Posted on 08/07/2011 3:37:09 PM PDT by Atlas Sneezed
Thanks to all of you.
I will have to look into your suggestions!
He’s talking about $1000 in face value ($38,000 in obama money).
A $1000 *face-value* bag of junk silver (which is how it is sold, other than small lots) weighs 55 or so pounds and is about the size of a bowling ball.
A silver quarter weighs about 6.25 grams. 4000 of them = $1,000 face weigh 25,000 grams. Divided by 453 = 55.18 lbs, plus bag and cardboard carton weight. The same math applies to dimes or halves, fairly closely. Silver dollars contain about 5-6% more silver than 4 quarters or ten dimes and carry a premium over junk dimes and quarters. Although I own plenty of them, I do not recommend them as they carry a premium over face. Half dollars follow the same math but generally cost a tad more because they are rarely as worn as quarters and dimes. The mint weight of $100 worth of dimes or quarters is 723 oz worth of silver but they are sold as 715 tr oz in consideration of wear losses from being circulated.
Listen to your spouse. Put aside money for the purchase of precious metals.
I guess it’s time to move to the new world currency -
The OBAMO! Brought to us by our enlightened Congress and President. I bet the FED is already figuring out how to sublease the U.S.,Mints to the UN!
Oh I’ve already taken care of the physical possession. Of course I’d like a hell of a lot more. I’d like to do some quick trading in futures so as to make a bundle of cash with which to take possession of even more before the bottom falls out and cash is worthless. One contract over the next few weeks would probably net 2 to 3 times the contract price. Possibly more.
I guarantee some people are going to make an absolute killing in gold futures over the next few months. Those who have bought gold contracts recently are probably out in there front yards doing cart wheels right about now. Where else can these big investors put their money? The DOW is tanking. American bonds? Please. Both Europe and America are financial toast. Most folks just haven’t figured it out yet. Oh but everyone will know shortly and it is not going to be a pretty scenario. Fasten your seat belt cause we are in for a hell of a ride.
But I do honestly thank you for your concern and advice. It is certainly good advice. For those who have been procrastinating on owning gold and silver you better get what you can now. The dollar is simply not going to last much longer. For those of you who want to respond by telling me I’m just a right wing nut job conspiracy theorist, don’t bother I’ve heard it all before. For my fellow preppers out there; best of luck to you all. It has begun.
Since today’s quarters, dimes, etc. have no silver, only nickel & copper, are you talking about old worn out circulated coins with some silver but no collector value? If so, why would someone not just buy real silver (coins or bullion)?
www.gainesvillecoin.com
It has begun.
When it gets down to actually bartering the junk silver will be the easiest to barter with.
They have no numismatic value, so are termed “junk” but they are 90% percent silver.
Some prefer these coins for different reasons. Modern pure silver issues like the American Eagle have quite a retail markup over their metal content, maybe two or three dollars over the spot price.
It helps to know the details - dimes, quarters and halves, pre 65, when new contain approx. 723 troy ounces per $1000 face bag. Because the coins are usually worn, the accepted figure is usually 715 ounces. If you go to buy check through the bag at least briefly for slugs and make sure they are not sliicks and weigh it. Kennedy halves are not usually worn and tend to be full weight compared to walkers.
Silver dollars contain a bit more, .77 of an ounce troy or 770 ounces per $1000. Hope this helps.
Thanks!
Excellent advice!
“For my fellow preppers out there; best of luck to you all. It has begun.”
Yep, I told my wife just hours before the downgrade that we are no longer facing the collapse, we now are in it but nobody is acknowledging that fact. Like the bow of Titanic just starting to dip below waterline, as the band plays on.
My physical PM holdings have been purchased from my earnings as a bankruptcy attorney, by the way. God help us.
Yes, old worn quarters and dimes with no numis value whatsoever. Things of absolute beauty. There are about half a dozen reasons why people crave/collect/buy them. Some:
Of all the different forms of silver one might consider buying;
1: Except for very few other forms, they have the unique and unattainable quality of being self-assaying. I could hand you an Englehard on Johnson-Matthey 100 oz bar weighing a tad under 7 lbs and you’d probably be impressed. But that bar *could* be made of silver-plated lead or pewter and have the same weight and specific gravity and volume. It would take some effort on the part of the counterfeiter, but it HAS been done. And when does it happen? When silver is $6 or when silver is $40? Try that with a 1963 quarter or a 1957 dime.
2: The dimes and quarters, for those who think these are good forms of precious metals to own for barter or in a SHTF scenario, are minutely divisable. My 100 oz Englehard bars are worth about $4000 now and it might under some circumstances be tough to make change for one.
3: 1 oz generic rounds are also popular (and I recommend them) as well as US silver eagles. The premium per ounce on generic rounds is between a buck and maybe $1.79 per ounce. The premium on junk silver is often zero. The premium on Silver Eagles or Cana Maple Leafs is high, roughly $3-$4 per coin and *many* people believe that premium will itself expand as prices rise, IF they rise. IMO folks should buy some Eagles and if they really like them, a big green box of them. I happen to prefer generics. I like getting more silver per invested dollar.
4: There is no question that in a true frenzy, someone with junk silver or sterling silver forks will not get full value for their silver, as they would with top-brand .999 silver. There are lots of stories and indeed it is a fact that silver hit $50 in 1980. Very, very few holders got anywhere near that price, as the refiners knew the price would probably not hold, and their ability to melt down forks and candlesticks was swamped. This isn’t a heck of a lot different than the stories about internet stocks in 2000. Very few got out at top prices. I began buying junk silver years and years ago (1965 to be exact) and I will still buy it if I find good pricing on it, but I tend to prefer 10 oz bars of .999 at this point. Different people want different forms. I used to buy sterling forks and spoons in large amounts and have hundreds of pounds of it. But I do not buy it any more. Folks go through different phases when they buy this stuff to hold on to for long times. I would buy *any* silver if it was priced right, but I am really only looking to buy 1 oz generic rounds and 10 oz bars.
Provident Metals currently asking $1450.50 for $50 face silver.
Silver is now up $1.10....2.87%
“Except for very few other forms, they have the unique and unattainable quality of being self-assaying.”
I kind of brushed over this briefly, but it is actually kind of important, maybe even VERY important, and if silver goes parabolic in price (I doubt it even if I am a big fan) it will get MORE important.
That 1963 quarter assays itself. It is almost too difficult to counterfeit. It is not in great condition, so you could drop it on a hard surface and get that characteristic “ring” out of it, you could compare ten or twenty of them as to how they ring.
I cannot do that with a 10 oz bar of silver, certainly not ALL 10 bars. Not every seller will be happy with me dropping it on a hard surface. Many of them are in sealed plastic sheaths that a seller may not want to cut open.
But I *COULD* take it to an assayer, who would either drill teeny holes in it in different places and chemically analyze or cupel the turnings, OR, I could be satisfied with an assay performed by someone with an X-ray diffraction gun (the latest & greatest thing) commonly known as as “XRF” assay. Which isn’t quite as accurate in terms of detecting purity at depth inside an ingot. Either way, I am looking at paying someone to perform work for me, a time delay, and then there’s the question of whether the person I in turn wish to sell to will accept the results of MY assay, however performed. We don’t have this issue with a $10 bill, do we? We don’t even think about it being counterfeit, broadly speaking. Assays usually run $50-$100 per item. What does that do to your yield/value?
So this is what *I* mean by “self-assaying”. It is not really a widely used term, but it has considerable implications. Nobody has ever asked me what I mean when I use the term.
Nobody will *ever* question the authenticity of a nice, worn 1963 quarter that it’s OK to drop on a table top. Until the Chinese get somewhat better at their games. On the other hand, there *are* counterfeit silver dollars, and there are lots of them. Another reason why I suggest SD avoidance. SDs are OK if you know them and buy them cash over the counter from a known source who will back up their offering. If you buy them off ebay, IMO you are taking a massive risk.
It’s actually about $28,000 on Obama money. $1000 face is 715 ounces (assuming 1% wear as most sellers do).
That’s a good price. Gainesvillecoins is about the same price even if you pay by credit card.
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