As many of you know, Coinflation™ has long been the internet’s premier site for determining the value of your silver and gold coins. There is only one problem with that… As you know, one cannot usually buy silver coins at melt. There is almost always a premium of some sort, and over the past several years, that premium has often varied widely – from a low of 4-5% to a high of between 25% and 30% above the melt price.
Consequently, anyone looking to purchase or sell silver coins has not been able to get an accurate picture of the real physical market due to the fluctuation in the premium... until now!
Starting today, Coinflation™ will be listing the daily “bid-ask” premium on a $1,000 face value bag of U.S. silver coins. This will be found at the far right side of the top banner, immediately beneath the current Silver and Gold spot prices. The bid percentage (currently 13.3%) means that dealers are offering to pay 13.3% above the “melt” price for a $1,000 bag of U.S. silver coins, and the ask percentage (currently 17.8%) means that at least one dealer is offering to sell a bag at 17.8% above the “melt” price.
Note a few caveats:
- These are wholesale, dealer-to-dealer offers, so as a non-dealer, you may have to pay a bit more. In general, dealers work on fairly tight spreads on bullion but they typically wish to make 5%-8% on the sale.
- These premiums are for a full bag – $1,000 face value in silver coins, which if uncirculated, would weigh 723.4 ounces. (Circulated bags average about 715 ounces). Smaller quantities of silver coins will carry a higher premium.
- Bags of half dollars usually trade for a bit more (5% or so) than bags of dimes or quarters.