Price of a 1 oz silver coin

My local British Numismatic Association member dealer is retailing "1 ounce silver coins" for £29.95. I think this is rather expensive, for generic material (individual coins may be more sought after etc, but he is selling them as "1 ounce silver", not "US Morgan Dollar XF").

I think £20 is a fairer (closer to a reasonable markup on the bullion value) for a generic one ounce silver coin, but I should welcome your sensible comments.

Matt

Are they Morgan's or something else? Morgans are not one ounce of silver.  They are less.  If he's selling Morgan's as 1 ozers, you may want to call him on his duplicity/ignorance.  He may give you a discount for your silence/help.  He also may throw you out.,   

Last spot silver was £12.92 (21.46USD) ..

Selling generic silver by the oz, straight markup is usually no more than 15%.  That would make it £14.85 at the most..

Wow.  Over 100% markup?  That's insane.  My local coin dealer does the same with uncommon 1 oz silver (pandas, anything Australian, Austria, UK, etc...).  I've never said anything to him.  I just shake my head and walk away.  eBay has been good to me when buying silver.  MCM usually has decent prices but I'm not sure if they ship to Europe.

I've bought new Viennas from CelticGold.eu out of Estonia at 18% mark-up to bullion delivered.
EBay's getting expensive for silver scrappers though, and there are quite a number of fakes of rarer coins being listed.
I've seen a definite fake 1943 Irish florin go to some poor sucker for £725