I am new here, and I came to ask a question: Is there any reputable coin dealer that lets a person buy a few (say 3 or 4) US silver dollars automatically every month? I am thinking that I would like to have some silver dollars next Christmas to give as gifts to grandchildren, but I would like to buy a few every month at whatever the going price is. Kiind of like I used to buy savings bonds every month through payroll deduction . . . or through automatic monthly charges to my credit card until I tell the vendor to stop. I searched the web and found nothing along that line. Thanks for the info.
I doubt automatically, but there are certainly places you can order from. APMEX comes to mind. There are several dealers on eBay that sell silver dollars in bulk. Your local coin shop (lcs) would have several (assuming there is a coin shop nearby). We Buy Gold shops occasionally have several. Know the going rate. I know some pawn shops will charge $30 each for Morgans in any grade (except UNC) even when the going rate is $20. The We Buy Gold shop I frequent sells them for under the going rate, so I usually buy several each time I am there.
First, welcome to the neighborhood! It is very doubtful that you will find a good coin site that will fit your parameters. Littleton does have an "auto-ship" program, but you should avoid them like the plague. Also, buying coins isn't exactly like savings bonds because coins come in so many different states of condition and scarcity. The better the condition and the greater the scarcity, the more you will pay for them. As a collector, you must also accept the fact that, unlike savings bonds, some coins might increase in value, some might never change and some might actually drop in value. If you're looking for low-grade, common-date Morgan or Peace dollars, you'll be apt to note the greatest amount of fluctuation in prices. Those coins in moderate mint state grades may not change for years, and those coins in the highest grades may be subject to continuing growth. However, none of these generalities are hard and fast rules. Coin collecting should not be construed as an investment unless you have very, very deep pockets. That's the nature of the beast. Chris
There's quite a few dealers that offer programs similar to that. Most of them call them Coin Of The Month or something along those lines. If you pick up a coin magazine, basically any of them, you'll find numerous ads for them. But here's the thing about these programs. Most of the time the coins are purely generic coins, sometimes even problem coins. Some of them offer slabbed and graded coins, others offer raw coins - it all depends on what you want. And they are often over-priced for what you're buying. As a general rule, I always recommend that people do not become involved in these programs. Given what you want to do, I'd suggest doing what has already been suggested, simply go to a coin shop and pick out what you want. Pretty much every coin shop there is is going to have a large selection of generic, circulated Morgan and Peace dollars that you can buy for about 10% over the current spot price. And if you tell this dealer that you want to do this every month, he'll probably even give a bit cheaper price.
Thanks everybody for the super guidance and warm welcome! I am the world's worst procrastinator. That's why I wanted an automatic process. I know that I don't have the self-discipline to purchase coins every month. As you can tell, I know nothing about coin values. I am not overly worried about the short-term swing in value. I just figured that silver dollars would make better Christmas gifts than toy trucks, baby dolls, and such---and would be more lasting mementos. (By noon Christmas day this year, the 3-year old grandson had removed and lost the wheels to his slot car racing set.) I still have some silver dollars that my grandfather and my father gave me over 60 years ago when I was a kid. To my knowledge there are no local coin dealers in my vicinity---west central Mississippi---but I will check. Pawn shops are terrible, unscrupulous rip-off places in my part of the world. Thanks again for the insight, guidance and counsel.
It's not short term values you need to be concerned about. But rather somebody selling you a coin (or coins) on a monthly basis for say $35 - when it's only worth $20. And that is not uncommon in those programs. And if there are no local shops around, it's a quite simple matter to make the same kind of arrangement you want to make with a trusted dealer and have them mail you the coins. And there are several that are members here on this forum that I would recommend to anybody.
Thanks again. I plan to pursue that approach, GDJMSP. It's really true that a fool and his money are soon parted . . .
Welcome to the Coin Talk site, I'm glad to see new people getting into the coin hobby, especially when they're purchasing our historical Precious Metal coins and then giving them to young people who may get the coin collecting bug, and keeping our great hobby going for many more years. I do know a few places that do what you're looking for, but I'll have to get the names of the dealers for you tomorrow. I'll do my best to get it taken care of tomorrow afternoon and send you the names. WELCOME TO THE COIN COLLECTING HOBBY!!!!!!!!!!!!!!!!!
Two suggestions, very different: Instead of buying the coins monthly, put aside the money monthly and then when you have saved enough buy a whole roll from an online dealer like APMEX. Once you have ten posts here, place an add in the Want to Buy section asking if there is a dealer, or even a regular member, here willing to do what you want.
I do like this idea. However, I wouldn't limit myself to classic Morgan or Peace dollars either. Switch it up with a Silver Eagle from their birth year(s) or the current year. Silver Eagles have a face value of $1, so they are still a "silver dollar," and I think your grandchildren would appreciate something with their birth year on it. And silver eagles are cheaper to obtain in beautiful uncirculated condition that most classic silver dollars, though not necessarily by a significant margin depending on the year. Maybe a silver eagle one year, a Morgan the next?
I bought my 6 year old nephew a Silver Eagle this Christmas. It wasn't a huge hit with him but he was distracted with toys, I think eventually the allure of a big shiny coin will get his attention like it did mine when I was his age.
