Did I pay too much for silver coins ?

salva...@gmail.com

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Sep 30, 2008, 4:54:33 PM9/30/08

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I went to a coin dealer and bought $15 of silver quarters and $15 of
dimes, then I looked on the internet
and it shows that a silver quarter 1964 or older is $2.20 and a dime
is $0.88,

so 2.2 x 4 x 15 = 132
and 10 x .88 x 15 = 132

so I should have paid around $260 ?

Edwin Johnston

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Sep 30, 2008, 5:06:15 PM9/30/08

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Are you saying you paid $30 for 4 silver quarters and 10 silver dimes?

Or did you purchase 150 silver dimes and 60 silver quarters?

Or what?

salva...@gmail.com

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Sep 30, 2008, 5:08:00 PM9/30/08

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On Sep 30, 5:06 pm, Edwin Johnston <e...@hal-pc.org> wrote:

yes that would be 150 silver dimes and 60 silver quarters

Coinenthusiast

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Sep 30, 2008, 5:19:27 PM9/30/08

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<salva...@gmail.com> wrote in message
news:693a533c-6aee-4bdb...@x35g2000hsb.googlegroups.com...

How much did you pay?

Regards

Dan

salva...@gmail.com

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Sep 30, 2008, 5:23:06 PM9/30/08

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On Sep 30, 5:19 pm, "Coinenthusiast" <stardancer10...@juno.com> wrote:
> <salvali...@gmail.com> wrote in message

$360

oly

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Sep 30, 2008, 5:27:19 PM9/30/08

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> yes that would be 150 silver dimes and 60 silver quarters- Hide quoted text -
>
> - Show quoted text -

In NORMAL TIMES, multiply:

Silver spot price times 0.18 for 90% silver quarters;

Silver spot price times 0.07 for 90% silver dimes.

Please be aware that physical silver is pretty difficult to buy right
now, and if you had to pay a premium, well, you may have been lucky to
find any physical silver coin at all.

The new-fangled "paper silver" ETFs and "paper gold" ETFs have
everything all bunged up in a way that we've never seen before.
Accordingly, expect to pay a "premium" price for silver right now
because the spot price is artificial in a way we've never seen before.

oly

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Sep 30, 2008, 5:35:00 PM9/30/08

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> oly- Hide quoted text -

>
> - Show quoted text -

I did the math, and frankly, I feel you will be happy with your
purchase if you hold it for at few months. At $12.50 silver, you
should have theoretically paid $270, but you have to add something for
(1) the convenience and resellability of widely recognized U.S. silver
coins, and (2) consider that the dealer might have actually bought
these over-the-counter at a much higher price just a month ago.

oly

Phil DeMayo

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Sep 30, 2008, 5:43:00 PM9/30/08

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> $360-

Your "internet" price of $260 works out to $8.67 per dollar of face
value and is the "melt value" (actual silver content) of circulated
minor silver coins based on the current spot price of $12.12 per troy
ounce. That "melt value" is based on .715 troy ounces per dollar of
face value....which allows for some silver loss due to wear.

But you are not going to buy it at that price.

A reputable dealer, www.ajpm.com, is currently buying at the "melt
value" of $8.67 and selling at $9.95 for smaller quantities....less
than a $1000 bag.

At their sale price of $9.95 your $30 face would have cost $298.50.
You paid $12 per dollar of face value...too much.

Edwin Johnston

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Sep 30, 2008, 5:43:30 PM9/30/08

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That'd be a Normal Times amount of around $250 to the OP buyer, who paid
$360 -- or a 44% premium above Normal Times.

Charles Cooper

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Sep 30, 2008, 8:52:43 PM9/30/08

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<salva...@gmail.com> wrote in message
news:00ca40bd-7523-4c1e...@d1g2000hsg.googlegroups.com...
> $360

Are you from West Virginia?

Voltronicus

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Sep 30, 2008, 6:03:35 PM9/30/08

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Common US junk silver coins are selling for about 10 times face on
ebay now (1 dime for $1, etc).

oly

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Sep 30, 2008, 6:30:46 PM9/30/08

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I wish I could find some nice 90% silver half dollars at $5. per pop.
I also note that on e-bay, you can't see the coins before you buy them
(the items photographed and those recieved are easily switched out for
other common bullion and you can get inferior coins with little
recourse), and you will send off another $5 to $10 for postage and
insurance. And consider that packages do sometimes get lost in the
mail, a major PITA.

Sure, $300 is a better price than $360. If America eventually goes
Weimar, I don't think it will bother you in the longer run.

oly

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Sep 30, 2008, 7:04:06 PM9/30/08

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Here's another writer whom I don't know, and interviewee that I've
never heard of, but the interviewee has something to say about buying
physical PMs right now - see around the tenth paragraph:

http://www.kitco.com/ind/GoldReport/sep302008.html

Pls not that the sponsoring organization has a long history of not
being right, and that its well-known principal has made an impressive
30+ year career out of being wrong 90% - 95% or more of the time. It
is hard to imagine how much money people have lost following that
gentleman's advice. The only really really good advice that I can
remember was that he wrote back in 1978-1983 that well-chosen Roman
coins were good things to collect.

Remember, the small time silver buyers don't typically get spot
prices, unless a dealer is desperate to sell (for liquidity reasons)
or desperate to buy (to fill his contracts with others).

Haven broken my general rule against block and post, twice today, I
won't do it again for a while.

oly

Voltronicus

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Sep 30, 2008, 7:14:29 PM9/30/08

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I just pointed out a verifiable fact, don't get your panties all in a
bunch!