Silver bags W/ 40% coins?

[11C1P]

While I have always liked to collect old coins as well as PM bars and coins, I am by no means well versed in the world of PM's as I've always just collected what I liked, sold when either I thought the price was too good to pass up or when I was strapped for cash. With the recent dip in silver I have been doing a lot more buying of silver, and also started buying junk silver outright. I went to my local coin store where I frequent semi-often and asked them about putting together a bag of junk silver. They told me they could put together whatever I wanted. I asked about getting a pound and a half of mixed 1/2's 1/4's & dimes. We agreed on a price and I went to pick it up a couple days later. I weighed them and it weighed right. A few days later I started going through the coins to start sorting them into tubes of like coinage. Doing so I found a few of the 40% variety mixed in with the bag. I was a bit disappointed, but wasn't sure if this was normal when buying a bagful as I had never done it before. Does anyone know if this is normal? I know it's a small bag especially compared to a lot of the pre-made bags out there, but they said they could put together whatever size I wanted, and while I only said 1/2's 1/4's and dimes I did not specify 90% coins, as I thought that was the standard. I also know that out of a whole bag getting a few odd coins that are 40% instead of 90% isn't a HUGE money difference, but still seems a bit shady to me. Am I wrong in believing that?

 

[pmbug]

If the bag was sold as 90% (as opposed to just "junk"), there shouldn't be any 40% in it. I once bought a bunch of 90% from my LCS, but I inspected the coins before I left the shop. I found a couple of 40% coins in the lot and the shop replaced them immediately and without hassle.

I'd talk to the LCS where you got them and tell them what you found and that you were disappointed. They should make it right if they want to keep you as a happy (repeat) customer. $.02

... Oh, and welcome to the forum. :wave:

 

[ancona]

If you bought the coins based upon getting a pound and a half of silver equivalent, i would weigh the 90 percent and 40 percent separately and do the math to determine exactly how much silver I ended up with. If you simply asked for mixed junk, he may have given you some 40% in the mix, but may still have given you the requested weight.

 

[Potemkin]

I am selling my junk silver and it's dreadfully hard to find buyers.

I don't buy anything unless it's at least 90 % silver.

 

[11C1P]

If you bought the coins based upon getting a pound and a half of silver equivalent, i would weigh the 90 percent and 40 percent separately and do the math to determine exactly how much silver I ended up with. If you simply asked for mixed junk, he may have given you some 40% in the mix, but may still have given you the requested weight.

I must be missing something. The bag weighed correct with all the coins in it. I know that the 40% coins weight is something like 3 or 4 hundredths less than a 90% coin, but I don't see how the value could could be anywhere near the same by weighing it separate, when it was purchased by it's total weight of 1 1/2 pounds. If I buy 5 pounds of silver of 90% coins for the same price of 5 pounds of 40% silver, I would probably have a couple more coins in the 40% bag, but it's still going to weigh 5 pounds and only be 40% silver. Unless I am missing something it's kind of the which weighs more a 100 pound stack of bricks or the 100 pound stack of feathers?

 

[11C1P]

I am selling my junk silver and it's dreadfully hard to find buyers.

I don't buy anything unless it's at least 90 % silver.

Our guy is having trouble getting a hold of it. I know a year or so ago his jars of junk was near full, now it's near empty. I try to buy only the 90% stuff too.

 

[Jay]

I am selling my junk silver and it's dreadfully hard to find buyers.

I don't buy anything unless it's at least 90 % silver.

really? I've got people calling me wanting me to sell junk silver.... (I don't sell silver...yet)

 

[pmbug]

I am selling my junk silver and it's dreadfully hard to find buyers.

I don't buy anything unless it's at least 90 % silver.

Potemkin is in Europe. Here in the USA, 90% silver has a specific meaning - Quarters, Dimes and Half Dollars dated before 1965:

http://en.wikipedia.org/wiki/Junk_silver

Are people trading US junk silver in Europe?

 

[11C1P]

Potemkin is in Europe. Here in the USA, 90% silver has a specific meaning - Quarters, Dimes and Half Dollars dated before 1965:

http://en.wikipedia.org/wiki/Junk_silver

Are people trading US junk silver in Europe?

Old dollars (morgan & peace) also are 90% Also the wartime nickels of 35% and half dollars after 65 of 40% are also generally considered junk silver too. I don't usually buy the 40%, but I got several that were handed down and some friends when they get them will give them to me, along with the newer ones that have no silver, but I appreciate the thought. I still have a lot of marks and Pfennigs from when I was stationed in Germany, but most of them were not silver or copper. I found only a couple silver 5 mark coins in my change while over there for 26 months. I don't know if they consider it junk silver there, never really talked coins with the rads over there.