Junk Silver Below Spot? Here are some ways to find cheap silver

Junk Silver is the cheapest way to own silver. However, if you are creative, you can find junk silver for below spot price. Sometimes you can find junk silver for pennies on the dollar. Before we go on, we should explain what exactly is Junk Silver.

Junk silver are old United States nickels, dimes, quarters, half-dollars and silver dollars which have real silver content in them. This was back when the United States money was backed by gold. When the gold window closed, the silver was taken out of the coins. However, these coins' value are directly tied to the price of silver, which has exploded in the past decade.

Most people do not know the value of silver. And even more people do not realize that these old coins could be worth a few dollars. With a little detective work, you can scoop up these silver coins for next to nothing!

Where to find cheap Junk Silver coins.

The best place to find potential junk silver below spot are at Garage Sales in "Older Neighborhoods." Go to garage sales in neighborhoods where the homes were built before World War 2. Many of these people have older items and some may have old coins. Figure out what the spot price of silver is and make an offer below spot to make an instant profit. For instance, a 1964 Kennedy Half dollar is 90% silver and weighs 12.5 grams. There are 28.3 grams in an ounce. Let's say silver is selling for $30 an ounce. That would put the junk silver value of the Kennedy Half Dollar at about $11.80. Offer $7.50 for the coin and go as high as $9. You could make an easy 25% to 40% profit right there. And the person may be excited to get up to $9 for a coin with a face value of 50 cents. Don't worry about the condition of the coin. Because junk silver is worth the same no matter what condition its in. In fact, the worst of the condition of the coin, the better. You could argue that the coin is in bad shape and you can't offer much more money for it.

How to Find these Garage Sales

Most older neighborhoods are in historic districts in your city. And many collects flock to these sales because they are interested in antic lamps, clothes and furniture. Be sure to check any website for these historic districts. Sometimes they will have a "neighborhood garage sale" where many home will participate.

Summary

Garage sales, in older neighborhoods, are great places to find potential junk silver below spot. Be sure to calculate the junk silver value of each type of coin before you go to the sale. Offer 40% below spot for the coin and go as high as 20% below spot. Use the bad condition of a coin as a negotiation tactic.