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 Replies: 19 / Views: 2,762 |
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Valued Member
United States
148 Posts |
Current strategy has been learning everything I can about ASE and I have been limiting my purchases accordingly. I really like Morgans and Franklin halves as well as Mercury dimes, and Barber quarters and dimes but haven't bought any yet. I hear the people who have been at it awhile say they have enough 90% and are buying other things instead, and if they get a good deal on 90% and flip it for money to buy something else. I never see people say this about ASE or other premium stuff. My thought process has been: 1. I probably won't get any good deals being that my relationship is new with my LCS - Since ASE are a premium item, I would believe there really aren't that good of deals to be had at the LCS even for regular customers, and almost everyone wants ASE so any good deals anywhere else are quickly snapped up by veteran collectors - thus I am unlikely to get it. 2. At my LCS 4% over spot for 90% and $3 per coin over for Morgans is not a good deal (looking at ebay it isn't a bad deal, so I'd say it's a fair deal). Would it make sense to wait for a GOOD deal to fall into my lap in the future on 90% versus going out looking for it now? I know my tastes will change as I get more into this hobby. I'm looking to buy and hold, preferably for a long time, so I'd prefer to do it "right" the first time and not make purchases I would rather have done differently later and then take a beating on the spread selling to buy something different. I appreciate the guidance. |
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Pillar of the Community
United States
919 Posts |
My local stores charge about $3-4 over spot for ASE's. At current spot that is about a 10% markup. They charged the same $3 when I was buying at $26. Deals can be found on ebay. I don't want to deal with fakes, stolen goods, etc so I only buy from members on here, LCS's and at coin shows. I want the product in hand before I buy it. ASE's are a pure bullion play. Which is better (90% or ASE's) varies with the market. Currently my LCS's pay $1 over spot for ASE's because they can't keep enough of them in stock. They pay a little under spot for 90%. If I were selling out now the ASE's would be the best to sell. If silver falls to $5 again the ASE's will fall to that. They are just bullion. 90% silver may hold onto some of the numistic value. If not I will be a buyer of Morgans at $4 (only .77 oz) all day long. I purchased a variety (90% rolls, int sets, ASE's, Morgans, Graded silver) because I'm never lucky enough to go all in on one thing. I always pick the wrong one. Good luck, just my thoughts. |
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Pillar of the Community
1283 Posts |
The absolute best way to buy silver is via 90% US coinage. This is because it can be had all day long at spot or less, you get the absolute best bang for your buck. I had a deal last night but the guy backed out at the last minute so he could make a couple extra bucks from another buyer. Like I said no sweat its just something you have to deal with when your in the market to get the best possible prices. If you do the leg work you can quite easily get 90% silver for 90% of spot, does take a lot networking though. That being said I am starting to hate 90% silver other then my silver dollars. Don't ask my why I have just got sick of collecting old dirty COMMON Dates. I really like ASE though if premium bothers you I wouldn't buy any. I don't really care about premium when dealing with my personal stash. Anyway I saw you asking about me in another forum and will help you anyway I can. Shoot me a PM if you need anything. I almost always buying/selling/trading GL Friend |
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Pillar of the Community
United States
919 Posts |
throwbackid,
How/where do you get Silver Dollars (90% commons) at spot. Who is selling Dollars for $26 each? I paid $30 for Peace and Morgans last night but that is 10+% over spot.
When it comes to other 90% I only buy halves. I always pay a little premium to hand select Franklins and Walkers that are XF/AU.
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Pillar of the Community
1283 Posts |
I guess you misread it or I didn't make it clear. I can get dollars for spot but not often. Most all of the 90% I was talking about is in the form of dimes, quarters and halves.
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Valued Member
United States
112 Posts |
I am looking to enter the silver market through 90% "junk" and ASE bullion as well. I too am waiting out to extend my network to find the, so far, elusive at spot/below spot prices. I only wonder the condition I should expect at minimum when I pay spot or slightly above on an ASE? Also, at what condition/rarity I can expect to pay a $10 premium or more? Thanks |
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Pillar of the Community
United States
1200 Posts |
@berk-- On your thought that "... I'd prefer to do it "right" the first time and not make purchases I would rather have done differently later..."
Good luck with that one. Everybody has wrestled with that one, and I don't know if any have won that match. I think winning it would require many years worth of knowledge before making your first purchase and then personal goals, tastes, preferences and market conditions that remain forever unchanging from that time on in order to win that particular match.
Give it lots of study, research and homework (like you're obviously already doing) and give it your best shot. But--don't get too totally hung up on the "getting it right (i.e: perfect) the first time" (and then every time after that, too) thing or it'll drive you crazy in the head and take all the fun out of the whole thing.
I think everybody who rides falls off the bike and gets a little scraped up and dirty every now and then.
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Pillar of the Community
United States
919 Posts |
throwback, thanks for clearing that up. I thought you were currently having luck finding a lot of Silver Dollars for spot. That made me think the $30 I just paid for each (when spot was $26 per coin) was a rip off.
I know others collect silver dollars as numistics but I'm only after the silver. To me these are just another form of 90%. Someday I might lower my grade requirement and find coins at spot. For now I keep trying to put together rolls with 7.2 oz of silver(halves) and 15.4 oz (Dollars). I would probably get a deal if I took worn coins.
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Pillar of the Community
United States
4333 Posts |
My LCS sells ASE's and silver dollars at $5 over spot, he gets rid of them fast. He usually charges about 5% or higher over for 90%, and buys at about 70% spot. I jump in when he's not there and the girls are running the show, If I get 90% at spot I'm doing good. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Valued Member
United States
200 Posts |
Keep on lookout for good deals locally. In my experience, it has been very easy to get 90% coinage at spot or slightly below spot. I also buy foreign countries .999 or sterling silver if I find something below melt. It adds to variation in my collection, and it always has the inherent silver value.
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Valued Member
 United States
148 Posts |
Sorry, I didn't mean to start a second thread about 90% when one was already going.
I would assume most of the veterans have a process of making regular purchases, and they've probably been at it a long time so they don't actively think out what they're doing they just do it.
Example: If I'm looking to buy I first look for XYZ, If I don't see that I might look for ABC, If neither is happening I'll settle on paying a fair price for HIJKLMN.
I hope I'm making sense.
A future great thread might be "Newbies - when you see ________ it's a good deal, jump on it"
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Pillar of the Community
Canada
1723 Posts |
@ BERK HEHE...thats a great idea! Have a little note unter the spot charts or something.  |
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Valued Member
United States
112 Posts |
This would be fantastic! I second it as a good idea.
It has been tricky as a beginner to balance my desire to purchase and but to be cautious to not get a bad deal or worse.
This thread would be especially great if it included great deals based off different quality!
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Pillar of the Community
United States
3670 Posts |
I don't mind the reptitive questions and threads as the smarts ones all ask mostly the same questions....
I have been around PMs for JUST a few years now, but long enough to see many come and go, and a few of the good ones keep right on posting and sharing information....
There is an entire data base of information at most of all our finger tips either here or where ever you commonly go on the internet. Just gotta want to invest the time and money first, then everything else in time falls into place.....
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Pillar of the Community
United States
3670 Posts |
As to the original topic, I go after either Morgans or Peace dollars ONLY, and don't waste my time with quarters dimes or halves, even though I appreciate many from a numismatic view point, Merc dimes, Kennedy's, and Franklins my other favs, as well as the 1892-93 comm halves and the 1925 Stone mountain half, all of which I will buy at the drop of hat if price is right.... A fair price for them in my mind from a sellers stand point is 16 to 32 dollars on up to XF, and near AU or better spot or however far beyond for Morgans or Peace dollars with Morgans carring a slight premium over Peace dollars. And depending on date and mint mark that number could climb into the 1000's if not even possibly six figures.... Edited by Silverhawk74
12/06/2012 11:11 pm
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Valued Member
United States
148 Posts |
Thanks Silverhawk, I figured dollars slightly over spot were something a newbie can't screw up and would never have to feel bad about buying. That's the type of response I'm looking for. What are other things that are low-risk that if I can't get a good deal, I'll at least feel good about buying years in the future at an o.k. or fair deal?
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Replies: 19 / Views: 2,762 |
Posted 12/06/2012 10:07 am
