The US Mint is catering to coin collectors, these days. From Proofs to commemoratives, there's a large premium. You'll find that premium on old American issue coins, as well. And the older and better shape, the higher the premium. If your looking for just plain one troy ounce silver, buy rounds or bars. For something to be a coin, it has to be backed by the issuing government for X amount of said government's dollars. All silver, in all forms (coins, bars, rounds, spoons, etc.) will have a premium. Some much higher than others, usually due to how many pieces have been made, others just due to demand. The American Silver Eagle is issued by the United States government and is backed for one US Dollar. It's the world standard for coins and carries a large premium. Canadian Maples are a close second, with a smaller premium, England's Brittanias... The list goes on... FYI: Lots of these coins, rounds and bars can be found in many different metals. All of them will have a premium. BEWARE: anyone selling anything under the spot prices is probably a scammer. Check the spot before you do anything! Never sell to a pawn shop or coin store - always sell privately. Feel free to ask, I collect coins
Never sell to a pawn shop or coin store - always sell privately.
Why? Pawn shop I get, but what is wrong with selling to a coin store?
Nothing, really. But you're going to be able to get a better deal if you sell privately a lot of the time.
Coin stores won't always give you numismatic value. And those premiums can be significantly more than the weight value of a piece. (If you're a regular, you may get a much better deal.) Walk into a coin store, ask: what's spot and what's bid? How much are you selling for/ how much are willing to pay me?
Thanks for this info, not collecting coins, but building a selection of barter goods, silver and gold coin/rounds/bars being a portion. For me it's about trying to get as close as possible to spot without too much risk
How are you verifying silver authenticity on delivery? I have seen some saying a magnet slide is the easiest option...
I purchase from reputable dealers. One is the import agent for a specific coin from a specific country. Can't get one unless you are a citizen there. But I pay for that with premiums. It's kinda like an investment for me, I'll get the premiums back when I go to sell. Otherwise, ping test or taking them to a coin store that will confirm the metals. Things like security features (watch a video about the one on England's Britannia, they're pretty interesting,) luster/patina, weight and size are all extremely difficult to reproduce with the incorrect metals. There are home electronic ways to tell what metal you have, but they can get expensive. Idk how cheap they can be had, but the x-ray ones at a pawn shop/ coin/ jewelry store should be the expensive ones, like 10+ k. Believe it or not- some fakes can be worth money, but you really have to know your stuff. Lots of history.
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