Posted: 3/25/2011 9:44:38 PM EDT
| This may not be the right place but I see it as a prep. If I wanted to buy some silver or gold to put up, where should I get it from? I saw there was some on ebay, but that just seems shady. Also what should I buy? coins or bars? How much to expect to pay over spot? Any thoughts would be appreciated. |
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This may not be the right place but I see it as a prep. If I wanted to buy some silver or gold to put up, where should I get it from? I saw there was some on ebay, but that just seems shady. Also what should I buy? coins or bars? How much to expect to pay over spot? Any thoughts would be appreciated. Actually, ebay is a good place to buy gold and silver because the sellers' rep is easily verified and you are protected with PayPal. I've bought some presents in gold and have been pleased with the value and the womenz liked them. |
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First, lets define "SOME silver or gold"
What I mean is, how much do you want to buy? $100.00, $1000.00, $10,000.00 at a time? If you are like me and don't have $1000.00 at a pop to spend, shipping is going to kill you. For example: if you buy 4 silver eagles from APMEX @ $42.91ea. = $171.64 + $19.99 shipping = $47.91/ozt. That is a pretty stiff premium when SPOT is $37.37. If you are able to buy in large quantities, then online is a good way to go. For small transactions, you will probably be better off finding a reputable local dealer. You need to find out if you pay tax on bullion in our state. (In Texas, yes if buying <$1000.00 at a time  )
ETA: as for the rest of your questions: What you should buy depends on what you are wanting to do. for SHTF, you will probably want to get 1oz or less sized pieces. Larger units, i.e. 10ozt. or 100ozt. bars might be harder to sell/trade.. Whether to get bars vs. coins, that is a personal preference. You just have to keep in mind that silver comes in a variety of ways: American Silver Eagles, Maples, etc. are produced by government mints and have a guaranteed weight and purity. (Why people trust governments for this and nothing else kind of puzzles me  )
Bars and rounds manufactured by well known mints, i.e. Engelhard, Johnson Mathey, etc. also seem to be accepted about as good as the government silver. Generic rounds/bars (unknown mints) usually come last and are the cheapest. For fractional silver, 90% pre 1965 U.S. coins seem to be best. (at least a lot cheaper than fractional silver rounds) How much premium to pay? Depends what you are buying. Not a good answer, but I have been to several different shops and everyone seems to charge a different premium. 90% silver coins are usually the cheapest. What I usually do is check the online sources and determine what I would have pay for 100 ozt. delivered to my house. Then I figure the price per 1ozt. and use that figure to determine if I will buy locally or not. |
| Thanks for the replies. What I had planned on doing was buying about 1,500 to 2,000 worth to start with, and go from there. If I buy coins from coin shops how do I know what coin contains silver and how much silver is in that particular coin ? That sounds like the best way to do it to avoid shipping. As far as selling what are my options other than ebay ? Also last night I watched 1 oz of silver on ebay go for $43. Why would someone pay that ? |
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Use this link.
Link to Coin value It gives coin value according to spot. |
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Thanks for the replies. What I had planned on doing was buying about 1,500 to 2,000 worth to start with, and go from there. If I buy coins from coin shops how do I know what coin contains silver and how much silver is in that particular coin ? That sounds like the best way to do it to avoid shipping. As far as selling what are my options other than ebay ? Also last night I watched 1 oz of silver on ebay go for $43. Why would someone pay that ? First thing I would find out is if you have to pay tax on bullion purchases in your state. Every state appears to be different. It appears from Google that SC does charge tax on all purchases at this time. I am not sure what your sales tax rate is. It is easy enough to find out if you have any local dealers in your area, check Google. If you have to drive 2hrs to a local dealer, then between gas and taxes, it might not be worth it and online might be a better choice. I like using local dealers because I like looking through the 90% and the generic silver to see what they have, and sometimes I can haggle a bit on price. Most of my ASE I bought online as they were cheaper than what I would pay locally. The exception being the painted ASE's which my local shops sell for the same price as generics. $43.00/ozt. on e-Bay may seem crazy, but it depends what you are buying. I can buy generic 1oz. locally for around $41.00/ozt. w/tax, so, I would not pay that. But then again, if you are only buying 1oz. at a time, you are going to pay more, especially online. In your case, your initial purchase is enough that online may make more sense. Example: If you are buying $1500.00 in generic rounds from APMEX. As of today, you could get ~37 ozt. @ $39.71 = $1469.27 + 19.99 shipping = $1489.26 / 37 = $40.25ozt. This assumes you are using the cash discount price (check or wire transfer) The only downside to this (for me) is that you get no choice of the rounds they send you. I prefer ASE and for generics - Engelhards. (I like the prospector design) 
As mentioned above, Coinflation is a good website for finding silver content & values. As for selling, you can sell at the local shops. The problem with most online places is they only want to buy in fairly large quantities. You can also sell on e-bay or craigslist...... neither one of these is a favorite option for me. People also sell and buy here in the EE. |
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Use this tool for the best online deals for silver or gold:
http://www.goldshark.com/ I find Apmex to be pricey. I also get the best deals at my local shop. Just bought 46 Maples at spot. No premium and no shipping. These were in original packaging, sheets of 10 (one was only six of course) Cash is private too. Silver, and then gold were my last preps. You need everything else first. Silver and gold are to preserve wealth. Real money. |
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Do you mean Apmex.com?? CP |
| I have been doing some more research. I think I'm gona try and just buy 90% coins. What is the best coin to buy other than silver eagles and maples, it seems they bring a premium over spot. However it seem the kennedy's can be bought a little under, and the walking liberties almost dead on spot. Just don't wanna tie up alot of money in something I can't recoupe. |
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I have been doing some more research. I think I'm gona try and just buy 90% coins. What is the best coin to buy other than silver eagles and maples, it seems they bring a premium over spot. However it seem the kennedy's can be bought a little under, and the walking liberties almost dead on spot. Just don't wanna tie up alot of money in something I can't recoupe. Depends where you buy them. If you can find the 90% below spot grab it. Those would be pre-1965 dimes, quarters & halves. The 1964 Kennedys and earlier Franklins sell for around spot where I shop. I buy the Kennedys as they are usually in better shape. After 1964 the Kennedys are only 40% silver and can usually be picked up below spot. They are kind of the step-child of silver. You just have to keep in mind that if you are buying from a dealer for spot, they are going to pay you less than spot when you go to sell it. (Not a problem if spot moves up) Most all silver is fairly liquid right now. The larger the size the less liquid you may become, but 1ozt. size & 90% will probably remain fairly liquid. What I have noticed at the shops I have been too, 90% all costs the same, so I like to pick the Kennedys and the Roosevelt dimes as they are usually in better shape than the Franklins, Mercury or Barber stuff. ETA: Morgan and Peace dollars are also 90% but have more silver in them and are not usually included with the 90% "junk". |
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Does condition really matter when buying for the silver content or not? Today, it seems no. However, it depends who you ask and how high prices go in the future. For instance, my local dealer pays more for mint Silver Eagles vs. scratched up ones. (SPOT + $1.85 vs. SPOT) Since he pays less for them, he sells scratched eagles and the painted ones for the same price as generic rounds. I buy these whenever I see them. 90% is usually priced around SPOT X .715 per $1.00 face. So it all costs the same regardless of the condition. I read a post somewhere that questioned if the price of silver moves high enough, people may start weighing the coins to determine the value, i.e. the really worn coins will be worth less (since they have less actual silver in them). This makes sense to me and I figure since I am paying the same right now, I might as well buy nicer looking coins. This is also dependant on the dealer. I buy from dealers that will let me sort through the 90% and pick the coins I want. I have read some dealers do not let you do this. [>:// Same with the Morgan and Peace dollars I buy. I don't pay collector prices, but if the dealer has a box of Morgan's all priced the same (near melt value), I buy the nicest looking ones. They weigh more than the worn ones. |
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Does condition really matter when buying for the silver content or not? Today, it seems no. However, it depends who you ask and how high prices go in the future. For instance, my local dealer pays more for mint Silver Eagles vs. scratched up ones. (SPOT + $1.85 vs. SPOT) Since he pays less for them, he sells scratched eagles and the painted ones for the same price as generic rounds. I buy these whenever I see them. for collectors, eye appeal is important, and hand-pick from the pile when possible it's a preference some acetone will remove the paint and they look nominal. the handled coins weight the same as the "mint" coins, but are cheaper and make a poker game interesting. no charge for fingerprints our candy shoppe (buy gold - not coin establishment) will sell generic proofs the same as worn coins. his volume is decent, and he doesn't have the time to loupe each item bags of dimes, quarters, Morgans, metal is metal...... he weighs the coins –– it's easier for him than to calculate face value, quantities, etc. to him, Morgans, Walkers, and Barbers all go onto the scale, whether they be worn flat, with holes, or almost mint. definitely a great way to upgrade a set. so, hand-picking can be lucrative if possible |
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I have been doing some more research. I think I'm gona try and just buy 90% coins. What is the best coin to buy other than silver eagles and maples, it seems they bring a premium over spot. However it seem the kennedy's can be bought a little under, and the walking liberties almost dead on spot. Just don't wanna tie up alot of money in something I can't recoupe. Depends where you buy them. If you can find the 90% below spot grab it. Those would be pre-1965 dimes, quarters & halves. The 1964 Kennedys and earlier Franklins sell for around spot where I shop. I buy the Kennedys as they are usually in better shape. After 1964 the Kennedys are only 40% silver and can usually be picked up below spot. They are kind of the step-child of silver. You just have to keep in mind that if you are buying from a dealer for spot, they are going to pay you less than spot when you go to sell it. (Not a problem if spot moves up) Most all silver is fairly liquid right now. The larger the size the less liquid you may become, but 1ozt. size & 90% will probably remain fairly liquid. What I have noticed at the shops I have been too, 90% all costs the same, so I like to pick the Kennedys and the Roosevelt dimes as they are usually in better shape than the Franklins, Mercury or Barber stuff. ETA: Morgan and Peace dollars are also 90% but have more silver in them and are not usually included with the 90% "junk". I usually try to get Walking Liberty or Franklin halves or Mercury dimes because you can instantly recognize if they are 90% or not. Kennedy halves are 90% only for 1964, 40% for 1965-1970, and 0% for 1971 and later. Roosevelt dimes are 90% for 1946-1964. If I was paying/bartering with them or receiving them in a transaction, I would feel more comfortable getting Walking Liberties, Franklins, and Mercury coins. Even though I know that ALL pre-1965 dimes, quarters, and halves are 90% silver, it makes me feel better getting the older coins. However - the Kennedys and Roosevelt coins are generally in better shape than the Walking Liberties, Franklins, and Mercury coins. Which may be what some people want - shiny and not much wear. Others may want the older coins because they don't want to check the dates on 100 dimes. Also, I have seen Walking Liberty and Mercury coins cost a little higher than the other coins. JMHO. I have a little of each type of coin. |
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I usually try to get Walking Liberty or Franklin halves or Mercury dimes because you can instantly recognize if they are 90% or not. Kennedy halves are 90% only for 1964, 40% for 1965-1970, and 0% for 1971 and later. Roosevelt dimes are 90% for 1946-1964. If I was paying/bartering with them or receiving them in a transaction, I would feel more comfortable getting Walking Liberties, Franklins, and Mercury coins. Even though I know that ALL pre-1965 dimes, quarters, and halves are 90% silver, it makes me feel better getting the older coins. However - the Kennedys and Roosevelt coins are generally in better shape than the Walking Liberties, Franklins, and Mercury coins. Which may be what some people want - shiny and not much wear. Others may want the older coins because they don't want to check the dates on 100 dimes. Also, I have seen Walking Liberty and Mercury coins cost a little higher than the other coins. JMHO. I have a little of each type of coin. I agree with you, however, my thinking is that as the price of silver increases, there may be a day when you will have to sell them by weight instead of $X x Face. and as you point out, the Kennedy's and Roosevelt's usually have much less wear. So I stack them for the weight factor, since I don't plan to get rid of them unless S really HTF. (or I die, in which case my kids can sort them out )
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I heard stay away from nurismatic coins because you never actually own them. Stick with bullion. Dunno how true that is. I'm new at this as well. I am not quite sure what you mean. If I buy a numismatic coin, I am pretty sure it's mine. However, I don't buy numismatic coins because the premium will evaporate if the time comes that I have to sell them for silver value. Numismatic coins are for collectors. I stack. I don't buy collector stuff.
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Buying coins as a collector will have you paying that numismatic mark up and a collector cost based on rarity, desirable condition, etc. The buying of silver for silver content can be frustrating for a newbie like me because I have not developed the ability yet to determine a fair mark up over spot silver price.
That being said, one plus to buying coins is they hold that numismatic value so an ounce of silver in a buillion round will go up or down with the spot price of silver. A coin will do the same but it will generally hold its collectors/numismatic value as well and that can translate to more cash for it if you sell it during a time when silver is down. Thats my take on it at least. ETS: After reading the above post again, he's probably got it right - if SHTF and silver si going by weight, it'll go by weight - period - at what ever the exchange value is. If its just a down turn in the silver market prices, I think the additional numismatic value might be a benefit. Just my opinion. So (and correct me if I am wrong here, experienced folks) if I am buying for just silver content based on what silver is doing in the market, I will buy rounds, bars, etc., and some junk silver. If I am buying for long term investment as a collector/investor, I would buy coins and expect to pay a little or a lot more per coin than just the silver price. But, on the flip side, I could expect that coin to hold a little or a lot more value than just the silver price by weight. On the topic of buying/selling silver: I just bought a 1 oz Silver Eagle yesterday for $46.00. Online has good prices but shipping would kill me on a small purchase like that. So, if you are like me and can only buy one or two at a time, local is the way to go. Also local is best if you are collecting and have a reputable dealer to work with. |