Avoiding scams in, and questions about the coin industry
MinuteMan
Posts: 1
in Q & A Forum
Hello,
I'm not a coin collector, per se, but more of an individual looking to put a large portion of his savings into gold and silver coin for the sake of avoiding inflation and a weak, ever-devaluing fiat currency.
A few questions, as I am new to this and have just recently begun buying coins
1. Are there any disadvantages to buying Maple Leaf, Krugerand, Panda, etc. gold coins as opposed to just buying American Eagles?
2. What is a reasonable markup rate when buying from a coin dealer? I buy from a local dealer and I want to be sure that he's not over charging. note: I typically buy bags of silver coins, 1 oz. American Eagles, 1 oz. Silver Liberties, and I usually never veer into the 'unusual'. Again, I'm looking for savings, not a collection.
3. Are there vendors/retailers out there that are accepting 'real money' such as gold/silver coin as a medium of exchange rather than Fed. Reserve Notes? If so, could someone provide a list? I'm aware that there are several web vendors doing this but I am not sure that I would trust that method just yet.
Thanks everyone!
-v
I'm not a coin collector, per se, but more of an individual looking to put a large portion of his savings into gold and silver coin for the sake of avoiding inflation and a weak, ever-devaluing fiat currency.
A few questions, as I am new to this and have just recently begun buying coins
1. Are there any disadvantages to buying Maple Leaf, Krugerand, Panda, etc. gold coins as opposed to just buying American Eagles?
2. What is a reasonable markup rate when buying from a coin dealer? I buy from a local dealer and I want to be sure that he's not over charging. note: I typically buy bags of silver coins, 1 oz. American Eagles, 1 oz. Silver Liberties, and I usually never veer into the 'unusual'. Again, I'm looking for savings, not a collection.
3. Are there vendors/retailers out there that are accepting 'real money' such as gold/silver coin as a medium of exchange rather than Fed. Reserve Notes? If so, could someone provide a list? I'm aware that there are several web vendors doing this but I am not sure that I would trust that method just yet.
Thanks everyone!
-v
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www.thegreatlie.com
www.thegreatlie.com
0
Comments
Mark-ups for bullion coins and bars are very small. The market is very competitive, so shop around.
Mark-ups for rare coins are usually in the 15% to 35% range. You usually get what you pay for from reputable dealers.