Silver Coins

[HangEmHigh]

Can anyone recommend a silver coin dealer in the Boston area? Id like to throw a couple coins in my EOTWAWKI bag, but don't want to get screwed buying them.

 

[doobie]

In the first weeks of whatever his the fan....silver won't be worth much to some people. You'll have the following people:

1) Someone who will only barter for food, ammo, clothing, fuel.
2) Someone who won't take precious metals for fear it is forged
3) Some greedy person who will for whatever reason wants a metal over something useful.

I'll be in category #1.

 

[codenamepaul]

I'll be in catagory one as well. If you go to most any coin shop, they will likely have a margerine tub under the counter for the "worthless" silver that people bring in, but has no numismatic value. I have several hundred dollars worth (face value) acquired this way.

Stock diesel/kero, ammo, and canned tobacco. Worth more than gold.

 

[abundigas]

This is Who I use. He has a good selection, of Silver eagles, Silver rounds, and what ever else you need, also a very fair place to turn the wifes broken Jewelry into Silver Eagles/Silver Rounds.

J G M Numismatic Investments
284a Cabot St
Beverly, MA 01915 Map

(978) 927-4000

Although I must say I have not bought anything recently, I have been investing in Brass,Lead and Copper..They have been going up @ a very steady rate.

 

[HangEmHigh]

1) Someone who will only barter for food, ammo, clothing, fuel.

I think thats very true! The .22 rimfire may become the new pocket change. I better pick up a few more bricks this afternoon

 

[HangEmHigh]

This is Who I use. He has a good selection, of Silver eagles, Silver rounds, and what ever else you need, also a very fair place to turn the wifes broken Jewelry into Silver Eagles/Silver Rounds.

J G M Numismatic Investments
284a Cabot St
Beverly, MA 01915 Map

(978) 927-4000

Although I must say I have not bought anything recently, I have been investing in Brass,Lead and Copper..They have been going up @ a very steady rate.

Thanks for the recommendation, abundigas. I called a shop local to me and was told that there was sales tax charged for any silver purchase under $1000. I didnt think that sounded right, so I called another shop and was told the same thing. There is no sales tax if you order it across the border and have it shipped. But then you have to factor the shipping costs in as well.

I was just looking for a couple of hundred worth in 1oz coins. Not really interested more than a grand of them. If someone else is interested, we could go to the shop together and pool our $$ to reach the $1000 mark. Id be in for $500.

 

[HangEmHigh]

Ebay is your best bet. Get a few rolls of quarters / dimes. Cant really get screwed out of more than 5-10$ since its so competitive on there.

Dan - I assume you are talking about the pre-65 coins? I just brought a couple of hundred bucks of coins to the CoinStar machine for sorting. Had I known about pre-65 coins I would have looked through them all first

 

[newenglandjeff]

Dan - I assume you are talking about the pre-65 coins? I just brought a couple of hundred bucks of coins to the CoinStar machine for sorting. Had I known about pre-65 coins I would have looked through them all first

Not many pre-65 dimes or quarters left circulating. My wife gets about $30 in coins tips per day and she maybe finds 1 every 3 months.

Ebay and this site here are the best I know of for junk silverhttp://www.apmex.com

Don't forget to check your penny's too. Most pre-1982 penny's are copper. Find a big jar and toss'em in when you find them.

 

[abundigas]

Usually what I do is save my change for a few months, Cash it in @ the DCU because they have a machine, that members are not charged a Fee @, and then I take that ( FOUND ) money and buy Silver Eagles. I do not mind paying the Sales Tax, because it is now cheaper than Gas to Drive to NH, and also cheaper than Shipping when Buying from E-bay.. Besides if I do not pay the sales Tax, how will we be able to afford all the social programs that Gov. Patrick has planned.

 

[HangEmHigh]

Don't forget to check your penny's too. Most pre-1982 penny's are copper. Find a big jar and toss'em in when you find them.

My grandfather always threw his pennies in a jar. When I was a kid, he gave me a "treasure chest" full. It must be 18"x24"x6" big. No idea how many pennies in there, but I think all of them are pre 1982. You need a hand truck to move them around. My GF has passed, but I think he would rather me cash them in and get something Id use rather than let them sit in the basement. Any idea if a scrap dealer would take them?

 

[BillK]

copper is about $3.50 +- per pound last I checked.

 

[Rockrivr1]

Hummmm. This is an interesting post as it got me thinking. My ex-wife used to work for the Turnpike collecting tolls. I asked her to collect any silver half dollars for me. (Yes, she paid for them out of her own money so she wasn't stealing them) Over the years she's was there I've accumulated around $120 in silver half dollars. I was wondering if they were worth more then 50 cents and what I would get for them if I decided to sell. I'm starting to think I should just keep them.

 

[economist]

My grandfather always threw his pennies in a jar. When I was a kid, he gave me a "treasure chest" full. It must be 18"x24"x6" big. No idea how many pennies in there, but I think all of them are pre 1982. You need a hand truck to move them around. My GF has passed, but I think he would rather me cash them in and get something Id use rather than let them sit in the basement. Any idea if a scrap dealer would take them?

If all are pre-82, the odds are good that many of those pennies are worth more than 1 cent to collectors, and a few could be worth a lot. Of course, finding them would take some time...

 

[hikerlt]

I believe a new law was recently passed - it is now illegal to damage or destroy US currency that is in the form of pennies or nickles....due to the metal content I assume.

So no scrap dealer will probably take your pennies....probably...

"The Government has made bulk melting down coins illegal [, per] 31 USC 5111 allows the Secretary of the Treasury to prohibit melting of coins (which he has). The penalty for violation of it is five years in federal prison. "

 

[hikerlt]

Hummmm. This is an interesting post as it got me thinking. My ex-wife used to work for the Turnpike collecting tolls. I asked her to collect any silver half dollars for me. (Yes, she paid for them out of her own money so she wasn't stealing them) Over the years she's was there I've accumulated around $120 in silver half dollars. I was wondering if they were worth more then 50 cents and what I would get for them if I decided to sell. I'm starting to think I should just keep them.

check the buy price on http://www.apmex.com

 

[Rockrivr1]

check the buy price on http://www.apmex.com

Holy Crap - These half silver dollars are worth $11 to $18 each depending up date of coin and condition. Wow

 

[syntax]

Hummmm. This is an interesting post as it got me thinking. My ex-wife used to work for the Turnpike collecting tolls. I asked her to collect any silver half dollars for me. (Yes, she paid for them out of her own money so she wasn't stealing them) Over the years she's was there I've accumulated around $120 in silver half dollars. I was wondering if they were worth more then 50 cents and what I would get for them if I decided to sell. I'm starting to think I should just keep them.

I've been collecting silver halves and silver bullion for a while now. The silver content depends on the year, some are 40% silver some are 90%. 1965 to 1970 halves are 40% and valued at $2.62, 1964 and older are 90% valued at $6.40, all based on todays spot price for silver. If they are rare, error coins, or otherwise have numismatic value they will be worth more to someone.
Check out www.coinflation.com for more info.

My advice, don't sell!!!!! Precious metals are an excellent hedge against inflation. You won't get rich off them, but you will protect the value of your savings.

 

[newenglandjeff]

I set up a feeler poll in the group buy section, in case anybody is interested in a precious metals buy.

 

[boomerang]

I think Marlboro red box would fetch the highest prices when the end of the world happens.

Probably more profit in chicken bullion than gold.

 

[ronbok]

I agree on the barter sequence earlier in this thread, but the thing is once the national debt gets high enough (10 years away) and inflation hits record highs the only thing worth anything will be Silver, Gold, and Platinum bullion. (BTW, Your house will be worthless as well, so those buying real estate think they've got this all tied up. Think again. )

All currency eventuall fails and our Federal Notes will do the same due to lack of fiscal responsibility by our "Government". Also remember there's a difference between our "County" and our "Government". I can be against our "Government" policy and be for our "Country" at the same time.

Where liberty dwells, there is my country. - Benjamin Franklin

You can also look at http://www.gainesvillecoins.com/ as they have non-rated Silver Eagles for a good price, but they sell fast due to the discounted price.

Now that I let that little secret out to those I care about...good luck.

 

[depicts]

My grandfather always threw his pennies in a jar. When I was a kid, he gave me a "treasure chest" full. It must be 18"x24"x6" big. No idea how many pennies in there, but I think all of them are pre 1982. You need a hand truck to move them around. My GF has passed, but I think he would rather me cash them in and get something Id use rather than let them sit in the basement. Any idea if a scrap dealer would take them?

Any pennies with "Wheat" backs are worth even more money. Don't sell them to a scrap dealer, go through that big box of pennies one by one and you could make a killing.

I try to make it a rule to buy at least one brick of .22 ammo any time I'm in a store that sells it. In a real SHTF scenerio, I think .22 ammo will be worth more than silver coins.

 

[Mikey]

How about a few bars of copper, might be good for melting into things.

http://www.metalmint.com/Copper-Bullion-p/1-pound-cb.htm

ETA: Tin too could be pretty valuable.

http://www.metalmint.com/Tin-Bullion-p/2.5-kilo-tb.htm

 

[Mainer]

I try to make it a rule to buy at least one brick of .22 ammo any time I'm in a store that sells it. In a real SHTF scenerio, I think .22 ammo will be worth more than silver coins.

+1 I'm currently looking at a box of Federal 550 count 36 grain .22 picked up at ChinaMart for $13 last time we were up north. It's a Super-ChinaMart so along with the sugar and 3 year shelf-life B&M beans, I always grab some extra "long term storage" .22 This weekend, time to pack another 5-gallon pail of .22 in mylar

-ed

 

[WayneWong]

I agree on the barter sequence earlier in this thread, but the thing is once the national debt gets high enough (10 years away) and inflation hits record highs the only thing worth anything will be Silver, Gold, and Platinum bullion. (BTW, Your house will be worthless as well, so those buying real estate think they've got this all tied up. Think again. )

All currency eventuall fails and our Federal Notes will do the same due to lack of fiscal responsibility by our "Government". Also remember there's a difference between our "County" and our "Government". I can be against our "Government" policy and be for our "Country" at the same time.

Where liberty dwells, there is my country. - Benjamin Franklin

You can also look at http://www.gainesvillecoins.com/ as they have non-rated Silver Eagles for a good price, but they sell fast due to the discounted price.

Now that I let that little secret out to those I care about...good luck.

+1

Precious metals will always have intrinsic value, unlike fiat currency. Absolutely keep some on hand. And you can't go wrong with ammo and cigarettes. You can never have enough .22 rimfire too!

 

[hikerlt]

some useful info from Survivalblog.com:

Letter Re: Silver Canadian Leaf Bullion Coins

Jim,
I’m getting ready to add to my collection of gold and silver coins and wanted to bring up a perhaps significant point: American Silver Eagles have a face value of $1, whereas the equivalent Canadian coin (the 1 ounce Maple Leaf) has a face value of $5 Canadian – about $4.65 USD at the current exchange rate. The face value represents a built-in stop-loss should silver prices fall through the floor for any reason. At current prices, the face value of the Canadian caps your potential loss at slightly higher than 50% whereas with the U.S. coin you could potentially lose more than 90% of your investment. Granted, a fall to such low prices is extremely unlikely; nonetheless, a stop-loss is an important component of any investment position and should be carefully considered when buying coins.

And, patriotism aside, I think the Canadian coin is prettier [than the U.S. Silver Eagle]

Best, - Matt R.


JWR Replies: Your point is well taken. Although the chances of a collapse in the price of silver below $5 per ounce is quite small, it doesn't hurt to hedge your bets. Another "stop-loss" approach like yours is buying US silver half dollars that were minted between 1965 and 1970. Unlike the pre-1965 US coins (that were 90% silver), these later half dollars were minted with just 40% silver content. The beauty of investing in these is that if the price of silver were ever to collapse, you could simply spend them. The only downside is that because they are only 40% silver, they are a much bulkier and heavier way to invest in barterable silver. The 40% silver half dollars are available in $500 and $1,000 face value bags, from coin dealers. Here is some data that you should jot down, for calculating the bullion value of circulated US coins:

1964 or earlier 90% dime, quarter or half-dollar bags ($1,000 face value) contain approximately 715 ounces of silver
1965-to-1970 40% half dollar bags ($1,000 face value) contain approximately 296 ounces of silver

So, for example, to determine the bullion value of $1,000 face value in 40% silver quarters, simply multiply the current day's spot price of silver ($10.85, as of this writing) x 296. Thus, $10.85 x 296 = $3,211.60 per bag. Based on that you can estimate that these coins are presently worth 3.21 times their face value. (A 40% silver 50 cent piece is worth $1.60 in FRNs. Meanwhile a 90% silver 50 cent piece is worth $3.88 in FRNs.) Silver would have to collapse to below $3 per ounce before it would make sense to spend 40% silver half dollars as regular pocket change. But, even then, given the long term trends for the value of the US Dollar, it would be crazy to do so.

http://www.survivalblog.com/

note - I think the Maple leaf actually has 1 oz of silver .999 pure, where the silver dollar eagle has .78 or so oz silver....

 

[Mach]

I disagree with the idea that .22 ammo will be a good barter item if TSHTF. Most people assume it will be good because it will be expensive, you can't reload it and it's a usefull and cheap small game round. However, if TSHTF and food is a problem, in a few weeks as most people turn to hunting small game, there will not be any small game left. There are simply way to many people. The local wildlife will be extinct in a few weeks, unless you live in the middle of nowhere in which case, who are you going to barter with.

On the other hand, 9mm or larger and rifle rounds will be usefull because of the same reason. There will be too many people and violent crime will be a problem.

Just my thoughts.