I do not begrudge my local dealer his premium. I want him to make money. I want him to stay in business. I would encourage everyone to buy and sell from their local dealer. I want silver to become more common to settle accounts.
Another advantage of silver coins, at least where I buy them. It is a cash transaction. No records, no taxes, no ID required, no limits, cash and carry.
That's very peculiar because just two weeks ago my friend who owns a huge numimatic business here, told me that every transaction now - the buyer Must give his drivers license so the dealer can have that on file if the IRS wants to come in and check his paperwork for those who are buying gold or silver. This law went into affect about 5 years ago I believe. The IRS wants to make sure they get a piece of any profits you might make when you sell.
My friend has never had me put my drivers license on our deals, and in fact, I never had paperwork with him. lol But now, he says those days, with him at least, are over. So, if you have a coin dealer guy who won't require paperwork and drivers license, keep going there!! Maybe the smaller coin dealers will risk all cash, but my friend won't risk doing that anymore. Of course, everyone should obey the current laws and let the IRS know what you're buying. (oh sure,right!!!)
Do take a moment to read my post #10 at the link below. Perhaps it might help you with some key knowlege about the numismatic trade.
My dealer friend told me that if any coin business /numismatic business is caught having paperwork with no drivers license - that the IRS can - freeze up all of their bank accts. and keep them frozen until their investigations are over and the dealer might end up in federal prison. So, this is why my dealer friend - after 35 years of me dealing with him- now is making everyone hand over their drivers license.
http://www.freerepublic.com/focus/f-chat/3393119/posts