A potentially improper thread

I sincerely apologize if I've chosen the wrong forum for this topic, or if this has been covered before. Unfortunately, I'm so green as to not even know the proper search terms to use. I don't like to make my first post in a forum a question of the whole group as opposed to some real advice from my own knowledge, but here we are.

That overly wordy intro aside, here's my question.

What would be the best silver coin to buy for use after a (admittedly unlikely and silly to even comprehend) breakdown of the US monetary system. If I wanted to have precious metals to use as currency in place of potentially worthless paper, which would I choose? I thought of this after seeing a commercial on TV for the Morgan silver dollars. Knowing that real research would be better than calling an 800 number I came here to find people who really know their business.

I am happy to get a link or even the right search term to find my answer - I don't mind working hard to get my answer, I'm just lost.

Thanks everyone in advance and I apologize again for an unhelpful first post.

 

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With few exceptions, I have yet to see coins offered at fair prices via magazine, radio, newspaper or TV. Please avoid such ads, no matter how good they might sound.

As to the scenario you want to prepare for, my suggestion would be bullion silver coins, such as 1 ounce silver eagles, NOT silver dollars or other coins whose value is in excess of the bullion content. The latter would probably be far more difficult to liquidate at fair market value.

 

Welcome to coin talk. You will probably get some different answers on this. Fact is you can't really predict what silver coins could or would take the place of American dollars. The one ounce American Silver Eagle is a very well known coin. I saw some 2008 ASEs today for $18.50 each at a coin show. With the price of silver a little over $16 currently, I passed on getting any. The last ones I bought were 2006 and I paid roughly $15 each for them.
I don't think you can go wrong with any 90% US coin however. I like Walking Liberty half dollars and Mercury dimes. I also have a few one troy ounce silver bars. Those are .999 pure silver. But the bars may be a bit harder to convert into a unit of currency.

 

I have often thought of this scenario.

So if you want to possess silver coin that would be used for trade if the monetary system failed and we had to resort to a real trade system for goods. I would say get you hands on any coins that are 90% silvers that have really non or no numismatic value other then face. Dimes, quarters, halves that sell at bullion rate or less would be the ones for this application. Dollars also.

Good luck and I hope it never comes to this.

Allen

 

I agree silver or gold bullion coins like the American Eagles. Plus you can have fun collecting the various dates if you want. Other than that, buy some silver or gold bars. I have a friend who usually keeps a few 100 oz. silver bars just in case.

 

First off, welcome to CoinTalk !

You ask a great question.
That is something I've wondered about for a while.
In my opinion, buying excessively worn common date US silver coinage would seem the cheapest.
The only problem I could see with that is, would the local butcher recognize and accept the old silver ?

I think the old silver culls and small modern gold eagles may be the most efficient in the scenario.
I'm doubting a local merchant will be able to give change for a Double Eagle.

My opinion is based on the thought that most transactions would become local.
Travel to other areas would be based on the supply of gasoline.
A barter economy could result for a period of time, but precious metals would still be widely accepted.

 

I'd go with ASE's if all you want is accumulated bullion. I see them at pawn shops all the time at bullion price and no markup.
Guy~

 

A few research terms: "junk silver," "junk bags."

A link with some info: http://www.nwtmintbullion.com/silver_bags.php

A standard disclaimer: Use due diligence, do your own research, this is not a recommendation to buy or sell. Nor is this a recommendation of any particular company. This is provided for educational and entertainment purposes only. Yadda, yadda, yadda.

Next, how do you intend to use it? To purchase big-ticket items like cars, guns, etc. or for a loaf of bread? I would hate to "break" a hundred ounce bar to buy something small but I would hate to count out x amount of culled dimes. I don't believe there would be a "best kind" that would fit every situation. However there would be better kinds than others. If I were trying to buy something from you and we had agreed on 15 ounces, what would you, personally accept? How much is that in 90% quarters? How much in 40% halves? Would you take this "Plachinko" brand 5 ounce bar? What would you even trust?

 

Hagbardpork, welcome to the forum. The TV commercial that you may have seen is from the National Collectors Mint. The commercial states that they found the last remaining Morgan silver dollars, they are in fine to BU condition and you can get one for only 19.99 limit 5 per order. Stay away from the TV commercials it's just a rip off. As was said before look for bullion coins.

Lou

 

Silver eagles and gold eagles can be had at close to bullion price at bulliondirect.com. But then of course you'd have to pay them to ship the coins to you. The coins traded there don't have much numismatic value, but it sounds like that's what you are looking for.

 

....we get that bad in this country....Id be buying 7.62X39, 9mm and .45 acp ammo!


Better than any coin, bullion or anything in complete and utter anarchy

 

Thanks folks - I think I've got an idea of where to start now. I appreciate all the advice. On that note - I've already got 4800 rounds of 7.62 and my 9mm stock is even higher . There are some advantages of living in nevada.

Thanks again!

 

Sweet !


Run through this thread.
http://www.cointalk.org/showthread.php?t=32111
Stick around CoinTalk.

 

goodness, this the most potentially improper thread I've encountered!

lol...

Im agreeing with Silver Bars and 90% silver coins.

 

Nevada......Best movie ever made "tremors" best scene, when the survivalist couple has the "worm" bust into their Rec room

Breaks the glass....both barrels from the elephant gun!

Ok back to coins.....


By the Way this thread got me thinking about that day in 1933 when everyone had to turn in their gold.

Can you imagine one of those weasles running for president today suggesting that??

We would lock them up in the Nuthouse

This country must have had a lot of faith in FDR

 

7.62x39? Isn't that for the SKS? I've got one but never fired it. Sure wish I was where you are. I'd be using that amo a lot.
Also, WELCOME TO THE FORUM.
What your asking is rather a tuff question. The reason is basically your asking what is the best thing to invest in. Also, where is the best place to buy it. I always tell people when you ask that it is the same as asking which is the best car to buy, best store to shop at, best wife to marry, best socks to buy, etc. Everyone could and usually does have different opinions and what is great for one may be a disaster for you. Silver and Gold are high right now but they were once before and people lost a lot of money. At one time people invested in convertible cars since they stopped making them. That also flopped. Then there was Beanie Babies, Hot Wheel Cars, Baseball and Football cards and lots of other things.
As for my opinion. Invest in Buggy Whips. If the price of gas continues as it is we will all be going back to the horse and buggy days.

 

You need to keep silver bullets around for the werewolves.

 

hit your local dealers and buy up cull and junk dimes quarters and halves. You can get decent junk silver for a little over melt. I personally always keep a few rolls of junk around just in case.