How much for a pound of junk silver

I was thinking of buying sme junk silver - most places sell by face value - ie $10 face bags etc.
I found a place that sells it by the pound - but I do not know what I would be getting.
Does anyone know how much face value there would be in a typical 1 pound bag?

 

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You mean there are 12 ounces to a pound! Wise man. they're is also ~28 ml in an liquid ounce.

Ruben

 

I think what Doug is trying to ask is are you talking a standard pound (16 oz.) or a Troy pound (12 Troy oz or .823 std LB). All precious metal prices are based on Troy oz.

 

Yes! Ruben, there are 12 Troy oz in a Troy LB. Too bad you cannot read this. You might learn something.

 

http://www.unitconversion.org/weight/pennyweight-conversion.html

just FWIW

 

However, there are 14.5 troy ounces in 1 pound (avoirdupois pound)

So there are many possibilities.

 

I know but I am having trouble picturing in my mind exactly how much it is.
I estimate it to be close to $10.00 face value? Am I close?

 

In theory two 90% silver half dollars (one dollar face) would weigh 25 grams . So one Troy pound would contain $14.90 face value. One standard pound would contain $18.10 face value. (Values rounded down to the nearest dime.) Since the weights of the dime, quarter, and half are proportional these figures should be pretty accurate ad a mixture of coins could be used to arrive at those face values. It could be possible to be shorted slightly if they only use quarters ($14.75 and $18.) or halves ($14.50 or $18.).

 

You still have not answered his question so I will give you a multiple choice. Take you pick from the following:

std. LB = $18.14 face of 90% silver halves & smaller
std. LB = $16.97 face of 90% silver dollars

Troy LB = $14.93 face of 90% silver halves & smaller
Troy LB = $13.97 face of 90% silver dollars

 

I would avoid any dealer who sells by the pound rather than according to face value. Why not ask if you can open the bag and count the dollar value of the contents? This has red flags all over it but if you insist on buying, bring your own scale.

 

I didn't include the silver dollar figures because silver dollars are typically sold at premium above silver value. Even the really low grade ones.

 

But you also did not include dimes. I would assume "junk silver" would include halves, quarters and dimes.

 

Why? Do all the face value coins have the same ratio of silver to face value?

Is a dime 1/5th of a half?

Ruben

 

Yes, Ruben, with 2 basic exceptions. Silver dollars are heavier per dollar and silver nickels actually have the most silver per dollar face of any US coin.

BTW, a dime weighs 2.5 gms. and a half weighs 12.5 gms. Do the math.

 

Yes I did, see where I said the weights for the dimes and quarters were proportional so they could use a mix of coins to get to the slightly rounded down figures I gave. I then indicated that you could get shorted if they used ONLY quarters or halves. If they used just dimes or a mixture of dimes and one or both of the other two coins you can get the exact (rounded down) figures of $14.90 or $18.10

 

The point is, you'd better know what is in the bag -- number, denomination, and date. Is a 64 half equal to a 65? Do you trust the seller's weight? If it is a bag of dimes, can you verify the weight within one coin without a scale? I would think someone from Brooklyn would be more skeptical when buying.

 

Guys. Run from a dealer selling junk silver Retail to the public. Go somewhere else. They are not honest. Only wholesale junk is sometimes sold in pounds if there is a large quantity. This dealer is either dishonest or ignorant about how junk is sold. Go on the internet and get the conversation. Go to APMEX, Provident or JM Bullion and wail for a sale.

 

I must be stupid because the way I see it 90% silver is 90% silver therefore the easiest fairest way would be to disregard the denominations and just buy and sell junk 90% silver coins by weight. All one needs to know unless I am crazy is the value of silver per Troy ounce and then weigh it and place the value at 90% of spot today and then perhaps add 5% premium for the convienience of it being in bonafide coin form. The simple reason this is most fair is that many older worn coins have lost a considerable amount of material. Now I can see retailers balking at this because they might much rather focus on the number of dimes quarters halves the "face value" and completely disregard the loss of material due to wear. LOL but to me such just overly complicates things converting back and forth "troy pounds" vs regular pounds ... which are the same thing until you start dividing them up into one type of ounce vs the other or how much each individual coin weighs ....Hey AGAIN 90% silver is 90% silver so personally I love a dealer that wants to simplify and go off total weight ...and yes bringing one's own scale would be wise if you did not trust a dealer ....but if you keep doing business with someone over and over and trust is developed? You might start to trust...unless you are the ultra paranoid type that suspect everyone of trying to rip off everyone ...What do you fill a gallon can with gas as you pump it and pour each into your tank trying to make certain a gas station is not screwing you? Do you weigh each package you buy from a store and make certain there really is 16oz of cheese or cereal etc? Do you count and weigh everything you buy? My guess is not....most people are honest ....maybe you buy a box of 500 BBs and then count em all? etc etc etc