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Why is the premium on junk silver so HIGH?

Discussion in 'Purchasing Precious Metals' started by <===Foolsgold, Feb 6, 2017.



  1. <===Foolsgold

    <===Foolsgold Gold Chaser Site Supporter ++ Platinum Bling

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    Please help me understand. Thank you!!
     
  2. SilverBuyer

    SilverBuyer Silver Member Silver Miner

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    More demand than supply (and the supply is fixed). If silver goes up to $30+ you'll probably be able to get it for spot consistently.
     
    <===Foolsgold likes this.
  3. savvydon

    savvydon Gold Member Gold Chaser

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    It has been falling as of late. cycles...
     
  4. Howdy

    Howdy Silver Member Silver Miner

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    Just buy whatever has the lowest premiums and you will have more silver. I had to decide whether I was investing in silver or investing in premiums. The decision was easy. When it comes time to sell, you'll probably have several flavors of silver. Just sell whatever is bringing the highest premiums.
     
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  5. Merlin

    Merlin Gold Member Gold Chaser Site Supporter ++

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    You have to understand that junk silver (especially the 90% kind) is very desirable. Pre 1964 quarters are easily identified by everyone; no assay required. Since the supply is limited and the product is so favored, prices not surprisingly are a little high.
     
  6. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    It's not counterfeited as of yet. I prefer the new ASEs and Phils because junk silver is usually coated with dirt and grime.
     
  7. Fjpod

    Fjpod Silver Member Silver Miner

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    They don't make it anymore.
     
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  8. nowon

    nowon Seeker Seeker

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    unfortunately, the Chinese do...bit not in 90 percent silver
     
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  9. Daryl Johnson

    Daryl Johnson New Member

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    Why does it say Pre 1964 Quarters as opposed to 1964 Inclusive. 90% is 90%?
     
  10. savvydon

    savvydon Gold Member Gold Chaser

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    Yes, he means inclusive of 1964. 90% is 90%, although sometimes a mild bump in premium is paid for halves over quarters and dimes.
     
  11. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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    very simple.....#1 limited supply no NEW 90% being made...#2 more buyers than sellers to supply it to the market.....

    its not like they can go turn on a machine and start making Junk silver when its in demand
     
  12. stonedywankanobe

    stonedywankanobe Gold Member Gold Chaser

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    Savvy, I had the Colombian half looked at a few weeks back by my local numismatic connection.

    Went like this. He looks at it for about five seconds and says "son, this coin needs graded and slabbed, do you know what you have here"?

    He gets out this giant book with a lots of info on proof Colombian halves whith big blown up pictures, puts his loupe on it again and says in his opinion it is an actual proof, then tells me "in 70 years of collecting and 50 years as a dealer it's only the second time he has seen one".

    He asked how I'd come across it and I had to tell a white lie to protect his fragile heart and his employee who sold it to me out of the junk half dollar tray for 6 greenbacks.

    I said it was in a lot of halves I'd won on ebay and I gave ol Chris a wink. Was afraid if I told him the truth he may have another heart attack on the spot.

    He gave me a standing offer of 500 cash if ever I decide to part with it. I couldn't hardly believe it.
    Very nice day at the lcs indeed.

    Will probably send it in and have it graded at some point this year and see how that goes.
     
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  13. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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    stoney....im not a numismatic kinda guy...i woulda probably tried to find something he had for sale with value about $600 in bullion and swapped him while he was intrested.......and let him take the grading risk etc
     
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  14. savvydon

    savvydon Gold Member Gold Chaser

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    Outrageous tale stone man!

    $500 is quite the bold offer, and indicates to me your guy feels quite strongly it is a proof. I agree it is tempting to send in for certification. Happy to assist with advice or the like in any way I can if and when you decide to go this route. I also still have reasonably high quality photos of the coin on my computer, if you find anyone you would like me to send them to.
     
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  15. smooth

    smooth Gold Member Gold Chaser

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  16. stonedywankanobe

    stonedywankanobe Gold Member Gold Chaser

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    Not a bad idea Tt. I strongly considered taking the money and running. However I'm in it for 6 dollars and at any rate don't ever expect I'll take a loss on it.

    Truth is I really like it and don't want to part with it, ever.
    Attempt at showing you guys what a blazer this thing is with a few pics.

    20170212_002528.jpg

    That's a black preacher yelling about something from 12 feet away on my tv.


    20170212_002422.jpg


    Reverse

    20170212_002315.jpg

    20170211_235825.jpg


    How's that for 6 Smoother!
     

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  17. andial

    andial Sir Midas Member Site Supporter ++

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    Will don't send it in for grading coins get lost that way all the time. I will trade you pure B.S. ( bullion silver) for it! PM me sir.
     
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  18. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    You can't get there from here.
    They are still making 90%, just at coin collector prices. I have a few rolls of JFKs 90% for several years past 1964.
    And don't forget the annual silver coin sets in 90%.
     
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  19. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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    :) there just not making any 90% JUNK silver anymore ......LOL
     
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  20. southfork

    southfork Mother Lode Found Mother Lode

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    lCS offered me halves at .50 over melt around 13.45 per dollar of face
     
  21. savvydon

    savvydon Gold Member Gold Chaser

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    Pretty reasonable.
     
  22. Fjpod

    Fjpod Silver Member Silver Miner

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    My lcs has sold me 90% proof atb silver quarter sets as junk. About $12.50 times face at the time. These collector sets don't seem to hold value. They become junk.
     
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  23. savvydon

    savvydon Gold Member Gold Chaser

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    That's especially nice considering they don't look like 'junk'. The modern proof process looks great and these are the only silver coins with these designs to be true proofs.
     
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  24. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    You can't get there from here.
    Premiums seem to have plunged on 90% junk.
     
  25. Howdy

    Howdy Silver Member Silver Miner

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    Not enough. I checked when I bought 500 rounds of generic silver the other day. I paid 1.30 over spot and 90% was 15 times face....more than $4 over spot.
     
  26. edsl48

    edsl48 Silver Member Silver Miner

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    As reported over on the Ebay deals thread by the_shootest you can buy 90% rolls of silver quarters at the moment for 126.27 and get 10.10 in ebay bucks meaning, to me, the roll would cost 116.17. Coinflation says at the moment that a roll of these quarters at melt would be 3.0074 x 40 or 120.29 for the roll. So, there is some 90% below melt for you and a big thanks to the_shootist and this forum for alerting us to some great deals!
     
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  27. Howdy

    Howdy Silver Member Silver Miner

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    One important investing variable is risk. Another is time and hassle. I just don't buy silver on ebay. It's worth a few cents more to me when I take immediate physical possession buying from a LCS.
     
  28. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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    nothing beats cash n carry.....but i dont mind using ebay for small lots of non-numismatic silver like junk silver....bought hundreds of small lots over the last 10-15 yrs....occasionally (<5% of time) will have a small issue but never had a problem rectifying the problem.....for me its easier than the 40 mile drive to town to the LCS ...so "time and hassle" is different for all
     
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