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questions about first silver purchase


Hey guys,

I am getting ready to make my first silver purchase.  I found a local shop that will sell to me today for $10.50 for each $1 face value.  I want to make sure this is a fair price, but I'm not sure if I'm doing the math correctly.

Monex lists silver's spot price at 11.08 for bullion and 14.62 for 90% coin. When I run this through the silver melt calculator at, do I use the bullion price or the coin price?

If i were to buy 40 dimes, face value is $4 so that would cost me $42.  If I use coin spot price, then this is worth $42.30.  however, if I use bullion spot, then it's worth $32.06.

In this scenario, which spot price do i use?  And how much is a fair commission for a shop over spot?

Thank you.

For that calculator you would use the bullion spot price of silver ($11.08).

It is my understanding that circulated 90% silver coins are assumed to have .715  troy ounces of silver per $1 face.  They are minted with .723 troy ounces, but the lower value is used due to normal wear.  With a little quick math, $10.50 / .715 = $14.69 per troy ounce or about $3.61 over spot per troy ounce.

I'm no expert, but from what I have seen 90% silver is getting harder to find.  You might get a better price with a larger quantity, but $10.50 doesn't seem like too bad a price.  Check some completed sales on eBay for a rough pricing guide.  Also, find out if that includes sales tax.  Adding tax to that price might make the deal less tempting.

Good luck!

Thank you.

I called a couple of different places and found another shop selling for 10x, so I grabbed some.  If silver keeps falling, I'll probably go get some more!


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