Whats the best way to buy bags of unsearched silver coins online? Is there a recommended website to order from or is ebay the best route? Is it possible to get deals under current silver prices or just have to pay a premium and hope silver continues to go up so you can show a profit?
As far as I'm concerned, there is no such thing as a bag of unsearched silver online. That's not to say someone can't make a mistake and sell key date stuff on accident, but it doesn't happen very often. You'll pay top dollar on eBay. A local dealer is truly best, but if you don't have one, then just check around on various websites until you find a good price. You can also post in the Open Forum here, once you have 10 posts to your name, and ask if anyone has silver for sale in the quantity you are seeking.
If your purpose is to make a profit, forget about coins. Buy bullion instead and hope that the prices do go up significantly. To match a coin's value with its content in silver is erroneous, because in order to get whatever silver its in it, you'd have to refine it, and that involves costs.
Two years ago you had a better chance of getting silver at melt value. After doing some checking, getting silver for 13x face is a pretty fair deal unless you buy large quantities such as $1,000 face or more. You may find deals at antique shops yet, but my experiences with that are pretty infrequent lately.
I agree. Melt value has absolutely no relationship to price anymore. I do see silver for sale, but 12-13x is the norm. I sold some for fair melt value last week (10.5x) to a dealer. I see an awful lot of dealers who used to be selling, who aren't anymore. They're buying, but not selling.
In the next aisle over from unicorn horns and chicken teeth. No. That's as bad as any. Only on the third Tuesday of each week. Or, buy lottery tickets with your rent money.
its not easy to make a profit on coins and bags of silver from ebay it is even harder. YOur better of getting the cherry pickers guild and keeping a good eye out. Ruben
Hontonai: I know you're a "registered contrarian", but you seem especially cynical tonight. Any particular reason?
Here is a guy on the NGC boards selling at 11x, I have bought from him and am very happy!! http://boards.collectors-society.com/ubbthreads.php?ubb=showflat&Number=2973547#Post2973547
You have a better chance of buying an old Bank that went out of business in the 1950's that still has furnishings in it and bags of coins in the vault! I have heard of a few of these, where the owner which was usually the Bank President, died shortly thereafter the Bank's closing and he didn't leave the combination to the vault. Buy the place, get the Permits and dynamite and blow the door on it. Who knows what untold treasures lurk in the depths of the vault! Frank
That post was a little "blunt", wasn't it? However, sometimes the truth does "sting" a little. Anyway, I've been buying "bagged" walkers from my local dealer at about 12X face. Dates are mostly late 30's, early 40's, and grading in the fine to very fine range. Usually pick up about 10 each week. My goal is to reach 1,000.
I rather think every single thing he said was dead on accurate. As has been said, there is no such thing as unsearched bags of silver. And if you want to buy bags of silver it's not hard. Best bet is to establish a relationship with a dealer you know who specializes in such things and who is trustworthy. Luckily, we have such a dealer who is a long time member, infrequent poster here on Coin Talk. TraderNick - send him a PM and I'm quite sure he can hook you up
That's the only part I disagree with. For anyone planning to hold silver for 5-10 years, the probability of gain seems much greater than the probability of loss for buying silver at current prices. Personally, I think the small premium for silver eagles is well worth paying compared to junk silver. Someday, the Mint will stop production of ASEs and there is a good chance that they will suddenly have significant numismatic value. Time will tell.
