Frequently Asked Questions
Answers to your coin and bullion questions
Are purchases from Silver Bay Coin & Bullion, Inc subject to sales tax?
Bullion orders of less than $500 are taxed according to Florida State Tax law at 7%. Exceptions to this are the purchase of any coin or currency that are legal tender of the United States (i.e., American Eagles and Buffalos).
Example: 2 – 1 oz silver Canadian Maple = $80 + 7% Florida sales tax.
Example: 2 – 1 oz American Silver Eagle = $80 + no sales tax!
Example: 25 - 1 oz silver Canadian Maples = $790 + no sales tax!
Are shiny coins worth more? How to I clean them?
NEVER clean or polish coins. Collectors like originality over shiny.
Can I sell to Silver Bay Coin & Bullion, Inc?
Absolutely. We pride ourselves in making a 2-way market in everthing we offer. Feel free to come in any time with your items for our offer! Please stop by or call 321-242-0205 for more details.
How do you determine your pricing?
For most bullion items our prices are based off of the New York Commodity Exchange spot price at the time of the order. Numismatic items are based on current market conditions.
How much silver is in a silver coin and why is a silver dollar worth below than spot?
Each US coin (dimes, quarters, 1/2 dollars) 1964 and older contain 90% silver which is why they are generally worth less than spot silver. Below are the weights for uncirculated coins (a few points may be lost with wear).
US dimes 0.0723 troy oz
US quarter 0.1808 troy oz
US 1/2 $ 0 .3617 troy oz
Silver $ 0.7734 troy oz
I have a coin so rare it is not in any book. How do I find a value?
Please bring it in. With our own extensive library and contacts we should be able to find it!
I would like to buy a safe for my metals. What should I look for ?
Many people decide to keep their precious metals at home in a safe. This gives the owner instant access to their valuables 24/7 and you do not have to worry about bank hours. Safes are made in a wide variety of qualities.
Gun safes are the most popular due to size and cost. Gun safes are great for keeping out thekids and their friends. As far as fire protection....they are ok. But, they do have a tendency to break open when the roof falls in or, if on the second floor, it gives way.
Safes are rated based on the amount of time it takes two professional safe crackers using the best equipment, unhindered, to open or make an opening in the safe.
TL = Tools. This includes carbide drills, grinders, cutting wheels and power saws.
TR = Torch. Usually an oxy-fuel welding and cutting torch limited to 1000 cubic ft. The number is the amount of time in minutes.
TX = The safe will withstand 8 oz of nitroglycerin. I won't even bother describing
TL-X = the safe DOOR will/should prevent entry against tools for the rated number of minutes.
TRTL-X = the safe DOOR will/should prevent entry against both tools and torch attach for the rated number of minutes.
TRTL-60x6 = The "x6" means that ALL 6 SIDES of the safe meet the attack rating---basically 60 minutes with this rating.
If I receive a quote how long is the price good for?
If you receive a price quote, whether in person or over the phone, without placing an order the quote is subject to change immediately. Once you actually place an order the commitment is made and the price must be honored regardless of market flucuations.
Now that I own precious metals, where should I keep them?
Everyone has a different comfort level. Some choose to keep their metals in a bank safe deposit box; others hide their metals around the house; some folks simply bury it in the yard or garden; and still others decide to get a safe.
While gold is almost impervious to the elements, silver is not. Humidity is the enemy of silver. DO NOT store silver in the attic or garage without using airtite bags or containers and always store them with a dessicant!
Remember...whatever your choice is...the number 1 rule no matter where you put your precious metals---SILENCE!
What are some common conversions for a troy ounce?
All precious metals are weighed in "troy". Some common conversions are:
1 regular oz = 28 grams
1 troy oz = 31.10 grams
1 pennyweight (DWT) = 24 grams
1 regular pound = 16 reg. oz
1 troy pound = 12 troy oz
What are your hours of operation?
We are opened Monday-Thursday 9am-5pm and Friday-Saturday 9am-4pm. We are closed on Sundays.
What is the difference between pure silver and sterling silver?
Pure silver is considered .999 or finer silver. American Silver Eagles are .9993 fine or better. Canadian Maple Leafs and Austrian Philharmonics are .9999 fine or better. Sterling silver is .925 silver plus .075 copper.
Also, several older pieces of silver were made with "coin" silver that is either .800 or .900 fine silver with various other metals as additives.
Will you report my bullion purchase to the IRS?
No. This is an old myth that dates back to the 1933-1975 era that stated you needed a license to use or hold large amounts of gold (i.e., jewlers and dentists). Purchasing precious metals is no different than buying any other legal item.