have prob 20 tons of copper pennys, a huge coin and silver bullion collei just purchased fractional coins usually 1oz or the occ. 100 oz bar so im confused about if i should just return them or keep them this is for an investment. did i pay fair spot price?

 

i guess my main question is if i paid what normal spot is sopposed to be for 1/20 coins or did i get ripped?

 

Spot for a 1/20 oz coin would be $0.955 you paid $1.34 per coin meaning you paid $0.39 for a premium per coin. I don't sell on Ebay a so I couldn't say what the fee's are along with the PP fee's.

 

If you can return them maybe you should look into it as it seems like an honest mistake you made in viewing the ebay ad. That said, the seller may want to be taken care of for any restocking fee or anything like that so you may be out some money, but if you hang onto them you may lose more. It's totally up to you but from what I've come across the smaller weights of silver are harder to sell, JMHO. good luck with it, we all live and learn on this site, welcome to the forum!!

 

smaller coins usually carry a larger percentage premium than larger coins.

I know with gold coins a heftier premium is carried by the smaller denominations, but with silver I usually buy silver by the ounce, sometimes I will pick up "junk silver" but that I buy more for fun than for investing.

One of the members here was selling some small silver maple leafs, you might want to check the open section and shoot him a private message and ask him about selling fractional silver, if I remember he was selling one gram maple leafs. I did not pick any up because if I remember correctly they were about 5 dollars each. (150 an ounce) I might have picked some up just to have them if they were only a dollar or two.

 

Spot silver price is for 1000 oz. bars. It costs money to make those bars into smaller units, thus everything commands a premium. Junk silver is already in smaller units and is well known, probably the best silver bargain out there.

 

That's an awful lot of cash to spend when you don't even know what you're buying....

 

If you like them, I'd go with your plan. If they're not what you really wanted, you can return them and start over.

 

lol thanks

 

Yeah I have to agree. Junk silver usually has the lowest premium over spot than any other form of silver.

 

well maby i can put the coins for sale on my signature i guess i could probley gey 3.00 each or 200.00 for a 100 of them over time

 

Save the Ebay purchases to the more experienced or very lucky.

Sometimes trying to save a buck can lead to a little bad luck.

Enjoy your bullion all the same. Just keep buying (but else where), and the prices will average out fairly well.

Don't make too big of deal about paying a bit more of a premium than you might have needed to. Better to have silver at the expense you indicated, than none at all.

I might add, that there are some folks out there that could argue that the 1/20oz. is better for trading and liquidating if the prices go nuts too quickly.

Consider all well for now. Years from now, you may see yourself as being very wise with that purchase.

BTW, Welcome to Cointalk.