Using Silver as payment question

[IAM Rand]

The only one that benefits from silver or gold are the people that do it for a living. They get money both ways. The only time an investor makes money is buying low and selling higher than the price a dealer will give you.

There are people that think owning gold or silver will be used as payment should the dollar/economy collapse. I would like to see someone with a file scraping off the exact amount needed to by your groceries.

"Thank you Mr. Smith, your bill comes to $75.28. That will be 2.38 troy ounces of silver." Please people, the only thing that will matter when the economy falls apart will be lead.

 

[redlevel]

The only one that benefits from silver or gold are the people that do it for a living. They get money both ways. The only time an investor makes money is buying low and selling higher than the price a dealer will give you.

There are people that think owning gold or silver will be used as payment should the dollar/economy collapse. I would like to see someone with a file scraping off the exact amount needed to by your groceries.

"Thank you Mr. Smith, your bill comes to $75.28. That will be 2.38 troy ounces of silver." Please people, the only thing that will matter when the economy falls apart will be lead.

Baloney.
Gold and silver have been an accepted medium of exchange since Biblical times. Better to own it in smaller, more easily negotiable denominations than in larger bulk pieces. Probably the best for buying and selling after an economic collapse is “junk” silver, or 1964 and pre US 90% silver dimes, quarters,and halves. Barter won’t always work. I might not need the wheat you want to trade for my pig, but I would be willing to take US silver coins. I just can’t understand why people think that a currency that has been acceptable for thousands of years won’t continue to be.

 

[THE PILGRIM]

Yes! The US Circulated 90% is the key to Barter.
Recognizable, easy to explain.
$1.40 face value= 1 ounce Silver.
Downside includes, loss of metal on worn coins, and premiums have been high.
No reason to start chopping up large silver. Get plenty of Dimes!
Needed to get $1.40.
You throw down for that tire you really need.
The seller say, those look a little worn! Implying loss of silver.
Add another Dime!

 

[Muss Muggins]

I don’t know anyone who would take whatever you think passes as gold for their vehicle, gun or tool box. How do I verify that what you say is gold is gold?

Baloney.
Gold and silver have been an accepted medium of exchange since Biblical times. Better to own it in smaller, more easily negotiable denominations than in larger bulk pieces. Probably the best for buying and selling after an economic collapse is “junk” silver, or 1964 and pre US 90% silver dimes, quarters,and halves. Barter won’t always work. I might not need the wheat you want to trade for my pig, but I would be willing to take US silver coins. I just can’t understand why people think that a currency that has been acceptable for thousands of years won’t continue to be.

 

[Bald1]

Large bars from most distributors have a serial number stamped in it with documentation. But again, anything can be faked/forged.

 

[Bald1]

The only one that benefits from silver or gold are the people that do it for a living. They get money both ways. The only time an investor makes money is buying low and selling higher than the price a dealer will give you.

There are people that think owning gold or silver will be used as payment should the dollar/economy collapse. I would like to see someone with a file scraping off the exact amount needed to by your groceries.

"Thank you Mr. Smith, your bill comes to $75.28. That will be 2.38 troy ounces of silver." Please people, the only thing that will matter when the economy falls apart will be lead.

To be clear, I don’t think the end of the world is near. I was thinking more, buy n hold. Especially if I could get it at a discount.
And yes I know there are more lucrative options. Hell I’ve got money making 6% just laying in the bank. And I’ll choose the stock market and real estate every time for big investments. But the DOW lately is giving me whiplash.

 

[Kinman]

Silver and Gold has been the currency of the realm as far back as time has been recorded. The Spanish dollar was divided into quarters and was easily split into eighths, this is where we get the term "two bits". Of course your best bet for trade if times get tough would be "junk silver" or pre 65 American dimes, quarters, halves, dollars. That way you could easily trade a silver dime for a dozen eggs or a quarter for a gallon of gas.

 

[Bald1]

So happens I have a bunch of old Mercury dimes. Not a lot of collector value numismatically because of condition and dates. They say 14 of them make a Troy ounce. If this other transaction goes thru I’m going to convert the dimes into bars as well. Like I said. Id be just buying and holding. Not using for future purchases. To me it’d be found money…….. as a side note I had a funny conversation with my 30 yr old son last week. I told him what I was thinking of doing. He goes on to tell me what his purchase price was the last 3 times he bought silver. I was like WHAT?! I had no idea he had any. He has well over 6 figures in crypto. I never thought the two worlds would meet. It’s literally 21st century vs medieval currency.

 

[redlevel]

FYI, scroll down and you can see the value of the 90% coins based on the spot price of silver.
Just a moment...

 

[Bald1]

Redlevel, thanks for that. Very helpful. So it confirms 14 dimes equal about $30 currently

 

[THE PILGRIM]

$1.40 Face 90% is 1 ounce Silver.
So you owe somebody 2.38 ounces of Silver.
Open calculator app, 1.4 x 2.38.= $3.332.
I’m rounding up to $3.40, want to maintain good relationship for next transaction.
Count out $3.40 of 90% Silver and lay it on the counter.
Also Love those Morgan’s!
They are probably the most counterfeited US Coin.
My Dealer has a bunch in his box of shame.
The ones I Love the Mostest are the ones I got at Nevada Casinos for $1.

 

[DWalt]

If you have a fairly precise scale that will weigh up to 500 grams (which I do), it is fairly simple to determine the specific gravity of a pure silver bar (10.49) up to 10 ounces. That will allow you to determine if the bar is really silver. I do that to identify larger gemstones using the simple weigh-in-water method. Mine is a quad-beam Ohaus 505, precision to 0.01 grams (0.15 grains). Great for weight-matching bullets and cases.

 

[pawngal]

I don’t know anyone who would take whatever you think passes as gold for their vehicle, gun or tool box. How do I verify that what you say is gold is gold?

Depends on the circumstances of both the buyer and the seller. I have frequently traded gold for jewelry at big jewelry shows.
And I have accepted gold in payment at my pawn shop. Yes, not ordinary, but accepted.

Something else to watch for on fake gold/silver, in very small letters, "Replica", very easy to miss cuz everything else looks perfect.

 

[Oldengineer]

Junk silver coins have a floor under them. A 90% silver quarter will always remain worth 25 cents. I can’t say that about a one dollar paper bill. A $1,000 face bag of 90% US junk silver US coins might make sense as a SHTF insurance policy.

 

[GypsmJim]

I have often thought about buying some silver. I suggested a $1000 purchase to the wife and she nixed the idea. This year I already bought $2000 of gun related stuff and she was OK with that. I guess her idea was smart.

If I knew the guy, maybe. Not as many honest people out there as before. Is is counterfeit? Stolen?

When / If I DO buy some it will be from William Devane, not a guy.

 

[GypsmJim]

Junk silver coins have a floor under them. A 90% silver quarter will always remain worth 25 cents. I can’t say that about a one dollar paper bill. A $1,000 face bag of 90% US junk silver US coins might make sense as a SHTF insurance policy.

Melted down, Pre'82 pennies are worth more than a penny. A silver USA quarter will always be worth 25 cents at the grocery store. But melted down it will be worth considerable more. However, the "collector" value (at least today) is most likely worth more than the melted down value.

 

[johngalt]

I think that for payments in silver to make sense, products need to be priced in grams/ozt/whatever measure you prefer of silver (or gold), rather than units of a fiat currency.

Rather than thinking in terms of fluctuating silver prices, think in terms of the value of the silver staying constant, and it is the value of the currency that is unstable.

If you want to take payments in silver, the thought process should be 'how much silver do I want or am willing to pay,', not how many dollars.

 

[Bald1]

I have often thought about buying some silver. I suggested a $1000 purchase to the wife and she nixed the idea. This year I already bought $2000 of gun related stuff and she was OK with that. I guess her idea was smart.

If I knew the guy, maybe. Not as many honest people out there as before. Is is counterfeit? Stolen?

When / If I DO buy some it will be from William Devane, not a guy.

Jim, that’s basically what I was thinking. Complete this deal for $600 worth. Basically 2 10oz bars. Then going over to Jack Hunt on Delaware and exchanging some silver dimes and cash for another $400 worth. I’d rather have bars that I can stack rather than coins. To me it’s not a SHTF play it’s a buy n hold play.

 

[mojave30cal]

If you are worried about buying counterfeit silver rounds, coins
or bars, purchase from a reputable coin shop or online bullion
dealer. Do not buy at flea markets or Ebay. If you are not sure
the silver your are purchasing or want to purchase is real, go
to a coin shop and ask them to test it for you.

 

[vt_shooter]

If you are worried about buying counterfeit silver rounds, coins
or bars, purchase from a reputable coin shop or online bullion
dealer. Do not buy at flea markets or Ebay. If you are not sure
the silver your are purchasing or want to purchase is real, go
to a coin shop and ask them to test it for you.

It's amazing how many sellers on eBay are selling lots of 5 "US Silver Eagles" for less than the melt value of silver. 100% of them are of course fake.