Can someone tell me what this is worth in fiat currency?
Submitted by - on Wed, 03/25/2009 - 16:12
in
I need to know what this combined is worth in fiat dollars please. I know some of you on here are real good with the junk silver conversions so this would be very helpful.
5 rolls of FRanklin halves
2 rolls of Barbers halves some nice
700 Ike dollars (I realize these are not silver)
20 rolls of 40% kennedys
And before anyone starts getting on my case about selling silver now, I am not. This is a trade opportunity in which I will be receiving all of that for a vehicle.
Thanks again!
-Jeremy
»
It's worth whatever the market will bear
sorry. couldn't resist.
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This shouldn't be so hard to figure
go to:
http://www.coinflation.com/silver_coin_values.html
No known scale
Don't use a dollar value as that would be adjusted for printing
you-no
Actually there is a huge benefit here to doing so.
If he agrees to the exchange then he only has to value the sale at the face value of the coins. Then if he were to have to report this sale for any reason, the basis would be the face value.
Likewise, the buyer only needs to list the face value of the coins as the purchase price for vehicle registration and sales tax purposes.
If I recall, he's looking at $1140 face value. Any court should uphold this and some already have. The fact that the coins have different intrinsic values are irrelevant. The U.S. Congress has authorized both coins (precious metal and not) and put a face value on them which means they are legal tender for that value. Period.
Everyone, except the IRS, wins. Yay!!
A more accurate assessment
For starters, I highly recommend the purchase of a "Red Book" available at any major bookstore. Even Wal-Mart might sell it. (I've seen it there in the past if I recall correctly)
All told for 90% silver coins, you have 7 rolls of halves. That's 140 coins containing .36169 ounces each for a total of 50.6366 ounces.
The 40% Kennedy's would make 400 coins at .14792 ounces each for a total of 59.168 ounces.
That gives you a total of 109.8046 ounces of silver. (assuming the Ikes are not)
Simply multiply this number by the current spot price (bid) that you can find on any reporting site such as kitco.com/market. Today's close of 13.51 per ounce gives you a value of $1,483.46 for the halves alone. (they have a combined face value of $270) Many dealers are paying above this price, and you can certainly get more than this on e-Bay.
If you want a numismatic (collector) price, you will have to have all of the coins graded first. That will get very expensive. I would have someone look them over to pick out the best specimens for grading and then value the rest at 'junk' prices for such coins as I did above. The Red Book will give you a guide as to what to expect to receive per coin that is graded.
If any of the Ike's are silver, they contain .3161 ounces each. The easiest way to tell is with a 'ring test.' Balance the coin on your finger tip very lightly and tap the edge with the edge of another coin. If you hear a lingering high pitched ring as opposed to a dull thud or low pitched short ring, then you have silver, else it's copper-nickel.
Before you go ringing all your Ikes though, only the dates and mint marks listed below are silver:
1971-s
1972-s
(some of the following are copper-nickel, you will have to test these)
1973-s
1974-s
1976-s (bicentennial reverse with Liberty Bell rather than an Eagle)
There were no 1975 issues and none of the 1977 or 1978 issues were in silver. Most, but not all silver coins were issued as proofs so it should be easy to spot them. (polished mirror background with frosted raised areas) However, 1973-s and 1974-s proofs were also issued in copper-nickle. Those years have to be tested no matter what.
Another way to tell composition is by weight. The silver issues weighed 24.59 grams and the copper issues weighed 22.68 grams. If you weigh each one you can find out what it is. If you want to know easy off if any are silver, then weigh a set batch of say 10 coins. If the total weight is more than 10 times the copper weight listed above, at least one of them is silver. (wear and tear might slightly lessen the weight but not more than a hundredth of a gram or so as these coins did not circulate well)
If you don't have a gram scale, the US ounce equivalents for total coin weight are silver .867 ounces and the copper .800 ounces.
The Ikes, even if they are not silver, command a bit more than face value on the market, especially if they are graded. (though that is not required)
If all the Ikes are silver, you have an additional 221.27 ounces which would give you a total value at spot price of $4,472.82.
Hope this helps.
yeah, the ikes are not
yeah, the ikes are not silver. So I guess I am looking at about $2200.
Thanks
Depends on the condition of the coins, or dates
You did not specify the condition of the coins or the dates. The rule of thumb is that all the coins are worth at least the price of content of silver. The Ikes are 40% silver:
Ike's: 40% X 1 oz X $13.45 X 700 = $3,766.00
Kennedy's : 40% X .5 oz X $13.45 X 400 = $1,076.00
Barbers: 90% X .25 oz X $13.45 X 40 = $121.05
Franklin's: 90% X .25 oz X $13.45 X 100 = $302.63
Best guesstimate Total: $5,265.68 (+/- 10%)
Un-circulated coins can be as much as 40% higher.
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You're estimates on silver content are WAY off.
He has no where near that amount of silver, even if all the Ikes are. Check out a Red Book, or google online for content of U.S. Silver coins.
Silver content of half dollars
90% appx. .36169 troy ounces
40% appx. .14792 troy ounces
that is of the years he was asking about. Older issues had more silver in them. (.38672 ozt or 185-10/16 out of 480 grains)