Poor Mans Gold
Full Member
- Feb 13, 2012
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I'm Still Scratching My Head
I was recently in an on-line auction which had lots of various coins. There were lots of silver dimes (15 of 10 each), quarters (15 of 8 each), 90% halves (15 of 4 each) and 40% halves (15 of 4 each). With silver being so low I contacted the coin shop I deal with and inquired what silver was really selling at. I was told spot plus $5.50. Usually this auction, whoever gets the first bid will end up winning. Luckily I was off the day of the start and was the first bidder. Looking at the auction and the amount of lots and my prices, I would have almost paid $2000 if I won them all. So I left the quarters alone and went after the others. I placed my bids according to my dealer friend. The auction lasts a week and I was checking every day. One day I saw that someone had outbid me on the 40%er, by $9.00. Melt value at the time was a little over $13. They were paying $22. OK, you can have them.
I won all the dimes and 14 of 15 90%ers. By adding up all my bids for the dimes and halves, I paid less than melt. The one lot I lost, someone paid $13 over melt. Now when you add on the buyers premium and tax, I paid less than what my dealer had said. So the winner of the 40%ers was paying $26.35 for each lot for a total of $395.25, which have a melt value of $197.44. Duh, is Homer around.
I was recently in an on-line auction which had lots of various coins. There were lots of silver dimes (15 of 10 each), quarters (15 of 8 each), 90% halves (15 of 4 each) and 40% halves (15 of 4 each). With silver being so low I contacted the coin shop I deal with and inquired what silver was really selling at. I was told spot plus $5.50. Usually this auction, whoever gets the first bid will end up winning. Luckily I was off the day of the start and was the first bidder. Looking at the auction and the amount of lots and my prices, I would have almost paid $2000 if I won them all. So I left the quarters alone and went after the others. I placed my bids according to my dealer friend. The auction lasts a week and I was checking every day. One day I saw that someone had outbid me on the 40%er, by $9.00. Melt value at the time was a little over $13. They were paying $22. OK, you can have them.
I won all the dimes and 14 of 15 90%ers. By adding up all my bids for the dimes and halves, I paid less than melt. The one lot I lost, someone paid $13 over melt. Now when you add on the buyers premium and tax, I paid less than what my dealer had said. So the winner of the 40%ers was paying $26.35 for each lot for a total of $395.25, which have a melt value of $197.44. Duh, is Homer around.
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