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"Bulk" silver

Discussion in 'The OT' started by AntAltMike, Oct 3, 2018.

  1. AntAltMike

    AntAltMike Hall Of Fame

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    If I walk into a coin shop with a bunch of silver coins of no numismatic value, (Liberty Qs, Morgan dollars) what should I expect them to offer me. I'd guess they're all the same. I also have two uncirculated .999+ one troy ounce mini-ingots sealed. I don't know if that is melt grade or not .
     
  2. James Long

    James Long Ready for Uplink! Staff Member Super Moderator DBSTalk Club

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  3. AntAltMike

    AntAltMike Hall Of Fame

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    I know silver prices, but I was wondering if anyone had experience with walk-in prices. A guy buying coins from walk-ins has to sell them to someone who smelts them to separate the silver and then, they each have to make a profit. Looks like I'd have been better off if I had found more gold coins and fewer silver ones.

    Looking at a 100 year chart, it looks like I got lucky when I sold some silver back in maybe 2012, as silver prices were near a "local maxima". Unfortunately, I don't know the exact day or even the nearest month to figure out what the coin inconvenience discount rate might be. I think I got $20 a piece for them, even though at a metals price of $30 or so an ounce, that would mean there was about $27 worth of silver in them, to be separated and transacted a few times along the way.

    $2.64 of silver in Liberty quarters probably means I'll be offered just over $2 each.
     
    Last edited: Nov 5, 2018
  4. AntAltMike

    AntAltMike Hall Of Fame

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    Learned a little. The .999+ pure bars went for just about the so-called industry price, $14 each, but it could be that the quoted bulk price is for silver that is less pure and so it is inferior to my bars.

    Quarters have $2.63 in silver in them today. I was offered $2.00 and $2.25, and guess which one I took. That is a 14% discount from the bulk metals price, occasioned by what is needed to recover that silver.

    Unfortunately I violated the edict to sell high, as, when I had acquired this silver, it was selling for $30 something an ounce. I guess I wouldn't make much of a Ferengi... because my ears are too big.
     

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