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51 Posts |
Posted - 07/28/2008 : 22:03:28
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Thanks again for the encouragement and thanks for the info.
no tax as HoardCopperByTheTon mentioned i bought some other stuff for someone else and it came to over $1,000.
how do you manage not to get ripped off from coin dealers? how do you know what people are selling is legit? stick to american eagles basically?
whats the best bet to start buying silver pre 1964 silver coins?
THANKS!!!
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/28/2008 : 22:31:14
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| Experience.. years and years of experience. You should never jump into a market without learning about it first. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 07/28/2008 : 23:21:15
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weight..and looks.
for someone expierenced, it is easy to tell between these two. For an inexpierenced person, they might not be. the scan helps in determining which is fake, because the aluminum one looks more like silver in real life.
You must be logged in to see this link.
The Chinese can make collector coins with wear on them! So you should always be aware that fakes are out there. There are other tests. When buying silver bounce it against a table and it will go ping, a fake will not. |
"99% of all lawyers give the rest of them a bad name" 
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51 Posts |
Posted - 07/29/2008 : 08:46:40
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it seems i got a lot of learning to do
still confused on the confiscation issues not sure if its even worth it if they will take it :( |
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redneck
1000+ Penny Miser Member
1273 Posts |
 Posted - 07/29/2008 : 09:19:48
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If it comes to "confiscation",
that will be the least of your worries...] |
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51 Posts |
Posted - 07/29/2008 : 10:05:25
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| i am sure your right but i got these dealers trying to sell me numismatic and i am getting confused if i should bite on that? |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/29/2008 : 10:18:28
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Nothing wrong with numismatic coins.. I have been collecting those for a long time. It is great when you can get a nice numismatic coin for it's bullion price. You have to buy at the right price to sell at the right price though. Are the dealers trying to sell you the numismatic coins because that is what they have in stock or because they believe they have better potential than bullion coins alone? You shouldn't allow others to "sell" you something.. buy what you like and what you understand. If you can develop a relationship with a local dealer who you trust he can be a valuable source of information as well as a good supplier of coins. Part of what you are buying when you purchase a coin from him is his expertise. Do not buy any coins from Telemarketers. These boiler houses were very common back in the 80's and I think there are still a few of them out there now.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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51 Posts |
Posted - 07/29/2008 : 11:23:41
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not sure i feel like this is what they sell best. they will sell me bullion but they want to sell me $1175 cirucated liberties to me thats $246 over spot and it seems to high i am not getting what the value is in this purchase.
thanks for the help! |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/29/2008 : 11:34:40
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| That is too much for circulated double eagles. I bought an uncirculated PCGS MS-62 last month for $825 and sold it for $925. They actually have less than an ounce of gold in them. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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n/a
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51 Posts |
Posted - 07/29/2008 : 11:40:06
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at a coin show? what does this mean PCGS MS-62? Morgan Silver?
thanks!!
also where is the best place to see a good price list of silver products ? |
Edited by - n/a on 07/29/2008 12:14:01 |
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lilyrdape
Penny Pincher Member
USA
152 Posts |
Posted - 07/29/2008 : 15:29:00
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| PCGS Ms-62 is the grading company and the the grade they gave to the coin. :) |
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51 Posts |
Posted - 07/29/2008 : 15:59:58
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thanks. would that only go for that coin? or that grading can go for many coins in that specific condition?
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/29/2008 : 16:57:12
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| That only goes for that particular coin. PCGS is a third party coin grading and authentification service. People pay a fee to have their coins graded and encapsulated in that company's plastic holder with the grade designated on the holder. This process is known as "slabbing" and the coins are referred to as "slabs" in the marketplace. PCGS and NGC are the 2 most highly recognized services for this. The theory was that 3rd party certification would make it easier to commodisize coins and allow trading sight unseen or by unknowledgeable people. This is great in theory, but I have seen coins graded too high and too low in both company's slabs. Having the coin in a slab sometimes increases marketability. Many other companies sprung up trying to do the same thing.. such as Joe's Garage Grading company. Some sellers were slabbing their own and then offering the coins on eBay as "certified" coins. This led to an adjustment in eBay's policies on what is allowed to be called "certified." |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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n/a
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51 Posts |
Posted - 07/29/2008 : 18:42:34
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| thanks hoard!! |
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51 Posts |
Posted - 07/29/2008 : 21:59:23
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i am still having a hard time figuring out how much to pay for silver.
10 oz bars should be 17.30 x 10 = $173 plus how much over spot is acceptable to pay?
what about 1oz rounds how much over spot and is there a particular brand?
thanks again for all the help!
also is this what you people live and breath to do? is what you do on the weekends go shopping for gold and silver? if so i can see this as a NEVER ending adventure :) |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 07/29/2008 : 22:10:46
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I love looking for deals on silver/gold .
I payed $185 for the last 10 oz bar I bought. I dont remember how much silver spot was then. I think it might have been 17.75. I will usually pay up to $1 over spot per oz. It is an engelhard bar...I still dont know why engelhard goes for more on ebay. |
"99% of all lawyers give the rest of them a bad name"
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n/a
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51 Posts |
 Posted - 07/29/2008 : 22:15:56
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moboman i knew it. i am catching on i think i got the FEVER
Tongue
so at 17.30 i should pay $183-$193 give or take?
what about 1oz rounds?
THANKS! |
Edited by - n/a on 07/29/2008 22:17:28 |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 07/29/2008 : 23:20:37
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The same...I'll pay up to $1 over spot. It depends though. Like if I see a proof or something like my penny, I'll pay a little extra. I have paid more for Silver eagles...but I normally just stick with art bars, or with "numismatic"(proof, uncirculated, graded) eagles. I got a painted one for a dollar over spot a while back.
I'd check out casperscoins.com if you are interested. He sells eagles $1 over spot, .25 over spot for generic, and for a while he was selling 2008 eagles for $19.25!
I dont know if you buy on ebay a lot, but I had a 10% off coupon. Just scored a 2005 $5 eagle in a pcgs holder for 91.9, to my door! |
"99% of all lawyers give the rest of them a bad name"
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Edited by - moboman on 07/29/2008 23:24:18 |
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51 Posts |
Posted - 07/30/2008 : 07:32:05
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Thanks for the info i will check the site out casperscoins.com.
i do purchase on ebay but how do you know what something is worth like you are buying? you mention:
why would you get this for a $1 over spot shouldnt it be more?
"numismatic"(proof, uncirculated, graded) eagles. I got a painted one for a dollar over spot a while back.
also how do you know this is a good deal? where do i get lists to figure this out?
Just scored a 2005 $5 eagle in a pcgs holder for 91.9
thanks!!!!!!! |
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fb101
Administrator
USA
2856 Posts |
Posted - 07/30/2008 : 08:33:53
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quote:
Originally posted by moboman
was there tax on top of that? My state of Ohio charges sales tax on all bullion purchases, even gold/silver eagles, junk silver, etc, collector coins, anything, all because of the Noe scandal. Ohio had no sales tax before him.
I now buy primarily at shows and online in order to avoid paying sales tax...because 7% on top of even .25 over spot ruins just about any deal.
Hop into PA, no sales tax on coins, only on plastic tubes and such
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fb101
Administrator
USA
2856 Posts |
Posted - 07/30/2008 : 09:34:29
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Lotta questions.
Here goes
DISCLAIMER: IMHO
quote:
Originally posted by russell
it seems i got a lot of learning to do
still confused on the confiscation issues not sure if its even worth it if they will take it :(
Back in the 1930s when gold was confiscated (became illegal to own)
there was an exemption for numismatics (collector coins). I trust that would stay because too many rich people would be hurt by that.
Contrary to popular belief, Gov't only serves the rich, whichever side you choose.
Eagles could go either way, since they're also collected as numismatic pieces, not just bullion.
Before you see that happen, you will likely see FAR higher gold and silver prices.
I use this for spot prices; You must be logged in to see this link.
When buying on ebay, There is a difference between buying numismatics and buying bullion coins. Bullion coins may be individual silver dollars (if cheap enough) or bundles of mixed silver coins, rolls of halves or quarters and the like.
You need a calc of some sort to figure out what something "melts" at, that is the silver bullion value.
You must be logged in to see this link. is OK for yesterdays closing prices, but is not live.
Here's a quick chart for your calcs; based on A NEW COIN;
Melt will be slightly lower for worn coins, but I don't see how that can be calc'd unless each one is graded. If you paid full melt (including any S&H), based on this you would not be overpaying, but many of us won't buy worn coins at melt. Keep in mind eagles should not be circulated ever, buy watch the ads, some may be.
War Nickel 1941-1945 .05626
Dime 1873-1964 .07240
Quarter 1892-1964 .18090
Half Dollar 1873-1964 .36180
40% 1/2 Dlr 1965-1970 .14800
Dollar 1840-1935 .77360
Eagles 1986-?? .999
Great score on the eagle if that included shipping, good if it didn't.
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Edited by - fb101 on 07/30/2008 09:53:22 |
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51 Posts |
Posted - 07/30/2008 : 09:39:11
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fb101 thanks for that clarification. from that standpoint what are the best numismatic coins to buy just for the content not necessarily for the rarity value as i am such a newbie i am afraid i will never learn all the ins/out of it.
also just got off the phone with a local dealer around me and they want $2 over spot for silver is that a TOTAL ripoff? and if so what to do keep dialing for lower prices? i feel in my area they are PIGS!! Bottom line!! everything cost more. why? because they can!!
thanks!! |
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fb101
Administrator
USA
2856 Posts |
Posted - 07/30/2008 : 09:58:01
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I just revised my prior post, check it out again.
$2 over spot too much for me. Call around, but keep in mind gas prices can effect "total cost" unless you're only buying large quantities. I think it's best to have a mix of coin types in case you ever have to spend them. "Real money" change may be hard to come by. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/30/2008 : 10:33:18
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quote:
Originally posted by russell
also just got off the phone with a local dealer around me and they want $2 over spot for silver is that a TOTAL ripoff? and if so what to do keep dialing for lower prices? i feel in my area they are PIGS!! Bottom line!! everything cost more. why? because they can!!
Maybe you just live in a desireable area.. things cost more in those areas.
$2 over spot is not an unreasonable retail quote for Silver Eagles. Silver is in demand right now and the guy has to make a living. There is a good chance he has to pay $1-1.50 over spot to acquire them. I wouldn't pay that much, but I can understand why he quoted that price. You can probably get a better deal buying 90%. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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n/a
deleted
51 Posts |
Posted - 07/30/2008 : 11:16:35
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Thanks again for all the info.
he wanted $2 over spot for silver bars i bought a few just to get in the silver game 7 1oz bars but not sure if everyone around here will be at the same prices.
they also wanted to sell me a 1907 $20 Liberty ChBU rating. what would you pay for that?
Thanks
PS I didnt buy a 2005 $5 eagle moboman did. i was asking how do you even know 91 is a good price |
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