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 Replies: 26 / Views: 2,990 |
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Valued Member
United States
90 Posts |
I went to two Local Coin Shops and had a few questions for everyone here. I noticed neither one had many graded proof silver eagles so when I asked they both said its a waste to get modern coins graded and I should stick to buying as much silver as I can get at the lowest price above spot. I bought some silver bars from gold mart but also started buying a few graded proof eagles in hopes of completing the set. My question is what's everyone's thoughts on this. Is it a waste to pay 60-100 or even more for some of these proof eagles? Also the Local Coin Shop prices are so high compared to a gold mart. He wanted $3 above spot for 10 oz englehard bar ( goldmart 1.79 ) and 2.5 for NTR ( goldmart .79) and bullion silver eagles $5. (goldmart 2.59) I'm going back and forth if I should just be buying as much silver as I can in bars or bullion ASE instead of trying to do both. Any thoughts would be appreciated Edited by moderator to remove LCS and replace with Local coin Shop so the rest of the world knows what you are talking about
Abbreviations unless universally known such as "bu" (brilliant uncirculated) are discouraged on the forum |
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Valued Member
United States
148 Posts |
Buy what you like. If you think bars are cool, get them, if you like the ASE then buy them. Maybe I'm the patsy but I'm willing to pay a little extra for something nice. If you're buying 100% purely for an investment I think you'll miss the experience and be disappointed with the results. |
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Pillar of the Community
United States
648 Posts |
It's all about what is your intent with silver (and gold) bullion - short & long term. For me personally, I would never pay 60-100 for proof eagles anytime soon. I really don't have much of a desire to collect a set. As you said you're going back and forth, try to set a goal for collecting the "weight" of silver in its purest form. Bullion. ASE's (regular/nice ones), Maples (regular/nice ones), Bars, Rounds and so much more can be had for a fair price. For me to consider buying a $100 ASE that's around 3 ozs of silver in pure .999 bullion form - just like an ASE - just not as pretty. I suggest going for the weight & setting a goal both short and long term. Whether that's 50oz,500,5000 that's fine. Buy yourself a fancy ASE every quarter or on your birthday and it'll slowly stack up. For me, I'm in it for the weight and love to stack everything I've mentioned above. Try to stick on one clear path of stacking while enjoying the perks of ASE proof's etc. Want to know my perks? It's those rare-hard-to-find 20 oz Engelhard bars that I love stacking and have certainly paid a premium for. Just my thoughts & best of luck. Edited by tripncoins
12/13/2012 11:46 pm
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Pillar of the Community
Japan
666 Posts |
agree with Berk - buy whatever makes you happy at any present time and do not forget to learn
I started buying any silver for as low as possible ... then switched to 999 bullion, now switching to chinese commemorative silver coins ...
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Bedrock of the Community
13014 Posts |
For modern coins especially modern proofs its only worth it for the extra price if youre buying the perfect 70s or the top pop (some of the older MS ASEs only have 69s from PCGS. For the proof eagles some of the newer ones still have a real high population at that level but theres a lot of people that like them and they do keep a premium. The MS are the better bet as they get less attention keeping them rarer. This really only applies to PCGS for ASEs imo, NGC is good too but they grade so many more 70s that the premiums are slim for most.
Otherwise only get the slabs if you like it better. It also matters what your goal is as well. If its just to get silver just go ahead and get silver and dont worry about slabbed
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Valued Member
 United States
90 Posts |
I started buying bars at $15/oz. My coworker really got me into this and after reading so much on it I do believe silver will be higher. I am looking for the long term I'm not planning on selling any of my silver any time soon. There are so many great looking coins out there and with all the things the US mint comes out with I cant buy them all but the Proof Eagles seem really nice to me so I started buying them on ebay because it seemed the price was great. I only stick to PCGS if the 70's are too much then I will go for a 69 for that year. I have bought some Proof 69 eagles for $55 (shipping included in that) and have got alot under $70 which didnt seem to bad considering the mint sells for $60 and getting it graded is another $20 but I'm still new to this and when I hear so many people telling me focus on getting as much bullion as possible thats when I go back and forth. I know there isn't a right or wrong answer but my idea was once I did get whole collection completed then your only talking about getting one or maybe 2 proofs (if they do special) a year. |
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Pillar of the Community
United States
3789 Posts |
Well...
I agree with the other members, do what you like best. Here's what happened to me tho and I didnt know it would work out so well
I have been out for about 10 years and just restarted. I wasnt collecting for increase of value of coins. All I knew it was neat to collect proof silver coins and gold from gov. mints. I even bought a few sheets of maple leafs and pandas and a few rolls of Silver Eagles. In fact, all my proofs I bought directly from the gov mints sans the MExican Libertad proofs.
Well, as I was going over what I had collecting and trying piece things here together, I was surprised that everything proof I had bought had increased in value, including the silver rolls, panda and maple leaf sheets. Heck I even have a ton of Littleton silver eagles from their promo offers. all of them have gone up in value r or 6 times what I bought.
so, I think that if say, you bought a handle of proofs every year, you will be fine. I dont think you can go wrong adding a proof silver eagle every year or a couple and sitting on them. Sure you might have less silver than you might want, BUT you have 1- a beautiful coin 2- a step above an BU or roll silver eagle 3- the cushion in price of that coin being proof.
Heck, I bought for my collection US Mint Silver Eagles BU and even tho came up in value.
so, I mean I dont think you can go wrong if you said, hey ima just stick to proofs. I would skip the grading myself.
But in the end, do what you like. its your collection :)
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Valued Member
United States
386 Posts |
Good advice from members here. And as Berk says, don't miss out on the experience. Coins are things of beauty. Cherish what you can get of them.
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Valued Member
United States
90 Posts |
and whats the deal with the such high premiums at the LCS as opposed to buying on internet?
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Pillar of the Community
United States
3789 Posts |
hey ant
well.... you know everyone has margins. everyone has costs. So this is built into the price. some local coin guys, you know they have leases (which go up on them) costs in electric, etc.. the cost of doing biz.
the online guys, or those with an online site, they have less costs to a certain degree. so they can offer better pricing. this is true of other hobbies, such as model railroading.
Now, you might want to take into consideration that when you buy from local coin shop, you are supporting a local business, and theres a good chance that by buying local and being a regular you might get some good deals down the road.
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Valued Member
United States
386 Posts |
Quote:
theres a good chance that by buying local and being a regular you might get some good deals down the road.
Yes, I'm finding this to be true. My local coin guy has been knocking dollars of the price of my purchases lately. |
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Valued Member
United States
148 Posts |
Here's my argument for LCS Purchases for the majority of your purchases: 1. Unless you have a six-figure salary, you probably shouldn't frequently have thousands to spend on silver because you should be doing many other smart things with your money in addition: Saving for or paying on a home, saving for retirement in a 401k or Roth IRA, putting money away for children's education, and having money in the bank for emergencies. 2. If you're starting out you should take it slow and make small purchases often to avoid making mistakes. This is called dollar cost averaging and you buy more ounces when the price is low and fewer when the price is high. It will reduce the risk of buying high and getting burned (of course you will never buy at the bottom either, and that's OK) 3. A LCS will give you an education. Lets say you buy 10 ASE at a spread of spot + $5 versus buying online and paying spot + $4 after shipping. You paid the LCS an extra $10 to do business with them. If you take 20min of his time I'd say you got an inexpensive lesson. That $10 lesson in the future could help you spot an opportunity or avoid a mistake and be worth hundreds to you someday. *Buying from someone face-to-face also teaches you life lessons about how to interact with a seller, how to negotiate, how to build a rapport, how to endear yourself to someone etc. I find it hilarious (don't see it on this board but do elsewhere) where these SHTF doomsdayers are buying all their crap online and spending all their time on message boards. Where are they going to be if they're correct and something does happen, but they're off the wall personality wise and struggle to work with people face-to-face? Not to mention they don't have connections for anything because they don't know anyone. They're going to be more screwed than someone who didn't prepare anything but knows and is liked by everyone in their community. 4. Lastly, you will pay the posted price at first but probably get a better deal once you come around a couple times provided you're friendly! (it works this way with any small business) |
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Pillar of the Community
United States
919 Posts |
Berk, I agree with your 4 points 100%. I buy almost everything from three LCS's. Could I save buying online? Probably but there is no interaction with that. To me coins are about learning. I have to believe when it is time to sell I will be treated better then if I had never stepped inside their stores.
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Bedrock of the Community
13014 Posts |
Quote:
I find it hilarious (don't see it on this board but do elsewhere) where these SHTF doomsdayers are buying all their crap online and spending all their time on message boards. Where are they going to be if they're correct and something does happen, but they're off the wall personality wise and struggle to work with people face-to-face? Not to mention they don't have connections for anything because they don't know anyone. I get what youre saying but thats really not true. Just because you buy something at a better price on the internet doesn't mean youre a recluse who is socially awkward. Youre also assuming if that were to ever happen people would behave rationally and with respect for each other. They wont, it will be everyone for themselves for quite sometime before trade and barter starts and society begins to reform. You cant have a society be destroyed, especially a technology dependent one, and expect anything but mass chaos |
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Valued Member
United States
90 Posts |
I understand that part of having the relationship but in the end isn't it let's get bullion at cheapest price. Even on your example I would have to pay sales tax too so it would be a extra $47 for only 10 ASE. to me Id rather have the extra savings in more ounces. He even said the premiums on gold mart were lower than what his wholeseller charges him. That didn't make sense to me cause should know about these things right. Also $7500 orders ship free. So he wouldn't have to worry about that. It seems like some people don't trust the Internet with bullion. I mean wouldn't you order a new tv off Amazon if it was cheaper than store near you. |
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Valued Member
United States
90 Posts |
Do most of you plan to hold silver for long term 15+ years
Or are some thinking when the government starts getting a plan to lower the deficit they will sell all?
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Replies: 26 / Views: 2,990 |
Posted 12/13/2012 11:28 pm
