A Friend wants to INVEST posted by Six Mile Rick

[CSJournals-migration]

I had a wild phone call Friday while working.

 

Friends,

As I do different jobs and meet so many people I sometimes bring up my coin hobby. While working Friday I received a phone call from a person that I had done some remodel work for last year. He wanted my opinion on purchasing gold or silver.

Now he also added that he had $5000 now but wanted $5000 more in the near future. I told him he could get a little less than 4 ounces of Gold which will gain value gradually. My best opinion to him was to invest in Silver of which the same value would generate 140 ounces of Silver of which will gain more value to the dollar but to purchase at the best time. As the conversation went on we started talking on Bullion coins and on to silver and gold sets of different types.

I did him a little favor Saturday as I took a few sets to his house to view. He was very interested in set collecting for the enjoyment while still purchasing precious metals at the same time. I left him with a couple ANA magazines and a nice Heritage catalog with all the pics and realized prices. I let him know I would enjoy searching for the sets he was most interested in when he decided what he wanted to invest in. This new task could prove to be quite enjoyable. I never imagined building sets for someone else, this should prove to be a fun task.

 

HAPPY COIN COLLECTING

 

See more journals by Six Mile Rick

[Mokiechan]

Be careful though and let him know that, for the most part, coin collecting and even precious metals have been long term investments. He might have higher than reasonable expectations and you might be the focus of his unhappiness if those expectations are not met.

[jiml-migration]

DITTO Beachan can be alot of trouble

[Six Mile Rick]

To all, I am only helping him get started. Showing him my sets, putting some literature in his hands, hook him up with Collectors Society,PCGS,Heritage & Teletrade. The set or sets he decides to go with he will purchase himself. And if he needs certain coins later I will try to help him find them. He was going to purchase $5,000 worth of gold? coins from a TV commercial but he called me first and I told him not to. It is simply an advisement issue, no profit will become of it.

When someone needs a little help I never turn them down and offer what I can.

 

 

Later----

[Texans Coins]

Way to be an ambassador for the hobby. We can never have enough collectors.

 

Marcus

[Merlin8*]

Howdy Folks--Rick did the same for me after a few kind words about a coin I posted to the journals. As a result I got back into my Morgan collecting which I had been neglecting. He is not aware of this, until now of course. We may never know what affect something we say can have on another person. In my case it was positive and sparked renewed collecting. I love Morgan's and his interest reminded me of that.

 

Larry

 

[coinsbygary]

Way to turn another person away from those rip-off television ads! Your friend would be sure to have been disappointed if he would have invested based on those ads. I also agree with Merlin8*, in large part I am collecting Morgans because of Rick's enthusiasm for them. This hobby is a lot about passion and Rick has plenty!

Gary

[Mokiechan]

Rick,

Sorry for jumping the gun. I see you got a lot of very good friends in the hobby and looks

like your about to gain another. This hobby has many great ambassadors and you're

among them.

 

Later,

Malcolm

[namvette68]

With all the coins I have, both graded and raw, the last thing I would recommend is investing in coins. I figured prices for my sets and raw pieces, and it's over 140K. I was only asking 102K. I can't seem to give them away. Auctions invite bidders to ask ten cents on a dollar prices. The fees involved make it even worse. With Numismedia dropping the prices, I'll have a collection that is worth more as "melt."

My two cents is to go buy straight gold or silver buillon. It comes with certification, and you can use it as an IRA. Finding coins that increase in value is a lost art. The market is flooded with too many coins, and the prices are obscene.

With gold or silver bars, there's no problems making a set either. Just another side of the coin (bad pun). Buy wisely my friend.

[Six Mile Rick]

Namvette68, That was the first thing that I told him. I also led him to Kitco which would give him a good deal on bulk. As he searches the Heritage catalog he may decide against coin collecting. I don,t think Heritage puts many coin pictures in their catalog worth less than $500.

I think he wants to purchase lower graded gold and silver coins that are closer to the value of melt (unlike us paying higher premiums for top pops). In this case the coins values should rise as gold and silver rise. We will find out later what his decision will be. He called me first and will have to call me back to get started, I am cursed with this hobby (but I love it).

The first couple of years as a collector I collected a full set of raw Morgans. When I had them graded I found that I lost around $10,000. It would have been nice if I had a little help before that huge mistake.

 

Later Guys-----Rick

[Fly-n-Eagle]

I've been collecting off and on for 40 yrs serious for the past 2 what got me re-fired was looking at my coins one day and finding the coin my grandmother gave me (Don't know why I Did'nt spend it) Well Its The year She Was Born And its a Morgan 1903 S mirco s Then I Found The Fly-n-Eagles And Have Not looked Back since Susan B's also LOVE THE RIDE

[Fly-n-Eagle]

sorry bout the bad spelling