Sold My 40% Halves. Hope I did good

[engine 823]

Well I sold all my 40% halves to APMEX for $3.70 a coin. I shipped about $285.00 face and they are shipping me back 65 ASE's. I wanted to change my 40% over to .999 pure. I hope I did the right thing.
Also on another note. I have a pawn shop in my area that is getting silver coin for almost nothing and is selling pretty cheap. ( He told me to be careful in investing in silver because todays high values wouldn't last and they were only "5 or 6 dollars" last year and they would probably return to that! )
Is this guy REAL? I don't ever remember silver that low. I do realize that it could drop because there is never a 100% for sure thing but I really think over the coming years it will only go up and I want as much 90% and .999 I can get my hands on. Don't you all agree this guy is totally wrong
I want to buy all I can from him. He told me he had bought ASE's at $8.00. I told him I would for sure give more.

 

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[JT10]

If I were you, I would buy all the Ag that he is selling! Especially if you can turn around and sell it somewhere else for more. You cannot go wrong.

 

[65gt350]

It has been a long time since Ag was $6.00. Maybe he was thinking of 08 when it fell to $8-$9. I remember a company "Littleton Coin" selling '04 SAE for $8.95 in '04 or '05 or so but more than likely it was a price he was paying a person off the street in '08.

I agree to buy all you can from a willing seller as long as you can flip into something you want to hold on to.
I also like your idea of trading 40% to a better fineness but I think you gave up to much silver but those ASE are pretty. With the GSR below 50 you might have been better moving to Gold and when and if the GSR moves up you could move back to Silver.

HH,
65GT350

 

[ArkieBassMan]

Sounds like your pawn shop owner has lost touch with the silver market, and you should take advantage. I remember silver being that low...even lower. If memory serves me correctly (plus I'm too lazy to look it up lol), right after silver went so high in the early 1980's, it dropped like a rock and pretty much stayed in the $4-$6 range for several years.

Why would you not buy something that you can turn into an instant profit? If you can get it cheaply, by all means get it all!

 

[AGCoinHunter]

$32.44 per ASE? At todays price thats ~$4 premium on each ASE. Guess that includes shipping. Would think you could find them closer to spot. When silver was around $18, I picked up a tube of them for less than a dollar premium each.

 

[engine 823]

That is including shipping on the 65 ASE's. I thought it was okay on the ASE's because I wanted to trade up. May have lost alittle though. I had just heard of so many on here saying to sell 40% and get .999 silver and that is what I did. That was about the best price I could find on 40% at that time. I did lose some ounces in the trade but thought if I ever sold the ASE's I would be able to get a higher premium compared to the 40% kennedys. Yeah okay, I may not have done the best trade, but I don't think it was a horrible one.

 

[AGCoinHunter]

That is including shipping on the 65 ASE's. I thought it was okay on the ASE's because I wanted to trade up. May have lost alittle though. I had just heard of so many on here saying to sell 40% and get .999 silver and that is what I did. That was about the best price I could find on 40% at that time. I did lose some ounces in the trade but thought if I ever sold the ASE's I would be able to get a higher premium compared to the 40% kennedys. Yeah okay, I may not have done the best trade, but I don't think it was a horrible one.

I think your 40% price was ok. Guess it depends on what your holding silver for as 40%'s and war nickels are the redheaded step child of the silver investment arena. They may serve a purpose in scenarios where TSHTF and you need lesser amounts of AG to do commerce and that is why some hold them as well as smaller AG coins. So I guess it all depends on what you are saving for. I personally don't think you can go wrong with upgrading at the right price. Did well on selling but could have done a little bit better on buy. But if you are happy, that's what counts.

 

[jim4silver]

That is including shipping on the 65 ASE's. I thought it was okay on the ASE's because I wanted to trade up. May have lost alittle though. I had just heard of so many on here saying to sell 40% and get .999 silver and that is what I did. That was about the best price I could find on 40% at that time. I did lose some ounces in the trade but thought if I ever sold the ASE's I would be able to get a higher premium compared to the 40% kennedys. Yeah okay, I may not have done the best trade, but I don't think it was a horrible one.

Don't worry about what others think. When you put out a question on a blog like this you will get several different responses. I personally think you were smart to get rid of the 40% and buy .999 instead. Since you presumably got the 40% at face value, then you did not make a bad decision by getting ASEs, even if they do have a higher premium.

For future reference though, you might want to consider generic .999 from well known refiners, like Sunshine Minting, etc. There are several other private mints out there as well that make fine products. You can usually get these for about one dollar (sometimes less) over spot per coin. Or consider 10 ounce bars if you can get a good premium on them. I personally would not buy bars over 10 ounces though, since there are stories of 100 ouncers being drilled and filled with lead back in the early 80s when silver went through the roof. I don't think there are many of them floating around today, but I don't like to take a chance with that much $$$$.

Just my opinion.

Jim

 

[fistfulladirt]

One heck ofa deal!

 

[packerbacker]

Funny you should post this today. I (just for the heck of it) called the local coin shop here in town to see what he was offering for halves. He said he was paying $9.50 for 90%ers and $4 for 40's. He offered me OVER spot for my .9999 silver. He said he would give me $28.65 oz for that when silver spot was only $28.49 at that moment. Said he could write me a check for any amount I brought in. Nothing to mail or insure and don't have to wait. Hmmmmmmmmm, it's getting tempting folks. Maybe I can sell a bunch, hope it goes down and buy it back and then some.

 

[Rich Hartford]

Assuming you got your 40's at face value I think you got yourself a good deal trading up.
I do the same thing with my 40's, trade up.
HH
Rich

 

[packerbacker]

totally agree......trade up with those 40's. In most cases you will take a little hit but it's well worth it. If we are all betting that silver is going up a little hit will do little harm. Eventually the "hit" will be absorbed by profit.