Buying silver coins a scam?

[palmettoguy]

I decided a little while ago to start buying silver coins for investment purposes and now I feel scammed.

I received a roll of silver Washingtons and a roll of Standing Liberty's.
After opening both tubes, it appeared the SL tube had a few missing because they didn't come close to the top of the tube.

I counted them out and there were 40 in each tube. So I stacked them next to each other and the SL stack is shorter by about 4 quarters.

That being said, I feel like I've been dupped out of $26 worth of silver.

Guess I'll ditch the coins and just buy silver eagles from now on...

 

[Irons]

US junk silver is a great way to stack silver for low premium over spot price.

Don't give up just be careful where you get it from.

 

[Milhaus]

I would want to know the weight of the roll prior to purchase. Silver coins lose volume over time due to wear.

 

[palmettoguy]

US junk silver is a great way to stack silver for low premium over spot price.

Don't give up just be careful where you get it from.

Thank you for the reply.

I bought them from APMEX and they weren't classified as junk silver, they were classified as good or better.
http://www.apmex.com/Product/11168/10_Standing_Liberty_Quarters___90_Silver_40_Coin_Roll_Good_.aspx

 

[medcoe]

The standing liberty is slightly larger in diameter so therefor its going to be thinner so it will not measure up when stacked . as long as they all around 6.24 g apiece you should be good

 

[medcoe]

Sl 24.3 mm washington quater 24. 25 i think but they are the same weight

 

[Jason in Enid]

Thank you for the reply.

I bought them from APMEX and they weren't classified as junk silver, they were classified as good or better.
http://www.apmex.com/Product/11168/10_Standing_Liberty_Quarters___90_Silver_40_Coin_Roll_Good_.aspx

"junk silver" is the term for common silver coins without collector value. It doesn't matter their condition is.

 

[palmettoguy]

Thanks for the specs...

I figured that maybe one was just smaller than the other, but APMEX, Wiki, and Coin specs shows them as being the same size http://coinspecifications.com/category/quarters/

Can you provide me a link that shows the correct specs?

Thanks

 

[palmettoguy]

"junk silver" is the term for common silver coins without collector value. It doesn't matter their condition is.

Ahh, ok. I was under the assumption that junk silver was coins that were worn smooth, dateless, ect. Guess that's what I get for assuming.
Thanks!

 

[Irons]

Thank you for the reply.

I bought them from APMEX and they weren't classified as junk silver, they were classified as good or better.
http://www.apmex.com/Product/11168/10_Standing_Liberty_Quarters___90_Silver_40_Coin_Roll_Good_.aspx

Apmex is a great dealer I have had nothing but great service from them. If you were shorted it was a mistake and they will fix it.

Google coin shows with your zip code and try to hit one for buying junk silver or any other coin you like. I have found coin shows to have great selection and even better prices than local coin shops.

 

[hilltopdoc]

my problem with buying silver lately is the premiums have risen substantially. shop around and buy from reputable dealers. i just read an article stating there were some counterfeit american eagles showing up. As if we didn't have to worry enough already.

I learned something new about the different quarter diameter tonight. thanks.

 

[palmettoguy]

Apmex is a great dealer I have had nothing but great service from them. If you were shorted it was a mistake and they will fix it.

Google coin shows with your zip code and try to hit one for buying junk silver or any other coin you like. I have found coin shows to have great selection and even better prices than local coin shops.

Hey, thanks for the tip!

 

[medcoe]

Thanks for the specs...

I figured that maybe one was just smaller than the other, but APMEX, Wiki, and Coin specs shows them as being the same size http://coinspecifications.com/category/quarters/

Can you provide me a link that shows the correct specs?

Thanks

Usacoinbook.com

 

[medcoe]

Or wikipedia

 

[palmettoguy]

Thanks...
The first link is an auction site and it didn't list any specs and wikki states they are the same size

Maybe I'm just not looking at the same sites you are?

Thanks for the help though....

 

[NHKeith]

thats standard.


so think of it this way

if the SLQ were in good condition, full dates, details (AKA NOT WORN) they sell at a premium over face value. to get US coins for silver weight people sell the coins per face value, so you are going to get less silver when buying older silver coins. if american eagle dollars were circulated they would be thinner then ones that were unc.

Bars don't get circulated, they get sold on weight, same with sterling silver. silver bowl sold as 10 troy oz of sterling. not face value.

 

[medcoe]

Type in at a search engine diameter of sl and then search diameter of washington quater thats how i did it

 

[yacorie]

I wouldn't worry about it. Unless you're buying based on weight and selling based on face value or vise versa it all works out in the end. When I'm buying/selling junk silver - I don't worry much about it. If you went to sell them - you'd be selling them based on face value and it wouldn't matter.

 

[Irons]

Hey, thanks for the tip!

Glad to help! I'm saving up for the spring coin show around here in March. There are dozens of dealers at the show and they all compete for your business.

I'm going to be getting a few gold Sovereigns and 20 franc coins.

 

[Buellride]

I have to agree with alot of the comments here...I started (and still do) purchase "junk silver". Personally, between Provident, SilverTowne and AMPEX; Provident sent the best quality and date variety of coins over the other two. SilverTowne was very consistent on the dates of the coins (all 1964 QTRs, Franklin halves), AMPEX sent below average condition (almost cull), but Provident sent very good (if there is such a thing) "junk silver" coins, wide date variety and good condition....Provident is a tad less in premium but has a higher ship price...SilverTowne ships their junk for free....it all works out in the end..you hope.

If you want junk silver you are better off purchasing from here or a coin show as stated earlier. Canadian coins are a great way to get spot silver (ask DirtyRob)

Finally....I have started to eye silver bars over junk....the premium is generally lower than junk and is prettier to the eye and touch. Go for the 10 oz'ers if you can afford it.....