Advice
Tyromancy
Posts: 1 ✭
I'm mostly a collector a silver coins that I happen across in the day to day, and I thought metal detecting might be lucrative. I'd love to be able to collect enough silver to exchange for gold or even find gold one day. In this economy, I can't afford gold, but I can afford to maybe find it with a metal detector. I planned on spending 300 on a detector. What do you all think? Is it worth it?
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Comments
For 300 Dollars you should be able to get a nice entry level metal detector, and for probably 50 Dollars more a pinpointer and a good shovel aswell.
There are many ways how you may turn your new hobby into something potentially lucrative aswell. Your options may vary from where you are located and wich permissions you are able to get.
The majority of silver coins went out of circulation over 50 years ago, they are a non-renewable find and old, (especially public) spots with a high potetial for silver coins are getting harder and harder to find.
There is however a lot of change and jewelly to be found, even as a "renewable resource" because people are still loosing it and may do so im the future aswell.
Public parks, public swimming spots, playgrounds and sports fields offer a opportunity for every detectorist to find modern change, lost jewelly and recover lost items for wich the owner may pay you a compensation for you troubles if you return them.
Modern day finds will add up.
For example I have been metal detecting for almost 5 years now (including some long breaks due to work, family and so on).
Over this time periode I found a lot of old artefacts and coins, including only circa 29 silver coins and 3 gold rings (one of them could get returned to the owner).
But the lost change quickly added up to 1283.39€ plus 208.5 grams of fine silver in the form of modern day jewellery. I was able to buy 3 gold coins and plenty of small silver coins from this money.
I would not describe metal detecting as lucrative. Any part time job will likely pay better than metal detecting. It's an extremely fun hobby though. It took me almost ten years to find 500 silver coins, and my results are much better than those of a typical detectorist.
For $300, buy yourself a Minelab Vanquish 440 or 540. That's the best detector in this price range. If you aren't insistent on a brand new detector, I'd sell you one of my gently used extra Vanquishes for $300 or less.