Bought my first silver

[billyramair]

I've been meaning to get some silver. I'm afraid the prices are going to cause alot of nice things to be melted down, maybe even historical.

 

[052.5GT]

Im just not to the stage yet where I am wanting to start purchasing bars and rounds. I'm with the others on that if SHTF, coinage would be the easiest trading method, but it could be done with bars and rounds no doubt. If I were in the business of buying and wanting to sell later for profit, I'd be going with bars, rounds, and ASE's. Basically im with the others in im trying to get the "most metal for my money."

They also make divisible rounds. Minted 1ozt bars and rounds that have marks and guides of where to cut down into 1/4's.
stagecoach I believe is the one making them.

 

[Rock River]

As much as I don't like using EBay, you can actually get some decent prices if you watch on silver coins. The pure silver never seems to be as we'll priced but if your patient you can get some decent deals.

 

[IndyPrepper]

On / Off topic - Any good silver coin conversion apps for Android ?

 

[Spanky46151]

Just a note from my lesson learned files;
Saw an episode of Doomsday Preppers the other day (I actually don'l like the show, but the remote batteries were dead and I was too lazy to get off the couch) where a guy routinely purchased rolls of half dollars to search for silver. He managed to score like 12 from the particular bank trip in that show, so I figured I'd give it a shot. I purchased $500 worth...zilch, zippo, nadda, nil, nuttin'. 71's were the oldest I got.

After that, I had to figure out what I was going to do with 1000 half dollars. The answer? Made my kid go with me to a different bank like he was cashing in his piggy bank...lol. Never again!

 

[undeRGRound]

I finally went out and bought some junk silver from a local coin store. I ended up buying 40% halves. I know alot of people dont like them, but IMO silver is silver, and will eventually spend the same as im not looking to get rich off it. I bought the 40%'s because they were only .22 over spot for each one that day for each coin. Translates to roughly $1.60 over spot for an ounce. The only other thing they had was dollars and they were $5 bucks over spot for EACH COIN. Do u think I ended up with a good deal, no deal, or got screwed? Just wanted some opinions. Thanks in advance.

My priority list used to be this:

1. ASE
2. 90% Morgans
3. other 90% stuff
4. War Nickels (35%) {because of under spot prices!}
5. Generic rounds and ingots (.999)
6. 40% halves

I pretty much moved 90% to top tier. I still get some occasionally
but without a paper trail, which my first big order has/had...

40 is still my last resort but anything I get a good deal on moves up a rung or two!!
Get my drift?
U did OK but I'd pay the $5 for the Morgan's if they look nice

 

[Jludo]

As far as buying goes I only go with Provident Metals, great deals if you pay by check, I've seen 10oz bars going for 50 dollars under what people were paying on Ebay at the same time. They often have silver for .69 over spot.
I'm pretty diverse, junk, bars, coins.
I really like paying a little more for silver eagles as they'll gain some numismatic value

 

[Brandon]

Just a note from my lesson learned files;
Saw an episode of Doomsday Preppers the other day (I actually don'l like the show, but the remote batteries were dead and I was too lazy to get off the couch) where a guy routinely purchased rolls of half dollars to search for silver. He managed to score like 12 from the particular bank trip in that show, so I figured I'd give it a shot. I purchased $500 worth...zilch, zippo, nadda, nil, nuttin'. 71's were the oldest I got.

After that, I had to figure out what I was going to do with 1000 half dollars. The answer? Made my kid go with me to a different bank like he was cashing in his piggy bank...lol. Never again!

I do this, but knowing I will find very few if any silver coins. You will be amazed at the mis-strike coins you will find. I do $200 at a time and dimes are a pita.

I've found one 1963 dime, and about 6 mis-struck quarters.
When I worked at Ritters Frozen Custard about 10 years ago, someone came in and paid for their order with pre 64 quarters. I bought them all for face value. $9.25 was my cost.

 

[Cozy439]

Well, historically both gold and silver are incredibly high priced. However, if things continue with the bank collapses and money printing, it is definitely possible for them to get higher. I have not yet made any purchases but have been watching the silver market for a while. If the market will break a few bucks, say down to under $20 an ounce Ill bite a little bit. Its certainly come down from its high of $49 back in April of 2011.

What makes you think it will drop? Even to/below $20??

 

[Cozy439]

Just a note from my lesson learned files;
Saw an episode of Doomsday Preppers the other day (I actually don'l like the show, but the remote batteries were dead and I was too lazy to get off the couch) where a guy routinely purchased rolls of half dollars to search for silver. He managed to score like 12 from the particular bank trip in that show, so I figured I'd give it a shot. I purchased $500 worth...zilch, zippo, nadda, nil, nuttin'. 71's were the oldest I got.

After that, I had to figure out what I was going to do with 1000 half dollars. The answer? Made my kid go with me to a different bank like he was cashing in his piggy bank...lol. Never again!

I saw the same episode. I went out the next day and got all the 50 cent pieces I could get - $700 worth. I made $170+ that day. Tried it 2 more times after that. It seems EVERYONE saw that episode. Both my last 2 trials were same -0- nada zip. Was a good idea until EVERYONE learned it.

 

[The Bubba Effect]

I like eagles over bars or junk silver. I am paying more of a premium, but I give most all I buy as gifts for children.

I like eagles over ingots as I figure it's content will be more broadly accepted than ingots if something goes weird.

I like eagles over dimes and quarters because eagles do not fit in coin slots. They are also neat for little kids because they are different.

Really though, ingots, junk, eagles, or bullion, owning/giving silver is as much a statement of philosophy as an investment or bet.

I hope junior makes a killing on his silver and it turns out to be a good investment. I hope much more that his silver interests him in saving and investing and leads him to become interested in learning about money and wealth.

 

[Cozy439]

I hope much more that his silver interests him in saving and investing and leads him to become interested in learning about money and wealth.

Now there is a dad that cares! ATTA BOY +1

 

[The Bubba Effect]

Now there is a dad that cares! ATTA BOY +1

Thanks for the compliment, but it's not bubba junior, it's bubba's buddy's/nephew's/cousin's kids.

They're not my children, but I'm going to live in the world they make, so it's in my best interest that they grow up right.

 

[Oni7734]

I finally went out and bought some junk silver from a local coin store. I ended up buying 40% halves. I know alot of people dont like them, but IMO silver is silver, and will eventually spend the same as im not looking to get rich off it. I bought the 40%'s because they were only .22 over spot for each one that day for each coin. Translates to roughly $1.60 over spot for an ounce. The only other thing they had was dollars and they were $5 bucks over spot for EACH COIN. Do u think I ended up with a good deal, no deal, or got screwed? Just wanted some opinions. Thanks in advance.

I started buying silver when it was $15/oz. I also bought when it was $40... I've also bought everywhere in between... I buy mine through Bullion Direct: Buy or Sell Precious Metals online - Gold, Silver, Platinum, & Palladium Bullion, Bars, and Coins. . I just send them a check every week, and when I have enough money in my acct, buy what I want, If I feel the price is fair. Also, I only buy through their "Nucleo Exchange". You buy and sell with other users for the price that you set. The site take 1% of the sale, and I'm okay with that. I find that I get much closer to spot price (or a price that I'm comfortable paying) than searching resale and coin shops.

They hold everything for you, and when you're ready, they ship it to you. Typically I'll pull everything every other month or so and it's about $20, depending on what I get.

Bullion Direct also has an online catalog you can buy from, but you'll over pay, just like any other retailer.

Personally, I only buy 90% US and silver eagles... When silver was up to $40/oz, I bought a Glock 17 for $10 (10 silver eagles).

I think the premium for silver eagles to a dealer is about $1.50 over spot. So paying much more than that isn't worth it to me, and is a pretty good gauge for buying junk silver... My max is $2 over spot...

I've also had good experiences with Gainsville coins. I over paid at the time, but at the time spot was $15...

Buy Silver Coins, Silver Bullion and Buy Gold | Gainesville Coins

Bullion Direct: Buy or Sell Precious Metals online - Gold, Silver, Platinum, & Palladium Bullion, Bars, and Coins.

Bullion Direct: send them money, put a buy order in for what you want at a price you want, if someone else is willing to sell for that price, it's yours. They will hold it for you too, so if the price skyrockets, it's there for you to sell, or have it shipped to you... I set them up in my banks BillPay system and it sends them a check every payday.

Good luck!

 

[Oni7734]

Sorry everyone, I got on a roll... probably long winded.

 

[yaquindn]

i remember years ago as a silversmith you could buy 925 for $25 per pound I wish i knew what i know now but that's hind site. I'm hoping for my kids and retirement silver is the new gold. as other have stated its out there in weird places. I was at a flea market and happen to look over and there was this little serving tray for $3.98 I turned it over and looked ( said to myself....self this is not happening!!!SOLD) I took it home and it weighed 8.7 oz cha ching my lucky day!

 

[undeRGRound]

Sorry everyone, I got on a roll... probably long winded.

NOPE! All well received over this way!

1% handling fee, Not Bad! Do they have to hold your Silver to list it there?
I have a few ASE I'd sell for the right price

Getting out of the trackable stuff, mostly junk and private sale items is what I prefer.

 

[undeRGRound]

i remember years ago as a silversmith you could buy 925 for $25 per pound I wish i knew what i know now but that's hind site. I'm hoping for my kids and retirement silver is the new gold. as other have stated its out there in weird places. I was at a flea market and happen to look over and there was this little serving tray for $3.98 I turned it over and looked ( said to myself....self this is not happening!!!SOLD) I took it home and it weighed 8.7 oz cha ching my lucky day!

Nice SCORE!

IMO Silver will be the new Gold (as far as skyrocketing values)

 

[parsimonious]

Well, historically both gold and silver are incredibly high priced. However, if things continue with the bank collapses and money printing, it is definitely possible for them to get higher. I have not yet made any purchases but have been watching the silver market for a while. If the market will break a few bucks, say down to under $20 an ounce Ill bite a little bit. Its certainly come down from its high of $49 back in April of 2011.

I don't know you, or how long you've watched the silver market, or what you know about precious metals and currency.
The statement of metals being historically, incredibly high priced leads me to
think you're kinda new to the whole idea of what is real money and what money does.

This video from Walter E Williams may help you, or anyone else understand
what money does.
http://www.youtube.com/watch?feature=player_detailpage&v=OUL152yGVGI

On metals, or any other commodity. The value of Silver, Gold, Oil, pig bellies, or frozen concentrated
orange juice doesn't change. The price does.
That means that the value of your money has been reduced.
A dollar from 1980 could buy 2 or 3 cans or frozen OJ. Today's dollar is likely
to buy one, maybe. Same Juice, same use, similar demand. Why the higher cost?

Inflation. Look at why silver was taken out of our money.
A dime in 1964 was worth $0.10. The same dime, from 1964 is worth more
than $2.00 today. I'm not sure exactly why the US$ is worth so much less.
Many smarter than me debate that with others smarter than me, and can't
come up with a consistent answer that makes any sense.

Good luck everybody!

 

[undeRGRound]

"if it drops under $20 I may bite a little"

Wow, dood, you will make a fortune! IF it drops under $20

Or you could just buy now and not make quite as much as those of us who
bought under $20 in 2009 and thereabouts... But STILL CASH IN LIKE A BANDIT!
Do some research, especially Gold to Silver price Ratio, and current mining ratio.
Plus research the growing industrial uses of Silver, and see how it is much more
useful than Platinum. And how the USGS states that current rates of consumption
have Silver becoming extinct by 2020, (which will not happen, but is indicated by the numbers)
Don't come crying around here because you missed out on the under $20 Silver,
when it is entirely possible for Silver to be right near $150/oz NOW if the scarcity
factor would come into play. Taking ALL the conspiracy theories out of the picture,
(and there are many that make sense!) Long Term Mining contracts dictate the prices
of Silver, and as these expire and are rewritten, prices will go up dramatically! INDUSTRY
is the #1 buyer, and these long term contracts will go up eventually. Miners are already
doing things to increase their profit margins, and it will go up despite market manipulations
on the Comex and other exchanges. CFTC Commissioner Bart Chilton has personally
called for indictments in reference to the 5 year investigation, but he is one of many
on the CFTC. Change is a comin' to the Silver and Gold Markets! Wait and See!
Or better yet, Buy and Wait and SEE!