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 Replies: 16 / Views: 2,340 |
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New Member
United States
2 Posts |
hi, this is my first post if you can't tell. well, I'm not gonna lie I don't really see myself getting into coin collecting for the 'fun' of it. I pretty much want to get some of my cash into silver, in a preferably slow process. so very very recently I started buying silver dollars, I got a couple on ebay for about 15 each after shipping, and I picked up ten that were in not terrible condition (something so vague is probably killing someone who is reading this, sorry) from a local coin shop for 12 each (13 after tax). anyway, looking on ebay I keep coming across these things http://cgi.ebay.com/1921-MORGAN-SIL...RP_W0QQitemZ320141805945QQihZ011QQcategoryZ39466QQssPageNameZWDVWQQrdZ1QQcmdZViewItem |
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Pillar of the Community
United States
2443 Posts |
Those "companys" grade the coins themselves and they're not worth $15,000. Always stick with these three: PCGS, NGC, ANACS. If you want to get your money into silver, then you should go to coin shops and ask if you can buy any coins that they want to melt. My might be cleaned coins, very worn coins, damaged coins, or silver coins that have really no value other than for the silver. For what your doing, it makes no sense to my as to why you would spend $30, $40, $50 dollars on a coin if your just want to get your money in for silver. Yes, over time there value will increase, but not by much. Good Luck.
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Pillar of the Community
United States
668 Posts |
I agree with amazon99. Many coin dealers have a box or something of silver coins that are selling for about the spot prices. These coins have almost no value except for the silver content. If you're looking to put money into silver, you should buy these types. Also many dealers have silver bullion such as bars or rounds by the ounce. These are also good to buy if they are selling for spot price.
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Pillar of the Community
United States
2254 Posts |
Keep checking here http://www.coincommunity.com/spot_prices/ for the going price of silver. This link is on the left side of the home page under the "Navigation" section. If you're looking to buy junk silver, type that into a search on ebay. You can also type in 90% silver. I sold a bunch early in the year when silver was at ~$13. I yielded about $9 for every face value dollar. Considering prices are about the same, you should be able to buy for about the same price. As for the link you provided, Amazon hit the nail on the head. These are graded by the same people that are selling and are not graded correctly. You can sometimes find deals as most collectors stay clear of them, but it doesn't seem like that's what you're shooting for anyway. Oh, and be careful when you say you don't see yourself getting into collecting. Many people had the same feeling until they got a really nice coin in hand.  Good luck. |
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Bedrock of the Community
United States
17884 Posts |
quote:
anyway, looking on ebay I keep coming across these things $15000 coin sells for 40 dollars
are these people just lying? are the coins even real..
Usually the people quoting those prices are getting them from either the PCGS price guide or from the sale of one of the finest known pieces at an auction. And IF the coin was slabbed by one of the top two grading services (PCGS or NGC) then it might be worth the amount they claim. But since the coin is usualky either slabbed by some fly-by-night service that no one has ever heard of, or a company known for rediculus overgrading, or even just a raw coin listed by the seller, the coin probably does not come anywhere close to the grade they are claiming it to be. In that case the coin, if the buyer is lucky, MIGHT be worth the $40 (or whatever)they paid for it. In many cases it sn't even worth what they pay and the buyer winds up burying himself in the coin even when he buys the "$15,000 coin" for $40. This is why the collector MUST learn to grade for himself. Because you can't expect someone else to do it for you. Even the big two miss things or make mistakes. If you blindly buy coins, even from the big two, and just depend on the labels and low prices, you will wind up with a lot of expensive dreck. |
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Pillar of the Community
United States
1173 Posts |
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Valued Member
United States
144 Posts |
If you are only wanting to invest in silver, then buy American Silver Eagles. You don't need to be able to grade coins or understand the coin market, just the silver market (or be willing to guess like everybody else). You can spend more on certified "pretty" ones, but again, don't do that if all you want is to invest in silver. One of your local coin dealers is likely to be an authorized bullion dealer for US Mint.
Anytime you are investing in gold, silver, or even stocks, your primary concern should be in getting the closest price to the spot value for silver. You'll only be able to sell for the spot price, so if you pay 20% over when you buy, silver has to go up 20% just for you to break even. If you buy just one, the dealer still has to make a profit, so you might pay close to 20% up-charge on just 1. The more you buy, like a roll of 20, you keep getting a smaller up-charge, eventually getting it down to 1 or 2% for big purchases. This is really equivalent to the commission on stocks, or a load or annual fee on mutual funds. Have a calculator and know the spot price when you go in.
I love Silver Eagles, but not because I'm investing in silver. I just think they're cool. I have a proof coin for the beauty (~$32), and a bullion coin (~$15) because I like to get my hands on it and allow visitors to touch it. I'll do the same with gold Eagles soon (and this won't affect the sell price for bullion only coins).
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New Member
 United States
2 Posts |
thanks for the info, don't worry I haven't, and didn't plan on buying any of these slabbed coins. tights, thanks for the heads up :). I spent about an hour last night trolling through the roll coin hunting thread :-/ cheers, and thanks again. ps. how bad do morgans and Peace dollars have to be until they aren't really worth more than their melt value? I got ten of them for 12 like I said from a place that will sell me more at that price I think.. 8 of the ten were 'very good' to 'fine' according to http://www.coincentric.com/GradingM...rDollars.htm |
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Bedrock of the Community
United States
20753 Posts |
I agree with amazon99. Many coin dealers have a box or something of silver coins that are selling for about the spot prices. These coins have almost no value except for the silver content. If you're looking to put money into silver, you should buy these types. Also many dealers have silver bullion such as bars or rounds by the ounce. These are also good to buy if they are selling for spot price. I'll go along with that also. By the way WELCOME. Here is some tips. Keep away from any purchases on ebay until you know what your doing. When in doubt, come here and ask first. You've got nothing to loose by asking here first. Cheap coins of today may be worth more tomorrow so don't be afraid of what is called junk Silver coins. But again, ask here first. |
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Pillar of the Community
United States
2365 Posts |
Welcome to our CCF! You don't have to be a "coin" collector to collect them...bullion works just fine. I too suggest the ASE's but, some Canadian Maple Leaf's would be a nice addition to a bullion collection due to their .9999 silver content. Be forewarned...once you start collecting the silver ASE's and/or CML's the gold ones won't be far behind and then whala...you'll start looking into collectors values and you'll be a "coin" collector before you know it. It's a great hobby, business for some and investment above and beyond just bullion! Most of all - enjoy!!! |
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Pillar of the Community
United States
914 Posts |
Go to some coins shows. I sometimes see boxes full of morgans and Peace dollars for $7-$8 each. |
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Valued Member
United States
254 Posts |
Edited by neuron
08/01/2007 1:43 pm
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Valued Member
United States
204 Posts |
I agree with the above that a good place to start investing/collecting silver is with the ASEs. I would also suggest, if you are open to foreign coins, looking at the Brittanias or other modern foreign bullion series.
I mention the Brittanias because if you decide you want to collect the series, it only goes back to 1998 - so it is much easier to get every year (and more affordable)!
Enjoy yourself with whatever you decide!
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Valued Member
United States
246 Posts |
wow, I didn't know you could buy bags of silver coins. That's pretty neat. Has anyone every bought one? How good of shape are the coins? is there a small possibility of finding a rare or error one?
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Rest in Peace
United States
3730 Posts |
Welcome to the forum, and hope that someday you may become a coin collector.
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Pillar of the Community
United States
597 Posts |
Vaslin says: " Go to some coins shows. I sometimes see boxes full of morgans and Peace dollars for $7-$8 each" Where? PLMK, I wanna get there quick and get them, melt right now is $9.96, and my suppliers want a minimum of $13 for the worn out or 1921's. The last time I got any at 7-8 eaches was back in the fall of 2005. |
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Replies: 16 / Views: 2,340 |
Posted 07/31/2007 04:32 am
