Buying 90% coins by face not weight

[Twitch]

Quick question about buying 90% coins for bullion - when they're minted they're .~715 oz to the dollar. What happens when they're worn? In general is the 'wear' just flattening of the detail or is there a substantial weight loss associated with the coins? If I buy a 100 oz bar I'm fairly confident it will be 100 oz. If I buy $100 face of generic 90% coin from, say APMEX or Provident, I don't know how close to 71.5 oz I'll actually be. Any thoughts are appreciated.

Thanks.

 

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[recondigger]

We'll yes the wear is due to metal loss so it would affect the total weight. If you have a badly worn coin already you could weigh it and then multiply the weight to see what the worst case scenario could be.

Dig until your arm falls off

 

[TreasurePirate69]

Technically, when freshly minted, 90% silver coins are about 0.723 troy ounces. So the 0.715 number quoted by APMEX and Provident already accounts for some "average wear". As long as the coins aren't extremely worn you should come out ok. But as Jim4silver often points out, some day those same coins may start being sold by actual weight rather than by using an average value per face.

 

[fistfulladirt]

I remember seeing hi-priced 90% silver being bought by weight as a teen in '79-'80.

A couple years back (high prices again), I watched my LCS weighing silver dimes while buying from a little old lady, and offering half melt value, and she accepting their offer.

 

[Herb Boyd]

Junk silver is separated into 2 piles when I buy it...obviously underweight and damaged coins are paid by weight times 90 percent of melt value...presentable coins for resale paid at .715 times spot per dollar face

 

[rockygulchJoe]

Hellow everyone, I think some of you guy's might be interested in this report: (Changes coming in pricing of 90% coin) According to this report 92% of the original mintage has been melted. I don't no how accurate it is but it really interesting. It's a 29 page pdf report


http://www.silvermarketnewsonline.com/articles/ChangesInPricingOf90Coin_Savoie121613.pdf

 

[Twitch]

Appreciate all the feedback, thanks.

 

[Marchas45]

Hellow everyone, I think some of you guy's might be interested in this report: (Changes coming in pricing of 90% coin) According to this report 92% of the original mintage has been melted. I don't no how accurate it is but it really interesting. It's a 29 page pdf report


http://www.silvermarketnewsonline.com/articles/ChangesInPricingOf90Coin_Savoie121613.pdf

Good report and he said, Probably at least 92% of the original mintages have been melted and possibly 1% lost or in cull to
sub-cull condition that being said, yes many have been melted down but a guess is a guess.
I for one save 90% for bartering with if and when TSHTF and yes I see down the road there will be a need for weighing rather than face value. Again Good Report, Keep Stacking