Last time I purchased some pre-1965 junk I payed 13.0x spot at a silver price of $15 or $15.50 / ounce.
Last time I sold some was at the end of Sept 2015...for 12.8x face. Which was about $1 more than spot at the time. That was clearly a product of heavy customer demand with constrained supply which pushed up the premium at both ends of the buy/sell process. Good for me, since I used the money right there in the store buying some numismatic stuff (like a nice F/VF 1831 Bust Quarter). I guess in reality it was ultimately best for the dealer.
90% Silver = Face x .715 works for me ... Sometimes a premium is added to face based on Market then .. Value of Face = (Face + Premium) * .715 That would be the most someone would expect unless you are a gambler. Premium today is ~ $2 if you have over $100 in face value ... Premium will be ~$0 if you have less. 90% and Bullion is a short term marketer's gamble. Value of what you get is how you play the markets.
For many years, 5% over melt value was pretty standard. My LCS buys at melt, always has. Their current premium is about 13%, has been since several years ago. As a raw bullion decision, I can not justify paying a higher premium for junk silver than for refined bars and rounds. I do understand it's a business, that heavy demand has shrunk supply. Sometimes I watch eBay for halves, bidding at 10% over melt factoring in if there is or is not a shipping fee. Very hard to pick any up that way but I try. I might drop by my LCS tomorrow and check things out in person on junk silver.
Big fan of Provident Metals. Usually have the best price. Sometimes find better deals on flea bay though.
I pay right at spot. Advertise on craigslsit and people will come. Cash and kindness towards your customer is always king!
I have some common Morgans and Peace dollars that are in pretty bad condition too. I am trying to build a 90% stockpile. Should I include them in that stockpile or do they still have a higher value than the junk halves and dimes that I have been accumulating?
Dollars usually have a decent premium over junk, unless they are worn flat or damaged. The silver content in them is worth about $11-$12 right now, but they sell for $16 minimum.
I checked a couple of LCSs to see what they were buying 90% at. One was 10x and the other 8x. Not much demand out here they said. They probably sell it at 13-15x though. Going to coin show next weekend. Going to see what dealers are buying it for.
As of the past week, I have, happily, cherry-picked some Walking Liberty dimes for 15X at a LCS. I also found a roll of 1964D FDR dimes at 14X elsewhere. The price of silver has been recently edging up so I would rather pay more for something vintage.
I recently sold 2+ rolls of mutilated "culls" to the largest LCS in our state for ~50% more than melt value, after viewing his buy offer on Craigslist. I believe you'll be able to locate local buyers willing to pay similar premiums, when offering on Craigslist. JMHO