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small "l" libertarian
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Greetings all,

I've been looking into the possibility of buying a bit of pre '65 silver coins, and the price frankly has me scratching my head.

The most common prices I'm seeing are around $13500 - $14000 for $1000 face value. Figuring on 715 ounces per $1000 face, that gives a price of almost $20 per ounce! When I checked earlier today, the spot price was under $13.00 per ounce.

Now, I've seen 999 silver bars and rounds going for a cost of about $2 over spot price, or at least $5 per ounce LESS than junk silver.

Am I missing something? Is there some better way to buy silver than this?
 

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Scarred for life...
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3,295 Posts
Yes there is a better way.

Sites like ebay and others will often have "junk" silver coins for sale or auction. The sale price plus shipping is almost always something like 98% to 102% of spot price. Most of the time it is just a few cents under spot.

When bidding, don't forget to factor in shipping. If the seller doesn't say how much shipping is, don't bid as it is a scam.

Its a little more work, but you can often find large size lots of silver coins for a pretty good deal.

Look for the really large auctions, in the thousands of dollars, as they seldom get as high per coin as the smaller auctions.


Good luck.
 

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Wherever you are looking is a huge ripoff. Try apmex. They have huge premiums on silver eagles, but for pre-64 silver $500 face is $5219.50, which comes out to about $14.60 per oz.

If you can afford to spend in the tens of thousands as you seem to have indicated, Monex is probably the best bet. Best prices I have seen. They quote 13.73 per junk oz of silver. They tack on a commission and shipping, but it still ends up being the cheapest silver you can get from a large dealer.
 

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I just checked my guy's price...

$11,005 per $1000 face value. Free shipping, no sales tax. PM me if you want more info.
The spread is increasing lately (price over spot) due to availability.
 
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