Author Topic: Any suggestions on the best place to get silver?  (Read 12920 times)

Trusty Mutsi

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Any suggestions on the best place to get silver?
« on: September 24, 2008, 10:42:43 AM »
I liked the suggestion to buy $20 of silver a month for a year. It's a small beginning step we can afford. Any advice on where to get it?

Thanks for any help! :)

Offline zula

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Re: Any suggestions on the best place to get silver?
« Reply #1 on: September 24, 2008, 12:43:29 PM »
Me I check coin dealers ;D

Offline BigDanInTX

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Re: Any suggestions on the best place to get silver?
« Reply #2 on: September 24, 2008, 12:46:19 PM »
eBay, local coin shops.  Just be sure to check current prices so you know what you SHOULD be paying for it...

http://monex.com/liveprices

If you're buying bullion, it'll be at a bit more than the rate shown.  If you're buying the 90% pre-1965 silver coins (dimes, quarters, halves) expect to pay just above that price.  If you're buying silver dollars, expect to pay somewhere in between.

Many coin shops are holding inventory of things they paid more than they're currently worth, so they may only be letting some of it go at a time.  There's another post in this sub-forum about buying "junk" silver (the pre-1965 coins), so be sure to check that out.  =-]

Offline Tactical Badger

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Re: Any suggestions on the best place to get silver?
« Reply #3 on: September 24, 2008, 02:28:18 PM »
I just started doing this myself.  As luck would have it, I have a coin shop a mile or so from my office.  I've been in there twice so far.  I told the owner I wanted to buy some junk silver coins.  He pulled out a box filled with tubes of silver dimes, quarters, etc and asked me how much I wanted.  He looked up the spot price right then and we came to an agreement.  Piece of cake.  Just make sure you know about what you should be paying before you go into a shop.  He knew why I was buying them, and fully understood.

The second time I went in, I was the only one in the shop.  He made a really good deal on some more dimes and we talked politics for a bit.  He also told me a story about a little old lady who had a couple of gold coins from "the old country".  These coins saved this woman's bacon.  He gave her over spot because he felt sorry for her and he knew he'd eventually get his money out of them.

If you can find a shop locally, I'd do that.  It's by far the easiest thing to do.  Plus, if you become a regular customer, you're bound to get  treated better.

Trusty Mutsi

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Re: Any suggestions on the best place to get silver?
« Reply #4 on: September 24, 2008, 03:05:29 PM »
Cool, thanks guys. Sorry if some of my questions seem stupid. I believe I'm an intelligent man, but I'm frighteningly uninformed and uneducated (through no one's fault but my own) in certain ways, such as politics, economy, and where to buy silver ;)

Offline Stein

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Re: Any suggestions on the best place to get silver?
« Reply #5 on: September 24, 2008, 03:37:51 PM »
I have bought from APMEX in the past and would do so again.  Unfortunately, many dealers are out of most types of retail silver right now.  I would start with your local coinshop if possible to avoid shipping charges on small orders.

Offline BigDanInTX

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Re: Any suggestions on the best place to get silver?
« Reply #6 on: September 24, 2008, 08:07:58 PM »
He also told me a story about a little old lady who had a couple of gold coins from "the old country".  These coins saved this woman's bacon.  He gave her over spot because he felt sorry for her and he knew he'd eventually get his money out of them.
I found this article at an online gold seller.  I'm not sure how much is garbage, but the story itself really makes sense.  The family kept some gold on the side for the hard times.  When the US was pulling out of Vietnam, they fled the country.  Because they had a universal asset in gold, they were able to start over in the US as refugees.

If nothing else, it's an interesting read...

http://www.usagold.com/gold/coins/kim-thanh.html

Offline Roknrandy

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Re: Any suggestions on the best place to get silver?
« Reply #7 on: September 25, 2008, 07:32:47 AM »
I'm glad this thread came up  :o I remembered I have a small box of coins I collected as a kid and dug it out of the gun safe. I've got several 1oz silver (morgan and liberty) dollars and .999 silver collectors coins, buffalo nickels and mercury dimes  ;D

Offline BigDanInTX

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Re: Any suggestions on the best place to get silver?
« Reply #8 on: September 25, 2008, 07:56:13 AM »
LOL...  The coin shop I go to has one bin of the more quality (i.e., not worn) mercury dimes.  They are about twice the cost of the other ones.  I asked for the crappy bin.  ;-]

I had a small coin collection that my Uncle had given me when I was growing up.  My cousin ended up stealing it (same cousin that's been locked up 3 times and is currently dodging a warrant).

I really have no desire to try and rejoin the numismatist thing again.  It was neat while it lasted to see these old coins, the steel pennies and such.  I'd rather have something I can use than something that sits on a shelf and looks pretty.  =-]
« Last Edit: September 25, 2008, 08:00:13 AM by BigDanInTX »

Offline Tactical Badger

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Re: Any suggestions on the best place to get silver?
« Reply #9 on: September 25, 2008, 09:27:45 AM »
Cool, thanks guys. Sorry if some of my questions seem stupid. I believe I'm an intelligent man, but I'm frighteningly uninformed and uneducated (through no one's fault but my own) in certain ways, such as politics, economy, and where to buy silver ;)

Don't sweat it.  I'm a total newb to buying silver myself.  And, if Jack hadn't mentioned it so many times in his podcasts, I probably never would have started.

Once you do it, and see how easy it is, it's downright fun.  And, I do so love running the silver coins through my fingers. Buwhahahahahahaha!!

Offline BigDanInTX

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Re: Any suggestions on the best place to get silver?
« Reply #10 on: September 25, 2008, 09:57:20 AM »
I like the sound they make when they hit the desk.  It's so unlike the sound I'm used to!  Sounds more...real.

Offline A Pawn

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Re: Any suggestions on the best place to get silver?
« Reply #11 on: September 25, 2008, 03:32:53 PM »
Well Mutsi...seems others have covered Ebay and the local coin shows, but I've bought 10-15% of my silver over the years at of all things...Gun Shows! Look up some in your area and for $3 to $7 dollars you can get in to look for silver, gold and check out some nice guns as well. By the way..I bought my first 10 oz. silver bar at a gun show for $5.00 an ounce. Wish I had bought the other two he was offering..but as they say..Hindsight in 20/20..and that 30/30 took the rest of my money that day...LOL...good luck.
« Last Edit: September 25, 2008, 03:35:23 PM by btessery »

Offline Spamity Calamity

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Re: Any suggestions on the best place to get silver?
« Reply #12 on: September 28, 2008, 09:58:10 AM »
Well since nobody seems to be suggesting internet sources for silver other than ebay, I will try to offer something. Since I am new to this take my recommendation with a grain of salt but I found these "Cull" Silver dollars for sale on the intarweb.

http://www.apmex.com/Category/161/Cull_Silver_Dollars.aspx

Trusty Mutsi

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Re: Any suggestions on the best place to get silver?
« Reply #13 on: September 29, 2008, 07:28:37 PM »
Thanks for all the feedback!

I have yet ANOTHER question:

I'm going to try and go to some local coin stores. What should I do/say when I walk in? What kind of silver am I looking for? Should I print out the page from monex to show the silver value?

Thanks!

Offline Tactical Badger

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Re: Any suggestions on the best place to get silver?
« Reply #14 on: September 30, 2008, 05:46:00 AM »
I just told the guy in the shop I wanted some Junk pre-64 silver dimes, with no numismatic value.

Yeah, It wouldn't hurt to have that page with you.  That way you can figure out if you're getting a decent deal or not.

Offline ColdHaven

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Re: Any suggestions on the best place to get silver?
« Reply #15 on: September 30, 2008, 08:42:34 AM »
Just remember that they are trying to make a profit. It is going to be a little bit over spot anyway. I got some from a coin/pawn shop and some from online. Do some online research and you should know what to look for. Pre 1965 half-dollars, walking liberties, quarters, ect.

0degreesK

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Re: Any suggestions on the best place to get silver?
« Reply #16 on: October 20, 2008, 11:02:20 AM »
What I just did was goto this site:
http://www.coinclub.com/shows/

Personally, I found a coin show easier to deal with because there's a wide variety of offering without the pressure of walking into a store, which may have regular customers... or, like another member mentioned, the coin shop he goes to is also a pawn shop, so the owners may have an attitude at first due to the clientele they have to deal with.  A coin show seemed more laid-back.

Also, I'll tell you what I found because I had NO idea what I was looking for.  The guys that had "junk silver" had plastic bins filled with individual coins wrapped and labeled with prices.  I had to sort through and pick the ones that were silver and priced in the range I was looking for (i.e. US silver priced as close to 10x face value as possible (as of 10/29/08)). 

I also went to the show with a plan and I absolutely stuck to it.  I mention this because when the dealer found-out what I was looking for, he offered some rolls of "war nickels" but I declined because the total price was out of my allowance and I wasn't familiar with the silver content.  Silver nickels are only 35% silver content compared to the 90% of most other US silver coins.

Anyway, that's my story.  Hope it helps.
« Last Edit: October 20, 2008, 11:06:28 AM by 0degreesK »

GroundPounder

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Re: Any suggestions on the best place to get silver?
« Reply #17 on: October 20, 2008, 11:55:58 AM »
Keep in mind that most of these guys are going to only take cash.  Some will take a check and hold it for 10 days before releasing your coins.  Some will take a credit card but will tack a surcharge on it.  However, cash is always best when dealing with a coin dealer.

Offline ElyasWolff

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Re: Any suggestions on the best place to get silver?
« Reply #18 on: October 20, 2008, 09:08:00 PM »
I have dealt with APMEX and recommend them.
also  http://goldismoney.info/forums/

GroundPounder

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Re: Any suggestions on the best place to get silver?
« Reply #19 on: October 20, 2008, 09:13:13 PM »
I have dealt with APMEX and recommend them.
also  http://goldismoney.info/forums/


I second that.  I have been purchasing 1oz gold eagles from them for a while and have always had great service. 

0degreesK

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Re: Any suggestions on the best place to get silver?
« Reply #20 on: October 22, 2008, 08:53:21 AM »
Keep in mind that most of these guys are going to only take cash.  Some will take a check and hold it for 10 days before releasing your coins.  Some will take a credit card but will tack a surcharge on it.  However, cash is always best when dealing with a coin dealer.
Good point.  If I was selling gold or silver, personally, I wouldn't be giving credit to a guy I might never see again.

GroundPounder

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Re: Any suggestions on the best place to get silver?
« Reply #21 on: October 22, 2008, 08:57:08 AM »
Plus cash keeps the transactions private.  Gold and silver are one of the few assets you can have that you can keep private.  There are no reporting requirements when you buy or sell.  You do have to pay taxes on any gains, but that is between you and Uncle Sam.

Offline Kurtz13

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Re: Any suggestions on the best place to get silver?
« Reply #22 on: October 25, 2008, 02:19:39 PM »
In my opinion, you should stick to your local coin dealer. I've talked to Monex and they seemed to work in larger quantities. They'll create a layaway account should you choose to buy a bar or two.

I have an account with GoldMoney.com. The idea is great, but for some reason, they don't let you transfer money from, say your savings account etc., to your GM account; you have to send a bank wire, which may be cool if your dealing in thousands of dollars, but if you want to by fifty or a hundred bucks' worth at a time, it'll cost you about thirty or so dollars for the transfer itself!

The coin guy, you walk in with fifty dollars, a tube of Chapstick, and some lint in your pocket and you walk out with 4 or 5 silver Eagles and the lint and Chapstick  :D.
The point being, it's cash-in-hand and there's no paper trail for anyone to follow.

Offline The Wilderness

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Re: Any suggestions on the best place to get silver?
« Reply #23 on: October 26, 2008, 01:10:25 AM »
I like the local coin dealers, also cash up front, no trail is always best.

Rich

GroundPounder

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Re: Any suggestions on the best place to get silver?
« Reply #24 on: December 13, 2008, 04:42:21 PM »
OK, I have to give another shameless plug to folks at APMEX.  The mailman delivered a priority mail box today.  The return address was from "The APMEX Popcorn Elves" and contained a large tin of popcorn and nice note in it.  The tin has a big ole' CONTENTS AND TIN MADE IN THE USA stamped on it. 

I would not buy from them just because they send me popcorn, but it is just another example of how much of a class act this company is.  I also appreciate they are supporting companies that are making stuff here in the US.  I am sure it would have been much cheaper to buy Chinese. 

I have been trying to buy from the local shops because I do agree with you all about the anonymity, but they are ALWAYS out of stock.