Should I buy silver coins at melt value?

Discussion in 'Coin Chat' started by JakeTheBarber401, Sep 25, 2016.

  1. JakeTheBarber401

    JakeTheBarber401 Active Member

    Hey all I have a oppurtunity to buy 27 silver quarters, 3 being standing liberties, also 16 dimes, 8 being mercs. So the seller is asking $120 which after calculations is melt value. Should I buy the lot at $120 or offer $100 for lot?
     
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  3. ToughCOINS

    ToughCOINS Dealer Member Moderator

    You're getting a good deal at $120 . . . why chance scaring off the seller?
     
  4. Bman33

    Bman33 Well-Known Member

    Melt for 90% is a nice offer. I say go for it. You are getting a great deal. I usually have to pay spot + 1 for it.
     
  5. Kentucky

    Kentucky Supporter! Supporter

    Take it and run!
     
  6. Brett_in_Sacto

    Brett_in_Sacto Well-Known Member

    You could offer him double and help drive up the price of silver. :)
     
    Paul M. likes this.
  7. NorthKorea

    NorthKorea Dealer Member is a made up title...

    Most everyone will say go for it. I would say it depends. If the coins are in FN or lower condition, you might be losing as much as 20% silver weight on the times and 10% on the quarters, so you should consider that into your premium calculation.
     
  8. Markus1959

    Markus1959 Well-Known Member

    Wait a minute - 3 posts said go for it - 2 posts did NOT - That is MOST?
     
  9. Markus1959

    Markus1959 Well-Known Member

    Ok - first question is why is that lot still available? (many reasons I've heard before)
    Second, is it on Craigs list?
     
  10. Kentucky

    Kentucky Supporter! Supporter

    From the website Coinflation:

    "Not sure that's realistic. Go to your bank and ask for a roll of every denomination, weigh each coin on a scale with at least three decimal places of accuracy, and calculate the average weight. You'll find coin wear is not statistically significant. Silver coins (sometimes called "junk silver") obviously have wear issues sometimes and can affect weight. But these are traded as a store of value, they're not going straight to the melting pot. You won't see dramatic reductions in melt price unless the entire lot is clearly sub-standard. I could list weight relative to the common 1-70 coin grading scale, but I really don't want to do that."
     
    Paul M. and ToughCOINS like this.
  11. ToughCOINS

    ToughCOINS Dealer Member Moderator

    That is not a factor in buying and selling 90% Silver coinage.
     
    imrich and Paul M. like this.
  12. NorthKorea

    NorthKorea Dealer Member is a made up title...

    XF Merc = 2.43g
    VF Lib Seat w/Drap = 2.14g

    To be "statistically significant" would require 5% or more wear. That's 0.125g. Again, as I originally said, "in FN or lower grades" you'd see 20% wear on Mercs. I still hold to that.
     
  13. NorthKorea

    NorthKorea Dealer Member is a made up title...

    First off, 3/4 said to go for it. I said maybe. Even if you count my maybe as a no, that's 75% saying go for it. I'm pretty sure the general population would view 75% as most. Now, beyond that, the definition of most isn't even a majority, except in a binary system. If we don't count maybe as no, but actually as maybe, then you still have most saying yes. I'm not sure you even read my post correctly, which is the only logical reason why you're questioning my definition of most.
     
  14. Pendragon

    Pendragon Member

    If you buy it at discount would you sell it for more discount
     
  15. Markus1959

    Markus1959 Well-Known Member

    Oh Damn - "logical"? - sorry Spock - there isn't any way I can compete against your wondrous brain power!!
     
  16. Markus1959

    Markus1959 Well-Known Member

    You sound like a politician!!
     
  17. NorthKorea

    NorthKorea Dealer Member is a made up title...

    Markus, take a moment to reread the statement "I'm pretty sure most would say go for it." Now read it again. What do you think that means? Would you say that, so far, the overall consensus is to take the coins at spot? Then that means the majority would say go for it. If the majority says go for it, then most ALSO say go for it. This has nothing to do with politics or Star Trek. It's about reading comprehension.
     
  18. Markus1959

    Markus1959 Well-Known Member

    One word - SPECULATION - kinda like all the crap in the media until the actual facts come out in court!
    I'm done - C, ya later.
     
  19. Christopher290

    Christopher290 Active Member

  20. Seattlite86

    Seattlite86 Outspoken Member

    Any chance I can buy under spot, I buy it. I don't get that chance often.
     
  21. JakeTheBarber401

    JakeTheBarber401 Active Member


    How good of a deal?
     
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