Discussion in 'Bullion Investing' started by myownprivy, Feb 20, 2020.
I have roles of slick dimes that I can fit 70 dimes in, and only 51 or 52 in if in good condition.
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Agreed - most online dealers advertise $100 FV bags of circulated 90% silver coins to contain 71.5 troy oz. of silver - I've purchased lots of 90% bags over the years and after washing the coins in hot soapy water and drying on towels, the 71.5 oz. figure is a good estimate - 1964 JFK halves will top out at 72+ oz, while Walking Liberty halves, quarters and Mercury dimes are always below 71 oz.(lots of slicks in there) - Roosevelt dimes are usually right around the advertised 71.5 oz., as are Franklin halves.
If you can buy at a low premium, go for the 1964 JFK halves - lightly circulated, more silver for the $$
Me too, but remember that the rims go first on slicks. That stack of 70 slicks might be the same height as a stack of 51 or 52 BUs, but it'll still weigh a good bit more. You have to go well beyond "slick" to lose much more than 10% of a dime's weight.
Actually that "someone" was your wife and children. If it was thicker than that it was a crime. Under that was kosher but the real bad guys made up for it with multiple beatings per day. Nobody is mourning the end of that rule.
For someone in his 50s you sure do have a "grandpa" attitude already. Yeah "the internet" might do that. It might be the one where .715 is standard. But that is actually a way of saying businesses have developed standard, uniform practices. That is a GOOD THING. That is efficient. That is transparent. It makes buying and selling so much easier. The brick and mortar shops are far behind the times. The only reason they don't have a uniform system is because they may not even know of each other's existence and therefore be unaware of the buying and selling practices of each other.
The wonderful thing about the internet and technology is that all online shops need to know about each other in order to stay competitive and stay in business. That means they must develop uniform standards for buying and selling junk silver.
There are some drawbacks, however. When you buy junk online you might get pretty slick coins. That's not ok. So, I still prefer brick and mortar where I can cherry pick. But you know what I do? I insist on a .715 multiplier because my brick and mortar knows what the online shops sell. So you know what all my local coin shops sell junk to me for? .715.
Use your power as a customer. It's a wonderful thing.
It’s 13.3x face right now, I’ll only buy it at 10x face and if someone wants to sell me $100’s in face and the condition is questionable I’ll use a scale.....you can use your power as a customer, I’ll use my power as a business owner with a store front....I really have no need for more 90% unless the price is right.
So you are one of those stubborn coin shops that buys at a set price (10x face. Meaning you pay $1 for a silver dime, etc.). It's amazing you're still in business! You are precisely the type of old time lcs that I refuse to do business with. And policies like "I only pay 10x face that rip off people trying to sell, you deserve to fail.
Successful brick and mortar coin shops succeed by always buying and selling and by making their money on the margins.
Treat 90% junk fairly. It contains .715 ounces of silver per $1 face. That doesn't mean you have pay spot for junk when you buy it. But at least calculate it properly, for god's sake! Buy junk at 5% under spot and sell it for 5% over spot, or a spread like that. But at least be fair. Don't be stubborn with a "I pay only 10x face. That's it."
In Mr. Root's World, Silver is always $13.82 an ounce. Never more, never less when he buys.
You haven't actually run a brick-and-mortar store, have you? What sort of margin do you suppose a store owner has to have to keep the lights on and the doors open, given that there are surely stretches of hours where nobody walks through the door?
You shouldn't buy anything without knowing what it is
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