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Thread: What's a normal price for 90% junk silver?

  1. #11

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    Ive sold some over the past year or so, and every time I try to sell by halfpound or pound troy, get some arse saying its misleading, blah, blah. They either want to buy by arvd pound or face. Silly. Precious metals need the troy scale and face is not weight. 900mills yeah, but actual weight today? I would much rather buy $100 face of 90% by its actual weight than face x 12% or whatever rate is.
    "The Treasury should be refilled, public debt reduced, the arrogance of officialdom should be tempered and controlled and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work instead of living on public assistance."

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  2. #12

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    Quote Originally Posted by About AG View Post
    There is nothing dishonest in buying/selling by face value; that is just how 90% coins are currently sold. Odd, yes, but true.

    Selling by the pound is almost always a legal scam. Why? Because the buyer usually thinks they are getting 16 ounces, but they are really only getting 12 ounces, and they typically have no recourse against the seller. No precious metals dealers sell by the pound (except those 'Mints' named after presidents, e.g. Franklin and Washington Mints), but a pound of silver is indeed 12 troy ounces.

    I advise people to never buy from a seller of precious metals that sells by the pound.
    Or you could just do the math. If it does not say if it is troy pounds or regular pounds, then just assume it is the lighter of the two.

  3. #13

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    The fact is it that the method is misleading.

    As a buyer, you don't know which pound it is. You don't know if it is 12 or 16 ounces. You don't know if it is the weight of the coins or the weight of the silver. All of these variables are inevitably twisted by an unscrupulous seller so they will be technically right but leave the buyer without a fair deal.

    Of course someone on the up and up can spell all this out so it is a fair deal that is properly represented.

    The very fact that every time you do something someone points out it is confusing should indicate it is.
    “Do or do not... there is no try.” - Yoda

    You have to love Lunar Snake Coins.

  4. #14

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    Quote Originally Posted by HighInBC View Post
    Or you could just do the math. If it does not say if it is troy pounds or regular pounds, then just assume it is the lighter of the two.
    Ah but yes, here is another tactic of this type of scam. Price it so it is a pretty good deal if it is 16 ounces to lure in the unexperienced buyer who has 12 ounces arrive in the mail. Too many good deals around to mess with anyone selling like this.
    “Do or do not... there is no try.” - Yoda

    You have to love Lunar Snake Coins.

  5. #15

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    Quote Originally Posted by GenRipper View Post
    Actually selling by the pound is much more honest then buying by face value. Selling by face value is confusing and inaccurate given the wear differences of a typical standing liberty and a 1964 Washington. That being said, I have only made one junk purchase by weight. I guess when in rome...
    The 715 ounce per $1000 face estimate used universally by traders in 90% silver allows for wear.
    The coins officially contain 723.4 troy ounces per $1000 when minted.

    Silver dollars a bit more at 773.5 troy ounces per $1000 when minted.

    Avoid coins with excessive wear (no visible date) and you will be fine.

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