new to coin collecting

[cutty]

I got burned out on baseball cards several years ago and am very intrigued with coin collecting now. What is the cost of getting coins graded? I have purchased several un-opened rolls of silver eagles and was curious if I should leave them un-opened or open them to see if there are any worth grading.

 

Thanks in advance

[cpm9ball]

I got burned out on baseball cards several years ago and am very intrigued with coin collecting now. What is the cost of getting coins graded? I have purchased several un-opened rolls of silver eagles and was curious if I should leave them un-opened or open them to see if there are any worth grading.

 

Thanks in advance

 

Hey, Cutty, welcome to the boards! Unless you came up with some very high grades, MS69-70, they wouldn't be worth the cost of grading, but you would be very lucky to find any of these in rolls. Even the high grades may be difficult to move for a premium because there are so many available from dealers who purchase in bulk. If you looked on eBay right now, you'd probably find ungraded SAE's selling for $10-$15. That's about what an MS65 would be worth, but not more. The high grades that you may see advertised in the mags sell for $20-$60, but the dealers offering these pay a reduced rate for grading bulk submissions.

 

Right now, the Greysheet quotes Bid @ $8.56, Ask @ $9.08 and Melt @ $7.41. You might want to just hang on to the rolls. Did you know that you can purchase bullion to fund an IRA? Some investment analysts believe that the price of silver may rise dramatically in the not-too-distant future because of rapidly diminishing supplies.

 

You didn't mention the source where you purchased the rolls, but you might also check American Precious Metals Exchange or A-Mark Precious Metals for competitive pricing. There are many firms like these who contract for purchase from the U.S. Government massive quantities of bullion annually. Collectors cannot purchase UNC SAE's directly from the gov't, that is, unless you could guarantee "turning over" a million ounces or more every year.

 

Have fun collecting,

 

Chris

[Beijim]

Welcome! I'd add these comments to Chris's comprehensive reply:

 

- If you elect to open a roll to examine the coins, be very careful. Silver Eagle coins are soft and scuff easily. Removing one coin at a time from the open end of the roll can damage the coins in contact. Goodbye MS70 or even MS69. It also gets more difficult the deeper you are in the roll. One major submitter claims the best way to preserve the coins is to use a scalpel or X-Acto knife to literally cut the container away from the coins. Perhaps someone from NGC could comment further on this issue.

 

- Regarding IRA accounts, the issue that almost no one mentions when discussing bullion investments in IRAs is that YOU CAN'T HOLD THE BULLION YOURSELF. In other words, you can't just purchase a mess of SIlver, Gold, and/or Platinum Eagle coins, put them in your safe, and then declare them to be assets in your IRA. Rather, you must set it up in advance, and the bullion must be held for you by an authorized fiduciary.

 

Beijim

[cpm9ball]

....YOU CAN'T HOLD THE BULLION YOURSELF.

 

Beijim, I knew there was something that I forgot! However, bullion in an IRA can be "moved around" or exchanged just as you would with stocks in a mutual fund. It can be converted to cash or traded for other monetary instruments as long as it is done by the trustee of the IRA.

 

Chris