buying bulk contemporary usa silver dollars? plus bulk usa gold coin questions

steveh | 3/23/2017 | steveh

[SteveH]

hi, wondering what the most economical way to go is for buying bulk contemporary usa silver dollars.

i got quoted a price of $20/silverdollar at a local jewelry store, quantity 100, immediate inventory. apparently a common unit of purchase is a 100 silver dollar bag. i would request the dollars be placed in plastic containers. very important: the plastic containers must not interact with the copper in the coins to produce a green patina. the reason for storage in rolls is to permit easy placement into flat style safety deposit boxes.

should i go with 1, 2, 3, or more bags?

i plan to make separate purchases for gold dollars.

is there still a requirement to notify the IRS for these types of purchases? especially larger gold purchases.

in california, apparently there is a minimum $1500 purchase price to avoid state sales tax.

i bought gold coins in the early 1990s, gradually spending them by the end of that decade. i surprised myself by making out quite well on gold investing (only about 20-30 $20 piece sized krugerrands, but still a confidence builder)

also would it make more sense to place in a safe deposit box? or a home safe? or in an attic? or some combination (eg, all 3)?

[PMAS]

Did you look at www.apmex.com for pricing ?

[forgotten man]

Buy a roll or rolls of pre-1965 silver dimes and quarters. Not much numismatic value, but they are easily recognizable and accepted. If the SHTF you might have trouble getting change for a Kruggerand if you want to buy basic items.

[Snowybear]

It’s all a rip off no matter where you go. They are buying them for like 6-7 dollars for half dollars and 12-13 dollars for silver dollars.

[Bubba Gump Shrimp]

that’s the big problem with gold kuggers, getting change

we bought many many before the Euro (and some for a few years after, before the EU started imposing reporting), we would drive across into Osterreich from Magyar or have my brother in law buy them for about 80% what they were selling on the US market.

and we keep them secure, far away from US snooping, but I always wondered about “getting change” for them.

Once you turn them in, now they report them in almost all banks.

So as a personal currency, I’m going to wonder what value they will have if the SHTF, because what will the real market value be?

But our main interest, was a currency to get out of the US if need be in a hurry, and I think it still suits that purpose, as they are offshore and unaccounted for.

[M Kehoe]

Hi.

Imho, it is a good idea to develop a relationship with a dealer in coinage, gold, silver and other types of assets.

Purchase in cash, in increments of less than $10k.
Also be armed.

Have a safety deposit box, or and the ability to secure the assets “locally.”

Enjoy.

5.56mm

[blam]

I used to buy silver dollar slicks for $11.50 each. I saw them recently selling for $17.00 each

Slicks are worn-down (normal) silver dollars.

[elcid1970]

I stick with accumulating U.S. silver dollars; Peace version costs less than Morgans. Worth about $20 apiece, cartwheels are easily fungible for basics.

[Pollster1]

Locally the best price I can find to buy new silver coins (American Silver Eagles and similar) is $4.00 per ounce above the spot price of $17.56 per ounce, or junk silver coins at about 6% over the spot silver price. The price you’re being quoted sounds good, if those are one-ounce (silver content) coins.

Note: I am not in any way advising that you make this purchase, just comparing it with my local prices.

[forgotten man]

If you had to, you could melt your Kruggerands and make smaller pieces of gold. I watched a jeweler melt a gold bracelet. It was very easy to do with a blow torch.

[Eagles6]

The Silver Eagles are a $1 denomination and generally come 20 to a square, inert plastic tube.

For single coins just use coin flips.

Gold Eagles are sold the same way.

APMEX is good for gold and silver eagle but check eBay too.

Just make sure you have a reputable dealer on eBay.

Had good luck buying Eagles and pre 65 silver coins on eBay.

Stay away from Morgan and Peace Dollars unless you collect them. Too much of a premium for bullion needs and there are Chinese fakes on eBay.

[snooter55]

I’ve found that buying the 1/10 oz. gold coins (US) are much easier to store, carry and stash than the 1 oz. variety. Making change wont be as bothersome either should the occasion ever arise.
I’ve gotten the silver 1oz. inventory down to about 550-600 coins. Woeful to store and/or carry in large amounts. Tryin’ to go to all 1/10 oz. gold coins.
Almost all of my transactions have taken place at Coin/Gun shows in CASH. VERY good deals !!!

Well, before I lost them all in that horrific boating accident on Lake Tillery . . . . . such a shame.

[Steely Tom]

buying bulk contemporary usa silver dollars? plus bulk usa gold coin questions

Yeah, I buy silver dollars "in bulk," by the cubic yard.

[bandit123]

we are precious metals dealers
if your buying for silver content and value you dont want anything with copper in it ?

why dont you buy silver bullion rounds 1 oz each
should cost maximum of 1.5 over spot currently 17.57
should be no more than 19.07

ampex is a dealer to public ,,, we buy at elemetal for .55 cents over and sell for 1.5 over

or buy 100 dollar bags of 64 n older us coin

if you reply I will look later to find you the best deal

do some research into elemetal and ampex

paying 20 for silver dollars is paying numimasmatic value
i asume you want silver value and all you can get for the money ? buy one ounce bullion in rounds or bars
jm is also real good

http://www.jmbullion.com/?utm_source=bing&utm_medium=cpc&utm_campaign=JM%20Bullion%20Terms&utm_term=jm%20bullion&utm_content=Brand%20-%20JM%20Bullion

[bigbob]

"What's buried in a pickle jar in your backyard?"

[snooter55]

Almost forgot _ PUT NOTHING OF VALUE IN A SAFE DEPOSIT BOX, EVER !!

[thinden]

bbb

[Attention Surplus Disorder]

Opinion: I consider silver dollars to be just about the WORST single way to acquire silver. If you want 10 or 20, have at it. There are lots of disadvantages.

First, they are and have been very widely counterfeited by the Chinese. This presents an insurmountable issue on turn-in/sale.

Second, non-numismatic ones aka junk silver always bear higher premia than dimes or quarters or half dollars wrt their silver content.

In US SDs (Morgan & Peace) there are so-called “key dates”-—they were made for about 55 years at (up to) 5 mints (P, D, S, O, CC) and that’s 5 * 55 = 275 possibilities but not all those years 1873-1928 were made at all 5 mints so I am going to guesstimate there are maybe 180 mint/year possibilities = pure guess. Only about 20 mint/year combos are rare and with metaphysical certainly I will guarantee you that you would get NONE of those in any bulk buy. Then there are about 20 mint/years that are “kinda rare”. You won’t get any of those either.

Of the non-rare types, most were made (and...melted down) in GARGANTUAN quantities, many years well over 100 MM minted. 1921 Morgans are almost considered a joke. Peace dollars were minted in giant qtys. There are many many years in the 1880’s and 1890’s when huge volumes were made. Those are what you’d get. They have NO NUMISMATIC VALUE except maybe a $1-2 over spot silver whereas dimes and quarters can occasionally be bought at or under spot.

They are neat coins. If you want ten or twenty, that’s fine. I have 100-150 of them. When you have lots, you put them away. You don’t see them. Thus they are not “neat” any more.

[VA Voter]

Bump

[Robert357]

My father-in-law got taken for a lot of money in buying gold and silver coins for their collector value.

If you want to invest in gold or silver, buy bullion coins, such as those issued by South Africa, Mexico or Canada that go for just slightly over the price of their weight in the medal.

Collectables of any kind are only good investments if people are actively collecting. If the economy tanks, then they have little liquidity at a “collectible price.”