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 Replies: 7 / Views: 1,123 |
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New Member
United States
1 Posts |
Hello every one, In my introduction I don't think I told you guys my name, well it's Dan. I have a question that I would love to get feedback on. I'm not so sure it belongs in the family forum so if need be please move it. So recently my 7 yr old nephew has taken and interest in coins when he looked at mine. I told him I would take him to the coin shop with me in the morning when he spent the night at his grandparents(my parents) he took an instant love of the silver and gold pandas, very expensive taste. Like any child he was excited and woke up early in the morning and watched YouTube videos for hours on the subject of coins. He had a blast at the coin shop and got to hold a one once American gold eagle. Boy was he so proud of himself. He also spent ten dollars on his first one ounce sterling silver token. The shop owner was awesome and gave it to him for $10, because of all the money I spend in the store. Truly amazing people this coin shop is owned by. When dealing with gold and silver it is nice having someone that is trustworthy to do business with. I have been to multiple coin stores and always felt like the owners would rip you off the first chance they got. This is why I have been spending the extra money on ebay for slabbed coins. Well now I have a brick and mortar store I can physically hold the coin in my hand before purchasing. What a good feeling! Sorry I got a little off topic, here is my question to everyone here. For years I have wanted to get my nephews and nieces saving bonds. I want to invest in their future. A way for them to remember their uncle loves them. But the idea of a savings bond has always felt a little too removed from the grifter. A piece of paper will always be a piece of paper. So I decided this year I was going to start purchasing American silver eagles for all of them at Christmas time. My mother their grandmother will be able to store them in individual NGC boxes in her safe. For their bday I wanna get them either a special coin from the current year. For example this year maybe the rwanda silver rooster. Something with the possibility to rise in premium over the next 20years. Does this sound like something they will appreciate In the future when it's time to sell. I don't want them to hold on to them for sentimental reason. It is an investment made by me for them. Or do you think savings bonds is a safer route? Every year I would put a personal note wrote to them with the date of purchase, the price of purchase, and spot price for that day. So when they sell they can see if the investment made and money and how much. I'm little worried that they will get angry at me, but they all already have tons of toys! Idk any input would be appreciated thanks for reading *** Moved by Staff to a more appropriate forum. *** |
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Bedrock of the Community
 United States
12477 Posts |
I think what you want to do is a great idea!  The rounds, even if just for bullion are a lot more related to coin collecting than bonds. It's also nice that you have an honest LCS to deal with. Maybe the coins will inspire at least one to take a solid interest in numismatics. It can be tricky, though, if their parents decide to "hold on to it for safe keeping" and it never gets returned to the proper owner. Just something to keep an eye on. Sidenote: maybe this should be in the Precious Metals & Bullion forum. Oh, and  to CCF Dan! In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
Edited by spru
02/24/2017 11:41 pm
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Pillar of the Community
Canada
9864 Posts |
Your heart is in the right place but your money isn't, coins are not a good investment.
"Dipping" is not considered cleaning...
-from PCGS website
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Pillar of the Community
United States
2023 Posts |
As an investment, bonds are safer. They're guaranteed a specific rate of return. There's a chance that the return on silver might be greater in the time frame for the bonds to mature, but it's just that -- a chance.
That said, the amount of money you're investing this way is hopefully not bank-breaking, so there's not a whole lot to lose. Up or down, it could also be a lesson in investing, plus they get something tangible to look at once in a while. That's more fun than paper and they've already expressed an interest.
If it were me, I'd give the coins. The interactions and memories they'd likely produce are worth something bonds can't provide.
Edited by Alpha2814
02/25/2017 01:14 am
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Pillar of the Community
United States
1601 Posts |
Hmmm...while coins aren't a great investment tool, Something other than bullion might please them. For example, every birthday my grandfather gave me a Peace or Morgan dollar (and some toys) and since he died when I was 13, I had 13 silver dollars. They weren't AU or anything, so I could handle them when I was fairly young. He'd also sometimes give me a Franklin, a Standing Liberty, or some Indian cents. I had a neat little historical collection. He's probably the reason I'm still collecting forty years later. What better gift could you give. You could also throw in some bullion that they could cash in when the money is needed. That's my two bits. ;) |
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Pillar of the Community
United States
3184 Posts |
If its not a lot of money, buy a little bit of silver 90% coins and morgan/peace dollars here and there. That way when your nephew is older he will have a nice little amount.....a nice surprise and worth some money!
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Rest in Peace
United States
7075 Posts |
It seems like only one nephew shares your interest in coins and the greatest gift you can give him is your time and knowledge about coins. I wouldn't recommend coins or bullion or savings bonds. Give the kids a little cash so that they learn how to save and spend money. If you want to give them more money than you feel that they can handle while they're young, just save it up for them. When they finish their education you can give them what you saved for them. Your heart's in the right place and I am sure that the kids will grow up knowing that their uncle cared for them. |
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Pillar of the Community
United States
3210 Posts |
I too have a nephew he is 6. He knows I collect coins and silver and gold. I have a little side project for when he really begins to get interested hopefully down the road. I search boxes of coins and have been saving all the wheat pennies I find. One day I am going to buy him a wheat book and have him go crazy and to search the pennies for his book to fill. I think it's a good gesture as a nice uncle who cares. Honestly it's your money but I'd go with Morgan dollars or buy some junk franklins and have him fill a book since it's an easy set to finish in circulated condition. |
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Replies: 7 / Views: 1,123 |
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Posted 02/25/2017 12:42 am
