silver content versus numismatic value

hey everyone, i've new, and have just been buying coin silver, based on their silver content... i recently purchased eight 64' jfk's for $6.00 each. there is about $6.14 in each half dollar.... but i noticed i hesitated to buy some 50's washington quarters for $4.00 each, and some roosevelts for $2.00 each... i even backed off from spending $8.00 on a franklin (forgot the date - but was, i thought in pretty good shape)... so, i guess myquestion is, are these fair prices?
the coins really weren't culls, so i know they have value, i just have a hard time sometimes looking beyond the silver content value....

 

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Think you did good on the JFKs and I think it was wise of you to walk away from the the rest. Without seeing each coin it's impossible to determine their value above melt. If you're not familar with the website already, check out www.coinflation.com. It gives the melt value for U.S. coinage. It even has built in calculators for quantity so you don't have to do the math yourself!

Now there are Washingtons, Franklins, etc. that have value above melt but each coin has to be dealt with individually and will require a bit more knowledge to assess than metal content.

 

You're on the right track. You probably got your info from www.coinflation.com on bullion values (per coin), but if you didn't, it's a valuable site to bookmark and consult every day.

And, in recognition of your instincts, the Washingtons and Roosevelts were overpriced.

 

thanx, yes - i use coinflation almost every day lately.... just to give me an idea if i'm paying a fair price when dealing with people, some dealers/ shops i think ask just a little bit too much, and i'm on fixed budget... so i watch every cent that i spend... the franklin was nice, and probably worth the $8.00 - but i just the $6.14 of silver in it, and probably wouldn't pay more than $7.00

 

Save up and buy in larger quantities to get the best deal. Find a coin shop that buys a lot of 90% over the counter, and whom you suspect does not have time to go through them, looking for valuable individual coins. Sometimes a pawn shop works out, provided you make clear on Day 1 that you're not going to pay any more than a coin shop charges.

 

if the washington's and roosevelts are in good condition, but common dates, maybe just a little bit beat up, then you think then that i shouldn't be spending more than a little over spot for them? because dimes today are about $1.25 i think, and quarters about $3.10 - somewhere around there anyways.

 

It's normal to pay over spot from a dealer. They gotta pay the bills and make a profit to keep the doors open. In my experience, it's usually not much over but it's been too long since I've bought junk silver.

 

good thinking... i have gotten a few good deals thru some local people and a couple of local shops that deal with coin silver... i like silver peace and morgan dollars... i recently bought several at $15.00 each, i thought that was about fair seeing there is around $13.00 in silver in each of them.. and i know people like them like i do, and will pay a little bit to have them...

 

so, there's this one guy i got some quarters from and he charged me $15.00 / $1.00 of face value, with about $12.00 in silver for each $1.00 face value, is that about fair ya think?

 

The way things are today, there are ALWAYS a multitude of people desperate for money. If you're in a pawn shop, or an estate auction, at the right time, you can score some big bargains. You still have some downside risk from silver prices.

 

"is that about fair ya think?"

From a business, for such a small transaction, it's OK but not great. In your state, do you have to pay sales tax on coin purchases? That really adds up. Look at the bag prices (buy and sell) at Apmex for some general guidance.

 

yeah, i like apmex too, i ordered some silver rounds from them, but for some reason i'm really getting into coin silver, they do have pretty decent prices, especially if , for example, you order a $10.00 roll of quarters, and anything over $100.00 is free shipping!

 

no, i don't think i have to pay a sales tax on coin purchase... i should look that up.. i went to an auction earlier and saw some really nice morgans/peace dollars and i think some old barber coins.... you ever buy from auctions? i was gona stay but i was afraid i'd overpay/overbid and use up all of my money! i know some guys like to go to auctions to buy coins, but you think they ever get a good enough deal in order to resell and make a profit?

 

hi, is the buy price the amount they would give you if you sold to them.... and the sell price, what they sell them for? just clarifying.... i'm learning.

 

Well, I've never bought or sold from Apmex, but that seems logical. You would never sell to them, the cost of shipping and insurance would eat up all your profit. It's just a guide to spreads and availability (and a key factor, waiting time).

As far as buying at auction, you have to judge items one by one, and you MUST inspect the item before bidding, and you have to make sure a purchased item is not "switched" on you, which happened to one of my friends in a big after-Christmas auction; she paid $325 for a painting, and upon checking out, found a worthless painting in the same box (held in the "sold" cage). It happens.

I can no longer get to estate or storefront auctions, as I'm in a wheelchair, but I'm still active on eBay, BidStart, Etsy, and Delcampe.

 

I was doing that and then I decided to buy silver with numismatic value also. That is sort of an insurance policy and to be quite frank - fun. I by 64's all day long checking for errors....An not at spot sometimes. I bought a roll of them and then realized that 19 of the 20 were exact copies, never saw that one coming.

 

thanx for the info, i really appreciate everyone's input... i see some people placing ads saying that they will pay 90% of the day's spot price per coin, if i were to buy from local people, would that be a fair trade for both of us? so, not paying the exact spot for that day, but 90%? i've seen that a few times already...

 

In that situation, you get into a security problem. Certainly I would pay 90% of spot, but only in my bank lobby, then making sure the seller can see that I'm putting the coins into my safety deposit box. Since I am personally in a wheelchair, as noted above, I'd want a friend sitting across the lobby. It becomes quite a logistical nightmare. I would much rather find a trusted individual and buy from him repeatedly instead of dealing with the psychopaths, hackers, and trolls on CraigsList, regardless of price.

What old age does -- in the 1970s, I was running 15 miles a week.

 

yes, i certainly do see your point and i remain grateful for mobility everyday... grateful for the small things in life that matter... i will heed your advice... i do have a guy in town that i trust... and an antique shop where someone puts out some coins for a decent price... thanx for the chat, and i wish you a good evening... talk with ya again, god bless! - robert

 

you're going to need some books to assess value over silver content properly

Latest edition of the red book
Ana grading guide
Cherrypickers guide may also come in handy. you can find all of these on amazon in book and ebook format