Very worn silver coins

[stonewallrabbitry]

I have been buying "junk" silver coins from a local dealer, I will just say I want 3.00 fv in dimes and he puts them in an envelope for me but is seems like I am getting some very worn coins and was wondering if that is normal or are they usually discounted? I am talking about dimes that are smooth enough you cant see the date, no grooves on the outside edge

[68Camaro]

I would only buy worn coins by weight. Face value calculations of value based on nominal weight don't apply to them. I personally wouldn't buy coins that are that worn anyway - they would normally go to the smelter.

[stonewallrabbitry]

I just weighed the 30 dimes I bought today and they came in at 73 grams so looks like I lost 2 grams due to wear. I am paying 13.50 per 1.00fv, I can also get silver bars at 20.00 an ounce. I buy from him because he is at a farmers market that we go to so I am already there and do not have to make a special trip to pick up some silver but it seems like he might be taking advantage of me and giving me the lower quality stuff. Last week I bought two silver bars, he asked which design I wanted and I said it didnt matter to me, all the ones I saw where in plastic sleeves, when I got home and opened the envelope I saw one was in a plastic sleeve and the other was not and was scratched up

[68Camaro]

You're paying 19.19 per toz for the dimes, with spot round about 17.6. A bit pricey. You can often get better deals here at RC. For example see the silver silver silver offer that included 80% Canadian for spot.

[stonewallrabbitry]

Thanks, so really the bars at 20.00 are really only 80 cents more than the dimes. Getting them at the market is just nice because I can buy a little each week but not if I am over paying

[Recyclersteve]

Of course there are plenty of fine coin dealers out there, but, yes, selling slicks for high prices is poor business.

[highroller4321]

Thanks, so really the bars at 20.00 are really only 80 cents more than the dimes. Getting them at the market is just nice because I can buy a little each week but not if I am over paying

There is something to be said for convenience but there is also something to be said for getting the most silver for your dollars.


Most people buy and sell 90% based on face value but it is not normal to get slicks 100% of the time. When silver gets back to $35+ per ounce it is possible for 90% to start getting traded based on weight rather than face value. If it was barber coinage than I could maybe understand it but if its anything else it seems a tad bit shady.

$20 for scratched up 1 ounce bars is very very expensive. Even if they were generic bars that weren't scratched up that is still very expensive. For generic silver you really should only be paying around $1 over spot. In comparison I have been selling brand new 1 ounce maple leaves, which is considered a premium product because its government issued, for $2 over.

What I may suggest is save your money for 2 weeks and then make a purchase on here. Even if you pay $3 shipping you will still be money ahead and have more silver in your pocket.

[Thogey]

You also have to take into account the act of selling your silver. You will have to discount slick cruddy dimes.

You are taking a hit on both ends.

[Rosco]

I would sort your Dimes and take the Slicks local coin shop. Sell to him and stick with better coins when you buy. Yes you will take your loss now but Use this as a lesson.
I look at Coinflation for the value of melt price 90% coin. I will pay $1 to $2 over melt and expect good coins. If you have a lot of slicks try Scrapman1077 .

If you have Coin Club close Join as you can look at a lot of coins for Free. Our club has one dealer who also sell bullion, he has bags of $5.00 $10.00 face reasonable.

STAY AWAY FROM THE GUY WHO SHARP TRADED YOU

Good luck

[fasteddy]

IMO,

of course they are giving you slicks cuz it seems you don't care what condition they are in, You are just asking for $3 fv...next time sort through them and pick the best available or at least tell the dealer you want better dimes with full readable dates.

I went to our LCS to get some 90% last week to pay off the Super Bowl games I had entered. They were selling 90% at $13.50 per $1.00 fv like your coin dealer. I offered $12.80 after a little back and forth we settled at $13.00, don't be afraid to barter for a better cost. This LCS is on the bottom floor of a 6 story building...they can pay their rent off of somebody else, I want the best deal I can get. And their generic is $1.50 over spot....Do better, it doesn't hurt to ask.

Hey Rosco good to see you posting...are u in Arizona?

[stonewallrabbitry]

They are not all slicks, it is just random. Sometimes I have gotten quarters that were all in great shape. I guess what really bothered me was the scratched up bar but it was my fault i guess for telling him I did not care which one he gave me, I just assumed that since I had bought 90% from him ten times or so that he wouldn't give me a scratched up bar when he had a whole tray full off ones in plastic, I didn't even see the loose one or know he gave it to me until I got home.

I emailed another coin dealer that is in the same area, he wants 13.85 for 1.00fv and bars are 1.50 over spot

[highroller4321]

They are not all slicks, it is just random. Sometimes I have gotten quarters that were all in great shape. I guess what really bothered me was the scratched up bar but it was my fault i guess for telling him I did not care which one he gave me, I just assumed that since I had bought 90% from him ten times or so that he wouldn't give me a scratched up bar when he had a whole tray full off ones in plastic, I didn't even see the loose one or know he gave it to me until I got home.

I emailed another coin dealer that is in the same area, he wants 13.85 for 1.00fv and bars are 1.50 over spot

Post a want to buy ad on here or just watch the sellers because you can get a much better deal than that!

I would sell you some 90% for $12.85x plus shipping.

[Changechecker]

Take the scratched bar back and ask him to exchange it. If he wants to keep you as a customer I would imagine he would be willing to. Can't hurt to ask.