| Author |
 Topic  |
|
billo
Penny Collector Member
293 Posts |
 Posted - 10/29/2009 : 23:53:37
|
When buying silver rounds locally, any advice? Do you perform any tests to check for real silver?
Also: How about those big one-pound rounds? Good, or stay away?
|
That's not a dollar, mate...THIS is a dollar.
http://www.sendcongressapinkslip.com/ |
|
|
Robarons
Penny Hoarding Member
USA
522 Posts |
Posted - 10/30/2009 : 00:06:31
|
Those big one pounds are toxic big time. They have problems like:
-Is is marked .999 silver?
-Does it say 'One Pound' or 'One Troy Pound'?
-Odd form of silver, not popular.
-Unknown or Unliked makers (Franklin Mint, etc.)
Their great if the above checks out and your able to get them under/near spot, but dont make them the foundation of your silver hoard.
Most times if its marked, rounds are okay. The only ones that caused a stir are those Buffalo rounds made by Silver Towne (I think). |
Robber Baron= Robarons |
 |
|
|
Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 10/30/2009 : 06:18:44
|
| what's wrong with franklin mint if it says .999 or .925? |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
|
|
|
|
redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 10/30/2009 : 06:18:56
|
Most of those one pound rounds are bogus.
I almost bought one once, it tested perfectly fine with acid. But,when I took a file to the edge and nicked it good you could see the copper core. That round had .030" silver plating and is the reason it tested good with acid.
Remember, anytime you have doubts, use acid, a file and a scale...
That goes for Gold or Silver...
> |
|
|
|
highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 10/30/2009 : 09:46:20
|
I would stay away from the "pound" coins. There are way to many problems. Tyoy pound or regular pound? Copper filled? Sterling or pure? ect ect ect
When buying regular 1 oz rounds make sure they are marked!!!! .999 fine silver 1 troy ounce. I personally don't touch anything that is not marked. You will have lots of hassels when you go to sell. As long as its marked, sounds like silver, and looks like silver than you should be ok. |
Copper Penny Investing
www.portlandmint.com |
|
|
|
Market Harmony
1000+ Penny Miser Member
USA
1274 Posts |
Posted - 10/30/2009 : 10:15:10
|
do:
- make sure it is marked, "999 silver" and measured in troy ounces
- a ring test (flip a 1 ouces round that you already have and get familiar with the sound) Carry it to the purchase if you must, in order to compare the ring sounds
- ask questions
- buy what you like
- always think about the reselling market for the item
don't:
- buy for beauty if you're buying bullion. "Proof" silver rounds mean something to fewer people, and getting the premium back will be difficult
- compromise if nothing is there that you want. Be willing to walk away to buy another day
- always take someone else's word. Educte yourself so that you know what you are talking about and rely less on others.
The pound rounds are bogus for the most part. However, there are some that are great. I once had a 6 troy ounce round issued by the American Heritage Society that came in a case with certification. I bought it for spot and sold it for more than 100% of what I paid for it. It was clearly marked, "999 fine silver" and "one half troy pound" and had a serial number stamped into the rim. The certification papers also stated the purity, weight (in grams and troy ounces), dimensions, and a little history.
However, there are many fakes and unclear pound and half pound rounds out there which you need to be careful of. Use good judgement in any buying decision. |
goto the new and improved realcent: http://realcent.org |
|
|
|
oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 10/30/2009 : 12:21:31
|
I purchased a 1/2 pound Washington mint Eagle round. I bought it from my regular BM dealer whos been in business for 40 yrs. It is marked 999 fine. Should I worry?
Looks like this.
You must be logged in to see this link. |
Edited by - oober on 10/30/2009 12:26:54 |
|
|
|
AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 10/30/2009 : 12:37:28
|
| I've never seen the point of buying over-size "coins" or pounds. Either buy US silver, generic 1 oz rounds, or name-brand bars, in my opinion. |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
|
|
|
Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 10/30/2009 : 12:56:56
|
I just bought via auction a 1987 Constitutional commemorative 12 ounce round right here on RealCent for $197. It has an 12 onza reverse Mexican style. It doesn't have any COA or box, but I liked it anyway. I'm still reseaching this round to gather more information about it.
I think if you try to carefully buy a couple of these big silvers that you really like from people you trust, and don't go overboard, you won't get into too much trouble.
I found some more information on this round today. This round was minted in Mexico with .999 Fine Silver and contains 11.9873 ASW. There were only 250 minted. I found another guy who had one for sale w/COA who quoted me a price of $350 shipped.
You must be logged in to see this link.
|
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
|
Edited by - Country on 10/30/2009 17:29:27 |
|
|
|
highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 10/30/2009 : 15:56:55
|
quote:
Originally posted by oober
I purchased a 1/2 pound Washington mint Eagle round. I bought it from my regular BM dealer whos been in business for 40 yrs. It is marked 999 fine. Should I worry?
Looks like this
You must be logged in to see this link.
Personally I would trade it in for something differnt. I would worry a little but theres real ones and fake ones out there. |
Copper Penny Investing
www.portlandmint.com |
|
|
|
brian0918
Penny Collector Member
USA
315 Posts |
Posted - 10/30/2009 : 16:16:45
|
quote:
Originally posted by Robarons
Most times if its marked, rounds are okay. The only ones that caused a stir are those Buffalo rounds made by Silver Towne (I think).
What are you referring to? I have a roll of 1 oz Buffalo rounds, not sure who made them. They sound alright. What "stir" are you talking about? |
"The man who speaks to you of sacrifice, speaks of slaves and masters. And intends to be the master." -- Ayn Rand
Searched: $2230 Nickels; Liberty: 1; Buffalo: 4; War: 20; 2009: 2; 2010D: 8 |
|
|
|
billo
Penny Collector Member
293 Posts |
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 10/30/2009 : 21:43:41
|
| Billo - go check out Silver-coin-investor.com and read what he has to say about rounds. I think you'll be fine purchasing them as long as you stay with the more common ones and stay away from art bars or rounds that demand a premium much above melt. I wouldn't pay a higher premium than you would for an eagle, for instance. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
ScottyTX
Penny Hoarding Member
USA
508 Posts |
Posted - 10/30/2009 : 22:46:01
|
Humm, not sure if anyone has ever ran into this problem or not but a few months ago I sent in some 1 oz. generic rounds to bullion direct and they rejected three of them for being under wieght. Sure enough when I got them back in they were 1-3 grams short of a full troy ounce. Maybe something to think about there.
Scott |
|
|
|
oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 10/30/2009 : 23:39:26
|
quote:
Originally posted by ScottyTX
Humm, not sure if anyone has ever ran into this problem or not but a few months ago I sent in some 1 oz. generic rounds to bullion direct and they rejected three of them for being under wieght. Sure enough when I got them back in they were 1-3 grams short of a full troy ounce. Maybe something to think about there.
Scott
Would be very easy for a machinest to remove metal from a round without a reeded edge. |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
|
|
ScottyTX
Penny Hoarding Member
USA
508 Posts |
Posted - 10/31/2009 : 00:47:04
|
Can't remember what mint they were from but I think they were from some lesser known companies. I think thats a good lesson learned for myself to only buy the more established company's rounds that are available on the market or at least weigh them when buying. Who knows, maybe there might be some plated fake 1 oz's out there as well.
Scott |
|
|
|
Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 10/31/2009 : 06:15:11
|
| thoughts about Franklin Mint silver? |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
|
|
|
|
2old
Penny Pincher Member
188 Posts |
Posted - 10/31/2009 : 09:35:37
|
| Sunshine mint products should be fine. |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 10/31/2009 : 10:34:44
|
| Lemon Thrower - like I've stated before, Franklin Mints are beautifully engraved medallions, can be a form of hedge (92.5% silver) and if you get a good price for them, go for it. But remember, there's a limited market for them. I bought a bunch in 2003 when I first started with the idea that "numismatically" they might well increase in value significantly after a bunch of the limited production sets get melted down next time silver explodes. During the great meltdown of of 1979-1980 it's estimated that as much as 10% of the circulating 90% was melted by smelters, so these specialty items (even with the limited market) will only increase with scarcity. Once you've picked up a set or two you'll be hooked. Just another form of diversification in silver, and one extremely unlikely to ever be confiscated if Big Brother (ooh, that's a pun, isn't it?)decides that's what he wants. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
Robarons
Penny Hoarding Member
USA
522 Posts |
Posted - 10/31/2009 : 11:18:29
|
Somebody (I think it was some outlet in China) was making Buffalo Silver rounds that were identical to the real ones, but there was no .999 Silver marking on them. Recently at a show I seem the fakes, but now they have a copy going across them.
Also when I said "-Unknown or Unliked makers (Franklin Mint, etc.)" means that some people may not like to invest in Franklin or those odd mints for silver that make novelty item in grains and sterling.Nothing wrong with them, but I wouldnt pay aany prems. for their stuff. |
Robber Baron= Robarons |
|
|
|
keys
Penny Collector Member
383 Posts |
Posted - 10/31/2009 : 12:20:48
|
Another drawback to the Franklin Mint-
Many years ago (The show was broadcast back in November 1978) 60 Minites did a show on the Franklin Mint and the gold & silver items they sold.
60 Minutes showed that if you tried to sell silver and gold made by the Franklin Mint all you would get was the melt value. This of course isn't a problem provided you didn't spend too much over melt value for the Franklin Mint items, which, unfortunately, is what happened to everyone who bought directly from the Franklin Mint.
This is one more reason why many do not want to deal with Franklin Mint silver and gold, sellers tend to market Franklin Mint items as rare collectables when in fact they have very little collector appeal and were overpriced when they were new.
|
I change with the times-
but like silver coins found in your change
I stay the same.
*****************
The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
Edited by - keys on 10/31/2009 12:31:17 |
|
|
|
Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 10/31/2009 : 12:30:32
|
quote:
Originally posted by beauanderos
During the great meltdown of of 1979-1980 it's estimated that as much as 10% of the circulating 90% was melted by smelters
It is estimated that only $500M face value 90% coins exist today. 75% of all silver coinage ever minted in the US has been melted down during the great silver melts (there were a few of them).
What's the Story on Silver Coin Melts & Coin Premiums?
You must be logged in to see this link.
AFTER THE MELTS: WHAT'S LEFT IN SILVER COINS?
"When silver hit $50 an ounce, I would say that 98 percent of the silver coins in existence were committed to smelting houses," he confided. "If the price had been maintained, most everything would have been lost.
"Fortunately," he added, "the refiners had a two- to three-month backlog, and as silver dropped in value they withdrew a lot of the coins. Even so, it's scary just thinking of what might have happened."
You must be logged in to see this link.
Interesting story during the 1980 coin melt
You must be logged in to see this link. |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
|
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 11/01/2009 : 10:42:03
|
| Like the PCGS article alluded to, this melt having occured, and the effects not having been fully understood, will turn the census upside down, with common date/poorer conditioned coins perhaps having greater proportional value as compared to preMelt years. I've always wanted to get Red Books, before and after, and see what effect has occured in valuation. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 11/01/2009 : 10:53:28
|
quote:
Originally posted by keys
Another drawback to the Franklin Mint-
Many years ago (The show was broadcast back in November 1978) 60 Minites did a show on the Franklin Mint and the gold & silver items they sold.
60 Minutes showed that if you tried to sell silver and gold made by the Franklin Mint all you would get was the melt value. This of course isn't a problem provided you didn't spend too much over melt value for the Franklin Mint items, which, unfortunately, is what happened to everyone who bought directly from the Franklin Mint.
This is one more reason why many do not want to deal with Franklin Mint silver and gold, sellers tend to market Franklin Mint items as rare collectables when in fact they have very little collector appeal and were overpriced when they were new.
Keys I agree with most of what you say. Franklin Mint items should never be the basis of someone trying to accumulate PM's as a dollar hedge as they would be quite unlikely to ever return more than melt value. So don't offer more than 80% of melt and you should be okay. However, some of the engraving on various medallions is outstanding, and if you enjoy variety I see no harm in picking up a few here and there to hold and keep. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
Topic |
|
Rounds and Pounds: Do's and Don'ts?
Forum Locked
