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I Need Help . I Don't Want To Get Scammed .

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Author Previous TopicReplies: 21 / Views: 3,070Next Topic Page 2 of 2
Bedrock of the Community
13014 Posts
 Posted 11/11/2019  3:35 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list
Stay away from gold bars. Avoid things to good to be true, avoid Chinese/Asian seller (not all are bad but enough are it's best to just avoid it until you know more), stick to reputable graded coins if you go for things of value.

There's nothing wrong with online just be smart. Plenty of scams happen at local coin stores and shows you just can't see it like online.
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United States
189673 Posts
 Posted 11/11/2019  3:38 pm  Show Profile   Bookmark this reply Add jbuck to your friends list

Quote:
There's nothing wrong with online just be smart. Plenty of scams happen at local coin stores and shows you just can't see it like online.
Rest in Peace
United States
17900 Posts
 Posted 11/11/2019  5:54 pm  Show Profile   Bookmark this reply Add moxking to your friends list
American Silver Eagles are the #1 worlds most collected silver coin. Take a nice display of ASE, both graded and raw, to any decent coin show.

If you are priced reasonably, you won't take too many home.

Start there and work from that firm footing.
Pillar of the Community
Australia
3831 Posts
 Posted 11/12/2019  03:46 am  Show Profile   Bookmark this reply Add gxseries to your friends list
Something cheap and worthwhile buying is a digital scale that can weight down to 0.1g. Around 10 dollars or so and it's worth it.

With bullions, if it displays 1 ounce and if it's not 31.1g, I would be raising alarms.

That helped me with coins as well
My partial coin collection http://www.omnicoin.com/collection/gxseries
My numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htm
Regularly updated at least once a month.
Bedrock of the Community
United States
20753 Posts
 Posted 11/12/2019  09:13 am  Show Profile   Bookmark this reply Add just carl to your friends list


Quote:
Buy nothing online, go to any coin show and walk around look, talk, learn everyday of show whether 1,2 or 3 or more, look for someone buying things you are interested in and strike up a conversation

And I say the same. One more thing is to look into purchasing a copy of what is called the Red Book by Whitman Publishing. Spend time going through that book for help.
Valued Member
United States
231 Posts
 Posted 11/12/2019  2:50 pm  Show Profile   Bookmark this reply Add BGLI to your friends list
Coin show a good idea- learn a lot from walking and talking to experts
Valued Member
United States
110 Posts
 Posted 11/12/2019  3:37 pm  Show Profile   Bookmark this reply Add DeLoss to your friends list
THANK YOU ALL 🙃 . And unfortunately I'm too far away from any big City to go to a shop or show so I have to buy online until I'm able to take time off work to plan A "Get Away". A coin show would be Amazing . That would be a dream come true for me . But thanks again for the information . I'll stick to Reputable Companies online .
New Member
United States
45 Posts
 Posted 11/12/2019  4:19 pm  Show Profile   Bookmark this reply Add KingFridayXIII to your friends list
What is your purpose in collecting? Are you going for raw silver weight or are you more interested in higher priced silver coins? If you are looking for weight, you can't beat Constitutional silver pre-1965. Prices are cheap so there is little incentive to forge these coins (though I imagine anything is possible). The higher priced stuff is more apt to be a forgery, so I buy all my better stuff graded on a slab.
Valued Member
United States
231 Posts
 Posted 11/12/2019  4:29 pm  Show Profile   Bookmark this reply Add BGLI to your friends list
check ebay dealer feedback and maybe try to stay with slabbed coins? learn from this forum and the grading thread is great as you can test your grading knowledge. good luck
Pillar of the Community
United States
7375 Posts
 Posted 11/12/2019  4:37 pm  Show Profile   Bookmark this reply Add edweather to your friends list
Easier to make suggestions if you narrow down what you want to buy. ebay is fine if you do your due diligence. Also APMEX and Provident.
Pillar of the Community
United States
1667 Posts
 Posted 11/14/2019  08:00 am  Show Profile   Bookmark this reply Add Big-Kingdom to your friends list
APMEX, provident, JM Bullion they are all good sites for bullion type coins and good return policies and good reputations. Only thing I would suggest is immersing yourself in bullion prices and getting a good grasp of what a good deal/price is then look at those sites for sales and deals so you can buy low or nearer spot.

As always, trust but verify.

You can play the ebay game you can buy accumulations off of Craigslist if that's something you'd want to do but your scam chance get a lot higher.

Everyone makes mistakes. Main idea is to recognize and learn from them and not spend too much to learn where the traps are, but I think something gets by everyone at some point so don't let the mistakes or the scams that will eventually happen get you down.

I think if you start with the reputable bullion dealers, pay attention to spot prices and what the markups are, keep track of everything you buy so you know where it all needs to be to profit when you sell it, and don't overbuy to where you end up having to sell early and end up losing, and then just get comfor table before you move on to more risky ventures.

Maybe you want to do silver rounds, or bullion Eagles or "constitutional silve/junk silver" you'd want to have a good grasp of whatever it is you're buying's value and make sure you aren't overpaying. You'll find everyone has a differnt asking price and you want to wait for sales or price reductions to get the most bang for your buck.

Like many sellers buy rounds in bulk. If it's not selling too hot a year later, and they have too much inventory and Silver is up from where they purchased it at, sometimes they will sell just bellow the current spot price or at it just to clear it out and they are still making money on it. Don't fall into the impulse buying trap, where you just feel like you need to build a big stack and don't do the math on the cost vs. What you'll need to be able to profit when you sell it. Catalog your purchases, what you spent, how many oz. How much per oz. So later on you know what you need to he at to sell and break even... or better yet make a profit.

I'd avoid graded coins unless they are rare or a key date. Bullion is bullion and melt value is melt value if it's a common coin. Buy them if it's graded and near spot price, but what I mean is, don't pay for the slab. If it's common it won't matter to a dealer if is MS70 or G4 they are only gonna pay for the silver.
Edited by Big-Kingdom
11/14/2019 08:04 am
Bedrock of the Community
United States
20753 Posts
 Posted 11/14/2019  09:55 am  Show Profile   Bookmark this reply Add just carl to your friends list
Also check on local coin clubs. If there is a sort of large town near by, go there and see if there are any hobby stores. If there is, go in and ask about any coin clubs. Also, keep on posting until you have enough to buy from members right here.
Valued Member
United States
110 Posts
 Posted 11/19/2019  1:32 pm  Show Profile   Bookmark this reply Add DeLoss to your friends list
My purpose of collecting is the joy . Not the value . Sure value is nice but the feeling of finding a coin that you've been looking for and obtaining it is worth money . I do it for the fun and have a blast doing so .
Pillar of the Community
United States
7375 Posts
 Posted 11/19/2019  4:29 pm  Show Profile   Bookmark this reply Add edweather to your friends list
I do it for joy too, but there's no need to be in a hurry and throw away money in the process. Most of the fun is in the hunt anyway.
Pillar of the Community
Canada
2781 Posts
 Posted 11/21/2019  10:58 am  Show Profile   Bookmark this reply Add Wade to your friends list
If you are looking for the most bang for the buck then I suggest you start with a kraus catalog and buy mixed lots of world coins.

ebay rates are around $8-$10 per pound (10 cents a coin), and although it will take buying a few dud lots (heavy to modern or too many duplicates) once you get a few under your belt you will be able to pick out the better offerings.

Keep the ones you like and re-sell the bulk back on ebay. At the end of the day you won't have much invested (shipping costs and the coins you kept will be the only real expense other than your time)

For the cost of a single 1 oz gold eagle you can cycle through 20,000+ coins = good cheap entertainment.

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