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Want info on buying silver coins

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Ocean

Well-known member
Joined
Sep 21, 2010
Messages
560
Location
Belleview, FL
I have a family member that wants to buy a large quantity of silver coins.

I need to know a lot to help them and I turn to the almighty GRF for help.


What type of coins? Thinking 1 ozt at .999

Manufactured by who?

Sold where?

Best Price?

Quickest and safest delivery?

*edited title for clarity.


Thanks in advance for your help.
 
I live in Canada so it may be different, but I can go into the bank ( scotiabank I believe) and buy gold and silver stamped bars. its always nice to do it in person.

- Ian
 
Ocean said:
I have a family member that wants to buy a large quantity of silver coins.

I need to know a lot to help them and I turn to the almighty GRF for help.


What type of coins? Thinking 1 ozt at .999

Manufactured by who?

Sold where?

Best Price?

Quickest and safest delivery?

*edited title for clarity.


Thanks in advance for your help.

www.Goldmart.com seems to offer better customer service and lower premiums than www.Apmex.com but Apmex has a larger selection than goldmart on both Gold and Silver. I have bought a couple hundred ounces from each and both are reputable companies. I would recommend looking over both websites, its almost guaranteed you will find what you are looking for between the two. I hope this helps. BTW, Apmex offers Platinum and Palladium products as well.
 
Silvertowne.com not bad they have "Free" shipping pn there personal minted items but if you research they do make it up in prices
 
kronix said:
I live in Canada so it may be different, but I can go into the bank ( scotiabank I believe) and buy gold and silver stamped bars. its always nice to do it in person.

- Ian

Scotia bank is one of the most expensive places to buy bullion.

Any local coin dealer will be able to offer you the same items for significantly less money.
 
There is a ton of info out there about this. One of the better sites is http://goldsilver.com/ run by my pal Mike Maloney. His prices are a little higher but his presentation is nice and he offers a great deal of info. He also has lots of YouTubes.

The nexus of the decision revolves around "premium over spot". Junk silver coins typically sell at the lowest premium over spot and offer:
1: recognizability 2: divisibility. 3: difficulty of counterfeiting. I would avoid 1: silver dollars and 2: 40% silver eg; Kennedy halves from 1965-1969. Although I am always happy to blow a few hundred bucks on small, well-priced batches of either, that is only because I have tens of kilos of either, bot long ago at well under Ag $20. Silver dollars have been widely counterfeited and carry a substantial premium over spot, so it's best to avoid them for the inexperienced buyer. Still, a few of these don't hurt. Common dates in remarkably good condition, 100+ years old are very nice things to own and hold in your hand.

The next step up is generic silver rounds (should not be called "coins") which can be had, on sale, for buck over spot...sometimes as low as 69 cents over spot.

The next step up is US Silver Eagles which are $2.50-$3 over spot. Gorgeous coins, whether or not you/they decide on SEs as the primarily vehicle/form, IMO every silver bug ought to own some Eagles and/or Cana Maple Leafs. Although Eagles are priced this much over spot---that premium will come back to you if and when you/they decide to sell.

The easiest way to buy junk silver is to buy a bag or a half-bag of $1000 face value, and those bags are traded, sealed, just as they are. Downside: A bag of junk silver is a 55 lb bowling ball sized bundle. A bag comprised of all half dollars sells at a slight premium over quarters or dimes because halves are almost always less worn than circulated D's and Q's and thus a given qty of halves will weigh slightly more than the equivalent face value of smaller denoms.

IMHO, the SAFEST way to buy silver of whatever form is to dollar-cost-average into a batch of your favorite form, some every month.

A more fun way is to go to coin shows http://www.coinshows.com where these coins are widely sold.

Most states have a minimum bullion purchase (in CA it is $1500) to avoid sales tax, and obviously that is desirable.

Most people who like and wish to own silver stop or slow down buying junk silver at a certain point and go for .999 rounds/bars/Eagles.

Many dealers offer free shipping (Merit Financial) on the first order over $2500.

APMEX is a popular site and excellent source; not the best prices but easy to look up prices on virtually any form you can name. What I like about APMEX is 2 things:
1: you can, once you sign up, buy silver overnight on a price dump, should you wish to do so.
2: Order, which means you lock in a price. Then send them a personal check. The check will take 10 days or so to clear, but this way you avoid wire transfer fees.
I have bot from them and sold to them many times. They are high on shipping, usually $25 minimum.

Tulving tulving.com usually has the best prices but steep minimums and often delayed shipping in high-demand periods.

There are several dozen other sites who can supply coins...the differences are very small.

Some that come to mind that I have used myself:

http://www.golddealer.com (aka CNI)
http://www.gainsevillecoins.com <<<watch these guys for great sales on rounds.
MeritFinancial.com (free ship on first order)

dozens and dozens more. 99% of these very, very reliable. No slight is intended on any I have not mentioned.

Best of luck!
 
I found a local coin shop (to avoid paying shipping) and I try to get out there every 2 weeks and buy up some silver eagles. As element said, Silver Eagles are beautiful coins and you don't have to worry if you buy government minted coins. of course unless you are a coin collector, you don't want the uncirculated stuff if you are just interested in the silver, you want the most ugly circulated silver eagles you can find. :) I've been buying them a few months and have paid anywhere from $33-35 a coin over the past 2 months. Of course I think the price depends on how good of a mood the guy in the shop is when I go in there.

Ken
 
Gold and silver bullion and coins have been a hot commodity lately. Most local shops will have some to sell ONLY if someone has came in and sold some to the shop. It has been coming in and going out quickly. You have to check frequently at each shop to see if 1) they have any, and 2) what their price is that day. All local shops have a different margin. One near me buys silver at 2.5% under spot and sells for 2.5% over spot. i.e. - a 5% spread. Uncirculated AE's fetch a premium though and I think they sells those for 5% above spot. Proof AE's are even more but I forget how much more. One bank near me sells small lots of silver bullion for 10% over spot and gold for 15% over! They cater to large volume customers and their margin goes way down for them.

Find the reputable dealers by checking around and asking lots of questions. Take something in to sell that you know the quality of and see what they offer.

Also remember that some day you will want to liquidate what you have so the liquidity of what you buy needs to be considered.

Mike
 
I like older circulated US coins best. In 100 years from now generic rounds may not be recognized as real silver, but a mercury dime will always be known as silver and will go up in value as collectible also.
 
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