What are you all paying for 90% junk?

Local dealer was charging 13.5 times face on the 10th.

 

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Wow. Its interesting to hear from an actual LCS operator. So pretty much figure youre going to get 10X -11 X when selling and pay 14x or 15 X when buying. Wow that's a 40% spread which you cant blame the LCS as 40% is only giving them a $6.50 an ounce margin. But its seems near impossible to even break even buying this stuff.

I wonder what does David Setree pay for gold. Im guessing spot +/- 1%.

 

That was a pretty fair deal.

 

I really doubt he is selling for spot ( ~12X )

 

On Saturday I stopped by one of the local shops. He offered me 12 troy ounces of junk silver this way: 12 ounces times the melt value of silver for the 12 troy ounces times 90% times 5%. He didn't go by face value, he went strictly by weight, allowing for the silver to be 90% pure and a profit of 5% of the total.

 

So what is 12 troy ounces ? About $17 face ? That way seems complicated. I always get quoted a certain times face value at my LCS and its almost always some stupid high price. Like 17x or 18x at current spot thats a ripoff.

 

The house always wins

 

The baggy contained a variety of different 90% silver coins- cull Morgans, different halves, different quarters, different dimes, but all American. It would have taken a great deal of times to go by face, that's why he went by weight.

 

At $17 spot, I am a buyer at +5% or less. For junky Morgans/Peace, I'm a buyer at $15 or less.

This weekend, I was asking $14x face and managed to drag in $200 or so. I was asking $20 for Junk Morgans/Peace, and sold a dozen or so. Then a guy emptied my case at $17@. I'll get more!

 

Melt value for $1.00 face value is $12.12. Provident is selling it at $14.18. Does that mean they are selling it at $2.00 over spot or am I missing something here?

 

Paid $12.95 per $1 face value for 90% silver today.

 

The twelve ounces came to $18.40 face. A combination of cull Morgan Dollars, Liberty Walking Halves, Liberty Standing Quarters, and a lot of Mercury Dimes.

 

Paid $13.00 per $1 face value for 90% silver today.

 

7 times face? Wow. I haven't sold silver in a while. Doesn't look like I will be any time soon either. Didn't realize it was that low.
Edit: Whoops., my math was off. Guess 13 x isn't so bad. Was thinking 7$ per half. My bad. Nevermind.

 

Today, Price was 13.15 for $1.00 face.

 

I paid $14.5/$1 for $2.25 face today, which is a bit high, but I get to cherrypick from the pile and got a nice G 1916-D quarter & 1909-O half, nice VG 1939-S & 1946-D halves and a F 1954-S half. So, I'm happy.

 

I would use coininflation.com and aim to purchase within 95%-105% of melt value.

 

That's currently about 12x.

 

Today, price was $13.55 per $1 face.

 

Just bought $1.85 for $18.50.

If/when he finds his roll of quarters, that's another $100.