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theedudenator
New Member
USA
6 Posts |
 Posted - 05/09/2010 : 22:58:36
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What are the typical methods in buying silver?
90% coins? Where to buy from?
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 05/09/2010 : 23:18:11
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| I think the best place is your local dealer. He will sell you 90% at X times face depending on where the market is. And if you get to be a regular customer so he knows you by name, he might pass on some good deals to you if he buys it right. And if there is a particular coin or coins that you collect you might get a decent price on those as well. Going to auctions is usually the worst place to pick up silver. I have been to a few lately and prices some people pay for common coins is ridiculous, I have seen AU 1943 steel pennies go for $12.00 and $14.00 a piece that were $2.00 coins at best. I have seen common Mercs go for $8.00 a piece. And welcome to the forum Dude. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 05/10/2010 : 00:35:34
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Hey dude. And welcome! I was at a show recently and a dealer friend of mine had someone approach him with a sizable collection, including a LOT of junk (90% U.S.) silver. At the time it was somewhere around 13x face value, and the guy asked for 8x face. The dealer surprised me and said "I'm gonna go ahead and give you 10x face value." He then sold it to me for 11x within a few minutes. I had helped him set up earlier, and had sorted out some of the stuff he was appraising...
Long story short, get in a dealer's good graces and if they're decent folk, you'll get some benefits. |
Come to the new and improved realcent: http://realcent.org
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 05/10/2010 : 07:48:02
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I used to be good friends with my coin dealer in town, and he would sell me silver as frequently as I wanted at a price point slightly above what the smelter would give him (which was always below melt)... but that shop sold and now sits empty  Sounds like you can still get decent deals that way, though. Personally, now I prefer buying off of ebay. You can limit what you're willing to pay, and if you persist with low-ball bids (ten percent under melt) you'll win one once in awhile. There is less competition for lot sizes in the $2,000 range, but that may not be affordable for all. Good luck. And don't buy numismatic coins as investments when you are just starting. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 05/10/2010 : 12:13:44
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US silver coins are a good thing to buy because they are a known quantity - US Mint - and can be had for close to melt. they also come in very small sizes. you can often find 40% at under spot, and I have some rolls I am selling for $50 each. (20 coins per roll; melt is about $54 a roll). You can check melt prices at this website: You must be logged in to see this link.
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Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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Edited by - Lemon Thrower on 05/10/2010 12:26:54 |
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thedude
Penny Sorter Member
26 Posts |
Posted - 05/10/2010 : 15:14:13
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| Ebay. I started in silver at the end of February. I never pay above spot. I look for sellers with reasonable shipping charges. I often do business with the same people. I've only had one problem on Ebay, I never received a coin. Seller, without hesitation, refunded the price I paid no questions asked. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 05/10/2010 : 15:25:06
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| Ebay is an ok source but it takes a lot of work to find good deals. Dealers or people on here are porbably your best bet. |
Copper Penny Investing
www.portlandmint.com |
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coppertone
Penny Sorter Member
Canada
63 Posts |
Posted - 05/10/2010 : 15:57:03
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Bought some through private deals, here at Realcent and am happy. Good coins, good price.
Also am buying a lot on E-Bay right now. Takes a little more work but by watching closely and being selective I am also getting good coins at a good price there. Watch shipping charges closely and take advantage of opportunities to combine shipping. |
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thedude
Penny Sorter Member
26 Posts |
Posted - 05/10/2010 : 15:58:32
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| Highroller: Define 'best bet.' For whom? Can you say that objectively given the link in your signature? |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 05/10/2010 : 16:09:35
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quote:
Originally posted by thedude
Highroller: Define 'best bet.' For whom? Can you say that objectively given the link in your signature?
By best bet I mean best and most likely cheapest option.
Yes, I can be subjective because my business does not currently deal with silver.
As for who to deal with on the forum: I would go to the buy/sell/trade section and check out the forum member feedback section. I would trust anyone that I have on my feedback list as well as many others. As always its buyer beware, but we have a fantastic group of people on here! |
Copper Penny Investing
www.portlandmint.com |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 05/10/2010 : 16:25:07
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Feedback posted by other members on successful trades is useful, I agree... but right now you would have to scroll through hundreds of repeated names to determine much. We should have a sticky for member names to stay away from... unresolved deals, bad merchandise, never received, hucksters and con artists... etc.  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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theedudenator
New Member
USA
6 Posts |
Posted - 05/10/2010 : 21:04:45
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Thanks for the input.
I am looking at coins just for the metal content, not for rare/key dates.
I am choosing coins cause I know they are not fake.
If I buy bulk silver I think there is more of a chance of it being fake?
So when it comes to selling my coins for silver value how do I do that?
When the price is right? |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 05/10/2010 : 22:26:50
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You need to consider why you purchased them in the first place, survival? store of wealth? Investment?
In my opinion if you are just starting out you should be in the buy and hold mode. Never invest money you need for current survival. Keep in mind that all precious metals can and do fluctuate in value. If you don't have a strong stomach P.M.'s may not be for you.
Survival money position should be in smaller silver coins with a mix of dimes, quarters and halves. They are easily recognizable and would serve best for day to day transactions.
Store of wealth silver might take a different form such as halves, silver dollars and silver bars in one, five and ten ounce size.
Investment silver could be in any of the above discussed forms as well as good p.m. stocks.
Prior to making any real sizable investment in silver which you might be forced to sell at a possible loss you should consider having an emergency cash fund equal to six plus months of living expenses. Fill you food pantry with consumable types of food bought on sale. Be sure they are desireable to your taste.(remember this is money in the bank) stock up on toiletries and things you use every day-remember to rotate stock.
Once you can take care of yourself and those dependant on you then it's time to start getting serious about survival and store of wealth silver. It's o.k. to pick up silver as you go but remember it is a commodity and price is dictated by supply and demand. The price could fall tomorrow and not come back for years and you should never invest more of your capital than you can afford to risk. |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 05/10/2010 : 22:35:08
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when you want to sell you should have no problem with the number of buyers out there. Like any investment you want to make a profit. The time proven method is to buy low and sell high. Keep good records of all puchases and dates. When you decide to sell you may need these records as the government seems to be cracking down with shops that buy and you may need to pay taxes on your capital gains as well.
When is the price right? That's a personal choice based on what size return you desire? The best thing you can do is educate yourself about the precious metals and the way they work so when the time comes if you want/need to get out you can. |
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Getting started in investing silver
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