What are you all paying for 90% junk?

Discussion in 'Bullion Investing' started by jlogan, Jan 1, 2016.

  1. -jeffB

    -jeffB Greshams LEO Supporter

    Our local coin show says in its terms that merchants are responsible for collecting and submitting. I'm sure the out-of-state dealers and hobbyists are extremely conscientious about that. :rolleyes: If you ask dealers, some will roll their eyes, but most will say "it's included in the price".
     
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  3. Bman33

    Bman33 Well-Known Member

    Seems 90% is going $0.90 over spot at the shows I've been going to. I don't have to pay tax in my county so I am stoked about that. I did get $10.00 of 90% quarters this weekend for 6.5xFace. Dealer wanted cash bad I guess and it was a small show.
     
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  4. -jeffB

    -jeffB Greshams LEO Supporter

    Holy cats! I would've thought he could get more than that from any of the other dealers who weren't out of pocket. I would empty my bank account to buy at that price, knowing I could resell it the same day for at least 50% profit.
     
  5. Bman33

    Bman33 Well-Known Member

    Yeah, it was weird. My girlfriend bought the rest of what he had left which was $16.00 face value. She just started stacking and I wanted her to get more.
     
  6. Bman33

    Bman33 Well-Known Member

    13.5 x Face for $10.00 in Quarters
     
  7. Camreno

    Camreno Active Member

    Why don't any of you melt yours down, is that illegal? Seems like it would be fun to make your own bars.
     
  8. Bman33

    Bman33 Well-Known Member

    You can melt anything you want but cents. I'd send your 90% to a silver refinery company. Would be kind of weird to have a 90% silver bar because bars are usually .9999 Silver.
     
  9. Camreno

    Camreno Active Member

    Didn't you know when you melt silver since its lighter the other 10% it floats to the top? Just kidding I made that up, but seriously that's not a bad idea. Except it cost money to do that. So mise well just buy bullion lol, would probably be cheaper in the long run. I don't see any reason to stack junk silver except for numismatic reasons because like I just said, in order for somebody to take the time to melt it down and turn it into bullion and the cost inhibited to do so there would have to be a dramatic change in silver. Like the Government just announced they have no more silver and it sky rockets to $100 an ounce. I don't see that happening. In the long run I think bullion wins :)
     
  10. FryDaddyJr

    FryDaddyJr Junior Member

    why would you pay all the money in gas or electricity to melt down impure coins that everyone recognizes? dumb
     
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  11. -jeffB

    -jeffB Greshams LEO Supporter

    Because you can always sell 90% coins for more than the equivalent weight of pure silver, especially if you're trying to sell homemade silver bars.

    It's well within a serious hobbyist's ability to refine coin silver to .999 -- all it takes is lots of time, some not-exactly-cheap equipment and materials, and a good bit of fuel for heating. So, you'd end up spending significant time and money to turn your silver into a form in which it would bring you less money when it's time to sell.

    On the other hand, if you're doing it for fun, you just have to decide whether the entertainment value is worth the cost. I still have half a silver dime somewhere; I dissolved the other half in nitric acid to make silver nitrate for some chemistry experiments. It was well worth the 30 cents (mid-1970s value) I gave up by trashing the dime. :)
     
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  12. Bman33

    Bman33 Well-Known Member

    90% junk silver coins go for a high premium over spot in my neck of the woods. silver bars are usually $1 over and junk 90% goes for $1.50-$2.00 over.
     
  13. Bman33

    Bman33 Well-Known Member

    13.8xFace yesterday when when bid was $18.06 and ask was $18.16. Felt like it was a good deal and got a full roll of quarters and a full roll of dimes.
     
  14. -jeffB

    -jeffB Greshams LEO Supporter

    I saw someone listing rolls of quarters last night on eBay for something like $136 (13.6x when melt was ~13.08) shipped. They were going fast.
     
  15. Bman33

    Bman33 Well-Known Member

    I got mine at my LCS. I have been bringing in referrals to the owner and he gives me better deals on 90.
     
  16. Lylelovett666

    Lylelovett666 Member

    I'm paying nothing right now. I've found three 64 Rosie's in coinstar reject bins in the pas t two weeks.
     
  17. Mr. Flute

    Mr. Flute Well-Known Member

    Went to one of my LCSs and got a good deal on junk 90% - $12.5/face yesterday.

    I would have bought it all (which was about $4 face and I bought only $2/face), but he had past years of ASEs (ie not 2017s) for $18.50 each, so I got two - a nice 1988 and 1994. It was a good small buy yesterday.
     
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  18. Bman33

    Bman33 Well-Known Member

    Paid 13xFace for a roll of quarters last night. Under melt at the time and looks like a good purchase based off today's results so far.
     
  19. Mkman123

    Mkman123 Active Member

    Went to a pawn store near my place to see what gold jewelry they have as they sell it very close to melt (I like to get heart shaped and butterfly style items for my daughter) and asked if they had some 90%.

    Guy comes out with 3 FV quarters and 4.9 FV dimes......7.9FV, I ask how much, person says $79, I immediately pay and leave. :)

    I have been to this place several times before and they usually have a few silver dollars, 90% and bullion silver/gold but never saw silver at 10x FV so I jumped at the opportunity.
     
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  20. -jeffB

    -jeffB Greshams LEO Supporter

    Good find! The pawn shop on my way from work had five new square tubes of 1964 Kennedys -- at $179 each. Salesmen let on that he let the previous customer have one for $170. Instead of explaining that I could get all I want on eBay at $150, and that was still too high for me to buy, I just smiled, thanked him, and left.

    This morning on eBay, on the other hand, I landed a pile of what looks like 50 or 60 dug Mercury dimes for $30. I also got a set of 5 silver state quarters for $30, not so good in terms of FV -- but they're 1999. :)
     
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  21. Bman33

    Bman33 Well-Known Member

    12.9xFace for a roll of quarters
     
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