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Best Place to Buy Silver Eagles or Rounds?

Hi Everyone,

I am trying to buy about $2,000 worth of silver to stash away for a while. I heard there's a lot of smart collectors here, so I'm posting to hopefully get some good opinions.

What does anyone suggest I buy and where? I was specifically thinking about buying Silver Rounds, as premiums for Silver Eagles seem a little high at the moment and what if those big premiums were to come down in the future, so I'm thinking Silver Rounds are safer to buy. Does anyone agree that it's best to buy Silver Rounds or are Silver Eagles better for future investment?

And does anyone know where is the best place to buy them at a good price.

Any suggestions would be appreciated. Thank you!

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    jmlanzafjmlanzaf Posts: 31,935 ✭✭✭✭✭

    Eagle premiums have come down. I don't necessarily recommend them though.

    If you have a local coin store, that is the preferable place since it saves you shipping costs and you can see what you are buying. Just make sure they are trustworthy and you know the "right" price.

    Larger bars are usually the better value price-wise. However arguments can be made for sovereign coinage. If not Eagles then Maple Leafs or Brittania etc.

    You want as low a premium as possible but you also want them to be trusted in the marketplace. This is one of the arguments for vEagles or other sovereign coinage. But recognized bars could also work. I would avoid random silver rounds.

    There's no single right answer. So prepare to hear 37 differing opinions.

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    dhikewhitneydhikewhitney Posts: 362 ✭✭✭

    Not recommended as an investment (due to the spreads dealers must maintain to buy/sell them profitably and the nuisance of filing on tax return if you do make a profit);

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    vulcanizevulcanize Posts: 1,339 ✭✭✭✭✭
    edited December 30, 2022 5:44PM

    Hi and welcome aboard.
    What is shared below is from my personal experience.
    If you are a numismatic collector, then ASE would be fun and enjoyable way to go if you try cobbling together a set.
    You could also find very nice bargains in what is referred to as "junk silver" with dimes/quarters/halves yada yada and put together a lowball set for starters, then slowly upgrade them (my recently completed Barber dimes set in a Dansco album is an ideal example of how it started with cheap dimes bought in bulk online).
    But if your goal is merely stacking the metal, then suggest the bars/rounds and look around the BST sub on here or from brick and mortar local coin stores as well as web based ones like APMEX (also scout on reddit/craigslist etc. for private sales, but be very wary of fake stuff floating out there).
    Have fun and good luck.
    Cheers.

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    TomBTomB Posts: 20,731 ✭✭✭✭✭

    I'll give you my opinion and experience, but please keep in mind that others may have different opinions and different experiences.

    I tell clients that government issued one ounce silvers (ASEs, Libertads, Maples, etc...) are great for easy liquidation and universal recognition, but depending upon the premium built into them at the time of purchase, and the time of resale, they might not be great for profitability. My preference is pre-1964 US coinage, mint state or circulated, that is purchased as close to melt value as possible. This will likely lead to a ton of heavily circulated late 1940s through 1959 Roosevelt dimes and Washington quarters along with lightly circulated 1960-1964 Roosevelt dimes and Washington quarters as well as a dose of 1964 JFK halves. These can be bought by the roll, individually, in bags or nearly in any quantity required. They are also incredibly liquid and can be sold in tiny amounts or large amounts.

    I dislike silver bars and generic silver rounds as you need two parties to trust the silver content and this always costs you money on the sale, even if you got them cheaper they are still a bit less liquid.

    Good luck!

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
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    jmlanzafjmlanzaf Posts: 31,935 ✭✭✭✭✭

    @dhikewhitney said:
    Not recommended as an investment (due to the spreads dealers must maintain to buy/sell them profitably and the nuisance of filing on tax return if you do make a profit);

    I don't like precious metals as an investment, but the bid/ask spread is pretty small depending on format. For gold, it's about $50 per ounce which is 2.5% for silver, it's as low a 25 cents per ounce which is 1%.

    As for taxes, that's true of all investments.

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    EldoEsqEldoEsq Posts: 73 ✭✭✭

    @TomB said:
    I'll give you my opinion and experience, but please keep in mind that others may have different opinions and different experiences.

    I tell clients that government issued one ounce silvers (ASEs, Libertads, Maples, etc...) are great for easy liquidation and universal recognition, but depending upon the premium built into them at the time of purchase, and the time of resale, they might not be great for profitability. My preference is pre-1964 US coinage, mint state or circulated, that is purchased as close to melt value as possible. This will likely lead to a ton of heavily circulated late 1940s through 1959 Roosevelt dimes and Washington quarters along with lightly circulated 1960-1964 Roosevelt dimes and Washington quarters as well as a dose of 1964 JFK halves. These can be bought by the roll, individually, in bags or nearly in any quantity required. They are also incredibly liquid and can be sold in tiny amounts or large amounts.

    I dislike silver bars and generic silver rounds as you need two parties to trust the silver content and this always costs you money on the sale, even if you got them cheaper they are still a bit less liquid.

    Good luck!

    I personally agree with junk silver...the premium is usually low compared to rounds, and the purity is completely trustworthy.

    And if it really hits the fan, you can always spend them!

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    DisneyFanDisneyFan Posts: 1,708 ✭✭✭✭✭

    SLV (an ETF) in a RothIRA anyone? No capital gains tax.

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    jmlanzafjmlanzaf Posts: 31,935 ✭✭✭✭✭

    @DisneyFan said:
    SLV (an ETF) in a RothIRA anyone? No capital gains tax.

    Paper silver and gold are the most cost effective vehicles for trading. However, that's a somewhat different animal than physical silver.

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    DollarAfterDollarDollarAfterDollar Posts: 3,214 ✭✭✭✭✭

    Buy in a good local auction where there's no buyers premium. Selling at a profit is completely dependent on the value at the time.

    If you do what you always did, you get what you always got.
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    rickoricko Posts: 98,724 ✭✭✭✭✭

    @BuySellCoinsFree.... Welcome aboard. Good advice above.... ASE's are great for liquidity, but carry a premium when buying that may not be recoverable. Silver rounds are not as good for liquidity or profit unless melt prices jump significantly. Cheers, RickO

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    Was looking at some of the buy back prices offered by authorized purchasers the other day. Silver Eagles had a premium above melt, maple leafs from Canada a premium, but less than ASE. Silver from other countries had zero premium, and bars and rounds were in the negative less than melt.

    You can always deal with individuals at coin shows for better deals.

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    If I just wanted to stack numismatic silver that took up the least amount of physical space, I might consider 5 oz. Like the Apollo or the America the Beautiful pucks. I think the are undervalued right now, and potential sleepers, but just an opinion.

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    Thank you Everyone.

    Just following up, I called 3 places Provident Metals they are selling Silver Eagles at $37 but they only buy them back at $27. Thats a $10 spread, yikes!

    So, I then called Gainesville coins and they suggested Silver Rounds had a closer spread to buyback prices, which is what I'm interested in, the buyback price if I ever decided to sell them back to them. They said, today they have a about a $3.16 buy back spread. But it's much better than the $10 buy back difference on Silver Eagles.

    Apmex had a very similar offer silver rounds they sell them at about $3. over spot and buy them back at about spot, so about a $3 spread

    It's tough out there with the spreads, silver has to go up about $3. at least, for you to just break even. I also asked about 90% silver coins but they mentioned the premiums were too high and suggested it probably best to get silver rounds or bars for the best bang for your buck.

    If no one else has any other suggestions, I'll probably go with silver rounds just to put away for a few years or more. Thank you

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