anyone just realise http://www.wdavis.com.au/ has jacked up the price of 50c to $14 each thats $42 for a ounce!!!! gezzz i rather buy government issue coins if its gonnabe like that =.="
As much as I like them, I'm just not willing to pay those kind of premiums. I think there's better value to be found elsewhere at the moment.
Agree but, if the market is paying this then not many options if you want them. I am glad I picked up a large batch late Jan for a ridiculous price
It fluxuates. SS is high on Google search when looking at topics like this and last year we had something of a run on the 1966s as there were a few threads here talking up the market. Google searchers and Ebay afficionados saw this as a sell opportunity and we saw a spike in the market price there for a while that had a few of us scratching heads until we put two and two together. At the core of it, the 1966 has a 'value' of about 1/3 spot price + 50c-$1 minting premium per coin. They have zero numismatic value in general and are just traded on their spot price. So with silver at $35.50 US as we speak, that should place the 1966 at around $11.85 per coin + 50c-$1 premium, giving the average coin value around $12.50 per coin to be 'on the money'. Much more over this, I highly recommend Stackers to source other silver options until the market comes to it's senses. There will ALWAYS be sellers looking to cash in on a niche in the market, but unless we're talking numismatics, silver is silver is silver. At prices around spot, just go buy a damn bullion bar and enjoy your .999 fineness at similar prices until the market comes to it's senses. Trust me, they're not going to 'run out' of 1966s tomorrow. There's literally millions of the buggers and when you consider even an annual Kook/Lunar run is limited to only 300k ounces (now 500k) per year, you're not going to be scratching for 'rare' 1966s anytime soon.
Well right now the bid/ask is $12.10 / $13.40 - so a $1.30 spread. Spot is $35.50 right now, so spot value is $12.12 - they are buying at spot. $1.30 markup per coin seems fair - in the secondary market I tried to stick to $1/coin over spot when I was buying, but these are subject to GST as well when sold by a dealer. A $1.30 spread works out to be a $1.18 gross profit per coin. Pretty slim pickings. $13.40/coin is $39.22/oz, so a $3.72/oz premium on a single coin purchase. You need to buy 500 Kookaburras from the Perth Mint to get the premium down to $6.50 an ounce. Technically $14 is $40.98 an ounce, not "$42".
I stopped stacking 66 fifties around Oct last year when the coins were $10. Obviously I stopped too soon. However I did buy other coins at good prices so it is not something I regret doing. The big dealer in Brisbane is buying 66 fifties for $13 and selling at over $14. If the price of silver happens to reach $40 they will be buying around $14 and selling in the $15 to $16 range. Buying around $12.5 to $13 at present may still be a good buy. Are you going to ride the spinning wheel? Regards Errol43
Spinning wheels make me sick. But, I'll feel even sicker paying $18/coin in 3 months, so yes, I'll keep riding for now.
All im buying these days is 1966 50c for my fractionals and 10oz bars. Thats it. I like how liquid they are.
I agree with your statement. I cannot understand if their is any numismatic premium attached to these coins as they are only bullion coins at best. I guess the only reason for the increase in "premium" is because the dealers are willing to pay so much in buyback. If they were not I doubt you can get these coins for more than spot. Even ebay which bullions sell for crazy prices, the 50c coins are selling for average prices at best. I personally like these coins just for the sake of trading more premium bullion for more ounces.
Im tempted to buy some at $12, it looks like the silver price would have to fall below $30 for these to lose money.
The other side of the coin is to remember you're getting 20% of the coin in copper essentially for 'free' - these coins are generally priced on their silver content only. I will still buy them now in small quantities (when you can get .999 at similar prices, I prefer the latter) but the liquidity of the 1966 is very hard to beat. I only have 1/3 of the stock in these coins I had about 6 months back, but a small core is definitely worth shooting for, especially if you can get hold of them at a fair market price.
Ive noticed some coin dealers lagging in their price updates for the 50c so ive been able to pick a few up under spot. Keep your eyes open for bargins
Thats exactly what I have been saying, there are still 50c "bargains" to some dealers and even on the bay. The silver market is small enough that one person buying a lot of a single item can seem to influence the price be it a dealer or customer. While in comparison to the usual bullion coins, it is much much harder to find "bargains" for the typical .999 bullion coin thus the premium price can be more justified.
3 months ago i was paying 8.40 each per 50 coin batch. Last tuesday they were 13.40 per 50 coin lot.Not a bad jump for 3 months.
