| Author |
Replies: 20 / Views: 4,720 |
|
New Member
Canada
20 Posts |
I live in a small town but am interested in buying individual Gold and Silver Maple Leaf coins. I want new coins in excellent condition for my collection. I guess my best bet would be from a bank. Do they get them directly from the mint in some sort of protective packaging? Do they usually treat them carefully or do they put their hands all over them and just pull them out of a pile?
Please let me know about your experiences. Thanks
|
|
|
|
Valued Member
Canada
299 Posts |
I'm not sure what province you are in but buying directly through a bank is probably the most expensive option. Buy a copy of Canadian Coin News...there are many coin businesses who also deal with bullion. Gatewest, J&M, Bordergold, MRCS (Edmonton)...I've bought from all of these and more. :)
|
|
Pillar of the Community
Canada
1747 Posts |
Colonial Acres is a good site and is in Ontario.
|
|
Pillar of the Community
Canada
705 Posts |
Please note that they will not stay in perfect condition and there is nothing you can do about this.
Milk spots are NOTORIOUS on silver maple leaf coins. You've been warned. Lol :P
|
|
Pillar of the Community
Canada
6768 Posts |
Your best option will be dealer like GateWest Coins or Colonial Acres. Wilson absolutely correct. In addition, even initially not them all in perfect condition. No packaging, btw, might be sealed if via the bank. You have a choice: 1. buy some bullion SMLs/GMLs, close them in air-tite capsule and keep it as bullion collection, knowing that probably some time you will observe the white spots. 2. Buy "Premium Edition" /"Bullion Replica" - they issued by RCM in Reverse Proof / Proof Finish, relatively limited mintage, full RCM packaging. But priced CAD 79-89 (Silver)
|
|
New Member
 Canada
20 Posts |
Thanks everyone for the replies. I will check out the suggested vendors. The reason I mentioned the banks is because, although they may be a bit more expensive, I believe (at least with CIBC) you can avoid shipping costs by picking up in branch. Seems like you have to buy quite a few from dealers to get free shipping. I'm talking about buying one here and there.
Also, if it's easier for a relative to just walk into a bank and buy me a birthday present...that would be good too.
|
|
New Member
 Canada
20 Posts |
Oh...I'm in New Brunswick by the way.
|
|
New Member
 Canada
20 Posts |
I've been looking around at some of the vendors. Shipping makes it too expensive to buy small quantities. One place would charge more for shipping than 1oz of silver costs.
Has any one purchased silver or gold bullion coins from a bank branch? Do you just walk in and go to a teller and exchange money for silver?
|
|
Pillar of the Community
Canada
2845 Posts |
It's highly unlikely that the typical bank branch has a stash of gold in silver on hand. In my experience it's special ordered and takes a week or two to arrive but that may not be the case in larger centres . If you're planning on collecting gold or silver purely for the bullion price, then bars (or wafers) are usually cheaper than coins. But your best bet on how the orders are transacted would be to speak to someone at your bank (or other local banks) to get meaningful information. Some banks also have online bullion services. For example: https://www.cibc.com/ca/investing/p...chasing.html
|
|
Valued Member
Canada
214 Posts |
I suggest going to your bank and getting a final cost from them and then call a dealer (like ourselves) and get a final cost. The bank will be likely much higher even with the shipping.
|
|
Pillar of the Community
Canada
1747 Posts |
I tried buying from scotia, and you need to call ahead to make an appointment, for me being in Vancouver, anything after 2pm I was SOL (Stuck out of luck) because they have to call back east to get the current rate. And they did not have any on hand, you needed to order.
just a bad experience overall, and a total act of futility.
try searching locally, I know there are a few local bullion dealers in the metro van area, so maybe there are some near you? have you asked at your LCS (if you have one)
|
|
Pillar of the Community
Canada
6768 Posts |
Do you try to get new in great condition, single item, close to spot and low shipping? Do not think it really possible. You have to cover the charge by something: volume of purchase, overcharged for item or usual shipping rate.
But you mentioned Gold Maple Leaf. The Colonial Acres has free shipping on ALL order over CAD 500. Check also the Canadian Coins & Currency, their bullion department.
So, probably the best to save on everything - try LCS and check the bank.
everything actually depends on "what do you want", and the budget.
|
|
Pillar of the Community
Canada
2845 Posts |
Good advice Silveroid! And to 20For20, the decision of WHY you want to buy whatever is important so that it satisfies WHAT your purchase. For example if you want to buy eye-appealing coins, you will be paying a premium above the value of the actual silver content. Eventually when you go to sell it you then have 2 variables to consider - current silver prices and market demand of the actual coin. If you're solely interested in the possible future capital application of bullion prices, purchasing actual silver is more expensive than other instruments such as silver certificates, precious metal mutual funds, or bullion or mining stocks whereby you do not hold the actual bullion but the value of your investment fluctuates in accordance to it. Regardless, I think that most of us here would strongly advise that you must consider any expenditure related to precious metals a very longterm savings plan in order to offer any chance of future capital appreciation, otherwise if you need to get your money out quickly because your own financial situation requires it, there's a high likelihood you could be on the losing end.
|
|
New Member
 Canada
20 Posts |
Thanks everyone for all the great tips and advise. I don't plan on buying enough to be used as an investment, I just like the coins. Maybe it's weird, but I also think it would just be neat to follow the value of the coin (even if it's just one coin) by following the price of the metal. As far as Gold is concerned, I was thinking about a 1/20 oz gold maple leaf coin. My wife would kick me out if I spent $1500.00 on a coin. Perhaps, I would get equal or greater enjoyment from a gold Lobster coin from the RCM. I think I will visit coin shops when I travel and check with them for gold and silver bullion coins. I will also check the local banks. Thanks again!
|
|
Pillar of the Community
Canada
6768 Posts |
Thanks for clarifying, 20for20 In my view, the best from the design / quality / price perspective would be: 2011 - current Maple Leaf (Forever) series, with it best points: attractive annually changing design of Maple Leaf 1/2 oz .9999 silver Specimen finish (like on pre-radial SML) full RCM package (capsule, COA, maroon case) price: possible to get for $25 - $35 per coin. the best small coin gift for your self and any other
|
|
Pillar of the Community
Canada
2845 Posts |
Great idea 20for20 and have fun with it! I agree visiting a few dealers can be very worthwhile as they often provide a wealth of educational information. Tracking the ups and downs of even of a small "investment" (not sure what else to call it) is a very worthwhile and interesting habit-forming activity that can serve as a great learning experience when making other financial decisions In the future. I think you've got a great plan!
|
| |
Replies: 20 / Views: 4,720 |