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 Replies: 21 / Views: 3,159 |
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New Member
Canada
39 Posts |
I have found that the rising cost of silver has actually moved me away from "buy any condition to fill a hole and upgrade later." As Chadwick observes, numismatic value is not moving (especially for the world coins that I collect); so now "junk silver" costs almost as much as coins in collectable conditions, and it makes more sense to be more disciminating.
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Pillar of the Community
United States
2661 Posts |
Silver king right now, no doubt about it. Dealers, Profiteers, Pawn Shops and others looking to cash in are low-balling those trying to sell in my area and are charging a hefty premium if you are just trying to get a few for your collection. Most are still only paying around 20-22x face each for 90% silver and then reselling for 35x or better, mostly higher. I have found that great deals can be had on coppers if you know where to look. I picked up several large cents in F-VF a couple of weeks ago for $7 each and and 21 IHC's for $20. The IHC's would go any where from VG8-F12. So as far as buying any silver, I will pick up a BU Franklin for my Dansco from time to time and still search rolls, but I am focusing more on the coppers and nickles fright now. |
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Bedrock of the Community
United States
14454 Posts |
the funny thing about the silver prices is that the Morgans in the condition I am looking for have actually gone down in price in the last year or so. A year ago a 1878 Morgan in MS-65 would bring anywhere from 1000-1100 bucks now I have seen them with a BIN of $870.00 and not sell. MS-64 1878 was about $250.00 or sometimes more and now they are under $200.00. So in the higher grades the price has gone down so it has effected my buying in a positive way instead of negative
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Pillar of the Community
United States
3540 Posts |
Actually, because of the high silver price now, I have sold off silver to buy high/higher grade Lincolns.
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Valued Member
United States
172 Posts |
as said before....with price of silver being so high it made a tiny gap between "junk" silver and mint state silver.....so as of now I'm selling off my dateless, heavily damaged, and bad toned silver and upgrading to proofs and brilliant uncirculated.....i went and sold some old silver and when I went to check out the new ASE's I saw that the BU silver eagles were close to $50 and the proof silver eagles were $55.....who wouldnt pay the extra $5 for a proof that will deffinitly hold its value better than a BU eagle that will barely break melt value with the high prices.....i think right now is the best time to sell and upgrade........its working otu nicely for me, but everyone has their own idea of what is going to happen next with silver......not to mention the fact that a proof eagle is in my opinion one of the most beautiful coins on the market ;) |
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Valued Member
 United States
271 Posts |
And a proof eagle is beautiful.. Bought one today actually. A 1986 S proof, and 4 Morgan dollars for the low low price of 160 dollars. The four Morgan dollars are common date average value Morgans, however one is easily a MS coin. The rest Extra Fine at least. |
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Pillar of the Community
United States
1348 Posts |
Quote:
Actually, because of the high silver price now, I have sold off silver to buy high/higher grade Lincolns. You might be  to use in a couple months. We might be  to you in a couple months. NEVER KNOW! |
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Valued Member
United States
291 Posts |
It could have been worse. What if you took all your money and bought gold and platinum instead of silver? The gold at least would have gone up 50 to 75%, while watching silver soar 500 to 750%. :)
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Valued Member
United States
293 Posts |
Yeah, it kind of bugs me a bit too. When I was younger, I was buying silver at ~$7/oz, then it went down! A couple of years ago I got back into collecting and silver was around $16-18/oz and I was mad at myself for not buying more when it was half that price. Now I'm mad at myself AGAIN because it's 3x the price of just a year or two ago! I can't afford to buy any amount of silver in bulk, but I think I'm just going to continue buying a little at a time when I have money. Whether it continues to go up or if prices drop. One day when it's time for me to either retire and cash in or pass it all along to a relative as an inheritance, hopefully there will be a nice chunk of silver in my collection. But yeah...It would be nice to be able to buy at around $10/oz again...those were fun collecting days  |
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Pillar of the Community
United States
3184 Posts |
wish there was a time machine for me to travel back in time!
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Pillar of the Community
United States
2936 Posts |
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Rest in Peace
United States
4849 Posts |
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Pillar of the Community
United States
3540 Posts |
Good for you Paleo. Glad a collector is making out on this market.
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Bedrock of the Community
Australia
21788 Posts |
Chadwick: I dunno if you did wrong. It is obvious to me that a lot of people are going to get burnt with hot silver. Just have fun with what you are currently doing.
25 years ago, it was obvious to me that banknotes would be the way to go. I wasn't interested at the time, despite what I could FOREsee. Banknotes since then have proven to be a very stable and satisfying investment on a continuous basis.
I stuck with ancients and World coins, and I am glad I did. The value of numismatic study is far greater to me than the return from bullion investment.
I have accidentally acquired a significant amount of bullion over the years, and I still have no VITAL interest in it. I might sell it some day. I might gain a lot, or not much. So what? I watch the bullion charts occasionally, and make comments. That's fun.
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Bedrock of the Community
United States
17884 Posts |
Quote:
the funny thing about the silver prices is that the Morgans in the condition I am looking for have actually gone down in price in the last year or so. A year ago a 1878 Morgan in MS-65 would bring anywhere from 1000-1100 bucks now I have seen them with a BIN of $870.00 and not sell. MS-64 1878 was about $250.00 or sometimes more and now they are under $200.00. Possibly so much money is being diverted to silver bullion that demand has declined. Or possibly coins are being sold to raise cash to buy bullion resulting in increased supply |
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Posted 04/17/2011 1:10 pm
