What are you all paying for 90% junk?

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

  1. Bman33

    Bman33 Well-Known Member

    Buy prices in my area are not as good as they used to be. I talked to a dealer and he said there is just a lot on the market. Buy used to be melt but now Melt-$.25 per face.
     
    Gilbert likes this.
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  3. V. Kurt Bellman

    V. Kurt Bellman 2016 Secretary, Red Rose CC

    I agree absolutely that this is correct - there's so much supply out there, it's bordering on ridiculous. So why do so-called "numismatic investment consultants" and that guy on TV who "think(s) silver is going to $200" keep saying that there's a shortage? Oh yeah, I forgot - either they're stupid or they think YOU are.

    Let's get this straight - if you take coins and medals out of the demand side (it's just "parked" supply), industrial demand for silver is in slow freefall. Sorry, bullion hawkers, but that's just the fact.
     
  4. Bman33

    Bman33 Well-Known Member

    12.5xFace for three rolls of dimes
     
  5. TheMont

    TheMont Well-Known Member

    Face times 5 percent.
     
  6. TheFinn

    TheFinn Well-Known Member

    Very well!
     
  7. David Setree Rare Coins

    David Setree Rare Coins Well-Known Member

    8 X face over the counter. Small amounts.

    10.87 X face for bags.
     
  8. imrich

    imrich Supporter! Supporter

    I'm apparently having a failure to communicate/understand. Am I to understand that your purchasing $100 Face for $5?
     
  9. TheMont

    TheMont Well-Known Member

    Yep. A Jewelry Store/Coin Shop had way to much junk silver in stock. I helped them set up the Coin part, so they called me and said 5% over face. I bought $500 worth for $25 over face. Wish I had more cash to get more.
     
  10. TheMont

    TheMont Well-Known Member

    Their normal mark-up is 10% for regular customers and they ask (but will bargain) 15% for strangers. I like gold sovereigns. I pay 5% over melt for them there. I just picked up one for $316.
     
  11. ToughCOINS

    ToughCOINS Dealer Member Moderator


    Are you sure you don't mean 5% over melt?
     
    imrich likes this.
  12. TheMont

    TheMont Well-Known Member

    Oops, you're right, I just looked at the receipt. It was 5% over melt not face. I don't normally buy junk silver, normally buy gold, which I pay 5% over melt for foreign and 7% over melt for modern.
     
  13. -jeffB

    -jeffB Greshams LEO Supporter

    That's the sound of everybody slowing down, turning around, and starting to stampede back toward their homes. :rolleyes:
     
  14. David Setree Rare Coins

    David Setree Rare Coins Well-Known Member

    Yes, if he was buying $1000 face value bags for $50, I was about to over him a great profit!
     
  15. Deadline

    Deadline Active Member

    "What are you all paying for 90% junk?" Zip, zero, nada. All my silver says .999 or better. Its bulky as is without throwing in dead weight.
     
  16. rte

    rte Active Member

    I'll find out what the local shop is buying at tomorrow.

    There was an elderly woman in the shop today when I was checking out the .999 selection (that hasn't changed much in 3 months)
    She was selling quarters and dimes, had 3 bags on the counter that the guy was digging into and stacking up to count.
    I was going to ask How Much???, but the lady was still dealing on some gold jewlery she was looking to sell as they were plucking out the stones.
     
  17. -jeffB

    -jeffB Greshams LEO Supporter

    Oh yeah, that extra 11% will kill you. :rolleyes:

    I'm still more confident in the composition of pre-1965 dimes, quarters and halves than the composition of random bars or rounds. I don't think I've ever come across a base-metal counterfeit being sold as 90% junk, but I've come across plenty of silver-plated rounds and bars.
     
  18. Bman33

    Bman33 Well-Known Member

    I love 90%. Give me a roll of Mercs for slightly above melt anytime!
     
    Seattlite86 likes this.
  19. 05Wildcats

    05Wildcats Well-Known Member

    Today, local coin shop was 12.70 x face for 90%. Rounds were 19.15 and Eagles were 20.65.
     
  20. David Setree Rare Coins

    David Setree Rare Coins Well-Known Member

  21. 05Wildcats

    05Wildcats Well-Known Member

    This is what they were charging when I went to purchase.
     
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