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$10 an oz Silver

Discussion in 'Gold Silver (All things Metal)' started by mtnman, May 12, 2017.



  1. mtnman

    mtnman Gold Member Gold Chaser Site Supporter

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    I made a score today. I have a friend that cleans real estate for a living. This weeks job was a totally burned house. Clear the lot for the realtor so the lot could be sold. He said he was in his bobcat and some coins caught his eye in the debris. He brought them to me, he knows I buy silver and he has no use for it. He wanted $200, I beat him down to $175 and when I pulled my little wallet out I only had $173 so he said OK. Over 17oz, it's ugly but it's silver.

    P1070210.JPG
     
    lumpOgold, Surface, Alton and 8 others like this.
  2. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Paying well under spot for silver is excellent no matter what condition it is in. Excellent score IMO.
     
    Surface likes this.
  3. solarion

    solarion Gold Member Gold Chaser

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    Nice score. Looks like 4 eagles and a morgan there that I can make out.
     
  4. davycoppitt

    davycoppitt Seeker Seeker

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    Damn nice score right there. For some reason it always seems like scores like these go in streaks, better be keeping your eye out.

    It city wide garage sale tomorrow here, so I hope to scoop up some deals.
     
    Last edited: May 12, 2017
    Surface and mtnman like this.
  5. savvydon

    savvydon Gold Member Gold Chaser

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    The Morgan appears to be a 1902 in VF/XF condition. Flip it over and look for a mint mark. If you see an 'S' it carries a premium.
     
  6. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Ya done good!!
     
  7. mtnman

    mtnman Gold Member Gold Chaser Site Supporter

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    No mint mark.
     
  8. Howdy

    Howdy Silver Member Silver Miner

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    With friends like you, he doesn't need any enemies. A 10% discount would have been fair.
     
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  9. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    Looks like somebody buried their stash and forgot about it or passed away and didn't tell anybody.
     
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  10. mtnman

    mtnman Gold Member Gold Chaser Site Supporter

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    I would have said no to only 10%. The next stop was the pawn shop who would have offered $5 a oz.
     
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  11. mtnman

    mtnman Gold Member Gold Chaser Site Supporter

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    The house had burned down. These were in the debris. A few years ago the guy that runs the crane at the scrap yard found $4600 in 1962 hundred dollar bills in a scrap car. Some old mans stash. Probably died and never told anyone.
     
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  12. Howdy

    Howdy Silver Member Silver Miner

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    I've got some metals buried around here. I hope I'm able to tell someone after I die.
     
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  13. savvydon

    savvydon Gold Member Gold Chaser

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    Might want to mention it to someone you trust beforehand just in case...
     
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  14. savvydon

    savvydon Gold Member Gold Chaser

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    Still a nice coin. Somewhere out there is a collector who would gladly pay double melt for it.
     
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  15. mtnman

    mtnman Gold Member Gold Chaser Site Supporter

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    "two people can keep a secret, if one of them is dead" Mark Twain
     
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  16. savvydon

    savvydon Gold Member Gold Chaser

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    If one person has a secret it will die with them
     
  17. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    I am not beating on mtnman about this,

    Take gold or silver out of the equation and have the same discussion about office partitions, or a antique desk, or a colt snake gun.

    The guy wants x and you offer y, and you haggle and come to a deal or not.

    What is the difference?

    There isn't one.

    Conversely, how many times have you paid too much for something, as someone had better intel than you?

    He did the guy a favor, quick cash for something he saw no value in, or limited value. I have a sneaking suspicion the guy wasn't heading home that evening to check spot price at kitco.
     
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  18. Howdy

    Howdy Silver Member Silver Miner

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    There is no spot price on office partitions, antique desks or Colt snake guns. If a friend asked me the value of something made of silver, I would at least inform him what the spot silver price as. I would not want to profit from a friends ignorance. If a stranger offered it I would buy as cheap as I could and brag about it here.
    But you have a point. Spot price doesn't really equate the value of silver.
     
  19. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    ahhh, good subject,

    there is a spot price for anything, you just have to look for it or know what that is,

    Not trying to make light of your comment, but we have all seen that spot price is 'suggestive' shall we say? That one of the chief differences is liquidity and number of transactions occurring vs any particular item.

    JMO for sure
     
    Last edited: May 14, 2017
  20. Ragnarok

    Ragnarok I'd rather be Midas Member

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    Spot price is only one ask price out of many, some are higher, some lower.

    R.
     
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  21. Rusty Shackelford

    Rusty Shackelford Midas Member Midas Member

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    And I bet he did not let that $4600 go for $2825 like your friend just did. Stupid is as stupid does
     
  22. mtnman

    mtnman Gold Member Gold Chaser Site Supporter

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    That scrap yard man is my friend also and his find was in 1962 $100 dollar bills, 46 of them. Spend anywhere.
     
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  23. Surface

    Surface Seeker Seeker

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    When I bought my current home, I really made a very low ball offer to the seller... Much to my happy surprise... It was accepted! But then I had to scramble to come up with the cash in time for a relatively short escrow period. Went to the only coin place within 50 miles. Asked the guy how much over "spot" would he pay, he said none and that he wasn't in the business of losing money... to which I said neither was I. He wanted to pay me under spot. I said you can't even get it from the U.S. mint @ spot, but you think you can buy it from me for _less_?! I told him Apmex was offering to buy @ about 35 bucks over spot at the time, he responded yeah but I'd have to ship it and the insurance cost would negate that over spot price... at this point I knew I was just wasting my time there. It was a bit of a pain to ship, had to do it in multiple packages due to limits of insurance per package... And it did cost me a couple hundred to get it shipped, plus another $7.50 if I recall to get it bank wired versus a check in the mail. My bank got the deposit 2 days before end of escrow, just in time.

    I wanted to see if the more local guy would come close to meet or beat Apmex 35 over, and he wanted to get it from me for 35 under... Or a difference of about 70 bucks per oz. I'll happily spend a couple hundred and the time to ship it if it results in additional thousands, ...when ya treat potential customers like an idiot, only the real idiots return.

    The original post in this thread has me wondering though. My place has an attic with an access door in ceiling. I've never even opened it nor checked it out, even after a little over 3 years. For some creepy reason, I keep putting it off... I deduced it sat empty on the market for at least 3 years and right after moving in I encountered scorpions traipsing across the kitchen floor... So my imagination has the attic crawling with "nasties", scorpions, brown recluses, vampires perhaps.

    Yet I just recently found out that the previous resident is buried in a little private cemetery a couple of miles away, and that when her health failed her, she was taken away from her home and died rather quickly in a hospital. Which explains why the place came fully furnished, including her linens, dishes, sewing stuff, art, bicycle, vacuum, some tools & stuff in the garage, 3 sets of crutches in the laundry room, etc. Most of her stuff I recycled and blew out with the proceeds going to the local library down the street. In other words, other than her body in the cemetery, I ended up with all her stuff by default. I can't help but wonder what she might have stashed in the attic? One of these days, I gotta grow a pair and put on some overalls, tape the wrist and ankle openings, smoke a fatty and find out what treasures may be hiding among the imagined creepy crawly attic critters!

    Hm, on second thought... Maybe next year....
     
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  24. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Huh?? :don't know:
     
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  25. Someone_else

    Someone_else Gold Member Gold Chaser

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    Good question. The answer is that EVERYONE knows the spot value of US currency, as Rusty pointed out.

    One difference between office partitions and precious metals is liquidity. It is very easy to sell precious metals, and the current trading price is published daily.
     
  26. mtnman

    mtnman Gold Member Gold Chaser Site Supporter

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    I beg to differ. Selling PMs is tough. All I do is buy and sell anything I can profit on. PMs are at the bottom of the "easy to sell" column. Guns, good knives, hotrods, tractors and motorcycles are the easy to sell items.
     
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  27. Rusty Shackelford

    Rusty Shackelford Midas Member Midas Member

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    I can get cash spot Monday through Saturday from 8a to 4p on a whim (outside of 20 minutes drive time). I can't say that about guns, knives and cars. It is because of that I fail to understand why a guy would sell $16 silver for $10.
     
  28. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    Open the door a little and slide an industrial strength bug bomb in there and then slam it shut. If you are really cheeken do it again 2 days later.
    Then after another day throw the door open and stroll in there like a boss!

    .You're welcome, I'm here to help!!

    .
     
  29. mtnman

    mtnman Gold Member Gold Chaser Site Supporter

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    Must suck living that close to a city. There's lots of people out there that don't want to "Present ID" ...
     
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  30. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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    In my opinion in this day of NO CASH and Plastic........a man standing there with green cash in his hand makes a offer.........a man with Silver or whatever in his hand wants Green Cash.....a transaction is made....the value of that silver was established in green cash at that location at that time by both parties.......at another time/place/currency the transaction could have been different.......NEVER UNDERESTIMATE the power of green cash in hand....

    i cant count the number of times i had something to sell...a guy wanted it.....he worked the price down.....then didnt have the cash.....he had a CC...or a Check...or good intentions...

    this idea that the transaction wasn't fair is ridiculous.....10% under would be fair is ridiculous.....the man pulled EVERY penny out of his wallet at that point it was a take it or leave it transaction.........kinda like buying water in the desert
     
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  31. 90%RealMoney

    90%RealMoney Midas Member Midas Member

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    Great explanation Tazz.
     
  32. Rusty Shackelford

    Rusty Shackelford Midas Member Midas Member

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    I woukd not consider a town of 5000 a city. And they have never asked for ID
     
  33. Rusty Shackelford

    Rusty Shackelford Midas Member Midas Member

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    Tazz,

    I get what you say, but my way of living is to not put my self in a situation where I have to have cash so bad that I can't wait a day or so to get market value in terms of spot.

    Never put yourself in a position to have to settle
     

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