OK, forgive me if I am not making Cents (haha) BUT ... silver prices are down to just over 6.00 face value but the local coin shop is still at about $12.00 face for junk silver. I try and buy over $100. worth of merchandise from him everytime I go in (sometimes stuff I'm not looking for) but he wont work with me on the "junk" silver face value ??? where can I get coin for what the market prices are?
Not sure what quantities you are looking for, but try APMEX.com. The only thing negative I can say (hearsay just about only) is that they tend to deal in large lots.
I have always had a good experience with APMEX, but I havn't tried their bulk lots. If you are interested in bulk silver of a particular denomination, they usually offer cull lots and they even say what relation to spot they are depending on the size of the order....
The deal with practically all bullion right now, supply is not meeting demand. Premiums are abundant with both gold and silver. Now it is common for even Krugerrands to sell at a premium of $50-60 over melt, where I can remember buying them at 2-3% UNDER melt years ago. 10 X face is most common for buying silver coin right now, frankly for me that is too much of a premium. 12 X is a rip.
You won't find physical silver near the paper Comex spot price. 10X seems to be a reasonable amount to pay. If you check out mintproducts.com they sometimes sell junk silver in smaller lots.
That is an option for someone who wants five 1000 ounce bars per contract. I don't know how the "mini-contracts" work. I've been told, but can't prove, that if you do this more than once, you will receive a call from the COMEX asking you to substantiate the industrial use for the physical silver you want delivered [at your expense] to make sure you aren't just hoarding it. If you can't, the COMEX has the option to force you into delivery in cash.
If you can find junk at 6x face buy it! If you're lucky you can turn it to a dealer at 8x fast. We're still paying 8x at the shop and charging 10-12x. There aren't huge amounts rolling in the doors for purchase these days. Bullion is beginning to loosen up a bit but still hefty premiums. A friend of mine just locked into some silver quarters at 8.8x. He's picking up a rol for me as well.
There are also commodity exchange rules. Once you get the silver out of the Comex warehouse, it's yours. To get it out, you have to obey their rules or:hammer:
Sounds to me, members of this forum are collecting silver not coins. Why not just purchase Silver Bars or Rounds and avoid all this confusion? Who would want a Cull if you only want the silver content?
Because by weight, junk silver coins are inexpensive, a known medium of exchange( ie they are familiar and have easy recognition) They are by no means collectable coins in that sense, they are just common, sometimes if older very well worn, coins.
