Buying old silver coins..

[miked2345]

To everyone who's bought some silver coins for when the SHTF, where do you buy them? Do you shop online? At local coin dealers? At coin shows?

I'm planning on getting a small amount of silver, under a $1,000 worth, in old silver coins. Nothing fancy like proofs or uncirculated, just regular old coins to have on hand to barter with if the dollar totally goes to crap.

I'm not sure where to start shopping for the best value for my money. I know that silver and gold prices can change daily, so I guess I should also know the best place to check for the current prices for precious metals.

Any ideas would be great!

[bixa525]

Ebay, I bought some silver eagles from a guy and they were the best price I could find months ago. You can find junk silver there also. Do a search on eBay and see what you come up with it.

[eeyore]

Mike i bought mine for cash at a local coin exchange (if you look in your yellow pages you will find one). I guess a coin dealer would work also. I paid cash so the only trial i had was a video trail, which i doubt they keep past a week. There were several signs up in the store about the amount you purchase, after a certain amount they have to report it to the authorities. What they did was check the spot price at the time of purchase and added there premium to then sold it.

The only thing i would have done differently is to specify at least 85% quality. It might have cost a little more, but i few of the coins i got in that bag were barely recognizable.

I would buy a mix halves quarters and dimes.

[ComputerGuy]

I buy from e-bay, sometimes there are some good deals and also at this site: http://www.providentmetals.com/. They have fair prices and excellent customer service

[barfife]

I suggest buying locally. When you spend your money, you take home your silver with you. Check on line for merchants in your area. Merchants typically sell 90% silver coinage for 3-4% over smelt value. You can use a site like http://www.coinflation.com/ to find smelt value. The smelt value is updated several times a day. MHO, YMMV

[miked2345]

Thanks for the response, everyone!!

Another related question... Do you guys check for or worry about counterfeit coins? I read an article a while back about counterfeit silver coins coming out of China!!! They are making them to look like old, worn silver dollars, but out of something other than silver... (Zinc, maybe?) I guess there is some kind of chemical test you can do to tell if they are real or not.

Just wondered if anyone has run across that.

[eeyore]

Does not surprise me at all. One of the reasons i used a excahnge was they weigh and size each load. So it is at least a check, not fool proof by any means.

[Matt In Oklahoma]

Thanks for the response, everyone!!
Another related question... Do you guys check for or worry about counterfeit coins? I read an article a while back about counterfeit silver coins coming out of China!!! They are making them to look like old, worn silver dollars, but out of something other than silver... (Zinc, maybe?) I guess there is some kind of chemical test you can do to tell if they are real or not.
Just wondered if anyone has run across that.

This right here is what I consider the fallacy of PMs. I'm just an average guy as most are going to be in the trade market, even now. I have no idea whether or not what you have is real or even what is is. There are soo many things I need to do, train on, learn etc while my normal life goes on around me that I dont have the time, energy or even desire to learn all the hundreds of PM coins or come up with a testing method especially for those larger bulk weights. Even with all my years experience i have to work at buying a gun at a show without getting a lemon much less figure out that silver coinage or gold whatevers. Now think about post collapse where I have no resources. Nope you keep it and i'll use common tangibles, wont be trading any of that with anyone, hard to counterfeit a bag of rice, bag of apples or a chicken.

[miked2345]

- hard to counterfeit a bag of rice, bag of apples or a chicken.

LOL..... Counterfeit chickens!!! (I'd actually like to see one of those!) :cool:

... Somewhere, in a poorly lit garage, a group of long-haired teenagers are racking their brains, trying to come up with a name for their newly formed punk rock band.....

[Bear4570]

Like ComputerGuy I buy my junk silver from http://www.providentmetals.com/1-fac...cury-dime.html
I bought a few silver and half dollars but now stick with dimes and quarters. When I have a little descreationary income I will buy $5 or $10 face value at a time.

[Karen]

I agree with Matt. I can't feed silver to my family, can't shoot it out of my gun, can't drink it. I plan to stick with usable goods.

[rockriver]

i bought some from blanchard's in new orleans. it was a horrible experience.
do NOT use them.
i have bought some from individuals. one friend will sell for just a shade under spot.
a few others for 5 - 10 % under spot.
i like to check prices at apmex. i haven't bought from them.
i bought some at a coin show. when i got home and counted the bag of coins. about 6% were missing.
my best trading and not short changing has been face to face with individuals. fair trading both ways.
good luck

[goatlady]

Actually I have a few rolls stashed strictly to pay my property tax if ever necessary. I guarantee you the tax assessor will NOT take chickens or apples in exchange for the tax due! At least that's what my county tax lady says!

[Bear4570]

I agree with Matt. I can't feed silver to my family, can't shoot it out of my gun, can't drink it. I plan to stick with usable goods.

I agree with you, that's why my purchase of silver only began after I was where I wanted to be with food and defense.

[miked2345]

Thanks for the replies, everyone... I found that "coinflation.com" website pretty helpful, you can get the melt values based on the current daily rate. It helped the other day when I found $1.00 in silver coins in the bottom of a "Junk Drawer" (We all have a junk drawer, right??) $1.00 face value... worth $25.60 melt value!! Makes me wish I had more junk drawers!

I'll be checking out a coin show that's coming to town this weekend, if no good deals are revealed there, then Provident looks like a good place. I do agree with the folks who say you can't eat or shoot silver, yet I think there maybe some situations after SHTF where a little silver maybe useful to get what you need. (I don't know if I could barter a bag of rice at the dentist or doctor's office.)