Ok so i'm a very young and new investor of gold and silver, i'm 22 years old, so forgive my ignorance if I ask no brainers here. But in the last month I've started to purchase silver bullion bars vs putting any new money in the stock market. My question is regarding silver coins, today I was at a household auction and there was a brand new 2008 american silver eagle dollar, so I was thinking " its worth at least the current 1 0z of .999 silver in it plus a small amount for the coin being a real coin, so I bid $24 and lost it to some old guy who paid $26, coming home I googled this site and have been doing some research. What would be a good price for that coin? Also if I am going to start looking for deals on silver coins ( auctions etc ) what would be my best bet to look for? Any new tips or advice would be greatly appreciated. Thanks in advance
Welcome jufr18! If you just want silver for it's bullion value, buying pre-1964 US coins would probably have the lowest markup, and you can get it in various denominations. I would never, ever pay more than $3 over spot for a common silver eagle. I collect the proof silver eagles for their beauty and silver content and they cost about double a bullion coin. Lotsa folks here that can guide you and answer your questions.
PS- You should be able to find plenty of good deals on eBay if you're just buying bullion. Check the completed auctions for the 2008 ASE and you will see what they are selling for.
Check the current eagle prices at www.apmex.com I usually find them around the same price. Around 3 dollars over spot is common. Look into bars or junk silver 90% coins for lower markups.
You may want to rethink your avoidance of the stock market. I've recouped any paper losses and then some in the last 4 months. Coins are a hobby to me, I just like them. Yes, my Silver Dollar collection is worth 3X original cost but they were purchased 40 years ago.
I have to agree with Ahab on this one, however, stocks are a shorter term game than commodities, if you try keeping your money for years on end in the stock market, you'll likely take some pretty significant losses, but if you move your money from stock to stock as you see the trends with each stock changing, you have a greater potential, however, I would suggest reading a few rich dad books and playing the cashflow games (I prefer the egames, but the cashflow game also comes as a board game), before going into the stock market because the cashflow game will have you evaluating investment opportunities and deciding what's a good deal and what's not a good deal. I know this is off topic, but since the topic of stocks was brought up and since I know there's alot of varying opinions on this topic, I thought it needed to be said.
welcome to cointalk. The value of that coin you bid on might have been good, or it might have been low. It depends on wether it was a proof coin or an uncirc, or a bullion coin. The proof coin is the priciest, the bullion coin should only be a buck or two over spot, the uncirc should not be much more than the bullion, maybe four or five over spot.
