Backing into modern silver coinage values by utilizing Percentages

[WoodenJefferson]

I found this easy to find the bullion value by backing into modern silver content values by utilizing percentages. Ready?

 

Roosevelt dimes dated 1964 or before have 7.2% oz pure silver

 

Washington quarters dated 1964 or before have 18% oz pure silver

 

Kennedy, Franklin, Walker half dollars dated 1964 or before have 36% oz pure silver

 

Peace/Morgan dollars dated 1935 or before have 77% oz pure silver

 

Jefferson war nickles dated 1942 to 1945 have 5.62% oz pure silver

 

Kennedy silver clad half dollars dated 1965 to 1970 have 14.79% oz pure silver

 

 

NOW, HERE'S HOW TO FIGURE WHAT THE SILVER CONTENT OF YOUR COIN IS WORTH:

 

Find the current market price for silver. Say the silver spot price today is $17.81 / oz

 

Multiply the current price by the silver content of your coin.

 

Example: You have a 1935 silver dollar coin

 

You multiply 17.81 X .77 = $13.71

 

Now, let's say you have a 1967 Kennedy half dollar:

 

You multiply 17.81 X .1479 = $2.63

 

And so on and so on with the rest of the denominations

 

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More confusing but necessary information.

 

A "TROY" ounce is more than an ounce.

 

How can a Troy ounce be more than an ounce?

 

Precious metals such as gold and silver are more often than not sold by the troy ounce. Many people don’t realize that an ounce of gold is more than the typical ounce found at the grocery store. In many English speaking countries there are two systems for measuring weights.

 

One way is for precious metals and it called the troy ounce, while the other way is for Commodities such as sugar, wheat and all the other typical grocery items sold by weight. This last method is called the avoirdupois ounce. In everyday life here in the USA we often use the avoirdupois ounce measurement. Every time you step on the scale at home, or weigh foods at the grocery store, you are using the avoirdupois ounce weight system. There are 16 avoirdupois ounces in a pound.

 

Avoirdupois weights -

 

1 Avoirdupois pound is equal to about 453.6 grams, or 14.583 troy ounces.

1 avoirdupois ounce = 437.5 grains, or 28.35 grams.

1 avoirdupois pound equals 16 (avoirdupois) ounces or 453.59 grams which is equivalent to 14.58 "troy" ounces.

 

SO WHAT EXACTLY DO YOU GET WHEN YOU BUY AN OUNCE OF PRECIOUS METALS?

 

The troy ounce is heavier than the typical grocery store (avoirdupois) ounce used in the USA. When you purchase a 1 ounce silver or gold coin, you are actually getting a "troy" ounce. If you put that same 1 troy oz. coin on a grocery store scale you will find that it weighs about 10% more than the common food ounce. If the scale is accurate, it should weigh about 1.1 avoirdupois ounces.

 

Consequently, a grocery store pound which weighs 16 avoirdupois ounces (or 453.59 grams) will contain about 14.58 troy ounces.

 

Separately, the troy weight system has it's own definition of a "troy" pound. A "troy pound" contains 12 troy ounces or 373.24 grams (which is over 13 avoirdupois ounces).

 

It is thought that the troy ounce was named after a weight system used in Troyes France during the Middle Ages.

 

Troy weights - One troy ounce = 480 grains, or 31.10 grams.

 

There are also 20 pennyweights to a troy ounce. A troy pound contains 12 troy ounces (over 13 avoirdupois ounces) and is equivalent to 373.24 grams. 32.15 troy ounces = 1 kilogram.

 

Perhaps an easy way to compare Troy ounces versus avoirdupois ounces is to look at how they weigh using the metric system.

Confused yet?

 

One "troy" ounce weighs 31.1 Grams

 

One "avoidupois" ounce weighs 28.35 Grams

 

HOW TO CONVERT:

 

Multiply the number of regular onces X (times) .912 to get the aproximate troy ounces.

 

So, 10 Troy ounces are the equivilant to about 10.96 regular ounces because we now know that each troy ounce is heavier. It would take almost 11 reguar ounces to equal ten troy ounces. Capiche?

 

Now my head really hurts so I'll quit.

 

~Woody~

 

Note: Any and all corrections are requested.

 

[MunkyMan95]

Well, if you want to be exact...

 

Silver dime is .07234 Troy Ounces

Silver Quarter is .18084 Troy Ounces

Silver Half is .36169 Troy Ounces

Silver Dollar is .77344 Troy Ounces

[cpm9ball]

Well, if you want to be exact...

 

Silver dime is .07234 Troy Ounces

Silver Quarter is .18084 Troy Ounces

Silver Half is .36169 Troy Ounces

Silver Dollar is .77344 Troy Ounces

 

So true! For a $1000 bag of 90% dollars, it would be $60 more than his quote or 6c more per coin.

 

Chris

[just-john]

Here what I do http://www.coinflation.com/

Using the latest metal prices and the specifications above, these are the numbers required to calculate melt value:

 

$17.33 = silver price / ounce on Apr 21, 2008.

.35 = silver %

$3.9134 = copper price / pound on Apr 21, 2008.

.56 = copper %

$4150.00 = manganese price / ton on Apr 21, 2008.

.09 = manganese %

5.00 = total weight in grams

.0321507466 = ounce/gram conversion factor

.00220462262 = pound/gram conversion factor

1.0 × 10-6 = metric ton/gram conversion factor (see note directly below)

 

 

The NYMEX uses pounds to price copper and that means we need to multiply the metal price by .00220462262 to make the conversion to grams. The silver price is based in troy ounces and that means we need to multiply the metal price by .0321507466 to make the conversion to grams. The manganese price is based in metric tons and that means we need to multiply the metal price by 1.0 × 10-6 to make the conversion to grams.

 

 

 

1. Calculate 35% silver value :

 

(17.33 × .0321507466 × 5.00 × .35) = $0.9750517675

 

 

$0.9750 is the rounded silver value for the 1942-1945 silver nickel on April 21, 2008. This is usually the value used by coin dealers when selling these coins at melt value. However, the total melt value is continued below.

 

 

 

2. Calculate 56% copper value :

 

(3.9134 × .00220462262 × 5.00 × .56) = $0.0241569

 

 

3. Calculate 9% manganese value :

 

(4150.00 × (1.0 × 10-6) × 5.00 × .09) = $0.001867

 

 

4. Add the three together :

 

$0.9750517675 + $0.0241569 + $0.001867 = $01.0010756675

 

 

 

 

$01.0010756675 is the total melt value for the 1942-1945 silver nickel on April 21, 2008.