Some Ways to Buy Silver Coins
There are numerous sources where you can buy silver coins. Following are the basic methods and starting places to obtain silver coins.
Buy Silver Coins Local
Coin shops and reputable dealers are perhaps the best place to start for beginner and advanced coin collectors. They are plentiful almost everywhere in larger towns and cities. Consult you local phone directory or do a search on the Internet for coin dealers in your area where you can visit to purchase silver bullion coins, 90% junk silver coins, as well as collectible silver coins. If possible, only work with a dealer that has a PNG membership. (Professional Numismatists Guild) This type of membership does not come easy. The average PNG dealer has over 25 years experience. When searching for a local coin dealer, avoid those pawn shops and jewelry stores that advertise themselves as coin dealers… they are not.
Visiting these coin dealers provide you the opportunity to actually examine or scrutinize the coins that interest you. Fortunately, these coin shops are also replete with experts and coin lovers who share your passion and can offer their valid judgment on a particular coin’s grade or value. They can also offer helpful tips as well as advice.
Before you go out and start looking for deals, find out what the going cost per oz is on silver and gold or the metal or your choice. You can call a precious metals dealer or just do a search on line using the term “silver and gold spot price”.
Expect to pay some fees and /or commissions that will vary from one dealer to the next. Call around to get a good feel for what most are willing to buy or sell for in your area.
Auctions for Silver Coins
There are also auctions specifically for silver coins. This method is a very effective – if not excellent – way to purchase silver coins. It is extremely important that prior to attending an auction you know the procedures and rules that apply.
I like attending a local auction here in my town where they often sell collectible coins. Be sure to inspect the coins before the auctioning begins as things move quickly and it’s easy to over bid on items as you get caught up in the excitement.
There are also various types of other auctions; bidding auctions via mail, internet, as well as auctions conducted by phone. It is important to make sure that you set a fixed price on the coin you are about to bid on. Auctions can turn very emotional and aggressive. Practice discipline and try not to bid more than the ceiling price you have set for yourself.
I have also purchased numerous silver coins on the eBay auction site. You can find good buys on silver bullion coins and bars, junk silver coins, numismatic silver coins, and just about any sort of silver coin. Always be aware and wary because there can be fraudulent sellers on any auction site! Check out the sellers reputation and what guarantees they offer.
Buying Silver Coins by Mail
This method is a very convenient and inexpensive way to purchase silver coins. Most dealers that transact via mail usually have overhead costs that are low so they are able to offer similarly low prices on coins they sell.
Do not forget to thoroughly inspect a particular dealer’s policies before returning an item. Make sure that once you receive your coin, immediately inspect it for authenticity or damage. The coin you must have must be just as you ordered and what you expected.
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Dollar Cost Averaging when Buying Silver
Perhaps you don’t have deep pockets and can’t go out and buy a nice amount of silver all at once. That’s one of the main reasons I like buying silver coins through OWNx.
I simply set up an automatic purchase each month that fits within my budget. Using dollar cost averaging, I continue to accumulate silver each month that is safely stored in a non-bank depository. Then, when my holdings reach 20 ounces, I can request delivery of coins or bullion of my choice.
In summary, silver coin buying is not difficult. All you need is to research and look for the best method available to you.