New Guy- advice needed

[newprepper]

New to the site and coins, as my handle implies I'm preparing for the future, near or far ? Who knows, anyway, I have started purchasing silver, eagles mostly because I want to stay readily identifyable and liquid if it should ever come to a barter time. Have been buying raw for 30-35 and some slabbed coins also. One as a hedge against the other, if bullion goes down I have the slabbed, and if bullion goes up, I'm ok there too. Anyway I found this site and started putting my stuff in the collectors part, as a form of inventory and also started a competitive set for fun, now i'm looking to that next slab to add. Anyway where should I look for raw values as a guideline to put values on my inventory for the raw coins? Also where is the best place for purchasing raw eagles, I have one purchase from Gold Mart, their price was good, but I'm still waiting on them, I saw an add for Merit Financial and their prices seem good also just dont know how much their shipping is. Any advice is welcome, thanks

If I'm in the wrong forum, sorry

[AnkurJ]

Welcome to collecting!

 

The first thing I suggest is visiting a bookstore and buying a redbook or a book called the Coin Collectors Survival Guide. The survival guide is a great book for those getting started.

 

Also if there are any coin shows in your area, visit them and look at as many coins as you can to get an idea of what you like.

 

I would suggest using caution when dealing with financial companies who promote certain items. They may not be as liquid as you think. Either way, you are definetly posting in the right place. Ask as many questions and dont get discouraged. There are many knowledgable members here.

 

Ankur

[TheCoinGeezer]

New to the site and coins, as my handle implies I'm preparing for the future, near or far ? Who knows, anyway, I have started purchasing silver, eagles mostly because I want to stay readily identifyable and liquid if it should ever come to a barter time. Have been buying raw for 30-35 and some slabbed coins also. One as a hedge against the other, if bullion goes down I have the slabbed, and if bullion goes up, I'm ok there too. Anyway I found this site and started putting my stuff in the collectors part, as a form of inventory and also started a competitive set for fun, now i'm looking to that next slab to add. Anyway where should I look for raw values as a guideline to put values on my inventory for the raw coins? Also where is the best place for purchasing raw eagles, I have one purchase from Gold Mart, their price was good, but I'm still waiting on them, I saw an add for Merit Financial and their prices seem good also just dont know how much their shipping is. Any advice is welcome, thanks

If I'm in the wrong forum, sorry

 

If I understand your post correctly, you are amassing 1 0z American silver eagles.

Unless the certified examples are MS70 (and even then), most dealer will just pay you their spot price for them.

Proof examples are worth more, especially PF70 examples.

There are a couple of key dates in the series too.

If you just want to hoard silver, my advice is to get "junk" silver (circulated American dollars/halves/quarters and dimes issued before 1965). They generally trade at close to melt, are extremely liquid and will always be worth their face value.

[MarkFeld]

Welcome to the forum.

 

Before you buy anything, I might suggest that you post what it is you are considering and the price you have been quoted.

[newprepper]

You are correct, I have a few raw dimes, halfs, etc, mostly eagles though. Spot price? so who pays good money for the other stuff? People like me?

[AnkurJ]

Spot for Silver Eagles? I will pay more than spot, and other collectors will too.

[newprepper]

I try to buy on the dips as my finances allow, aroll at a time, generally spot plus a premium, I think my roll from Gold Mart cost 602 with shipping. about 30 each. Just looking to keep increasing my stash slowly but surely (Eagles)

[newprepper]

How do you determine your buying price, I have been going off the NGC and PCGS price lists available on the net and trying to stay under 80% of value, Am I overpaying?

[newprepper]

I have avoided buying a redbook because I felt that with todays volatility in the precious metals market the prices would not be very current, am I wrong in my thinking?

[newprepper]

I guess a better question would be how does the spot price of silver affect collectors values? Lets say I have a 2008 W Silver Eagle MS70 worth 90 bucks according to NGC and silver goes to 150 an ounce. How does that affect the coins collectors value? Sorry for all my questions, maybe I should just buy more guns

[MarkFeld]

I have avoided buying a redbook because I felt that with todays volatility in the precious metals market the prices would not be very current, am I wrong in my thinking?

No. Often, the prices listed in books are outdated before they are even printed.

[newprepper]

That was my thinking, I looked at a coin mag and the prices were off from what the web sites had listed

[newprepper]

Since I haven't said thank you I will now to all who have replied. Thanks.

[brg5658]

Spot for Silver Eagles? I will pay more than spot, and other collectors will too.

 

At the coin shows I've been to, most dealers will pay maybe $1 or $2 over spot for regular-old Silver Eagles. The silver price can fluctuate that much in an afternoon.

[Jack Robinson]

Hello Newprepper.

 

You are in the right site to ask your questions and there is no such thing as too many or, dumb questions. I started my coin collecting, from scratch, in November 2011. I come to purge this site and read (to educate myself) the posts. There are qood tips that may be in someone's post that helps you.

 

I agree with you about buying the "Red Book." I purchased mine and after a few months for reading and re-reading, it is sitting on my desk as a reference book. FMV of coins change over time. I purchased , "The official American Numismatic Association Granding Standards for [u.S.A.] coins. Pictures are B & W but, the advice on how to grade a coin is excellent. IMHO.

 

I also review the Heritage Auction Internet site. They have a section of up-to-date articles on grading coins and other great topics. I read today that a guy and his son, in Northern New York, found one of only ten known 18th Century coins. . . in a dirt pile; in a dirt pile; in a Frigen dirt pile.

 

Teletrade auction internet set site has great coins. Recently, on Tuesday nights, they have no bidder and no shipping fee auctions. Great time to pick up coins and save $$$.

 

As I understand it, the spot (or, metal content of a coin) value goes up and down as the Nation's economy goes up and down. The fair market value (FMV) of a coin depends, just as any commodity, the scarcity of the coin. The NGC site has a "Coin Melt Value" link. You can look up your coin and learn the melt value. Some Morgan coins in the 1960s were going for ten times then what they are going for now. Reason, in some cases tons of the coins were "re-discovered" at a given time and flooded the market. Error coins, coins that have an unique quality to that one coin, is another topic and discussion all by itself.

 

Stay away from TV coin shows. They can charge up to three times the FMV and then charge for shipping fees, too. If buying on Ebay (or, similar Internet sites) research your Seller before you buy. Many coins are "as is" and "no refunds" in the micro, micro, micro fine print of the Sellers' auction site. Buying certified coins from these and other places is really easy. If you have a smart phone, go to NGC Internet site and check coin value prices (pretty much real-time quotes) ....if a coin is being offered for $100.00 and the certified FMV is $10.00, you will know if you are being over charged.

 

I buy raw coins that I can hold in my hand BEFORE I commit to buy. I have ten local places where I go. On trips, I also look for consignment shops. I stay away from formal dealers since they are there to make a profit margin on their coins.

 

I have built a strong relationship with the various shop owners that I visit. Personally, pawn shops (the reputable ones) have great buys on raw coins. Many resell raw coins (and some certified) just a few dollars over the spot value. Meaning, if the spot is $29.00 per once (Silver), they sell for between $31 to 33.00. Certified coins valued at $100.00 could be offered for $115. to 120.00.

 

NGC Internet site and this posting site are great tools. As already suggested, they are here for you to learn from. I know I have. As previously suggested to you, buy pre-1964 coins for their melt value. They can be purchased easily.

 

The last thing to suggest is: allow yourself to alter your collecting goals. Morgans are fun and cool but, if you come across a Proof 70 2008 Jefferson dime with a FMV of $100.00 and it is being sold, as a certified coin for $10.00, I suggest you to buy it.

 

Bottome line: Research, research, research and buy the coin that you are most happy with owning. For a collection or, for an investment.

 

Above all else. . . have fun.

 

Semper Fi !

 

Jack

 

 

[Jack Robinson]

Newprepper.... I made an error as to where numesmatic article can be found on the Web...in the previous post I said they could be found on the Heritage Auction Internet site...I should have said, Coin World .

 

Have fun on your adventure.

 

 

Jack

[newprepper]

Jack, thanks for the advice, tried to answer earlier but I was having login probs. Thanks for your service BTW, I won't hold that whole marine thing against you. I am scheduled to retire from the US Army NG in Nov, finally got my 20, only took me 31 yrs to do it. You might say I'm an overacheiver that way. Thanks for the references, they will come in handy.

George

[Jack Robinson]

Hello George,

 

Thank you for your continued service to our Nation, too. Job well done.

 

Keep in touch,

 

Jack