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 Replies: 14 / Views: 1,682 |
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New Member
3 Posts |
Hello, I am just now starting my collection. I would like help on getting started. First, I would like to start collecting some junk coins. There are two reasons for this. 1. I would like some precious metal and this seems like a way to get both metal value (to trade in the Apocalypse :-) ) and hopefully find a few rare coins with numismatic value also. 2. Most importantly my parents collected coins in milk jugs when they got married in the 60's. When my dad went to Vietnam his father stole all their coin and spent it on his liquor habit. I would like to fill that void, as it has always been a scar on my family. I would like to get a bunch of them and give my parents what they once lost. They they can pass them along the grandkids... So, I would like to know where the best place is to purchase junk and other coins? and any advice on this? Next, I just inherited two books of silver eagles for my set of 2 year old twins from my uncle. These are special as he was a janitor and retired a few years back. He passed them to me because he said he couldn't afford to continue to collect them and wanted to pass them down. They are BU and from 86-08 He knows I will keep it going. So, where do I go, what do I do? I have the Red Book and I know about the blue book. But, could use some advice and some folks to point me to the best place to start. Also, any tips or things I should focus on? Thanks for any help and thanks for reading. |
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Bedrock of the Community
13014 Posts |
 For junk bullion theres a lot of places you can buy from. People will say local coin shops ect, some are good some not so much. Hit or miss depending on who runs it. I like provident metals too they usually have good prices that adjust with the price of the metal. ebay can be good but not everything is real. But if you stick with trusted dealers can usually get real good prices. Completed listings are great too to see the value of things same with http://www.numismedia.com/fmv/fmv.shtml for higher end coins |
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Pillar of the Community
United Kingdom
2624 Posts |
You will see that some members like to do roll hunting. This is withdrawing huge amounts of change from the banks, searching through it all, sorting out pre 1965 quarters etc and banking it again. Even if you don't find much it won't cost you much to try that approach and if you do get lucky with some 90% silver coins then its all a bonus. The drawback is that many people are doing this and pressumably the yeilds aren't amazing anymore. If you have any coin stores near you they might have a junk box that you can sort through which wont cost too much either. Other than that you could buy stuff on ebay (try to stick to reputable sellers, maybe start with coins you are fairly familiar with) or coin shows if there are any near you. Whatever the case welcome to the forum I am sure you will find the members here helpful. |
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Pillar of the Community
United States
927 Posts |
I think a local or regional coin show is the best way to look at a lot of dealers stock in one place. And it is a good way to price compare also. You can browse the floor before buying anything. You might also meet some dealers who will work with you and help you find what you are interested in. If you want to start with silver coins, probably Franklin halves, Washington quarters and Roosevelt dimes are the best place to start. You can get many of these in Au-Unc condition for just a little more than bullion prices and they look nice too. Stick with better grades for these coins. |
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Bedrock of the Community
 United States
12815 Posts |
Find a local coin/bullion store. They deal with junk silver all day long and you can buy generally as much of it as you wish from them. Check your local sales tax laws before you buy - in Texas, for example, you get charged sales tax on bullion purchases under (yes, under $1k). If you're just stockpiling silver for the proverbial rainy day, hedging, or even *gasp* investing, I respectfully disagree with perfessor and would advise that better grades don't matter much. BUT neither can it hurt to have the best grades possible as long as you're not paying a premium. @DavidUK, there's not much point in roll hunting (CRH) these days. Most of the silver is gone and in the aforementioned bullion/coin shops. While I do it and enjoy it, I'm not looking to get much/any Ag out of rolls these days. basebal has a good point - you can buy bulk junk from online PM dealers such as Provident or APMEX. You do have to factor in shipping of course. Which is why I prefer to just find a local store and buy as close to spot as I can without paying any taxes if possible. I'm sorry to hear about the loss of your parents' collection. If there's any defense possible, those coins were not worth anything close to what they are now when your tipsy grandfather absconded with them. It still sucks. :( Interesting to think where those coins may be now though. Possibly one or two of them has made it into the stashes of members here or you might even get one of them back in your pursuit.... :) Good luck and |
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New Member
 3 Posts |
Thanks for all the insight. I have been doing some research based on what you guys suggested and here is where I currently stand. 1. went to a few local banks and they agreed with you guys - maybe I can find a few pre 65 coins, but they agree most are gone. So, this is still an option but not the way I will establish my collection. 2. looking on providence medals, silvertowne, ampex and a few others. All their prices seem to be about 28.8 per ounce for 10K purchase (currently silver is 28.00 spot price)... about 3% above spot. For about 2K the price seems to be 31-32$ per oz. on these sites. If you guys have a lot or something better, let me know. 3. Went to ebay and have a few interactions with some of the sellers. They want 10% above spot for the junk coin. I am still trying to find someone on there that will work with me. Do you guys have any suggested sellers that would sell at spot or below? Or do you guys know anyone selling some stuff? Do I just start watching and bidding and hopefully get it lower than spot? 4. I live around atlanta Georgia, so we do have a few coin shows. one monthly (and I think it is kind of small, but I am looking into it more and one that is yearly and I will have to wait a few months) I will try this route and see what I can find. 5. I have called a few coin shops, but their prices are higher it seems... still looking but if any of you know a good place around Atlanta or close, please let me know. I would like you guys to give me a stamp of approval before I purchase anything. I am thinking about 2K worth of coin to start with. I will post what I am going buy. I am kind of stuck on what the professor said. "You can get many of these in Au-Unc condition for just a little more than bullion prices"... This of course has me thinking I may be able to get au-unc for close to spot, but I don't know enough to know what a good buy is. What is "a little more than bullion"? If I am looking at bullion for spot, is au-unc a 5% or 10% markup or more? Do you guys know anyone selling au-unc that would be willing to sell at a "good" price? I wish one of you guys lived in Atlanta and I would take you to lunch/breakfast and pick your brain, there is so much to learn... Maybe I will find someone with a good lot for sale that is fair and would give me a jump start... I am trying to make smart purchases... good buys. I appreciate all the feedback and thanks for reading. |
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Pillar of the Community
United States
620 Posts |
*** Edited by Staff - Please Review the rules that you agreed to when you registered. ***
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Pillar of the Community
United States
1770 Posts |
occasionally on ebay you will find some really great deals always be on the lookout for that (even if its just one coin at a time) at least you can get some for close to melt and welcome to the board ! |
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Bedrock of the Community
13014 Posts |
In response to if people would sell below spot the short answer is no. No one is going to want to lose money which is what they'd be doing. Only way for that is to find an auction that gets no interest even then most people will bid to at least spot. Almost every actual business will have a premium over spot as well
The au premium will all depend on the type of coin. Each type has different values but it'll probably be like 35-40 per ounce instead of 30 for jut bullion. If you just want the silver it's cheaper to just get bullion quality ones. The AU ones arent going to have a price spike anyway since the majority of their value is tied into the value of silver, but they will cost more
Edited by basebal21
08/15/2012 6:30 pm
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Pillar of the Community
United States
927 Posts |
I suggested the AU-Unc coins because you indicated in your original post that you wanted to start a "collection" and not just purchase bullion. That is how I think about common silver coins. I buy them in higher grades because I like the coins. But if silver goes up and the coins are worth more, all the better.
I have also attended local auctions of mostly uncertified coins, and many of the junk silver lots go for bullion prices, and sometimes a little less. You may want to see if there are any auctions like this in your area. Something to consider.
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Bedrock of the Community
United States
20753 Posts |
1. I suggest you continue going to as many coin shows as possible. ASK as many questions as possible there. 2. Keep far, far away from ebay or any on line auctions until you really know what your doing 3. Remember that the Red Book is a Guide for prices and in almost all instances, fantastically over priced. 4. Go to as many banks as possible to aquire bulk coins to fill those jars that were sort of robbed. Just dump all coins in there. I don't think they'll go looking for valuable coins anyway. 5. Don't play that valuable metal game. To many people find they have purchased Silver for the present Silver price and find they loose when trying to sell. And most have no place to sell anyway. 6. Go to the Whitman web site and order a catalog. Don't purchase from them directly though. They basically deal with dealers that buy bulk and for an individual, the prices are excessive. 7. Using that about 90 page catalog, you can get an idea of what is available in coin collecting. Of course you could do the same on line by trying a place like Wizard coin shpply. 8. Try to locate as many coin stores in your area. And remember that they have to make a massive profit due to all their expendatures for the store and home. But good to browse around looking. 9. Quote:Next, I just inherited two books of silver eagles for my set of 2 year old twins from my uncle. These are special as he was a janitor and retired a few years back. He passed them to me because he said he couldn't afford to continue to collect them and wanted to pass them down. They are BU and from 86-08 He knows I will keep it going. If those are in Folders, get them out fast. I suggest either an Album or 2x2's and if in 2x2's, place in those 20 slotted pages made for 2x2's 10. Stick around this forum and post as much as possible. You need a lot of posts to be able to buy and sell here but possibly much safer, cheaper, smarter than most other places. 11. Remember that places like ebay, charge for shipping, postages, insurances, restocking fees, lost in mail, wrong items sent, doctored up photos in the adds. 12. Get to know all the on line places that have price guides. Such as Numismedia, PCGS web site, etc. AND remember those are just guides. |
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New Member
3 Posts |
You guys have given me quite a bit to look into. Thanks for all the advice on this topic.
What is your take on purchasing newer coins from the us mint? Ie. the 2012 silver eagle etc
Carl, you mention that if the silver eagles are "in Folders, get them out fast." Maybe I am calling them the wrong thing, but the book has holes in it for the coin to fit in, there is a thin sleeve of plastic behind and in front of the coin. I have noticed some tarnish on a few of the coins though.
Also, carl you said to go to as many banks as possible to aquire bulk coins - do you have any suggestions on how to do this? From my understanding buying rolls of coins now days don't contain many (if any at all) old 90% junk silver coins.
I understand I have to prove myself on here to buy... I hope to get there. I think this would be the safest place to buy from...
Captian, I tried to contact you, but I can't email b/c I am locked down since I am a noob :-( However, if anyone wants to contact me directly on my profile page, I would welcome it.
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Pillar of the Community
United States
1510 Posts |
13. Listen to Carl cause he is usually right.....
Retired USAF 1983-2003
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Bedrock of the Community
13014 Posts |
Quote:
Carl, you mention that if the silver eagles are "in Folders, get them out fast. If theyre the uncir or the proof versions I agree. If they are just the bullion versions and you like the folder or album Id keep them there. Quote:
Also, carl you said to go to as many banks as possible to aquire bulk coins - do you have any suggestions on how to do this? From my understanding buying rolls of coins now days don't contain many (if any at all) old 90% junk silver coins. Depending on where you live roll searching can lead to good finds. If you roll search some times you can find good collector coins other than just silver but youre right for the most part the silver ones are few and far between. I live in Northern VA and when it comes to silver around here from bank rolls theres nothing. I've searched about a 1000 coins without a single silver coin so I only do it if I am really bored and want to kill some time for fun now but wont go out of my way to do it. But it doesn't hurt to try. Worse case you have the exact same amount of money you started with so you really have nothing to lose in that sense. Pennies may yield better results pulling wheaties which you can then sell in bulk lots on ebay for a premium. |
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Pillar of the Community
United States
1227 Posts |
Averagejoe, I'd like to echo a point of Basebal's: as in real estate, coin roll hunting is all about location, location, location. I live in a snooty rich town (sorry, it is) and have amassed a nice little collection of silver, pre-WWII wheatheads, Buffalo nickels, IHCs, etc. out of my cash drawer at my job and via CRH. And before the "yeah, but you handle a lot of change" topic comes up, let me tell you that we collect for a local charity and so a lot of our change is "recycled" (e.g., just for kicks I once drew my initials on a 1980's cent with a Sharpie and threw it in the coin changer. I got it back six times before it disappeared). Sure, I handle a few hundred bucks in varying denominations every day, but only about forty bucks a day is "new" (i.e., unsearched) change, and I have only seconds to flip through before handing out change or putting it in my changer. I'm sure I've given away plenty of stuff I'd like to have back. |
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Replies: 14 / Views: 1,682 |
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Posted 08/13/2012 10:40 pm
