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My lcs has what he calls destroyed 90% silver that he sells by the ounce at spot price. I bought four ounces today I got two peace dollars with holes, some very worn half dollars and quarters and a bent dime, What do you guys think of this destroyed silver? Is it a better buy than regular 90% quarters which is what I usually buy? Destroyed was 26.13 an ounce and regular quarters were 22.48x face

Thing about culls is they become more acceptable (therefore more marketable) in larger quantity. A few mashed silver dollars is usually a tough sell, but a bag of 100 of them suddenly becomes a bullion play. At least I have found that to be the case.

Coin silver has historically been used for jewelry. Don't know if that holds true today.

Cull coins as you described would be worth having around, my first thought is decoys.

My silversmith friend uses coin silver to make sterling alloy for his work. He hand-makes all kinds of things, engraving the work with intricate designs.

http://silverchip.net/

stonewallrabbitry wrote:My lcs has what he calls destroyed 90% silver that he sells by the ounce at spot price. I bought four ounces today I got two peace dollars with holes, some very worn half dollars and quarters and a bent dime, What do you guys think of this destroyed silver? Is it a better buy than regular 90% quarters which is what I usually buy? Destroyed was 26.13 an ounce and regular quarters were 22.48x face

I don't think it's necessarily a better (or worse) buy than silver coins that are in average circulated or uncirculated condition, just different. You probably pay less for it and you'll likely sell it for less later as well just as you normally pay more for higher grade stuff but also realize more when you sell. In my experience, selling worn/damaged coins can be slightly harder (takes a bit longer) than avg circ/BU stuff as a number of people don't want to even consider it regardless of price.

If I saw that I’d consider buying as bullion at spot but I’d want to get a bunch of it so it could be packaged and resold as say 10 ounces ASW. I’d be tempted to send junk like that for reprocessing with other scrap eventually.

Another thought- if a dealer has 10 ugly mutilated silver coins, they might take 1-2 and put them into $100 face bags for sale, figuring they might not even be noticed.