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SquirrelEStuff's avatar

Advice on buying gold and silver coins?

Asked by SquirrelEStuff (10007points) February 3rd, 2008

I want to start buying some gold and silver coins. I will be checking out some coin shops by where I live. What do I look for? How do i know Im not getting ripped off? What are some good websites for comparing prices and quality?

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8 Answers

gooch's avatar

First buy gold they do better than the silver. Buying US gold coins has done well for me. You can get them from the US Mint online. Buying from dealers can be risky if you are new at it.

paulc's avatar

Gold Maple Leaf coins from the Canadian Mint would be my suggestion for investment because of their high standard of quality. You might also want to look into platinum coins which seem to hold their value just as well.

Charlie's avatar

There are several ways and places to buy coins. I use eBay alot and bid on LOTS rather then single coins. This is depending on how much you have to spend. I also buy “JUNK SILVER” but you must know the price of silver per ounce. (About $16.00 per ounce right now). All coins up to 1965 had equal amounts of silver in them. 1965 up were copper clad zinc so stay away from them. I buy coins in FINE or EXTRAFINE grade. These are nice looking coins yet and are priced fairly reasonable without haveing to pay a premium for the higher grades.
Notice that I have stayed away from GOLD. Silver today, has a greater percentage increase then Gold in value.
I found that other then eBay try to find a dealer close to you and get to know him. Talk to him about what you want and what you will pay. I buy locally as much as I can. Also check out estate auctions in your area that lists coins. I have 4 auction barns in my area that have web sites that I check out every week to see what they have. They list coins, I go!
Also, pick out a coin you like and the grade you like. I like the Walking Liberty half dollar in extra fine. Build a collection of them all and they will sell higher as a collection rather then an individual coin. One examle of this is the American Silver Eagle coin started in 1986. I baught 10 rolls every year since. If I brake the rolls up and sell them as a set (1986–2008) it is worth about $800.00 and I have less then $250.00 in it.
Dimes and quarters are good to buy. 1942–43-44–45 nickels had silver in them too!!
Hope this helps and good luck.

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Charlie's avatar

You might be right BUT Silver is falling like a rock. Hunt’s Bros have several Billions of ounces ready to drop on the market when the price is right. We can,tt blame them but as I see it, someone is dumbing alot of Silver on the open market, I am OK but becareful if youy are considering getting into this. Law of averages say buy cheap sell hgh

ItsAHabit's avatar

From you question I gather that you are interested in numismatic coins. These are much more difficult to buy safely than are bullion coins. For numismatic coins, grade is everything. Unfortunately, it is also rather subjective. Dealers to grade what they sell higher than what they buy. It’s a case of “heads I win, tails you lose.”

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