Your Questions About Storing Junk Silver Coins

or copy the link

James asks…

The price given for junk silver coins is ___ compared to price sold?

Where is the markup on silver? In particualar junk silver. Let’s assume a reputable gold/silver shop is selling a junk dollar for $25. As I am buying it, a person comes in with the exact dollar and is there to sell it. How much will they give him for it? Obviously this is where the shop makes there money, but I’m curious if they would give 19 bucks or 23.50. I assumed the price was not a huge difference. If there was, it seems like any investment in metals would be such an astonishing risk. Nonetheless, it’s the number/percentage that I’m looking for. (a standard estimate would suffice). The only place I would ever sale any precious metal would be somewhere that has a fantastic track record for customer satisfaction, and “pawn” is far, far from the name of the store. Thank you.

Justin answers:

Look for a firm that is an active market maker rather than an occasional dealer. Most will quote both a bid and ask price, which defines the markup percentage. See Apmex link below for example.

Small quantities trade at wider bid/ask spreads than large quantities.

A local dealer can often offer a better deal once you factor in shipping and insurance costs.

William asks…

is a 1988 “1oz fine silver-one dollar” worth anything more than face value?

if its worth anything should i sell it now or wait??

Justin answers:

This is the American Silver Eagle one ounce coin. If it has a normal silver color, it’s the bullion coin. If the flat surfaces have an almost mirror-like finish and the designs look frosty, it is the proof coin.

Both contain exactly one Troy ounce of pure silver, valued currently at 36.71 but changes by the minute while the market is open – it was up almost $2 this week but is $8 below its firm high of $44 (it was at $46 for a day or two and got to $50 for an hour or so). But the proof coin has more value.

Dealers in my area pay one dollar above spot price for the bullion Eagles, because people that come into the stores gladly pay five dollars above spot for common dates. 1988 is a common date. Do not fall for any offer that wants to pay only $30 with the argument that “I have to make money.” These coins fly out the door, they are so popular, which is why dealers in my area do not discount the price like they do for ordinary ‘junk’ silver coins.

If you have the proof, then the dealer will try to sweeten the deal for himself. You might only be offered the same as the bullion coin, or a dollar or two more, but the proof will be sold for at least $50 and probably closer to $60.

Charles asks…

how much do costs a former russian coin?

Justin answers:

If you are in the US, go to any coin store and ask to look through the box of foreign coins. Most US coin dealers do not sell foreign coins except as junk (unless they are silver).
You can buy foreign coins from a “junk” box for 10¢ to 25¢ each.

Daniel asks…

Would you take 50 cents and a Ron Paul brochure for my $18 tab?

This morning, I had to rent a sewer snake from the local rental company to clean a clogged kitchen sewer drain. The charge was $18 plus tax, for 3 hours. When I returned an hour later to return the snake, I asked the lady that owned the business if she would take 50 cents in silver coin and a home-printed Ron Paul brochure for my bill. Without hesitation, she enthusiastically said “SURE!” and I paid her with 2 well-worn silver quarters and gave her a Ron Paul brochure.

It was a great conversation starter and I explained that this is the kind of money Ron Paul believes we should use. I left her store sure she will give serious consideration to Ron Paul.

I had bought a “junk silver bag” off of eBay with the intent of repeating this little experiment anytime I could. I was very pleased with the outcome of my first trial with this experiment and I’m eager to repeat it again and again.

Does this sound like a good way to get more people thinking of Ron Paul?
Later today, I’m gonna get a hair cut for 50 cents and a stack of Ron Paul brochures. Who wants to bet I won’t get my haircut?

Justin answers:

That is actually a very interesting story. I admire your ingenuity and your dedication to Ron Paul. He’s not my first choice, but I haven’t counted him out either. I can tell you if he does win the Primary, he WILL get my vote over Obummer The Destroyer And Great Divider.

Mark asks…

I have a Georgivs v d.g.britt.omn.rex f.d.ind: imp:1917 one florin coin with left side of face on one side and?

i didn’t mess up the words this is whats on the coin. left side of face on side with all those words -on the back side is one florin 1917 with 4 shields with crowns on top and 4 staffs between them.coin in fair condition

Justin answers:

In the condition you describe, it’s only going to be worth the silver in it. As of this minute, that is $12.30. A small-time buyer of coins for their ‘junk’ silver value might pay you close to that, but if you took it to a store that says ‘we pay top price for gold and silver’, the top price you’d be offered is 75% of that. About $9. Probably less.

You’re fortunate that you have one dated before 1920, the year the silver content was reduced to 50% from the 92.5% sterling. But, US dealers don’t know foreign coins that well and pay less for them for the silver than they will for 90% ‘junk’ US silver coins. This coin is slightly smaller than a US silver half dollar and contains 92 cents less silver, but you’d be offered 22 x face value for the half at most shops, or $11.

George asks…

My parents hoard but I have no place to go.?

Hi everyone. Ever since I can remember my childhood home has been untidy. More than untidy. I always struggled with this but when going to college I was able to discover the benefits of a clean space. Now that I am home again I try to keep the house presentable but this is difficult given that my parents especially my dad who thinks you have to be hoarding cat skeletons to be labeled a hoarder refuses to do anything about it. He simply is too busy prov iding for me all my life by working and paying bills he can’t keep a clean home. He’ll point out obvious hoarders and say the collect junk but he saves valuables. When I point out trash that is on the floor in the basement and in his room he says he doesnt have time because either he is sick or working hard. Given the economy I am having no luck finding a job so I can’t move out. I’ve asked about therapy but my dad refuses to go because this is an issue we can solve on our own however I’m 23 so this has been a ongoing problem since I was born. My mother says she wants help but is too embarassed. I hate living here but I am more concerned with what will happen after I move out. I told my mom since my father is a defensive cruel brick wall very hyprocritical and emotionally unavailable that I didn’t want to be that kid who has to clean up their parents home after they leave. I’m tired of it. Hopefully I can leave in the next few years if I don’t lose my mind. I believe since my dad has a crazy father who made him work for the family he believes that as long as he pays for my jeans that that is where parenting stops. I’m appreciative of hiz financial support and contributions because several people don’t have that however parenting is so much more than money. If I question something I have to state what I contribute financially (even though I clean up after him all the time) to have a opinion.The more I think about it the more I become angry that I didnt live in a neat environment as a kid. I am already experiencing ocd tendencies that derrive from living with a hoarder. I refuse to place this anxiety on my future children. I can’t stand tissues and other trash like paper plates and cups because they were all over the floor up until I was a teenager and started cleaning because I wanted to live better. What erks me the most is that my dad refuses to see he lives unsanitary and can’t clean to save his life. I feel like I’m trapped. Therapy is out of the question because my dad refuses to see himself as a hoarder. And personally because of his attitude towards anyone that doesn’t want to live in a house that smells like *** is the unappreciative enemy who has no compassion for how hard he works. I feel like he is the one without compassion given that he won’t entertain the fact that I’m unhappy. I asked him could he clear out the laundry area because I had to squeeze past all the junk. He told me I could still wash so there shouldn’t be an issue. I don’t see myself coming back or even talking to my dad much after I leave. Does anyone have any advice on how I can deal in the mean time?
My question is how can I perserve my mental health and anxieties about this on my own until I move out. Talking to my father about therapy is out of the question because according to him he doesn’t have a problem. I spend most of my time in my room. Are there any other alternatives like books or something that are useful? Thanks
I would like to thank you all in advance for the suggestions 🙂

Justin answers:

Did I hear something about making or saving money?
I could tell you how to be frugal like me.
How to save the money you have: Stay away from cigarettes & drugs! Use cantines instead of buying waterbottles or sodas, get water instead of sodas at the movies & restaurants, try to eat at buffets instead of restaraunts, shop for clothes & furniture at discount stores, use spiral bulbs instead of normal bulbs, watch movies on putlocker or youtube instead of buying or renting them, when you buy a car buy a small efficient one instead of a truck or SUV, & if you ever build your own house order white roofing instead of the usual dark. Another somewhat frugal habit is using progressive grammar like me (&>and, 2>two, 1st>first, %>percent) when you’re writing papers. If books used progressive grammar they’d be shorter & cheaper to make.
How to make some money: Collect cans & other scrap metals & take it up to your local metal recycling place that pays you. If you have any books or DVDs you don’t want anymore sell them to Half Priced Books. If you have any unwanted gold or silver sell it to Cash4gold. When you pass by vending machines look in the coin slots for coins. In my experience 1/10 of them have coins.
If you’re a kid & some of this doesn’t apply to you, saving on electricity still saves your parents money. If you wanna be radical then follow power4patriots & make your house energy independent.

With that money, it would be best to spend it on stuff that will improve your life & stuff that will last such as spiral bulbs, new leather furniture, or emergency supplies. This world would be a much better place if everybody was frugal & I hope I am making this world better by answering questions like this. If you don’t wanna pick me as best answer at least let me know if my advice has helped you & if you wanna become frugal too. It’s up to us to make our future better by spreading frugality.

Thomas asks…

Dollar collapses. Should I buy coins?

I’m hearing more and more about the imminent collapse of the American dollar. In preparation for such a catastrophic event, would it be wise to buy coins of different currencies including USA? What else, other than gold and silver, would be good to have?

Justin answers:

You certainly want to diversify what ever wealth you have. But I wouldn’t put my money in foreign currencies. They are all paper. They all inflate. The reason the Canadian dollar surpassed ours is not because the Canadian dollar suddenly increased in purchasing power. It is because our dollar lost value faster than the Canadian.

I recommend junk silver. This is the term for American silver pre-1965 dimes, quarters and halves. They are .900 fine (90% silver, 10 % copper). There is .72 troy ounce in 10 dimes, or 4 quarters, or 2 halves.

When you buy junk silver, forget about the face value of the coin. You may be paying a dollar or more for a silver dime, but you are purchasing a dollar’s worth of silver. The face value of the coin is of no significance. The main reason for buying junk silver is that you can get it in small amounts, you can spend it in small amount, and everybody knows what it is. If you buy silver bars, what are you going to do with them? It’s true that they are a store of wealth, but they are not readily recognizable, let alone, divisible.

If you have a substantial amount of money to invest, I would consider gold coins. There are many bullion coins available: Krugerrands, American Eagles, Canadian Maple Leafs, Chinese Pandas are the most popular. These coins contain 1 troy ounce of gold. They are available in 1/2, 1/4, 1/10, and the Panda is available in 1/20 ounce coins. The smaller coins cost more per ounce. You generally pay about 2 % over the spot price of gold when you buy the coin. A dealer might buy the coin back for 1 or 2% under spot price. That’s how the coin dealer makes his money.

Gold and silver coins are a very good way to maintain your wealth. Some people like to buy and sell, just like trading stocks. You can certainly make money that way, but you can also loose if. If you hold the coins for the long term, you can be assured that your wealth is safe.

John asks…

What’s some ways a 11 year old can earn money?

This is my account but my daughter is trying to earn money she is gonna ask you how –

Im 11 and i wanna earn money because i dont have any money and i am saving up for a ipad and lots of more stuff.can i get a online job for kids?i wanna have a lemonade stand bot i cant do it by myself and a car wash but my parents wont let me.snd my parents sont give me chores i asked for them but they said they dont have any money to pay me with.i might go house to hous eand rake leave with my friends but they are not falling yet. i have a penny album worth 300 bucks but it isnt fillled up yet.i have silver coins but no one will buy them i also have a gold plated penny. and i collect coins and put them in a bucket and cash them in for money.and whenever i do get alot money i always spend it on junk and i spend it fast any ideas for getting ,money? thanls

Justin answers:

There are kids on the Web who are making money for themselves, with the help of the parents (parents have to open the accounts the kids need — hosting, advertising, etc)

Hannah Altman, a 10 year old started a website selling pencil toppers, and making good money Ashley Qualls is another example who rode the coattails of MySpace and earned for herself a huge pile of cash

There are kids on the Web who are making money for themselves, with the help of the parents (parents have to open the accounts the kids need — hosting, advertising, etc)

Hannah Altman, a 10 year old started a website selling pencil toppers, and making good money Ashley Qualls is another example who rode the coattails of MySpace and earned for herself a huge pile of cash

Here are the main ways you can earn money from the Internet:

1. Sell products on the Web – You can either sell: (a) through your own storefront through your own website or applications such as Yahoo Stores; or (b) sell through online auctions like eBay

2. Information Delivery. Others such as create content and monetize their content in a number of ways:

a. Advertising – there are several ways you can earn money from advertising:

1. Join an advertising network. Advertising networks are organizations that aggregate Web sites that offer advertising space, and sell banner ads (and other advertising options) across them. Traffic requirement is often a minimum of 5,000 monthly impressions, although many do not accept sites hosted by free page services.

Burst Media

2. Participate in contextual advertising networks. Contextual advertising are text ads delivered based on the content of the web page using an automated system.

Google Adsense

3. Sell advertising for your site directly. This is admittedly a more difficult route for a small business site wanting to earn advertising revenues. But hey, as they say: “no pain, no gain!”

b. Affiliate Programs – you sell other people’s products that your audience may be interested in; and you get a certain commission after the desired action was done (whether a sale, a lead, subscription to email newsletter, or however this is defined)

Paid online content. or Supporters forum all require paid subscription before accessing the information

Michael asks…

doomsday median of exchange?

In the event that everything suddenly collapses in the USA, what would be the iideal items to have as a median of exchange. I realize a gold coin (valued around $1800 USD) would be nice, but how would small debts be paid?

Justin answers:

There is no way to know for sure. It depends on the nature of the collapse and how everything plays out. If things are orderly, and goods are still available for sale, silver would be a great currency for small purchases. So called, “junk,” silver would be ideal. That is US coins minted before 1965. They are 90% silver, and 1964 quarters have a melt value of about $5.91. You could easily make small purchases with a couple of those coins.

If the collapse is not orderly, your most valuable assets would be hard assets. That means food, water, clothing, cigarettes and toiletries. I mean, what would you pay for toilet paper if you couldn’t get any at the store? A lot, right? You could barter for what you wanted. You would also have to invest in weapons, because if you have stuff, you need to be ready to protect it. You could even barter the ammunition if you needed to.

Powered by Yahoo! Answers