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 Replies: 26 / Views: 3,052 |
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Valued Member
United States
239 Posts |
Whats up everyone! First time poster here.. For the last few days, I've been wanting to start up somewhat of a coin / silver / precious metal collection. I am young, 22yrs old. I definitely do not have that much money to throw around, but I wouldn't mind spending a couple hundred a year if need be. I tried hunting some dimes, nothing. And I was desperate for some silver LOL so I went to ebay.. unfortunately, I don't think I did so well and that's a perfect example of someone rushing into something. Anyways, my first auction I won on a mere 1/2oz worth of junk silver coins. I paid $13.82 for it.. with shipping @ $2.99! So I really paid $16.81  However, the seller is willing to sell me another 1/2oz for $13.82 with the same shipping price so I might do that.. to make up for my loss? (would be $30.63 for 1oz of junk silver coins) The second auction I am currently winning.. with minutes left, is an auction for 10 Mercury dimes for $20.. with $5 shipping! yikes.. But I suppose that's better than my first hit? Either way, I wanted to join the club so I dove in head first. I am still excited about it, and I can't wait to see these (hopefully) shiny coins. However, silver is down today.. Here are the links to the auctions I won.. http://cgi.ebay.com/ws/eBayISAPI.dl...:RTQ:US:1123http://www.ebay.com/itm/10-Mercury-...284152159236So pro's, how did I do? What should I avoid, what should I look for? Id like to go coin roll hunting, but, it seems like you need to buy boxes at a time to find 1, 2, maybe 3 pre 64. And I don't have the hundreds of dollars to front for the coins right now. As for right now, I just want to start collecting silver coins.. Nothing too serious, if I get lucky, I get lucky and find something that is in nice condition and it might be worth more than melt value. Thanks for reading guys! |
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Pillar of the Community
United States
1510 Posts |
some people like ebay I dont myself--there are better deals out there (if not local then online) Retired USAF 1983-2003
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Valued Member
 United States
239 Posts |
Yeah.. I suppose I will have to look around and learn the ins & outs like everyone else..
Honest opinion though, should I buy the oz of junk silver for $30.63 or do I cut my losses with the 1/2oz for $16.81?
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Pillar of the Community
United States
5855 Posts |
Silver is currently sitting at just under $31/ounce. However, that is pure silver. "Junk" silver coins are only 90% silver, so it's really only worth $27.9/ounce (or $13.95 per half ounce). Having said that, it's not always easy to buy silver at or below melt price, and the cost you quoted isn't outrageous by any means.
Shipping and "handling" is always a problem when buying coins online. You might be better off looking for a local coin shop that has some "junk" silver at or slightly above melt with no shipping and handling fees. But I wouldn't beat yourself up for your purchase.
Edited by barryg
12/12/2011 10:46 am
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Valued Member
United States
257 Posts |
Not too bad, but you should try your local CL and offering SPOT on anything that comes up. May work better for you, depending on area.
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Pillar of the Community
1028 Posts |
Yes, for junk silver definitely try craigslist. There are some greedy people on there looking for spot plus more, but you can frequently even seen people offering less than spot.
This is a funny post to me because half an hour ago I literally got back from a meeting for completing a craigslist sale on junk silver. I put up a listing for 20 silver quarters and said "give me $100 and they're yours". Silver would have been around $116 at the time I wrote that, its down a bit now, but the guy still got a good deal.
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Pillar of the Community
United States
3592 Posts |
Buy local or save up enough cash that you aren't wasting money on shipping costs.
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Valued Member
United States
136 Posts |
I never really care too much for purchasing bullion on ebay. I'll usually do that with a local dealer, as shipping tends to run up the actual price you pay for your silver, and in the end, that's going to hurt your return. |
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Pillar of the Community
United States
1510 Posts |
and if you go a lot to a local dealer and they are cool you can build a rapport with them, thats when the deals roll in  Retired USAF 1983-2003
Edited by Coinstar
12/12/2011 5:09 pm
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Pillar of the Community
United States
548 Posts |
I also don't like those ebay auctions advertising "buy 1/2 ounce of silver in coins!" Too much room for hanky panky in those. Instead, learn the silver content of the coins and purchase the coins instead. Each dime contains 0.0723 oz of silver Each quarter contains 2.5 times that Each half contains 5 times a dime's content. See the pattern? The mint thoughtfully set the silver content of the coins to match their denomination. Once you know this and can calculate the value and silver content of each auction, you're on your way to smart shopping on ebay. Personally, I disagree with the above posters. If they think it's tough on the buyer, they ought to look at it from the seller's perspective ( ebay fees suck!). |
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Valued Member
United States
239 Posts |
Well, I thank you guys for the advice!
I just paid for both auctions.. It cost me $55 and some change all together.
I actually took a trip with my father to the local coin store where he didn't have much silver bullion at all (he paid higher than what its going for now). We were gonna buy some 1oz rounds.
The guy had a pretty bland looking 100oz bar that my father was really close to buying for some crazy reason. He has always wanted to invest in silver and I guess with me telling him about my interest, he got the bug quick! LOL
Anyway, the guy wanted spot + 5% for the bar. Is that even a decent deal? I know this is a coin forum, but 5% seemed a little high on something that was over $3k. But then again, idk I am new to all of this. But I figured, say come spring time or whenever and silver peaks at around $40 an oz again and we went to sell the 100oz bar, we would only make ~$400 after paying the spot + 5% on that. Doesn't seem like much of a gain considering the financial risk involved. Then again, I know that silver is not a get rich quick investment.
So the coin dealer told me that he will sell me x24 for the junk silver. $2.40 for a dime I suppose, which, isn't that bad considering I just paid $2.50 for mine. I assume that those prices fluctuate daily as well.
My father thinks I am wasting my time with the junk silver coins, but its the cheapest form of silver you can buy! Plus, idk, I like the idea of owning US currency rather than rounds or bars. Plus, I wouldn't mind having a few nice rare specimens in my collection as well =)
I think I might give hunting another shot.. I can't really afford any box's yet so I'd be doing it rolls at a time. Maybe I will get lucky..
Thanks for putting up with my long reply guys! LOL
Thank you for the welcoming advice for the novice here!
- Joe
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Pillar of the Community
United States
580 Posts |
 The bug spreads quick, that's for sure. I started out collecting American Silver Eagles. They are 1 Troy OZ 99.99% pure silver. Most Coin dealers sell them for $2-$4 over spot. If you are just looking to buy silver, that may be the way to go. Also, the Canadian Maple Leafs are the same as the American Silver Eagles but for some reason are $1 or $2 cheaper. Just me opinion. Good Luck. |
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Valued Member
United States
297 Posts |
I'm surprised at the price that .999 silver is going for this week. Silver is @ $31-32 and ounce and common Silver Eagles and Maple Leafs are going for over $40. I got a postcard from a professional ebay seller that I had purchased from in the past and they are having a presale of 2012 Eagles for $40. I guess the buying public believes that silver will be going up and is worth $40+ an ounce. I picked this one up for $37 delivered as I am a SLQ fan and on board with the huge future increase in silver prices. It will look good sitting next to my baby.   Click for LARGE picture   |
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Valued Member
United States
239 Posts |
Yeah, I don't understand why its selling so high? That's why for the time being, I am sticking to the junk.
I received my *first* silver coins today in the mail =) I am so excited lol I love the way they feel, look and best of all.. the sound =)
Me & my father went back to the coin shop today, he purchased a beautiful 1986 Panda 1oz gold coin!
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Pillar of the Community
United States
548 Posts |
Jenger, Here's a good ebay auction for you to test your silver buying skills. http://www.ebay.com/itm/NEW-LOWER-P...em336f1aa381Actually it's not a good auction. It's a horrible auction. Full of all sorts of traps for the unsuspecting buyer. Can you find them? We'll help... |
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Pillar of the Community
United States
4897 Posts |
Nice test Lobby...Can I give a clue?
Forget the 1 pound nonsense!
Edited by amida17
12/13/2011 11:59 pm
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Replies: 26 / Views: 3,052 |
Posted 12/12/2011 09:59 am
