libertylover
Contributing Member
What information would you give to someone who knows very little about silver. Trying to learn and know there are bars, rounds, junk silver, and coins. What are the pros and cons for each of these?
PREP Can we talk silver?
- Thread starter libertylover
- Start date
I HATE when people do this... but there are tons of threads discussing this. Try first doing a search for "silver", with Doc1 as the poster.
Then, come back with a bit more specific questions. It's the holiday week, and many here just don't have the time right now to rewrite the same stuff they've posted before.
Summerthyme
Bump to ask if anyone can find specific posts that cover the basics for libertylover, can you link them here. I'm out of time to play on the net, and Doc1's prolific posts in swaps and sales has made it difficult for me to find older posts that would help ll out.
TIA
Summerthyme
TIA
Summerthyme
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packyderms_wife
Neither here nor there.
I don't have time this week, however, a single thread with links to the older posts that Doc1 has made here would make for a great primer for beginning collectors.
The only thing I know about silver is that I bought my mercury dimes from Doc1, and any other silver I purchase comes from Rio Grande Jewelry supply for making stuff.
The only thing I know about silver is that I bought my mercury dimes from Doc1, and any other silver I purchase comes from Rio Grande Jewelry supply for making stuff.
winodog
The Bible is a flat earth book
hiwall
Has No Life - Lives on TB
Silver is silver. Some people buy anything silver. That is just fine.
Some people only buy US silver minted by our wonderful government. That is fine.
Some people only buy silver face-to-face using cash so the gov doesn't find out. That is fine.
Some buy online. That is fine.
Some people only buy US silver minted by our wonderful government. That is fine.
Some people only buy silver face-to-face using cash so the gov doesn't find out. That is fine.
Some buy online. That is fine.
Hacker
Computer Hacking Pirate
If you want silver as a prep item, or simply because you expect it to rise in value, then buy U.S. pre-65 junk silver coins, average circulated, by the bag. These coins are easily recognizable as silver, as U.S. legal tender, and can be traded more readily than other forms (of potentially counterfeited) silver, such as bars, rounds, etc.
Speaking here as a former rare coin dealer. Note I've written two books on the subject of money.
winodog
The Bible is a flat earth book
The Ultimate Guide to Silver Coins
Learn all you need to know about owning and storing physical silver coins in our comprehensive guide.
nomadcapitalist.com
Hfcomms
EN66iq
And try not to get your information from someone whose only purpose is to make a sale. The cliff notes short and sweet for me is to stay away from collectables as for silver most of the time it is the melt value of the metal that gives it value and not so much the rarity and mint marks.
For silver pretty much stick with bullion and stay away from the bars unless they are of the 1 ounce variety. A 100 ounce bar or even 10 ounce bar as much less utility than a one ounce bar or coin. For silver I stick with the major mints and although I have silver from overseas most of mine is from either the U.S. mint or Canadian mint.
The 'best' silver IMO is the so called junk silver which is US coinage made before 1965 that is mostly 90% silver. People recognize dimes, quarters, half dollars and even silver dollars a lot easier than a generic round or coin from a foreign mint and they are already used to using them for purchases.
The most important thing to do is to educate yourself and once educated you are accumulating metals because you believe in it and you know why you believe in it.
Lastly avoid the idea that many have that you buy silver (or gold) because you have been told the price is going to go up and you want to make money. That is looking at it the wrong way. Silver and gold are money and the paper notes in your wallet are currency and if you don't understand the difference get busy and start reading . You don't buy metals to become wealthy as they are wealth and have no counterparty risk involved.
For silver pretty much stick with bullion and stay away from the bars unless they are of the 1 ounce variety. A 100 ounce bar or even 10 ounce bar as much less utility than a one ounce bar or coin. For silver I stick with the major mints and although I have silver from overseas most of mine is from either the U.S. mint or Canadian mint.
The 'best' silver IMO is the so called junk silver which is US coinage made before 1965 that is mostly 90% silver. People recognize dimes, quarters, half dollars and even silver dollars a lot easier than a generic round or coin from a foreign mint and they are already used to using them for purchases.
The most important thing to do is to educate yourself and once educated you are accumulating metals because you believe in it and you know why you believe in it.
Lastly avoid the idea that many have that you buy silver (or gold) because you have been told the price is going to go up and you want to make money. That is looking at it the wrong way. Silver and gold are money and the paper notes in your wallet are currency and if you don't understand the difference get busy and start reading . You don't buy metals to become wealthy as they are wealth and have no counterparty risk involved.
naegling62
Veteran Member
Buy recognized silver bars. Don't buy from eBay. Don't worry about being screwed by premiums, that's how the dealers make money. Don't buy from companies that advertise on the radio where a representative deals with you, that means you're really really getting screwed. You're probably gonna loose money in the short term. Don't panic. Oh and silver is never going to the moon.
libertylover
Contributing Member
I did do a search but did not see anything on pros and cons and really thought that was specific. I did not search with Doc1 as poster though and will try doing that. That part was helpful.
Also, really debated about posting at all because I knew a bitch slap was coming but wasn't sure what it would be about.
Also, really debated about posting at all because I knew a bitch slap was coming but wasn't sure what it would be about.
Hfcomms
EN66iq
Or craigslist as criminals on both sites prey on the unsuspecting. And yeah, also I would stick to national level dealers that have been around for a while. I use Apmex but there are many others. I'd avoid local coin shops except for maybe junk silver at a good price until one becomes a little more educated in the metals space.
Really? No bitch slap involved (and what I said I hate was the canned "do a search" response, not your question!)
Just trying to get you some answers, in a very busy season..
Summerthyme
Just trying to get you some answers, in a very busy season..
Summerthyme
Ragnarok
On and On, South of Heaven
West
Senior
First start off watching this educational piece on silver and gold. It also answers why he licks his pic ax. 
www.simplemost.com
The real reason Yukon Cornelius licks his axe in 'Rudolph the Red-Nosed Reindeer'
“Rudolph the Red-Nosed Reindeer” is a holiday staple for many, but if you grew up watching it on TV, you've probably had at least one question burning in
www.simplemost.com
Redcat
Veteran Member
To me, any sterling is good, and I will buy it. Jewelry, bullion or spoons if I can get it at a good price, I want it.
The problem is the huge amount of fakes out of China lately. Not too many people have testing equipment handy, and many won’t take it on face value that your American Eagle is real and worth $30 in goods or services.
So the bulk of what I have is usually well worn US constitutional silver coins. They are recognizable as silver by nearly everyone (ok not anyone under 35, but they can be taught, I hope). There are numerous websites (like coinflation) that show the daily value of each denomination. They too can be faked, but less often than a bullion silver ounce.
The problem is the huge amount of fakes out of China lately. Not too many people have testing equipment handy, and many won’t take it on face value that your American Eagle is real and worth $30 in goods or services.
So the bulk of what I have is usually well worn US constitutional silver coins. They are recognizable as silver by nearly everyone (ok not anyone under 35, but they can be taught, I hope). There are numerous websites (like coinflation) that show the daily value of each denomination. They too can be faked, but less often than a bullion silver ounce.
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night driver
ESFP adrift in INTJ sea
You can also search on 'Silver' and 'DOZDOATS' as he has left a LOT of info out here.
As far as limiting yourself to National Orgs, I have 2-3 folks I talk to, who are pawn and coin guys and have a passing familiarity with them. Just build a relationship over time.
As far as limiting yourself to National Orgs, I have 2-3 folks I talk to, who are pawn and coin guys and have a passing familiarity with them. Just build a relationship over time.
packyderms_wife
Neither here nor there.
I have a nice sterling silver thimble collection!
libertylover
Contributing Member
Thanks, guess I read it wrong, apologies to you. There is a lot of info when searching Doc1 that will keep me busy for a bit.
Libertylover, you asked a fine question and I’ll answer it by what we’ve done. Most of our silver is “junk silver” - 1964 and earlier US coins, mostly silver dimes and silver quarters, with maybe a few half dollars thrown in the mix. These are 90% silver coins (be sure you get 1964 and earlier - 1965 thru 1967 are 40%, I think) and will become quite valuable, more than they are now, if/when TSHTF. I won’t try to discourage you from buying silver bullion if that’s what you want, but we wanted coins that might be easier to use as barter for needed/wanted supplies when the Federal Reserve (which is neither federal nor a reserve) funny money goes south.
Before the end of the 1960’s, the US actually had a fairly sound monetary system, even with the existence of the Federal Reserve, because of the silver currency in circulation then. Now it’s nothing but fiat money. So buying old US silver coins is a good play, IMO.
I am NOT advertising here, but a couple of decent sources that have worked well for us in the past are Apmex and Monex. Whoever you buy from, caveat emptor (let the buyer beware).
Before the end of the 1960’s, the US actually had a fairly sound monetary system, even with the existence of the Federal Reserve, because of the silver currency in circulation then. Now it’s nothing but fiat money. So buying old US silver coins is a good play, IMO.
I am NOT advertising here, but a couple of decent sources that have worked well for us in the past are Apmex and Monex. Whoever you buy from, caveat emptor (let the buyer beware).
Southside
Has No Life - Lives on TB
I have been collecting for 25+ years. 50% of my silver is "junk silver" The rest is a smattering of various rounds, 100oz bars, Kilo bars, etc, etc. I can comfortably say, the best way to collect(as long as premiums are low)is 'junk silver" It is fractional in nature, not often fake and is well recognized.
For anybody new to prepping & where silver/gold should fit in…
IMO, acquiring silver/gold is for after one is already largely first acquired their stocks of water, food, meds, comms, security, shelter, fuels, etc..
Or, while doing so, if they can see they’ll still have plenty enough money remaining when after they do, then yes, it’d be prudent to start now converting some of that excess paper into physical silver/gold.
Make sense?
Panic Early, Beat the Rush!
- Shane
IMO, acquiring silver/gold is for after one is already largely first acquired their stocks of water, food, meds, comms, security, shelter, fuels, etc..
Or, while doing so, if they can see they’ll still have plenty enough money remaining when after they do, then yes, it’d be prudent to start now converting some of that excess paper into physical silver/gold.
Make sense?
Panic Early, Beat the Rush!
- Shane
Hfcomms
EN66iq
In spades to the above. The only caveat for me is I think everyone should have at least some junk silver. Five rolls of silver dimes or so should be good enough for the short term. When the financial system fails and takes the greenback with it you will need something to do some commerce with. When the time comes that people don't want your dollars for something they are trying to sell there is a good chance they will take some silver.
But for the most part get yourself squared away with all the necessities of prepping and once that is done you should have at least a modest cash buffer on hand and then convert paper assets into the metals for wealth preservation purposes. While silver will most likely have some use during the collapse the primary purpose of gold is to preserve your purchasing power from this current fiat system to whatever replaces it on the other side so you have something to work with.
bcingu
Senior Member
All the above is good advice. I price shop from trusted sources. I am sure everyone does the same but, for the sake of argument I will explain. If the spot price is $25 oz that is where I start, for instance junk silver it takes 14 dimes to make an ounce so if silver is $25oz. Divide 25 by 14 to determine the spot value of each dime is $1.78ish. Now you can easily see the premium on any silver purchase. I do this because vendors will advertise junk silver as ? x face value. Try this website Junk Silver Guide - Calculators
Or for a concise explanation,
cointrackers.com
Good luck & enjoy your dive into precious metals. Remember, precious metals won't make you rich however, they will preserve your wealth.
Or for a concise explanation,
Junk Silver Prices Today | Spot Prices 90% Junk Silver
The prices for the junk silver (90%) bags below reflect the average quantity of silver in ounces formulated with the silver spot price for today (updated every 10 minutes so prices are always current). We don't sell bags of silver but have suggested a few of the major companies at...
cointrackers.com
Good luck & enjoy your dive into precious metals. Remember, precious metals won't make you rich however, they will preserve your wealth.
All I can say is BE CAREFUL ! I bought some Morgan's off of Facebook ,and got burned . I felt like a dumba$$ , as I should have . I now only buy from Apmex or a trusted seller , but I'm not really interested in junk silver anymore. The coins I bought looked perfect , weighed perfect , but due to one having a specific sought after date the dealer I brought them to used a machine , xray maybe , I'm not sure, and found them to be fake . The counterfeiting of these has become a science. Buzz
S
Sorry i got burned on fakebook, not Ebay but fakebook .
momma_soapmaker
Disgusted
Jewelry is a great way to source silver as well. Sterling is normally marked 925. Avoid stuff from China, because it's marked but largely fake.
Tundra Gypsy
Veteran Member
Yes, only buy from trusted folks or you will get burned. A guy at the coin store told me of someone who bought a gold bullion only to find out the inside was pure tungsten! While checking out gold and silver; take a look at some goldbacks!
www.VerifiedGoldBacks.com
www.VerifiedGoldBacks.com
Hacker
Computer Hacking Pirate
That's one of several reasons I recommend junk U.S. silver pre-65 coins. They have a recognizable sound when dropped together, and it has not (up to this point) been worth creating any kind of large number of fakes.
kytom
escapee from reality
it takes the escalator up and the elevator down.