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 Replies: 39 / Views: 5,685 |
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Valued Member
United States
337 Posts |
I was going to try to collect Mercury dimes but since I cant get them for 2 bucks or less anymore it just isn't worth it to me I have to spend at least 3 bucks I started collecting great britain large pennies I can get 3-5 for a dollar at coin shows that go all the way back to well the oldest I have found was 1862 I am gonna try and get a set from 1900- 1967 when they stopped making them also concentrating on the Buffalo nickels and lincoln cents as far as buying pieces to sets goes Whatever silver hole fillers I get are from roll searching |
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Valued Member
United States
362 Posts |
I got lucky as I got a lot of my pre 64 silver from what my father in law had left. So since silver is so high I am also pursuing other collections like a proof Roosie set, Indian Head's, Nickels and Paper.
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Pillar of the Community
United States
2602 Posts |
I think it might be a good time to sell off the extra 90% silver coins you don't need or want and use it to buy affordable classics or key dates. I, too, have noticed the key date silver coins have hardly moved up in price and so the spread between that and buillion is narrowing.
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Pillar of the Community
 United States
2448 Posts |
I believe the price of silver has affected all but the upper echelon of collectors. I used to get several extra silver sets for later resale to fund future coin purchases. Now I only buy enough for the two sets I'll leave to the family. My purchasing of "Raw" coins has not yet been affected due to their numismatic value being higher than their bullion value.
As to it really hurting the hobby; I think only the dealer in terms of gross sales of raw silver and gold coins. I once read that the most widely collected coin in the world was the penny. Right now that segment of the collecting world has not been adversely affected; nor any coin not containing AG or AU. I would like to believe that the collector who is enamored with the design and luster of a certain mint state coin will always be ready to purchase the coin when the right "deal" is found. I think the average collector will move to higher grade and key date coins during this time as I have.
The person who is really affected is the average bullion collector. The higher the spot price the fewer ounces their budget can afford. The other issue that should concern us all is how the bullion collector will try to treat their collection when silver and gold values subside. There is only so much premium you can demand for a 10 ounce designer bar. If you bought it at $45 an ounce, with another $2 per ounce premium, how much will you net when silver falls to $10 an ounce? The loss of value will cause more to exit the hobby than the increase.
What was that old Chinese curse about "Interesting Times"? I, for one, am thinking that taking any kind of a profit might not be too bad of an idea.
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Pillar of the Community
United States
1081 Posts |
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So, now what? Stop collecting or jump on the band wagon and send all my silver off to the scrappers? For what? paper money that is only good for toilet paper? I'll tell you what, you send me all of your cash and I will send you as much toilet paper as you want. That way you won't have to buy it any more, and I'll take care of that terrible, good for nothing American currency that you have no use for. I don't get why all the silver hoarders think that they will be able to magically barter their silver for goods. Right now, you sell it and get paper money back, or even better money that exists only as 1s and 0s. I fully agree with holding onto silver or selling if need be, if you would have bought it over the past several years it would be a great investment. However, if you're holding on to silver for its intrinsic value, it seems paradoxical that you would then sell it for a piece of paper issued by a government. Maybe when the rapture comes you'll be the next Bill Gates, but I'm willing to take the risk. Edited by DavidZerbato
04/21/2011 12:29 pm
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Valued Member
United States
293 Posts |
I was terribly excited when silver quickly went from the $15-18 range to $30! All of the coins I had collected over the years were just jumping in value! And, I could still get Mercury / Rosie Dimes for my collection for under $3 each so all was good. But the last few weeks as it passed $40 and is now quickly approaching $50...it's making me a little sad. My collection isn't large enough to sell off excess junk silver and make any sort of real, significant profit. At the same time, there are still large gaps in my Roosevelt dimes and SLQs, Washington quarters, and Walking Liberty halves that I can't afford to fill on my limited budget. I went to the coin shop yesterday with the random $22 in my wallet and could only afford 2 quarters for my book! And that was at scrap silver price...around $8 each! Just a few months ago, I could have gotten at least 4-5 for the same cash. Sadly, silver is my favorite...I've never been a gold guy (though I'm sure if I could afford it I'd love it too) and I've really never been a penny / nickel collector. But I think I might have to bust out my V & Buffalo nickel albums and start trying to fill those instead for the next year or so. At least I'd feel like I was productively advancing my collection without breaking the bank. I'd love to keep adding silver to my small "hoard" but if prices keep going the way they have been, I really just can't afford it. I'll likely continue to add a quarter or half now and again, but I'm tempted to ride this out, hope there is a correction, and pick up the silver sets again if / when that happens. |
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New Member
United States
11 Posts |
Well...yes and no. I was into silver until the price got to high (when it hit $20 oz) I stopped buying bullion and started buying coins, and roll searching. I had put together some coin books back in the 80s and 90's but have stayed away until the recent financial crisis. I am now hardcore into coins, and just like everything else its supply and demand, the demand far outweighs the supply (in terms of coins I'm not saying silver is scarce). It is raising the price of coins, and I guess that is bad for those who are buying, but great for those who are selling. What I've been doing is hitting up antique shops and buying coins with an intrinsic value similar to its numismatic value. So when silver goes down, then I still have a coin worth $3 or $30 or whatever. A small example was a 1900 something Barber dime that was $3.00 book says its worth over $3.00 silver content says its over $3. But being what most people would call a "nube", I am most likely looking at this from a skewed perspective. Maybe you could sell some of your old coins and buy new ones? Edited by mkoenig
04/21/2011 2:42 pm
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Pillar of the Community
United States
3592 Posts |
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However, if you're holding on to silver for its intrinsic value, it seems paradoxical that you would then sell it for a piece of paper issued by a government. I believe that the premise is that the dollar will be worthless...I don't think they are planning on selling silver for paper money,but trading it for goods or services much in the way it was done long ago. |
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Pillar of the Community
United States
1081 Posts |
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I believe that the premise is that the dollar will be worthless...I don't think they are planning on selling silver for paper money,but trading it for goods or services much in the way it was done long ago. I do understand the point the OP was trying to make, but my point was that the likely hood of that happening is so remote. Even if our government suffers a financial melt down, so few people have precious metals that a barter system based upon them will be practically useless. |
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Pillar of the Community
United States
3592 Posts |
Dave , I agree the scenario is remote...however, silver and gold have always been used for barter regardless of how few people owned it.It wouldn't be the only means of value, just a more convenient and widely accepted one.
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Valued Member
Canada
183 Posts |
I got most of my Canadian silver old and new before silver started to climb, the only thing should bought more gold when it was less than $400.00 an ounce.The story says you snooze you loooose!!
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Pillar of the Community
United States
3540 Posts |
The hardcore view of this dilemma is: If the coin is worth more for the silver content, then it should be sold. With the funds collected, add some more money to this, and buy another coin to upgrade this date/mint mark. For me, I don't collect Morgan's, Peace, Barber, Walking Liberty, Rosies, Washingtons, etc....to me...they are barter or money in hand. How do I turn down $16 for a 50 cent piece that I paid $2 for? I just bought some higher grade Peace dollars last year....but how I turn down a 30% profit in four months? |
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Pillar of the Community
 United States
602 Posts |
Glad mt sentiment is shared with so many. To me it just plain boils down to; You are either a coin collector or a coin/bullion investor. Some are both I guess but my passion is the coins themselves. So I am proud to call myself a real numismatist. WOLF
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Pillar of the Community
United States
3540 Posts |
Wolf - I agree with you. I would not sell a BU or high grade/hard to find coin - but anything commom silver is fair game.
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Pillar of the Community
United States
1007 Posts |
Quote: by jbuckI am glad that the last silver coins I need (for anything that I am currently collecting) are key dates that already have a substantial numismatic premium. Now is also a good time for me to finish off my (silver free) Indian Head cents and Buffalo nickels. My future collecting plans (classic silver) will remain on hold for now. You're one of the lucky ones as I just started collecting pre '65 silver coins. I was getting into pre '65 quarters, Mercuries and pre '65 Roosie dimes, then the silver boom started. Like others, I decided to then focus more into Indianhead cents and Buffalo nickels because of the high cost of silver coins. Since others are doing the same thing the prices in IHC and Buffaloes are increasing. Okay, then I decided Farthings and pre-decimal British Pennies would be more affordable. Now others are starting to gather those also. Up go the prices because more collectors are getting them because they were affordable. The price of silver is inadvertently driving the price of non-silver coins up as others are focusing on copper coins and nickels. It's good times for the dealers. |
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Replies: 39 / Views: 5,685 |
First Page
Posted 04/21/2011 11:35 am
