Coincidentally, late this morning I went to one of those traveling roadshows where they purchase precious metals, bringing along a childhood coin collection that I wanted to turn into cash.
I started with a single 1 ounce silver medallion and was given a quote for $80. When I had checked the silver price earlier this morning it was above $115.
I questioned the buyer about the spread and he said the spot price was down, and the smelters were backed up so that was their best offer.
I brought out some other silver coins, specifically liberty head and Morgan dollars. He looked at the app on his phone and said “hold on I gave you the wrong price,” and then said “I’ll give you $35 for each of them,” including the pure 1 oz silver medallion.
I said no thank you and left, miffed, thinking he was jerking me around.
I didn’t realize the price of silver was collapsing.
Chances are, he was indeed jerking you around. Nearly every one of these traveling road show style buyers pay very very very very little for coins. They have no reputation to uphold and are the literal definition of “fly by night” - and by the time you realize how little they paid you, they’re gone.
Source: Am full-time professional coin dealer (who is NOT fly by night!) and have to deal with the repercussions of people getting hosed by these roadshows all the time :(
A very excellent question and totally reasonable thing not to know (congrats on being one of today's lucky 10,000!)
I'm speaking from the perspective of US coins because that's what I specialize in but this generally applies to coins all over the world as well:
Prior to (and including) 1964, US 10c, 25c, 50c, (and when they were made, $1) coins were made of 90% silver. We made A LOT of these, so in terms of outright rarity, most are not rare. Today they're referred to as "junk silver" because in terms of collectibility, they're junk, but the 90% silver content means there's some inherent precious metal value (as of this moment on Jan 30, 2026, they have ~approximately~ 60x their face value in silver content, eg $6, $15, $30, and $60 in silver respectively.)
So that's their basal value that fluctuates with the silver market. But the next layer is actual rarity / collectibility -- if a given coin is desirable enough that it surpasses its metal content, you get a different set of values.
Now to your actual question: Do they get smelted/melted down? The answer is...sometimes. They trade somewhat like financial instruments, based on the assumption that you could melt them down (and there's a cost to doing so), so that's how people value the various silver coins. In reality, there's usually enough demand from people who want to hold physical silver in various forms that they don't actually need to be melted down.
There's obviously a lot more to it, but that's the 5c version ;)
Is that more or less than the spot price? I would have assumed that they trade higher, though maybe the non collectibles trade are only a little bit higher.
My experience, I sometimes buy gold coins to make jewelry. I do that because at least here in Belgium, there's no VAT on coins but there is VAT on the other forms of gold that are more commonly used for that. For professionals it's not a problem because they pass VAT but for an individual it's a 20% difference. Also I'm in Antwerp so it's really easy to just bike to a place that sells gold if I want to.
In my case I buy old French 20 francs coins as they are quite "cheap": 1% above spot price of their gold content (they are 90% gold).
Other more recent coins, like Chinese or Canadian ones, sell at a much higher premium (17%, 20%) so I always wonder a bit who they are for. It's unlikely they can be resold for that much of a premium. At least the shops I use just buy them for their price in gold.
Also a very good question and the answer is also...it depends. The "premium" (delta to spot) on 90% silver (aka "90%") varies with supply and demand. At this very moment with the meteoric rise of base silver, 90% is selling for less than spot. But there have been times when it trades above spot.
The reason is that silver itself is traded on the various international commodity exchanges and those traders are not the same supply & demand sources as the little guy(s) who likes keeping some old silver coins in their garage. So as those supply/demand curves shift, the premium over/under spot price changes as well.
Also I heard that refineries that is companies that take 90% silver or even less in and processes it to something that can be sold on commodity markets that is purer silver are now focusing on well purer silver as that is easier to process. Thus there is less demand on less pure silver. And recycled silver ending with industrial use goes through these companies.
I appreciate you sharing your knowledge! Your layers concept makes sense but I guess I'm just surprised at how large of a layer the market price of precious metals can be—even for "junk silver" coins
So is speeding. There might be some crazy radiation related super science way to determine if a lump of silver came from a specific collection of coins, but once it's melted down, and the impurities driven out, silver is silver and you can't really tell that it came from coins.
Collectible coins usually get melted as a last resort, if they stay on the shelf forever. The value of the metal is still in the coin though. Think about it: you could buy a very common coin with the same metal, or a slightly rare one. Which costs more? Now take the rare one and put a huge dent in it. Is it worth less than the metal content then?
They're incredibly sleazy scumbags. They buy silver coins at bullion-value or below, which is the lowest grade you can get for a coin, making a small profit on everything they buy and massive profits on the ones that are actually worth something as coins rather than bullion. And it's typically elderly people they rip off, who are thrilled to get the price of a cup of coffee for their 1884S Morgan dollar. Never, ever deal with these predators.
He does have to turn a profit on what he's buying. You want spot price? Oddly enough, in California and maybe other states, a pawn shop will give you spot price.
Why California? Most pawn shops suck (see Pawn Stars where they offer like 1/3 of the value on most stuff), but you might find a few pawn shops that want to deal with metals and coins. The best thing to do is to shop around a bit when trying to sell anything.
Pawn Stars is semi-scripted entertainment, not necessarily representative of how real pawn shops operate. The actual prices were were negotiated before the episode was recorded.
But of course there will be a large bid / ask spread on collectibles and small quantities of precious metals. Dealers have to make a profit. Anyone who doesn't like the price is free to sell on eBay or at a local coin show or something.
Pawn shops can sell to large online dealers almost instantly in normal times. They can also sell on eBay easier than you can, as an established business. You can do those things too but maybe you don't want to deal with shipping and other hassles. I've heard really atrocious numbers (second hand) from pawn shops. To give you an idea, one guy went to a pawn shop and basically got offered $35 per oz on silver rounds when it was at $65. The coin shop offered him more like $55 if I remember right. This was in December, well before any big buyers stopped taking it or locking in prices. Even at $65 it looked high, because it was a record high, but tell your friend try to buy it immediately after you and it will be significantly over spot!
PS: eBay charges 14% or something. I also know very well that Pawn Stars is scripted, but the business side is true to life.
When the price moves violently up or down, dealers get scared. They need to keep it for an unspecified amount of time to get paid. Maybe the guy was jerking you around, or maybe he was short on cash. $35 for an oz is a terrible price when spot is $90 or something. It hit $120 during this past week and only crashed today, back to the record high from like 2 weeks ago.
> I didn’t realize the price of silver was collapsing.
Wait. It "collapsed" to the price it was on the 9th of january 2026. Which back then was it's all-time high.
FWIW I hold SLV (a BlackRock/iShares ETF on silver, the biggest and most liquid silver ETF in the world) since $26. I noticed the recent craze. So I bought PUTs when it was at $102, protecting me at a strike of $96. These PUTs were pricey but, so far, worth it. But here comes the kicker: I'm financing those PUTs by selling CALLs on SLV (that simple options strategy is called a "collar").
And as I'm a silverbug, I own silver coins too. But these aren't liquid as you noticed.
When you trade paper silver (like the ETF SLV), the price of the market is the price of the market. SLV is not 100% following an ounce of silver's price, but SLV's market price is SLV's market price. It was $105 at close yesterday and $75 at close today and that's just the price of SLV.
I do like that: not getting ripped off by some side-of-the-road hustler.
That dude giving you $80 then giving you $35 is taking a more than 50% cut compared to the nearest low of day. That's quite a rip off.
There's a lot going on here and it's not just the price going up and then going down (see my other comments). Basically, the entirely silver market is dysfunctional at the moment. And it's all about bailing out banks who are getting wiped out by the silver rally.
So when you sell silver at a pawn shop or to a retail dealer, here's what happens in a normal market. You get an instant price, 5-10% off spot hopefully. That dealer then takes that silver and sells it to a refiner in higher volume with a lower margin (to spot). That's their profit. Refiners will convert that silver into bars and sell it to wholesalers and institutional buyers.
But instead what's happening is the refiner needs to hold onto the silver for 7-14 days before it gets smelted and processed. With high volatility, they're not paying out the dealers until it's processed and sold. That's a huge cash flow problem. Instead of instant money, it's money in 2 weeks and you have no idea how much money.
So the retail dealer has to wait and it could be 20% lower or 20% higher in the current market so instead of 5-10% they eitehr have to offer 30%+ less than spot price if they buy it at all. That money tied up has an opportunity cost.
Combine this with a shortage of physical silver to deliver on futures contracts and the refiners aren't really getting the silver they need to satisfy that demand.
So the spot price is fake. Nobody's buying anyway. Low wholesale supply means the prices continue to go up. Banks are haemorrhaging money because they have huge short positions. They have to borrow silver to meet their obligations and the silver lease rate (the price to borrow silver for a money has like 10x'ed) and this is where we are.
Sir banks (at least the sane ones, like JPM) are both long and short on behalf of their clients and simply because they’re dealers and prime brokers all the time and just settle physical, which they also own (because they’re sane).
The banks are not getting wiped out by the silver rally. JP Morgan has not been engaged in shorting the silver markets for years. This is a baseless conspiracy theory, and JPM has also been accused of shorting BTC as well.
The entire narrative is made up and this is really just supply vs demand in terms of silver contracts and shares. I have been actively trading silver since last year and made over $100k and in precious metals (mostly gold) for 30+ years since I first graduated from college so I'm not just an idle spectator.
No, it's a low-effort mix of facts, irrelevancies, misunderstandings, and BS conspiracy theory. Don't believe 90% of the financial information you see on HN.
Searle’s team found that Azorean mice had mitochondrial DNA suggesting an early colonization from the far north of Europe, just as expected if the Norse transported them.
Aren't there other possibilities? Sailing voyages for trade usually had multiple ports of call. Could Mediterranean traders have visited Viking settlements in northern Europe or the Eastern Mediterranean, picked up Norwegian mice in cargo, and then dropped them off at the Azores? Or, the Vikings traded a mice-infested boat to some other merchants which visited the Azores?
I had that same epiphany when reading a biography of Ernest Hemingway.
Another type of work I avoid are "the making of ..." documentaries/accounts of classic works of film, music, and TV shows. Pulling back the curtain really destroys the magic.
I had this same feeling. Same with reading a biography of Kurt Vonnegut. Before reading it, I thought of them in idealistic ways. They had multiple affairs and weren't such great people, even though they both wrote really, really well.
"Theory of positive affirmations" and related ideas have been floating around for a long time. There is some scientific research around this (https://www.psychologytoday.com/us/blog/the-age-of-overindul...) but there are also some culty groups that use it for indoctrination or as sales tools.
Concluding he would need an M.B.A if he wanted to climb the corporate ladder, Adams got into UC Berkeley, with the bank footing the bill. As he closed in on his master’s degree, he learned that an assistant vice president position was opening up but figured he wouldn’t get it because the bank was leaning toward hiring a minority, he said.
Adams jumped to Pacific Bell and completed his degree, thinking he was on the fast track to upper management. But in his book, Adams wrote that as was the case at Crocker National, his new employer was also coming under fire for a lack of diversity in its executive ranks.
Instead of getting mad, Adams got to drawing. Believing all this was a sign for him to revive his dream of cartooning, he purchased a primer on how to submit a comic strip and went about creating Dilbert.
The shopping app I have used in my area for the past 7 or 8 years shows the number of "deals" in each category. This week there are 36 deals in "Cookies, Snacks & Candy" (up from 20-25 from winters past) and 19 in "Frozen Food" which is also higher than years past.
The big processed food brands are clearly more aggressive in their discounts. Lower demand overall from GLP1s or common sense is part of it. But the other factor relates to the huge increases in prices starting during the pandemic.
I mean, 13 ounce bag of Doritos for $7.29? A box of freaking Cheerios for $5.99? Few people will touch that, so they're in a situation where they must discount heavily to move product. These particular products are on sale 2-3 weeks every month at $2.29 to $2.99 (see https://www.starmarket.com/weeklyad)
Reminds me of when Google's SEO spokesman Matt Cutts was around recommending that all sites have separate desktop and mobile versions, then Google started penalizing sites by tanking their pagerank shortly afterwards for not having just one version because Google wanted to push responsive design
The US and China regularly use export controls (like the Nvidia ban), joint ventures, and legislation as levers of power over the other side.
For American and other non-PRC companies thinking of using Chinese models, doesn't this have to be balanced with the risk that the US or its leadership may kneecap the Chinese models through export controls, an executive order, or some other means?
Typical FIRE also requires access to affordable healthcare. In the US that is going away with ACA subsidies.
Five years ago I paid for “market rate“ insurance through my business for my family because we did not qualify for ACA subsidies. The cost was about $40,000 per year.
> By contrast, my Nissan has driving settings like lane centering and seat heater controls on physical buttons... right next to my left knee where they are nearly inaccessible while driving.
I can beat that.
2011 Prius. USB-A port is inside the center console at the bottom of the back vertical interior panel.
You have to lift the center console lid, move all of the crap you've stored inside the console away from the lower rear of the compartment to reach the port, then by feel (unless you want to turn your head 100 degrees to the right and look down while driving) attempt to slot the USB cable into the receptacle.
My old honda fit had one of those inside the glovebox. I believe you were meant to plug in a flash drive or ipod and leave it forever. It did not provide enough power to actually charge a battery.
Oh. That's interesting. I have a 2018 Fit and I've never been able to get the USB port in the center console to charge anything. I bought it used, so I just assumed it was broken and moved on to using an adapter in the cigarette lighter. I wonder if that's what's actually going on?
There's a strong argument that you should never be plugging in USB devices while driving but it's hard to argue that you shouldn't adjust the lane centering settings while in motion.
I started with a single 1 ounce silver medallion and was given a quote for $80. When I had checked the silver price earlier this morning it was above $115.
I questioned the buyer about the spread and he said the spot price was down, and the smelters were backed up so that was their best offer.
I brought out some other silver coins, specifically liberty head and Morgan dollars. He looked at the app on his phone and said “hold on I gave you the wrong price,” and then said “I’ll give you $35 for each of them,” including the pure 1 oz silver medallion.
I said no thank you and left, miffed, thinking he was jerking me around.
I didn’t realize the price of silver was collapsing.
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