Author Topic: Getting Silver junk coin for spot price on eBay  (Read 16894 times)

Offline ModernSurvival

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Getting Silver junk coin for spot price on eBay
« on: September 18, 2008, 02:38:11 PM »
here is an insider tip about buying silver and getting "spot price" on coins. You guys are lucky I haven't even told my podcast audience this YET.

Here is what you do.

Step One - Go to eBay and find a seller offering "junk silver" by the pound. Look for "power sellers", most power sellers offering 1/2 to 1 pound or greater lots of pre 65 coins will be coin shop owners.

Step Two - Ignore the "buy it now price", hop your butt over to Monex and look up the spot price on 90% Silver coins, this is the link, http://monex.com/liveprices don't look at bullion but at the spot price on 90% Silver US Coin (junk silver)

Step Three - Open your calculator and multiply the spot price per ounce by the weight of the lot of coins being offered. Such as 1 pound would be spot price x 16 or 1/4 pound would be spot price x 4.

Step Four - Don't place a bid, "Make the seller an offer" at the EXACT current spot price of the coins. Most times the seller will be an informed shop owner and will recognize the "spot offer".

I have done this now four times with lots from 1/2 to 1 full pound. Three were accepted at once. Sure during times of high rise they may not take it but many times the very act of making a spot on price to an informed coin shop owner on lots at least 1/2 pound or bigger (you will have to try your luck at smaller lots) will get you a quick yes.

Then if you get quick shipping, etc. go leave positive (very positive) feedback. Odds are if you deal with the same seller again at 2-3% under spot in MOST market condition he will take your offer as most of these guys are sitting on big inventories and sell mostly to numismatic types with not tons of interest in low quality coin.

Offline BigDanInTX

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Re: Getting Silver junk coin for spot price on eBay
« Reply #1 on: September 18, 2008, 03:12:59 PM »
Jack,

I've only seen the "Make an Offer" area on one listing and I am not sure how to find other listings like that.

Offline ModernSurvival

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Re: Getting Silver junk coin for spot price on eBay
« Reply #2 on: September 18, 2008, 03:15:11 PM »
I think that is only on stuff with a "buy it now price", you can always put in a bid or contact the seller with a back door offer.  IE send a message saying, I will give you x per pound, etc.

Offline BigDanInTX

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Re: Getting Silver junk coin for spot price on eBay
« Reply #3 on: September 18, 2008, 03:20:15 PM »
Right on, thx

Offline archer

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Re: Getting Silver junk coin for spot price on eBay
« Reply #4 on: September 19, 2008, 09:47:46 AM »
Excellent tip! I'll have to try that.

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Re: Getting Silver junk coin for spot price on eBay
« Reply #5 on: September 23, 2008, 12:51:43 PM »
So the SPOT price is what the "melted" silver is worth?

Offline ModernSurvival

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Re: Getting Silver junk coin for spot price on eBay
« Reply #6 on: September 23, 2008, 01:00:22 PM »
No that would be the "spot price" of melted silver (90% anyway).  The spot price is the current trading price that brokers are paying for 90% silver coins.  Such coins are valued (even in rough shape) for a good number over their "melt value".

Again go here, http://monex.com/liveprices

At the top you will see the "spot price" of pure bullion a bit further down you will see the spot price of US Gold and Silver Eagles and other Bullion Coins.  About half way down you will see pricing for 90% and 40% US Silver Currency.  The spot price is the price such coins are currently trading for on the world market.  Meaning you should be able to sell coins to a dealer for that price of very close to it at that point in time.

Note silver is highly volatile in fluctuations though.  Don't every assume you could have sold or will be able to sell at the extreme of a spike.    Does this make sense?

Offline ColdHaven

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Re: Getting Silver junk coin for spot price on eBay
« Reply #7 on: September 23, 2008, 09:05:44 PM »
I found that trying to bid on ebay is tough when you are trying to get 90% silver. I went to my local pawn shop which had some coins which were roughly in the same price range as what was online, and I didn't have to pay shipping. There was one offer for a pound for 180. I hope they offer that again. I did not have the money to invest in it.  :'( I wonder how much silver I wound up getting at the shop. I think I got at least 4-6 ounces, but that was only after researching how much silver was in each individual coin. Oh well, its a stepping stone at least, and maybe I can get more in the future.

Offline ModernSurvival

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Re: Getting Silver junk coin for spot price on eBay
« Reply #8 on: September 23, 2008, 09:14:11 PM »
On what you got you can pretty much look at face value and you are at about 1 ounce per dollar in coin weight.  Silver weight will clearly be about 90% of that.  On buying locally the trade off is you pay state sales tax so with small purchases you do better with local on a big purchase you do better with online.  I just got a full pound at 170 from eBay with 7 for shipping.

So at 8.5 Texas tax that would have been 184 vs. the 177 I paid online, not a huge difference but at say a 1K purchase the difference is quite large.  Still in many cases you can "hustle" the best deal locally.

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Re: Getting Silver junk coin for spot price on eBay
« Reply #9 on: September 24, 2008, 10:41:05 AM »
Hmmm... I'm trying to find 90% junk silver, but I'm just getting rare coins. What excactly did you type in for the search?

Thanks :)

Offline zula

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Re: Getting Silver junk coin for spot price on eBay
« Reply #10 on: September 24, 2008, 12:37:50 PM »
Anyone how much silver is in a Mexican Peso?

Offline Stein

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Re: Getting Silver junk coin for spot price on eBay
« Reply #11 on: September 24, 2008, 04:16:52 PM »
Thanks for the tip, I will give it a try.  I noticed that not all B-I-N auctions have the ability to make an offer.  There also isn't much silver on eBay right now.

Offline jpr9954

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Re: Getting Silver junk coin for spot price on eBay
« Reply #12 on: September 30, 2008, 03:52:55 PM »
snip

Step Two - Ignore the "buy it now price", hop your butt over to Monex and look up the spot price on 90% Silver coins, this is the link, http://monex.com/liveprices don't look at bullion but at the spot price on 90% Silver US Coin (junk silver)

Step Three - Open your calculator and multiply the spot price per ounce by the weight of the lot of coins being offered. Such as 1 pound would be spot price x 16 or 1/4 pound would be spot price x 4.

snip

The Monex spot prices are for troy ounces - not avoirdupois ounces (or the normal 16 oz. to the pound). I confirmed this with them today.

There are 14.5833 troy ounces to 16 avoirdupois ounces. If you just take the spot prices and mulitpy by 16 for a pound, you'll be paying a bit too much.

There are a lot of on-line converters. Just Google "troy ounce converter". Here is a link to a conversion table:

http://www.onlygold.com/tutorialpages/conversion_tables_FullScreenView.htm

John

Offline ColdHaven

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Re: Getting Silver junk coin for spot price on eBay
« Reply #13 on: September 30, 2008, 04:31:47 PM »
Hmmm... I'm trying to find 90% junk silver, but I'm just getting rare coins. What excactly did you type in for the search?

Thanks :)

Pre 1965 walking liberty half dollars, and quarters are one example of silver coinage.

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Re: Getting Silver junk coin for spot price on eBay
« Reply #14 on: September 30, 2008, 06:55:55 PM »
Grrrrr... I'm trying the search "Silver Coins Pound", and nothing promising comes up with "Buy it now" AND "Make an offer"

http://shop.ebay.com/items/_W0QQLHQ5fIncludeSIFZ1QQLHQ5fBINZ1QQ_dmptZCoinsQ5fUSQ5fIndividualQQ_fromZR46?_nkw=silver+coins+pound&_sacat=0&_fromfsb=&_trksid=m270.l1313&_odkw=silver+junk+coins+pound&_osacat=0

Should I try a different search?

Offline ColdHaven

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Re: Getting Silver junk coin for spot price on eBay
« Reply #15 on: September 30, 2008, 08:19:14 PM »
the ones I came across were not Buy It Now or Make an Offer. I used as a search : pre 1965 silver. Another search I used was : 90% silver. Yet another is : .999 Silver

Offline steel

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Re: Getting Silver junk coin for spot price on eBay
« Reply #16 on: October 05, 2008, 03:36:09 PM »
I haven't tried that method on ebay.  I have had some success buying rolls of "junk" silver dimes and quarters for spot price or under.  This site will give you the actual silver value of coins in any quanty. 

http://www.coinflation.com/coins/silver_coin_calculator.html

Silver Coin Melt Value Calculation
Submitted on October 5, 2008.
                  
Values Entered:

Quantity:   50
Coin Type:   1916-1945 Mercury Dime
Silver Price:      $11.25 / troy ounce


Answer:

Total silver value is $40.69.


Statistics:

» There are 3.617 troy ounces of silver in 50 silver Mercury dime(s).

» Each Mercury dime contains 0.0723 troy ounces of silver and is valued at $0.81 when silver is at $11.25 / oz.

» A roll of Mercury dimes has 50 coins and is valued at $40.69 when silver is at $11.25 / oz.

Offline Stein

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Re: Getting Silver junk coin for spot price on eBay
« Reply #17 on: October 29, 2008, 09:16:00 PM »
I'll mention it here as well, the live.com promotion gives you another 25% off Buy It Now prices which should make the deal all the better.

I mentioned it in another thread but wanted to mention it here again since this is directed at buy it now auctions.  Granted it takes a while to get your money, but patience is a virtue.

http://search.live.com/cashback/howToUse

Offline Taylor3006

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Re: Getting Silver junk coin for spot price on eBay
« Reply #18 on: November 01, 2008, 07:05:17 PM »
Ok a decent coin value calculator can be found here:   http://www.wescottfamily.net/hobbies.html

Just insert the spot price of silver and select the country/coin you want to value and ya got yer answer.

Texas does not charge sales tax on gold/silver purchases of over $1000.00 so save your money up then buy bulk. I purchased $1000.00 90% junk silver and 10 oz of gold through the silver and gold exchange in Dallas. They didnt have all the gold in stock and they shipped it to me free of charge. Saved tax and shipping, much better than eBay unless there is just no way for you to buy in bulk. Always found that pawn shops overprice their gold and silver coins although they pay a bit less than spot prices for them. Try flea markets, I often find coins for sale in Canton, TX for not much more than silver prices and you can often dicker about the price and get them at the metals price. If you are honest with the seller about the market metal prices they are more willing to let go of the coin than if you try and get them at less than that.

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Re: Getting Silver junk coin for spot price on eBay
« Reply #19 on: November 20, 2008, 06:16:36 PM »
Ive seen alot of the junk silver coins selling for way over value lately.  A lot of the lots I am seeing are going for $60.00 for $5.00 face value. I think people are just trying to buy everything they can.  I like the junk silver if I can get it at a fair price but with current prices the bullion rounds are as good if not a better value.

Offline Taylor3006

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Re: Getting Silver junk coin for spot price on eBay
« Reply #20 on: November 22, 2008, 12:47:07 PM »
Ive seen alot of the junk silver coins selling for way over value lately.  A lot of the lots I am seeing are going for $60.00 for $5.00 face value. I think people are just trying to buy everything they can.  I like the junk silver if I can get it at a fair price but with current prices the bullion rounds are as good if not a better value.

Interestingly enough some dealers are paying over the metals price per oz for gold and silver. A good example of that is this site http://www.ajpm.com/ so not so sure the actual market is reflecting demand. I have been watching the metals market for a long time and this is the first time in my memory that dealers are PAYING more than spot price for gold and silver. My guess is they expect an upswing in prices, otherwise this doesn't make any sense. Timing is everything if you are looking to make money. If you are just worried about wealth protection (like myself) then go ahead and buy now. IMHO silver at less than $10 an oz is a good buy. Sure it fluctuates lots around that number and it could go as low as $8 in the short term but I believe that it should climb up to around $20 or better in a moderate economic crisis. Personally I much prefer Silver Eagles and pre 65 US coins over silver rounds as they actually have "face value" whereas the rounds do not. No matter what happens with the price of silver, they will always be worth at least what is printed on the coin (try that with stocks). When silver prices were low, silver rounds were bought at less than spot prices for some odd reason and real coins were not. Not sure what the thinking was on this but it was done. It is possible to have your gold and silver pay for itself, I did it. I purchased mine when gold was between $300 - 400 and oz and silver was hovering around $5. When prices went high, I sold half and stashed the cash. When prices fell again I bought again and hung on until they rose where I sold again. You do this a few times and you end up with  all the gold and silver you once purchased paid for by the profit you make and you are out not one cent. It is nice to have a free stash of coins. I buy and sell at different dealers so I do not end up with the hassle of them bitching about the IRS paperwork. Not sure how legal that is but since the money is going right back into coins, I can not see that any differently than reinvesting your stock profits into more stock (which isn't taxed until you cash out).

I have helped several friends and family members get into silver and gold. If you don't have the money to jump in feet first here is what has worked for several of them. If you smoke, quit and take the money you spent on tobacco and use it to buy metals. It not only makes you healthier, you actually see the fruits of your "labor" and helps motivate you to stop smoking. Another fun thing to do is what I always called "Aluminum for Silver". Save your cans and sell them and use that money to buy silver in small quantities. You are out nothing except a bit of time. You can use this strategy with almost any frivolous habit you have. When I was younger (and poorer) I used to have "meatless" days, it started out as meatless Mondays then after a bit, went to meatless Mondays, Wednesdays, and Thursdays and used that money to buy silver and ammo. I started that mainly to protest the high price of meat when it went over $2 a pound and it is a habit that I have been doing now for going on 20 years. Sit and really ponder what is important and I am sure most people could  find something they could do without in order to acquire what they want. Good luck.

Offline JokersWild

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Re: Getting Silver junk coin for spot price on eBay
« Reply #21 on: March 01, 2009, 11:13:09 PM »
Ok a decent coin value calculator can be found here:   http://www.wescottfamily.net/hobbies.html

Just insert the spot price of silver and select the country/coin you want to value and ya got yer answer.

Texas does not charge sales tax on gold/silver purchases of over $1000.00 so save your money up then buy bulk. I purchased $1000.00 90% junk silver and 10 oz of gold through the silver and gold exchange in Dallas. They didnt have all the gold in stock and they shipped it to me free of charge. Saved tax and shipping, much better than eBay unless there is just no way for you to buy in bulk. Always found that pawn shops overprice their gold and silver coins although they pay a bit less than spot prices for them. Try flea markets, I often find coins for sale in Canton, TX for not much more than silver prices and you can often dicker about the price and get them at the metals price. If you are honest with the seller about the market metal prices they are more willing to let go of the coin than if you try and get them at less than that.
Are you buying bullion or coins at the DGSE? And do they carry the junk silver?
« Last Edit: March 02, 2009, 08:11:46 AM by BigDanInTX »

Offline mash

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Re: Getting Silver junk coin for spot price on eBay
« Reply #22 on: March 10, 2009, 05:27:54 AM »
Anyone how much silver is in a Mexican Peso?

Zula, I would stick with US & Canadian coins, even though the Mexican coins are good value, if you are looking at using the coins for any kind of SHTF scenario the people who you are going to be dealing with are everyday schlubs - not coin collectors or dealers.

The Mexican economy is TANKING big-time right now.

Average Joe on the street is going to see "peso" and your bargaining power just went through the basement.

my 2 cents (no pun intended)