# Question about silver



## Teufel_Hunden (Feb 8, 2011)

I wanted to get some input from people here about how to buy silver.

Historically, I have purchased some American Eagle Silver Bullion Coins but I do know that you can purchase little 1oz. silver bars out there. I had some when I was a little kid.

My question is...

How would you purchase your silver? Coinage? Bars? What are some pros and cons to both?

Thanks in advance!

Geo


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## BasecampUSA (Dec 26, 2010)

Grab it quick!

I just came into some money after my dad passed away last Dec...

Last Monday, Feb 2, I bought a "Monster Box" of Eagles (500 1 oz US mint 2011, 20 tubes with 25 coins each) for $15,620.

*As we speak - right at this moment, the Monster Box went up to $16,640 !!* Man, I just made $1020 in a week...

http://bullion.nwtmint.com/silver_americaneagle.php

Nuff said? - go figger!

In Jan 2009, I put $80K of my life savings into silver bullion bars at $10.75/oz, spot right now is $30.30/oz
I'm a believer!!



Teufel_Hunden said:


> I wanted to get some input from people here about how to buy silver.
> 
> Historically, I have purchased some American Eagle Silver Bullion Coins but I do know that you can purchase little 1oz. silver bars out there. I had some when I was a little kid.
> 
> ...


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## Immolatus (Feb 20, 2011)

Any silver you buy is a good one. Some coins/bullion are more rare, and demand a higher premium, but if you are in it for a hedge/protection, I dont see the point in buying them, although obviously they will retain this higher value because of the rarity.
10/20oz bars seem to be harder to come by, but this doesnt mean you should search them out. Buy what you can afford.
The only reason you should try to buy larger amounts is that sometimes you will get a better rate on larger purchases.


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## Emerald (Jun 14, 2010)

I don't buy any silver on the premise of making money but I do buy up silver and gold at the flea market and at yard sales as most pieces that I have picked up were between .10¢ and a $1 as they were not pretty or the silver turned super black. Or quite frankly they didn't know that grandma's old funny looking costume jewerly was real silver or even gold.. some folks just wanna get rid of stuff and I have found several nice heavy .965 silver pieces super cheap. I'd bet that I have about 1/4 pound of small rings and chains and bracelets and even earrings that are good sterling silver with the proper silver marks inside them that might come in handy for trading. The old standard that silver and gold are worth their weight in, hum, gold so to speak will still stand a bit after the SHTF. I still think that other things will be worth more but you know that someone will still think that gold will be worth something if things straighten out.
Me I am gonna stock up on heirloom seeds, fishhooks(living in MI we are teeming with lakes, streams, rivers and the like) even sharp knives will come in handy for trades. But a few cheaply bought silver rings and such will not be turned away!


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## Teufel_Hunden (Feb 8, 2011)

Thanks for the good input everyone, including snatching up some silver trinkets from flea markets. I go to quite a few during the summer so I will keep an eye peeled for deals that are just too good to walk away from.


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## GroovyMike (Feb 25, 2010)

I only buy silver dimes.


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## IrritatedWithUS (Jan 9, 2011)

I buy dimes, pre 1964 kennedy halves or dimes, what they call 'fractional silver' which is 1/10th, 1/5th bars of silver as well as 1oz and 10oz bars.

DO IT QUICK! SILVER is soaring!


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## FreeNihilist (Jan 28, 2011)

Teufel_Hunden said:


> I wanted to get some input from people here about how to buy silver.
> 
> Historically, I have purchased some American Eagle Silver Bullion Coins but I do know that you can purchase little 1oz. silver bars out there. I had some when I was a little kid.
> 
> ...


I prefer to stick to easily recognizable US silver coinage. Silver bars are easily counterfeited and when TSHTF the vast majority of traders wont be able to tell fake silver bars from real ones. Even now many people are duped by fake precious metals collectibles. It is much harder to counterfeit pre 1965 silver coinage and would be much more difficult. One could also easily distinguish counterfeit coinage generally by simply weighing the coins. Counterfeit coins will weigh significantly off of the weight of the real coins (more than a couple tenths of a gram in either direction usually around the few grams mark depending on what metal is used).

Most coins sold as bullion also have a natural wear pattern that is difficult to duplicate as well.

People especially the older generations will quickly recognize the value of silver coinage and recognize it more easily as authentic and trust it better than a random bar of silver looking metal that many could reproduce, in my opinion.

Personally I've stashed away morgan dollars, walking liberty half dollars, roosevelt silver dimes, mercury dimes, and silver washington quarters because I can get them easily and much more cheaply than other similar silver coinage. It also gives me a range of silver weights to trade with. All are 90% silver coinage. I would personally avoid 40% silver coinage as it is mor confusing for most people to distinguish the silver versions from the non silver versions. The JFK silver halves and the silver wartime nickels being prime examples.

I feel american eagles and specific bullion coins and bars tend to have a higher premium over spot price unnecessarily. I have never paid more than 75 cents over spot at most for my silver when buying from dealers.


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## BillM (Dec 29, 2010)

*Silver*

bullion silver is available in U S bullion coins from recognized PM dealers in 1 oz sizes. They are .999 fine bullion silver. They have the advantage of not requiring an assay to determine purity.


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## IrritatedWithUS (Jan 9, 2011)

There is already silver shortages being reported. I'd buy NOW if you can.
It has been reported that the U.S. Mint has sold over 6,422,000 ounces worth of silver bullion coins just in January, 2011, alone, which is the largest amount ever reported. That is an incredible amount of silver for one mint to use. If demand elsewhere has heightened to a point anywhere similar to this, the backwardation of silver becomes understandable.
All the pieces to the puzzle are now in place for an silver price explosion ($50+ an ounce) which will be likely to start within months.


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## GroovyMike (Feb 25, 2010)

If silver hots $50 per ounce I'll sell mine at $5 per dime. Let me know if you are ready to buy!


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## lotsoflead (Jul 25, 2010)

GroovyMike said:


> If silver hots $50 per ounce I'll sell mine at $5 per dime. Let me know if you are ready to buy!


 so if you sell your silver for worthless paper, then what do you do with the paper when the real crash comes?At least a person could buy most anything with silver once things started to get normal.


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## idahofreedom (Nov 3, 2008)

Buying silver in rounds, bars or U.S coins (pre 1964) is good. Scrap silver can be a bit dicey - as the purity is unknown, so it is harder to valuate when selling. A dealer buying it would generally tip the scales in their favor. 

I recommend buying 1 oz. rounds or U.S. silver coins. In my opinion, buy whatever has the lower premium per ounce of silver. Local dealers here are currently charging $1.10 per oz. premium on bullion.

Make sure any bullion is clearly marked .999 fine and how much it weighs. 

I also recommend not buying it all at once - watch the market and buy on dips. The silver market is known for big swings in both directions. Spreading out your purchases allows you take advantage of the down swings. Don't get caught up in any mania - emotional responses to any financial or commodity market usually ends up with regret.


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## idahofreedom (Nov 3, 2008)

One more thing - I know there are people out there suggesting people purchase rare coins to avoid possible confiscation. Keep this in mind: The only thing rarer than your coin, may be the next buyer when troubled times come.


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## lotsoflead (Jul 25, 2010)

*Buyer Beware: Fake Silver On the Market Now*

another reason to buy junk American silver and Eagles that everyone on the planet reconconizes.
Buyer Beware: Fake Silver On the Market Now


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## BasecampUSA (Dec 26, 2010)

@ Idahofreedom: your last 2 posts are well said ! -thanks

@ lostsoflead: the magnet technique is a quick way, there are other "non-destructive" tests listed on the internet.

@ All here... just buy your silver from an established and reputable firm!
I've bought over 100 grand in bullion and Eagles since the end of 2008 from NWTM and _never_ had a problem! Each time you buy, you have a contract with them that they have always honored! Most shipping is free and insured. They will buy thier own Pan-American etc. bullion back at just under spot in a heartbeat... - where can you go wrong? Why take a chance or hassle of getting ripped off anywhere else?

_NOT_ an endorsement or recommendation, -just a personal experience!

Thier shipping is sometimes 8 - 10 weeks, that's the only drawback I've seen...

Here is a forum that's devoted to Silver buying experiences and advice: 
http://forums.silverseek.com/index.php?


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## IrritatedWithUS (Jan 9, 2011)

I just came in here to brag  ....

I went to an antique store today and there was a small cabinet filled with coins at the end of the store shoved along the side of a wall with antiques piled on top. I bought 10 Eisenhower dollars, a walking liberty half dollar from 1917, 2 40% silver kennedy halves, and a suspicious-looking round. I bought them for $58 and went home. I took the suspicious looking round out of it's case (that I had bought for $5) and right on the side of the coin it said 1 Troy Ounce .999 Silver! So, for $58 I walked away with 5.04 ounces of 'junk silver' !
I am extremely happy right now...


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## FreeNihilist (Jan 28, 2011)

Great find IrritatedWithUS!

Its not uncommon to find such bargains if you search around various stores and check back often. Or if you have the capital, drop a business card or your name and number and ask them to give you a call when new coins/items you're interested in come in. Most of the time, they will.


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## idahofreedom (Nov 3, 2008)

IrritatedWithUS said:


> I just came in here to brag  ....
> 
> I went to an antique store today and there was a small cabinet filled with coins at the end of the store shoved along the side of a wall with antiques piled on top. I bought 10 Eisenhower dollars, a walking liberty half dollar from 1917, 2 40% silver kennedy halves, and a suspicious-looking round. I bought them for $58 and went home. I took the suspicious looking round out of it's case (that I had bought for $5) and right on the side of the coin it said 1 Troy Ounce .999 Silver! So, for $58 I walked away with 5.04 ounces of 'junk silver' !
> I am extremely happy right now...


Not to break your bubble, but Eisenhower dollars do not contain silver.
Liberty Half Dollar has .36 oz. of silver, and the Kennedy 40% halves (1965-1969) contain .14789 oz of silver each. So, you ended up with about 1.65 oz. of silver. I thought it was better that you know what you actually have. Still not a bad buy - you ended up with about $54.00 worth of silver, plus the $10 in Eisenhowers.


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## idahofreedom (Nov 3, 2008)

For a reference on Silver content of coins, go to:

Metal Content US Coins Gold and Silver


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## IrritatedWithUS (Jan 9, 2011)

idahofreedom said:


> Not to break your bubble, but Eisenhower dollars do not contain silver.
> Liberty Half Dollar has .36 oz. of silver, and the Kennedy 40% halves (1965-1969) contain .14789 oz of silver each. So, you ended up with about 1.65 oz. of silver. I thought it was better that you know what you actually have. Still not a bad buy - you ended up with about $54.00 worth of silver, plus the $10 in Eisenhowers.


All of mine are S mint and I think San Francisco was the only mint to add silver.

The "Ike" Eisenhower dollars are 40% silver.
Coin Type:	1971-1976 Ike Dollar
Silver Price: $33.38 / troy ounce

*Answer*:

Total silver value is $105.56 for 10 Eisenhower Dollars
*Statistics*:
» There are 3.1623 troy ounces of silver in 10 silver Ike dollar(s).
» Each Ike dollar contains 0.3162 troy ounces of silver and is valued at $10.56 when silver is at $33.38 / ounce.
» A roll of Ike dollars has 20 coins and is valued at $211.12 when silver is at $33.38 / ounce.


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## FreeNihilist (Jan 28, 2011)

idahofreedom said:


> Not to break your bubble, but Eisenhower dollars do not contain silver.
> Liberty Half Dollar has .36 oz. of silver, and the Kennedy 40% halves (1965-1969) contain .14789 oz of silver each. So, you ended up with about 1.65 oz. of silver. I thought it was better that you know what you actually have. Still not a bad buy - you ended up with about $54.00 worth of silver, plus the $10 in Eisenhowers.


Actually some Eisenhowers or (or Ikes as I refer to them) do have silver in them but only in those minted in San Francisco ( S Mint Mark) and only 1971,1972,1973, 1974 and 1976 years. They were 40% silver and 60% copper. Each silver ike contains 9.836 grams silver so it would take three to produce roughly an ounce of silver or 29.508 grams silver per 3 coins to be precise.


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## idahofreedom (Nov 3, 2008)

Collector coins (uncirculated or proof coins in special packaging) were struck in 40% silver composition while the standard circulation strikes were issued in copper-nickel. (no silver)

The uncirculated silver dollars were packaged in pliofilm (cellophane) inside a blue envelope (Blue Ikes). The proof silver dollars were encapsulated in a hard plastic case inserted in a brown box (Brown Ikes).

If you have some of those, you are right, they are 40% silver. 

Look at the edges and see if they have the copper ring - if so, they are the copper-nickel clad. The San Francisco mint produced both the collector versions and general circulation coins.


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## FreeNihilist (Jan 28, 2011)

Also another important misconception should be cleared up. Most sites (every one Ive seen so far) list silver wartime nickels 1942 - 1945 contain silver. This isnt precisely accurate as not all 1942 nickels contain silver. 

In fact only mint marked 1942 nickels contain silver.(They intended to remove silver nickels from circulation post war but never did.) 1942 nickels with P or S mint marks contain 35% silver and began to be produced in october of 1942.The mintmark can be found on the reverse as opposed to the obverse of modern jefferson nickels. Those with no mint mark contain no silver what so ever.

Even the website linked makes this same mistake.

Interestingly enough, some 1942-P and 1943-P nickels were produced on copper nickel blanks, and some 1946 specimens were minted on silver composition blanks. Weight always differentiates coins of different make ups than expected.


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## FreeNihilist (Jan 28, 2011)

idahofreedom said:


> Collector coins (uncirculated or proof coins in special packaging) were struck in 40% silver composition while the standard circulation strikes were issued in copper-nickel. (no silver)
> 
> The uncirculated silver dollars were packaged in pliofilm (cellophane) inside a blue envelope (Blue Ikes). The proof silver dollars were encapsulated in a hard plastic case inserted in a brown box (Brown Ikes).
> 
> ...


Of course some 40% silver ikes are no longer in their original packaging due to various reasons (who knows why people do it) . I've come across some in circulation due to people spending them or otherwise removing the original packaging. Usually it's because kids or other people swiped them from parents or people they know and spent them or because the person got them as a gift, knew nothing about numismatics and spent them. I've seen many types of silver collectible numismatics end up in circulation.

Checking the reeding (edges) are always the quickest way to determine copper-nickel clad coins from silver strikes in coins that have reeding. (This of course doesnt apply to nickels.) It's a good tip to remember when checking out coins.


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## 778008 (Mar 27, 2011)

My silver choice is junk silver coins. (1964 and before) My reason is that if things go bad, the coins are easily recognized, have specific value and will never be worth less than face. Becoming expensive to buy the silver I got $103 face in halves in November for 2000, but just $15 face for $400 recently. Both are 'worth' more if you go to a site that tells current value but still silver is really on the up swing. I have also decided to keep all coin currency especially nickels and pennies! Any coin will always have the metal value, while our paper money is just that.


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