| Author |
 Topic  |
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
 Posted - 10/28/2009 : 15:00:19
|
Silver currently sells based on wear factors: A $100 face bag of old 90% is assumed to weigh 715oz for the sake of purchasing and selling, even though the new coins as issued would have weighed 723oz. So if you are out of money and want to stay active, try sifting the silver you've already socked away. You can effectively "earn" 8oz a bag. Trust me on this, when silver explodes in value they won't assume you're trying to sell 715oz, they'll weigh it!  Go through your cache and create a sell pile of your most worn coins that you can dump on ebay or APMEX when you are tempted to sell, and then buy back more when the price is favorable. It may not seem worth the effort right now, but when silver is selling for a few hundred dollars an ounce five years from now you'll be glad you kept your 64's and dumped the rest. 
|
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 10/28/2009 : 19:25:33
|
| Never thought of that it makes a person think. |
 |
|
|
n/a
deleted
478 Posts |
Posted - 10/28/2009 : 19:41:35
|
They are called "slicks" which are worn out silver coins being sold for spot value. They often underweigh by 20% or more due to extensive circualtion wear. EBAY is loaded with them and the photos often don't match the coins you are buying.
Borderline on ethics. Selling "slicks" is ok as long as you have a clear photo of the trash you are offering for sale. Just my opinion. |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 10/28/2009 : 19:51:15
|
| I don't sell on ebay, only buy there. If I ever have to sell I use APMEX and they can decide if they want to buy once they've inspected it. Really, these "slicks" should just be sent to the smelter and used for raw silver stock, there's little else they're good for. Even with photos you can't always tell how bad a lot is. Slicks are like playing hearts, everyone wants to dump the Queen of Spades. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 10/28/2009 : 19:55:47
|
| But CN, I wasn't even referring to what you call the slicks, for the most part. There are so many 64's in the junk silver, maybe as much as half, that I segregate them out and just plan on selling the earlier years when I get to that point. If silver ever goes thru what Izzy Friedman is describing on Meltdown2011.com then I'll save my 64's till the last and use/sell the others. That infinitesmally small weight difference could become considerable if the price is much higher. I do envision the day when places like APMEX will stop buying/selling by face value and actually weigh the coins first. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
Country
1000+ Penny Miser Member
USA
3121 Posts |
 Posted - 10/28/2009 : 20:12:08
|
I think you are correct - the SILVER coins will be weighed when the SILVER price soars. However, I think it won't matter how much wear is on your SILVER coins or how much face value - they are all going to be bought and sold by weight someday soon.
I have some rolls of Standing Liberty slicks. I found that they were about 10% underweight. They still contain plenty of silver. The real slick wear occurs on the rims which makes the rolls seem much smaller than new coins.
Not so long ago, I saw a UTUBE video, provided by a RealCenter, of someone buying groceries with silver coins - they were weighed on a digital scale and their calculated value was determined by the spot price of SILVER at that point in time. Interestingly, the grocer prefered silver dimes.
If you have the CASH, keep your SILVER slicks. Now that SILVER spot is down $2 from the recent high, it may be a good time to BUY more. |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
|
|
|
|
n/a
deleted
478 Posts |
Posted - 10/28/2009 : 20:28:01
|
| Dimes are the way to go. Mercury head as they are distinct from the cupro/ni FDR dimes and can't be mixed up. I don't think the fact that a dime is a "slick" will matter much if the SHTF. It will still be silver and it will still be easy to distinguish from the cupro version of the same silver coin (FDR Dimes). 90% dimes will be the favorite coin in troubled times. Anyone want to trade for some Peace dollars? |
|
|
|
ScottyTX
Penny Hoarding Member
USA
508 Posts |
Posted - 10/28/2009 : 20:36:41
|
Humm, have made me think and also didn't realize that the 715 ounces were an estimate. Partly because I never cared about how much actual silver was in 90% coins just their trade value per face. Just curious as to why you even bother with 90% if your only concerned with the actual silver wieght. Would almost seem to make more sense to put pack some cheap .999+ silver rounds or something and save all that sorting since your paying for the silver anyway. I like 90% silver because it is divisible form of known silver purity and I just really like coins. I think it will be a sad day when people stop recognizing the 90% as actual coinage and treat it as purely junk where it is weighed and melted like anything else silver. I can see your point though if silver sky rockets then everything silver will probably be thrown in the melting pot and your point makes perfect sense, ahh will be a sad day indeed if it happens. Thanks for the post really got me thinking.
Scott |
|
|
|
ME CO
Penny Pincher Member
USA
199 Posts |
Posted - 10/28/2009 : 23:17:05
|
| I weigh all my 90% '64's and Bens when I find them. I have separate tubes (one for under 12.5gms, 12.5gms, 12.6, and 12.7) for each and when a tube fills I roll them and mark the roll either '64 or Ben and the weight. I sometimes have to sell some 90% when I don't have enough 40% to sell- guaranteed I always sell the light ones. HH all, Mark |
"54/54/2280" |
|
|
|
Dumpster Diver
Penny Collector Member
USA
474 Posts |
Posted - 10/29/2009 : 09:13:22
|
ME CO- How are you finding halves weighing 12.6-12.7?
Is it gunk? |
"You're not really gonna throw that out...are you"? |
|
|
|
highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 10/29/2009 : 09:50:23
|
quote:
Originally posted by beauanderos
Silver currently sells based on wear factors: A $100 face bag of old 90% is assumed to weigh 715oz for the sake of purchasing and selling, even though the new coins as issued would have weighed 723oz. So if you are out of money and want to stay active, try sifting the silver you've already socked away. You can effectively "earn" 8oz a bag. Trust me on this, when silver explodes in value they won't assume you're trying to sell 715oz, they'll weigh it! Go through your cache and create a sell pile of your most worn coins that you can dump on ebay or APMEX when you are tempted to sell, and then buy back more when the price is favorable. It may not seem worth the effort right now, but when silver is selling for a few hundred dollars an ounce five years from now you'll be glad you kept your 64's and dumped the rest.
A $1000 face 90% silver bag is assumed to have 715oz in it.
Yes, eventually silver will have to be weighed instead of just assumed. Most people who think this prefer the 1964 Kennedies because they have the least amount of wear. Only problem with the Kennedies is they probably will have to be looked over to make sure they arent 40%
Trading your slicks out may "net" you a gain in the end, but their are buy and sell spreads when it comes to 90%. Unless you have a lot of slicks than it simply may not be worth the effort. |
Copper Penny Investing
www.portlandmint.com |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 10/29/2009 : 18:23:41
|
My $100 face bags all have 715oz in them, that's why I buy so many! Ok, so I meant $1000 face, thanks for cathing that highroller  The point I was trying to make was if you have a fairly high volume of silver coming in, each of us will encounter a few ("that'll be the first I decide to sell coins when I do sell") bent, scratched, ugly, hole-punched, clipped, crushed, defaced, etc coins. Don't tell me you included these with your better stuff? I don't believe you. So, if you're gonna play swings in silver prices to try and eventually pick up more, than why not dump your uglies when you do, and if you don't have any, then sell your most worn while they still bring face. Keep your 64's, right now it doesn't seem worth the sorting, but it's the same principle for saving coppers, some day it WILL have been worth it. If TSHTF I agree, dimes will be best. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 10/29/2009 : 19:18:31
|
Scott - you bring up some good points too. I do have .999 rounds, as well as eagles, and even a bunch of sterling Franklin Mint sets (they're really cool, even if that does make me a dork). Mostly, though, I have 90%. I don't take the time to sort out the older coins from the 90% as a rule, but when I'm broke and have nothing else to do then I will go back and sort thru some of the stash, have even been known to try and salvage darkly toned coins out of my sell pile. And Highroller is right about the premiums, Apmex has had a 70 cent spread lately between buy and sell. I think David Morgan has the right idea, never trade PM's for FRN's, but trade the ration. When gold to silver is up there around 70 - 75:1 then sell some gold and buy some silver, when it gets back around 40:1 sell silver and buy gold. I've talked to the guys at APMEX and they will do that for you without having to convert back and forth to dollars. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 10/30/2009 : 13:12:55
|
quote:
Originally posted by beauanderos
Scott - you bring up some good points too. I do have .999 rounds, as well as eagles, and even a bunch of sterling Franklin Mint sets (they're really cool, even if that does make me a dork). Mostly, though, I have 90%. I don't take the time to sort out the older coins from the 90% as a rule, but when I'm broke and have nothing else to do then I will go back and sort thru some of the stash, have even been known to try and salvage darkly toned coins out of my sell pile. And Highroller is right about the premiums, Apmex has had a 70 cent spread lately between buy and sell. I think David Morgan has the right idea, never trade PM's for FRN's, but trade the ration. When gold to silver is up there around 70 - 75:1 then sell some gold and buy some silver, when it gets back around 40:1 sell silver and buy gold. I've talked to the guys at APMEX and they will do that for you without having to convert back and forth to dollars.
thanks to the OP for posting this - this had not occurred to me.
beauanderos - what is the significance of deeply toned coins?
what i do is sort them. i'm getting a little older so i like halves. most people who will have the money to buy these coins in the future are going to be 40+ and therefore are going to prefer the larger coins.
i first sort them by type - JFK, Bens, and Walkers. I've found a few Barbers, and the first one I found (my 6 year old found it) was an 1892-S in G+ worth about $230! This was from a $1000 face junk bag bought from a coin dealer who deals in both numismatics and bullion.
Next i sort by year and look for key dates.
I think going forward for things like Walkers, i'm going to have a pile for slicks, pile for no dates/polished/bent, then piles by decade. 1920s adn 1930s are pretty hard to find and I think will garner a premium. I think Walkers and Bens will garner a premium because with JFK's you have to check the year or risk getting stuck with a clad.
|
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
|
Edited by - Lemon Thrower on 10/30/2009 16:22:14 |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 10/30/2009 : 15:10:38
|
Right now, pre-TSHTF (if it ever happens at all) there IS a premium that enters into the bidding wars on ebay and is reflected in prices at places like APMEX. Maybe 10 - 15 markup for walkers, mercs, maybe as much as 20 - 25 for Barbers. This is dependent upon the condition of the coins, however, no one is going to go nuts bidding for a bunch of slicks. If you find another 1992s Barber let me know, I think their most likely pretty darned rare (or Chinese, hah!). The deeply toned coins I clean (I know, heresy  ) and keep - I'm talking about ones that have oxidized to the point of being black or deep deep sepia. If a coin has rainbow toning on it I'd leave it that way, those are in demand for some collectors who are willing to pay a premium for them. Lemon Thrower - what did you decide on those Franklin Mints your friend was offering you?  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 10/30/2009 : 16:30:47
|
quote:
Originally posted by beauanderos
Right now, pre-TSHTF (if it ever happens at all) there IS a premium that enters into the bidding wars on ebay and is reflected in prices at places like APMEX. Maybe 10 - 15 markup for walkers, mercs, maybe as much as 20 - 25 for Barbers. This is dependent upon the condition of the coins, however, no one is going to go nuts bidding for a bunch of slicks. If you find another 1992s Barber let me know, I think their most likely pretty darned rare (or Chinese, hah!). The deeply toned coins I clean (I know, heresy ) and keep - I'm talking about ones that have oxidized to the point of being black or deep deep sepia. If a coin has rainbow toning on it I'd leave it that way, those are in demand for some collectors who are willing to pay a premium for them. Lemon Thrower - what did you decide on those Franklin Mints your friend was offering you?
have not pulled the trigger on franklin mint purchases. what do you think I should offer - 20% below melt? |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
|
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 10/30/2009 : 19:09:29
|
| If you could get em for that it would be a fair deal for both parties, smelters are not going to pay 92.5%melt for them, more like 80%. But I guarantee you'll fall in love with them if they are any of the finely crafted historical pieces rather than generic run-of-the-mill stuff. Probably better to stay away if it's not a full set in an album, unless you can get a steal. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
keys
Penny Collector Member
383 Posts |
Posted - 10/31/2009 : 11:59:04
|
concerning slicks;
This is Gresham's law in its original form. Gresham’s Law, when it was first explained, was stated that when coins of equal face value but different intrinsic (metal content, or melt) value are put into circulation side by side, the coin with the higher intrinsic value will be hoarded and only the coin of lower intrinsic value will be permitted to remain in circulation.
Nowadays Gresham’s law is referred to as 'bad money drives out good money'
in reality it should be phrased
“Good money is given a good home while bad money is evicted.” |
I change with the times-
but like silver coins found in your change
I stay the same.
*****************
The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
|
| |
Topic |
|
Sifting silver
Forum Locked
