| |
  
|
||||||||||
Coins for silver
Submitted by Brazil4Paul on Mon, 05/12/2008 - 23:06
I feel great! Today, me, my wife and my 5 year old son got 10 ounces of silver with coins that we collected for a couple of years. They were sitting in a bottle just losing value. I thought that I couldn't afford to invest, but I decided to invest 10 ounces a month until I can't really afford it anymore. » |
|
|||||||||
The Daily Paul is a community website with no official affiliation with Ron Paul or his Presidential Committee. The content of posts and comments on the Daily Paul represent the opinions of the original poster, and are not endorsed, approved, or otherwise representative of the opinions of the Daily Paul, its owner, site moderators or Ron Paul. This site may contain adult language and adult concepts. If you are offended by such content, or feel you may be offended by such content, point your browser to a different site IMMEDIATELY. For more, read the Full Disclaimer
© 2007 - 2011 by The Daily Paul. Not paid for by, nor officially affiliated in any way with Ron Paul. | General Site Disclaimer | DMCA Disclaimer | Advertise here
fyi
just an fyi for people buying bars. there's a problem going on now where people are filling silver bars with lead centers.
i dunno how rampant the problem is but its something you should be aware of.
I wouldn't buy anything
I wouldn't buy anything bigger than a 5 oz bar. IMO They're just too small for someone to bother tampering with, especially when you run the risk of blowing out the sides and leaving the decorative finish all barked up.
Things are only impossible until they are not.
-- Jean Luc Picard
Things are only impossible until they are not.
-- Jean Luc Picard
Yeah, I don't trust the
Yeah, I don't trust the bars.
_____________________________
"Make the lie big, make it simple, keep saying it, and eventually they will believe it." -- Joseph Goebbels
APMEX
Anyone ordered Eagles from them lately? Just wondering how long it takes to receive them...
Depends
It depends on your method of payment. I live in Michigan, and following the waiting period (5 - 10 business days), they are shipped and arrive within 2-3 days. It is a fair delay, but your price is locked in. As I do not plan on selling my silver anytime soon, I do not mind it so much. I have ordered from them several times, and I have had no problem with my orders. I just placed another order yesterday.
?
Is there any advantage to purchasing Eagles as opposed to Engelhard bars? I see an eagle, flag, and olive branch on mine(bars) but still a serial number.
I also bought a dreaded buffalo bill 2oz NFL coin. How can the NFL mint these coins anyways? If I were to melt it down and stamp a picture of me on it, I would go to prison. I hate Buffalo Bills.
Also, I purchased a tub of cleaning product for the junk coins but have avoided cleaning them as of yet. I am not sure if it would have any effect on the melt value or change the silver compound in any way. Any thoughts on these questions would be appreciated.
Thanks!
The only reason I can see
for cleaning junk silver is if you have silver dollars that you would like to have looking smart, just because pretty silver dollars are fun to play with.
You will most likely get more metal
for your money from a bar but more people will recognize your silver eagle. If your intention is to sell to a dealer than recognition isn't a problem.
As for the NFL coin (not something I would normally recommend), anyone can have a silver round fabricated with an image. Happens all the time in the collectibles market.
Lastly, don't bother polishing your junk silver unless you just want pretty junk.
Ron Paul "Sign Wave Across the USA" -- November 5th!
You
Wouldn't happen to like Buffalo by any chance?
coin cleaning
Don't bother to clean coins, no change to melt value. Many of us could easily tell a cleaned circulated coin and to me it makes the coin less attractive. Pay a buck more for a handful of nicer old silver dollars or half dollars. It's nice to have these clean, less circulated antiques around just to play with.
i gotta question
i read a story recently that it cost the government like 1.6 cents worth of metal to make a penny and around 7 cents to make a nickel.
So what is the scrap metal value of pennys and nickels? can you go to the bank and get $10 worth of pennys and sell them to a scrap yard for $16?
That would be some great arbitrage to start increasing the value of the dollar from the bottom up.
Current melt value of coins
http://www.coinflation.com/
Nope.... Well you could try
Nope.... Well you could try but it would be illegal. Someone already beat you to the idea and the government cracked down on them by making the melting of both nickels and pennies illegal.
http://money.cnn.com/2006/12/14/news/melting/index.htm?secti...
Mint: Don't melt money
Government threatens prison for violators; at current prices the metal value of the coins may exceed their face values.
December 14 2006: 3:10 PM EST
NEW YORK (CNNMoney.com) -- The U.S. Mint has implemented a rule against melting down pennies and nickels which, at current metal prices, could be worth more as metal than as currency.
The Mint has received numerous questions over the past several months regarding the metal value of the coins and the legality of melting them.
"We are taking this action because the nation needs its coinage for commerce," said Director Ed Moy in a statement.
"We don't want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer. Replacing these coins would be an enormous cost to taxpayers."
The new regulations authorize a fine of up to $10,000, or imprisonment of up to five years, or both, against violators.
The rule also bans the exportation of the coins, beyond traveling with $5 worth and shipping up to $100 for legitimate purposes.
No, you can't do that,
No, you can't do that, because the government has made it illegal to do so. At some point in the future, though, I'm sure it will be done, just as it is done today with our old 90% silver coins.
what was done with the 90%
what was done with the 90% silver coins? they have been melting them down for a long time.
as for me and my home, we shall worship the LORD
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐
I was wondering that myself. . . .
. . . but why wouldn't the scrap metalist simply buy the pennies him(or her) self?
_____________________________
"Make the lie big, make it simple, keep saying it, and eventually they will believe it." -- Joseph Goebbels
Purchasing power of silver
While I do agree that junk silver is the best value, I disagree that getting dime rolls is best to make change for future purchases. Everything comes down to purchasing power; gold and silver maintain it, but you're not going to see a silver dime for pound of hamburger unless we hyperinflate to the same extent Zimbabwe is doing it (and I don't believe we will get there - I think the system will collapse before it does.)
Working in full ounces will probably be the best bet. Consider:
In 1971, silver was $1 an ounce and gas was 25 cents a gallon, meaning you could get about 4 gallons of gas for one ounce of silver
(skipping the crazy years when silver jumped to $35/ounce and was extremely volatile)
In 1987, silver was $7 an ounce and gas was $1.40 a gallon, meaning you could get about 4 gallons of gas for an ounce of silver
In 1997, silver was $5 an ounce and gas was $1.10 a gallon, meaning you could get about 4 gallons of gas for an ounce of silver
In 2007, silver was $13 an ounce and gas looks to be $2.75 a gallon, meaning you could get about 4 gallons of gas for an ounce of silver
And you need more than 4 gallons to fill your tank (unless you ride a motorcycle.) Handing a merchant 4 ounces of silver versus two-thirds of a roll of silver dimes makes for an easier transaction.
In the years to come, your silver may be worth $200 an ounce, but gas will be $50 a gallon.
gas is 1 thing... but food
gas is 1 thing... but food is something different.. remeber its purchasing power that counts... and yes we will hit hyperinflation.. the fed has no other choice.. its inflate or die.. all inflation created by the fed does is prolong the death of the economy.. its the only choice they have...
as for me and my home, we shall worship the LORD
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐
Yes but you could trade a
Yes but you could trade a few silver dimes for some eggs or some milk from a local farmer.
I agree however that we probably won't see the times get that hard.. but just in case they do... I've got my .999 rounds as well as the smaller junk silver denominations ready to go.
Change
Dimes, quarters, half dollars are all helpful to own, I believe. I love the 'junk' silver dollars (Morgan & Peace). I also suspect that it will not be 'legal' to use silver or gold for payments, so gasoline dealers and stores will not be able to accept it as legal tender. Purchases made will be off the record and private. Trading with farmers for food and wood, etc. It may be necessary to change some silver/gold into FRNs or whatever they've got, so that you can walk into a store and buy things legally. Who knows...
What FRN stand for?
thanks
FRD = Federal Reserve Dollar, or...
Federal
Reserve
Account
Unit of
Debt
Viva Agora!
Professor Bernardo de la Paz
www.citizenduquesne.org
LXXI BC: Ego sum Spartacus // MDCCCLVII: I am Dred Scott // MCMVL: Ich bin Anne Frank // MMX: Je suis Assange // MMXI: Ik ben von NotHaus
Thank you!
.
Federal Reserve Note
Federal Reserve Note
Safety Deposit boxes are unsafe!!!
http://youtube.com/watch?v=UwFRPSPUo_w
"Whether you think you can or think you cannot, you're absolutely right!"
"Whether you think you can or think you cannot, you're absolutely right!"
my silver collecting
Each week I pick up an ounce at the shop that's two blocks from my home. I generally pick up fine silver (.999%) for $1 over spot. Today I picked up a nice one, the old Chrysler honoring the Bill of Rights coin. Not quite sure why I picked that one over the others. Today was at 17.75, shame too, right now I would have had it for 17.65.
http://www.theshowmebomb.com
http://www.theshowmebomb.com
Where do you buy locally?
I would rather buy gold/silver locally if possible so I can pay cash and not have any paper/computer trails, but I don't know where to get it. Any suggestions?
Try Google. Type in your
Try Google. Type in your city name and then "coin shop". See what comes up. When I do that search for the Denver area I pull up 933 locations (some of which are duplicates).
It took several months but I finally found a shop that I really like. The guy behind the counter is very nice and very informative. Other shops treat you like a number on a roll counter. Try and shuffle you in and out as quick as they can and rarely offer much assistance or let you look at the pieces they have in stock. This guy will let me look and touch pretty much anything and is always willing to talk to me about silver.
If you are in Denver go to the 500 block of South Broadway. There are 3 silver shops literally side by side by side. Hit up the middle shop. I have no idea the name but it's not posted in big letters anyway. Just hit up the middle shop and you'll be fine.
On a side note... I've been collecting 'junk' silver for about 5 months now. Yesterday I finally found my first piece of 'junk silver' (a single 1951 dime) floating around in loose change. Not sure where I got it but I pulled the change out of my pockets and looked at each one and sure enough I had a silver dime.
Yeah for me! ;-)
visit
Look up a coin shop or three in the yellow pages and go and talk to the owner. Get a gut feel for his or her integrity. You should be able to buy without your name, etc., and pay no sales tax as well. Check the spot price and the 90% silver price on the web before going in. Maybe ask other RP people for a referral to a coin shop.
Buying Silver
The silver with the lowest mark up is usually old coin with 90% silver content. It is probably the best way for you to start accumulating silver for several reasons. First is the low mark up. You can often find it for spot whereas rounds have a $1.00+ markup and Eagles more. 90% coin comes in small denominations. It may be that in the future you will be able to trade a dime for a pound of hamburger, getting change for a 10oz bar might be cumbersome or difficult.
Just remember that it is accepted that $100.00 in face value of 90% silver coin has 71.5 ounces of pure silver. Today 5/13 silver spot on Kitco is $16.63 and junk silver at Bullion Direct is selling for $1190.00 per $100.00 face. 1190./71.5 =$16.64 per ounce. That is so cheap that I think I will buy some.
Kent