$1 silver face

[jshane7422]

How much over spot price are you paying for $1 dollar face value? I went to one of my LCS and they wanted Spot + 5 bucks for each dollar >_<

 

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[skeeterd]

My LCS is charging 20 times face value. I think thats too high, but he has the market cornered here.

 

[DeepseekerADS]

I'm seeing 16x Face at Apex in Winston Salem, NC.

 

[TheCoinKid]

Lets see, at 0.723oz per $1.00 face, and spot at $20.00 per oz, that's $14.46 spot value for $1.00 face value. Add $5.00 premium over spot = $19.46. That's close to what I see on ebay, but I personally refuse to pay that amount.

 

[TreasurePirate69]

Provident has $1 face at $15.62 right now (plus shipping). $100 face is $15.55 per $1 face value. They typically quote the metal content of $1 face at .715 ounces due to wear. So spot for $1 face right now is around $14.12 (spot price per ounce is currently $19.75). That's a premium of about 10% which is pretty common right now. If you are paying much more than a 10% premium then you are getting ripped off in my opinion.

Spot plus $5 is a 35% premium. I would walk away and never look back...

 

[TreasurePirate69]

One more thing I'll throw out there.... there is a difference between "silver dollars" and "face dollars". If they wanted spot plus $5 for silver dollars then that is an entirely different story and is actually a decent deal (depending on condition). But if they wanted a $5 premium for 2 common Kennedy 90% halves then they are not a reputable LCS and you should stay far away.

 

[Marchas45]

x15.5 or 16 x face value as of today. Anything else, then your being ripped off.

 

[jim4silver]

Just FYI, there is a bit of nomenclature being used improperly a bit. Don't mean to criticize. Two very different things: MELT and SPOT, but often used interchangeably.

SPOT refers to the "spot" price of one troy ounce of .999 silver (even though used in paper markets, etc), and right now is roughly $19.65.

MELT refers to the "melt" value of any particular item (of silver) based on said item's weight in light of whatever the current SPOT price is.

Here is an example of how a person can get screwed if they don't know the difference. I was once at a local coin store (haven't been back since) and the guy was selling BU Franklin halves at the time for SPOT + some amount (I cannot remember how much). I erroneously thought he meant MELT + some amount. After he gave me the total I knew something wasn't right, and that was my lack of understanding what spot meant. I left without the coin. The difference is quite a bit.

With today's price spot + five dollars for $1 face would mean roughly $19.65 + $5.00 for say two 90% halves. Melt + $5.00 would mean $14.20 + $5.00 for the same two halves. The latter price still sucks in my opinion, but obviously not as bad as "spot" + $5.00.

As my friend Charlie (marchas) says, keep stacking!

Jim

 

[Marchas45]

Just FYI, there is a bit of nomenclature being used improperly a bit. Don't mean to criticize. Two very different things: MELT and SPOT, but often used interchangeably.

SPOT refers to the "spot" price of one troy ounce of .999 silver (even though used in paper markets, etc), and right now is roughly $19.65.

MELT refers to the "melt" value of any particular item (of silver) based on said item's weight in light of whatever the current SPOT price is.

Here is an example of how a person can get screwed if they don't know the difference. I was once at a local coin store (haven't been back since) and the guy was selling BU Franklin halves at the time for SPOT + some amount (I cannot remember how much). I erroneously thought he meant MELT + some amount. After he gave me the total I knew something wasn't right, and that was my lack of understanding what spot meant. I left without the coin. The difference is quite a bit.

With today's price spot + five dollars for $1 face would mean roughly $19.65 + $5.00 for say two 90% halves. Melt + $5.00 would mean $14.20 + $5.00 for the same two halves. The latter price still sucks in my opinion, but obviously not as bad as "spot" + $5.00.

As my friend Charlie (marchas) says, keep stacking!

Jim

LMAO I just knew you couldn't stay away. Lol

 

[TreasurePirate69]

Just FYI, there is a bit of nomenclature being used improperly a bit. Don't mean to criticize. Two very different things: MELT and SPOT, but often used interchangeably.

SPOT refers to the "spot" price of one troy ounce of .999 silver (even though used in paper markets, etc), and right now is roughly $19.65.

MELT refers to the "melt" value of any particular item (of silver) based on said item's weight in light of whatever the current SPOT price is.

Here is an example of how a person can get screwed if they don't know the difference. I was once at a local coin store (haven't been back since) and the guy was selling BU Franklin halves at the time for SPOT + some amount (I cannot remember how much). I erroneously thought he meant MELT + some amount. After he gave me the total I knew something wasn't right, and that was my lack of understanding what spot meant. I left without the coin. The difference is quite a bit.

With today's price spot + five dollars for $1 face would mean roughly $19.65 + $5.00 for say two 90% halves. Melt + $5.00 would mean $14.20 + $5.00 for the same two halves. The latter price still sucks in my opinion, but obviously not as bad as "spot" + $5.00.

As my friend Charlie (marchas) says, keep stacking!

Jim

Excellent point and I am guilty as charged. I said "spot" several times where I should have said "melt" instead. You are totally right. There is a big difference between the two terms.

 

[DeepseekerADS]

When I buy silver coins, I look at melt value, and expect about a 10% premium over that - and not the gluttony the big boys save for the unknowing.

There's plenty websites which will tell you a coin's melt value adjusted for the silver closing spot price. And like the guys above, SPOT & MELT AIN'T THE SAME.

Let the buyer beware. It is what it is, and always shall be.

On a personal note, I believe that every family should have at least $100 face of small denomination (less likely to be counterfeited) at all times, for security and not as an investment. Anything above that can be for investment.

But that's my two zinc cents worth....

 

[TheCoinKid]

Just FYI, there is a bit of nomenclature being used improperly a bit. Don't mean to criticize. Two very different things: MELT and SPOT, but often used interchangeably.

SPOT refers to the "spot" price of one troy ounce of .999 silver (even though used in paper markets, etc), and right now is roughly $19.65.

MELT refers to the "melt" value of any particular item (of silver) based on said item's weight in light of whatever the current SPOT price is.

Here is an example of how a person can get screwed if they don't know the difference. I was once at a local coin store (haven't been back since) and the guy was selling BU Franklin halves at the time for SPOT + some amount (I cannot remember how much). I erroneously thought he meant MELT + some amount. After he gave me the total I knew something wasn't right, and that was my lack of understanding what spot meant. I left without the coin. The difference is quite a bit.

With today's price spot + five dollars for $1 face would mean roughly $19.65 + $5.00 for say two 90% halves. Melt + $5.00 would mean $14.20 + $5.00 for the same two halves. The latter price still sucks in my opinion, but obviously not as bad as "spot" + $5.00.

As my friend Charlie (marchas) says, keep stacking!

Jim

Guilty as charged