Before you buy another silver coin, read this...

Whether you are a seasoned or new collector, or even a dealer like me, these are tools you will need when you go to buy another coin. Depending on what you collect or deal in, taking a few minutes out of your day to read this thread can save you hundreds or even thousands of dollars.

The first: a coin pinger with a magnet.

Although these can be seen for $15+ on sites like Amazon, the pair together is worth its weight in gold. The fact that so many non-silver coins are made of base metals that do not stick to a magnet is scary, part of why you need a pinger to go with a magnet.

The second: a set of 3 coins of the same denomination, at least half dollar size. Get one that's silver, one that's clad, and one that's counterfeit. You can get counterfeit coins for just a few dollars from an honest seller, and on the dealer's side, they actually sell pretty well, at least for me. If you want to do this with dollars, get a Morgan or Peace dollar, a replica of either, and an Ike dollar.

The third: a pen or marker, specifically for pinging the coin. Silver will have a long ring to it and a Morgan or Peace dollar will sound lower-pitched than the known ear-piercing sound of an Ike. The outside of most pens/markers is made of plastic, which is harmless to use on silver in most cases.

Beware of fakes made of silver! The coin you are looking at could be counterfeit even if silver, especially key date coins. Counterfeiters are getting smarter by the second, leading to more fakes made of silver; if you see a silver fake, let the dealer know and show them why it's fake. Imagine a fake Draped Bust dollar, probably seen for $1500+, passed off on an unsuspecting dealer who thought it was genuine because it is silver.

Which leads me to the 4th thing: a book about die varieties on genuine U.S. coinage, especially if you are into a specific series. Whatever you decide to collect, carry this with you so you can distinguish genuine from counterfeit like a pro.

And, number 5: a loupe with a light. You can get these at Hobby Lobby for $3 each.

This entire assortment of items can be acquired for around $60-100 depending on what set of coins you choose. It's best to spend that now rather than regret it later.