Hey guys, First I want to say that this is my first post here and I look forward to becoming a steady contributor to the forums. I have been stacking silver bullion but this will be my first 'junk silver' transaction. Deal is taking place tomorrow. I thought it was a great deal so I jumped but now I'm second guessing myself so I thought I would get everyones opinion. 155 65-69 Kennedys - $670 This breaks down to $4.32 per coin and a total of 22.9 oz's. If you do the math it comes to $29.25 an oz. When I agreed to the deal silver was trading in the mid 33's range but its obviously down a bit since last week. I prefer to purchase .999 bullion but I felt it was a good deal. At the very least, I considered picking it up and if I really wanted to dump it off I would trade it in w/ my LCS for some .999. However, I just found out my main LCS is only paying $2.50 per coin!!! :/ So what do you guys think.... should I still take the deal?
USA Members may be the best to answer this question.. I have a few of these Kennedy coins. Wasn't the first ones minted sterling 92.5% , then from 66 on they were only 40%. I wouldn't worry too much about how much the LCS is offering to buy them, sounds like a good US junk coin buy to me. Be interesting to hear from your US buddies on SS. Regards Errol 43 PS. Welcome to the SS Site, Enjoy your stay!
In relation to taking the deal If you gave your commitment to buy or us olders call it word then you should consider your trading reputation. If there is no firm comitment i would pass for that type of capital outlay and use it for .9999 JMO REDBACK
These are 40% silver halves. You didn't get a bad deal, but not spectacular either. They aren't quite as desirable as 90% silver halves minted '64 and earlier.
Errol, 1964's are 90% and 1965-1970's are 40%. The spot price for 155 65-70's is $752.35 USD right now. I think it is a good buy. Raysti
errol... Thank you! Redback. I am starting to think the same thing. It's a hefty amount to pay for 'junk silver'. I would much rather have two shiny 10oz Scottsdale 'Reserves' in my stash! I did 'committ', but I guess I could call the deal off. It's been pending for a few days so I would feel a bit bad. Like I said, initially... I thought I could pick them up for $29/oz, pawn them off for $30-31, make some extra cash and put it into some .999. However, that doesnt seem to be the case, unless I sell small lots on ebay. Even doing that, it seems that I would just break even with a lot of effort into all the transactions :/
They are all 65-70's... 40%. Working out the numbers based on the spot price it seems to be a decent deal (even after the recent drop off). However, the more I look into it the more it seems that people are not valuing the 65-70's on the spot price... and when do they, they are selling at a decent loss.
If your plan is just to flip them quickly, I would stay away from it. But if you were going to keep them, I think it's a fair deal. Raysti
Raysti, I definitely had all intentions on keeping them but when I started to get nervous about the transaction I considered trying to get rid of them. I'm stacking for retirement (I'm 25yrs old) so I have plenty of time to catch up to make some profits.
Not sure if you know about this site or not, but it has helped me out in the past. www.coinflation.com It has current melt values of silver coins.
Silver is silver is silver at the end of the day and when demand is high, I don't think people will be that fussy. It's a US mint coin, government guaranteed with a set weight and content percentage (ie it's trusted) With the way the US economy is headed, low content silver coinage on hand is definitely a good idea. Barter silver definitely has strong upside potential when things sour there. ie : [youtube]http://www.youtube.com/watch?v=Z5mZBSrfnuM[/youtube] [youtube]http://www.youtube.com/watch?v=zaOR0Pt6ABw[/youtube] My advice is to go ahead with the purchase and put the silver aside, especially if you are purchasing below spot... you're getting silver at a price less than a 400oz Comex bar. Sounds like a bargain to me.
Thanks for the advice. Makes me feel much more secure about the purchase. I originally was very excited, from the time I agreed *few days back* I was getting these coins at 14% under spot. Seemed like a rare find!
This IMO this ^^^^ is very good advice, what you have is fractional silver at below spot. When the SHTF these little beaties will come in handy for making small purchases and just 1 of these may be enough to buy the food to feed your family for a day or two or buy you gas for your car so you can get out of dodge. Junk silver as you call it has its place in everyones stack, its a great buy. You are better off having these in your stack and not needing them than needing them, not having them and having to use a 1oz coin or worse a 10oz bar in an emergency or urgent transaction and not get any change. Junk Silver is like having a First Aid kit for your stack.
I really like the first aid analogy. Well, I guess I should go buy some tubes for these suckers now! LOL
Update: The Kennedy's came with tubes! :lol: Very happy with the purchase now that they are in hand. Love the patina of this coin... Thanks for the help guys. I appreciate it.
