Buying Junk Silver Coins

Junk silver coin sellers will describe the type of coin and tell you the face value of the coins they are selling.   This is true with sellers on eBay or even sellers like Monex or APMEX.  You may have to calculate to amount of silver in your purchase.  Just use the info below.
Coin Face Value Silver Content
90% junk silver $10 face value = 7.15 oz. of silver
40% junk silver $10 face value = 2.95 oz. of silver
35% war nickels $1  face value = 1.125 oz. of silver

So, for example, suppose you’re bidding on a roll (that’s 20 coins, or $10 face value) of 40% Kennedy half dollars on eBay.

2.95 oz. X $17.91 (spot price for silver) = $52.82.  (Please find and use the CURRENT spot price.)  When I’m buying, I subtract the shipping cost and make that my top bid.  If I win, I get silver, in a very recognizable form, delivered to my door, for the spot price (or less).

To tell the truth, I usually don’t even bid the true spot price (which you can find at, among other places.  I just Google SLV, the silver ETF, and use that price.  While it could be higher than the spot price of silver, it’s been 30 cents or so less per ounce every time I’ve checked.

Finally, if I’m feeling cheap, I’ll knock 5% of that price.  I often don’t win, but there are always more auctions coming.

I won’t get in to a lot of auction strategy, but I will say this.  Sometimes auctions end at lower than average prices if they end at odd times.  For instance, in the middle of the night or on a major holiday.

If you’d like to bid at the last minute, but still get some sleep, consider trying Auction Sniper.  I’ve used it, and it really is a great service.

Simply put, you register with them, and then tell them what you want to bid, how high you’ll bid, and how close to the end of the auction you want your bid thrown in.  They seem to offer 5 seconds as a default.  That may seem too close, but I’ve had it work many times.

If it works, you pay them 1% (after your free trial) of the auction value.  If you don’t win, you pay them nothing.

FYI, they will give me 3 free snipes if you tell them I sent you (rlions2006), but I am telling the truth.

No comments:

Post a Comment