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Great day for me the silver newby investor!!! read

mkman123mkman123 Posts: 6,849 ✭✭✭✭
in Precious Metals
Hey guys, I know many of you have LOTS of silver.....my puny pickups like 2 10 oz bars is like nothing compared to what you guys get. My collection is like .0001% of what you guys hold in silver.

I wanted to tell you a newbies cool silver pickup! I'm pumped up!

I get a call from the jeweler that she bought some silver coins today. I go to her store and said "what did you get"? She shows me those coin albums full of barber dimes, liberty half dollars, franklins, barber quarters and barber halfs. I ask her, how much did you pay for these? She said $130 and I will sell it to you for 130+ 10% extra for me. So 143. I said ok. I then take it to the B&M store and say guys I want to sell all this 90%.

I bought the coins for 143...............THE B&M store gave me $323!!!!!!!!!!!!!

A $180 profit!!

I take the profit and buy 10 sealed canadian silver maples and 1 generic silver round and have some extra left over. Also still have the 140 for more buying!

WOOOOOOOHOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Mike


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Comments

  • cinman14cinman14 Posts: 2,489 ✭
    Sounds like you are on your way Mike..Great job. This is the second time a jeweler came thru for you

    I would have kept the Barber series... History verses a couple less Maples would have
    been nice....

    Don't sell your little stack short. It will grow with time. We all started out with a few here and there.

    We can't all be like RAH1959

    image Now that's a HOARDER
  • fcfc Posts: 12,793 ✭✭✭
    did you bother to check the coins for numismatic value first?
    something tells me the dealer saw something you did not...
  • storm888storm888 Posts: 11,701 ✭✭✭
    Good Job!

    .......

    Always check your coins to see if they have a higher numismatic value
    before you dump them.

    Folks Who Bite Get Bitten. Folks Who Don't Bite Get Eaten.
  • rah1959rah1959 Posts: 964 ✭


    << <i>We can't all be like RAH1959

    Now that's a HOARDER >>




    who is this fellow you speak of????image

    seriously....I am still a runt compared to some hoarders...


    BTW Mkman123....SUPER pickup....you did GREAT...that is the way to turn a quick deal.....a true flip.....you are doing great for a "beginner" As cinman said...don't sell yourself short....look at what you have accomplished in the last few weeks....6 months ago you had nil...and now a nice growing stack......and the best part....you got in during a nice downturn in silver price...you bought more for you money than you could have 6 months ago....and it will go back up.....when???? who knows...who cares...but it will...

    A public CONGRATS to you on your flip.

    RAH1959
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    fc, as we were counting the coins in the coin albums I looked at the mintage that the album shows. For example underneath the hole were you put the coin it would say mintage 5 million, etc. I didn't see any really really low years.

    There was one that I thouht was very rare but we checked the back and it had a S instead of nothing so I was slightly bummed. The one with the S he would have given me 6 for and the one without the S I would have gotten like 100 or more.

    The condition on many of the coins was pretty circulated. I did not see any brilliant uncirculated coins or I would have kept onto them.
    I was very happy though!
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  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    storm888 next time the jeweler calls me about coins I will buy the coins and then check the coin book to make sure there wasn't some super rare coin I let go of.

    thanks guys! Slowly adding doing things like this, hope I can match your collections in like 40 yrs!
    Mike
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  • cinman14cinman14 Posts: 2,489 ✭


    << <i>The condition on many of the coins was pretty circulated >>

    image

    That is the history, young fella....image Next time you get some, keep a few Barber halfs or quarters and use as pocket
    pieces. You will find yourself reaching in your pocket and looking at them during a slow time of the day and wondering
    who carried these.

    Check the mint marks. And look at a history map of the U.S during the time frame in those areas..

    See what famous outlaws and bandits staked claim in those areas.

    After a few months of that. Pull out one of those generic rounds and think of the history behind it...image

  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭
    Thats some serious wheeling, dealing and profit making for a newbie. Good for you mkman123!image
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    I've been speaking to RAH, he is giving me tips and advice so big props for landing deals like this goes to him image

    thanks guys!
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  • rah1959rah1959 Posts: 964 ✭
    it's never a mistake to make a nice profit....you did great Mike.

    Everyone has their own playbook that they go by...you are still writing yours...you have all the basics down....you will do fine.

    You will learn something from EVERY deal you make...sometimes you won't even realize what you have learned until later...but it is all a learning experience.....keep a good attitude....treat everyone fair....and have a good time.

    RAH
  • DeadhorseDeadhorse Posts: 3,720 ✭
    Great score!

    I would have kept the nicest Barber Half just as a reminder and used it as a pocket piece.

    BTW, I will trade you .999 for any Walker Halves you come across.

    I carry an 1842 Half that I picked up in a melt batch years ago, think it cost me $3

    It's actually in F condition as well. Sure, I could have sold it, still can, but it's a memento of all the years of buying melt and conveting it to .999 bars.

    Something to look at and show off once in a while and wonder where it has travelled.

    Just like Cinman 14 says.
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
  • CarlWohlforthCarlWohlforth Posts: 11,074 ✭
    Congrats!

    I did well by buying a collection of well circulated Barber coins. I paid way more than melt for low quality coins. I did get some keys though so I made out well.

    I think it is a good time to own silver.
    Carl's Coins website w/ links to Carl's auctions
  • SmittysSmittys Posts: 9,876 ✭✭✭✭✭
    Not sure why you just don't keep the 90% silver
    Silver is silver, you're selling to a dealer for less, then buying at a premium
    just to get silver
    Just wondering as I said Silver is Silver
    https://www.ebay.com/str/christyscoins
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    Smittys, I wanted to concentrate on pure silver. I would have kept some if the condition was really good. I want concentrate on one area, pure silver right now.

    I'm learning everyday, if I am able to get more of these from the jeweler, I will sit down and check for prices first and perhaps keep a few instead of selling so quickly without double checking things.
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  • DeadhorseDeadhorse Posts: 3,720 ✭


    << <i>Not sure why you just don't keep the 90% silver
    Silver is silver, you're selling to a dealer for less, then buying at a premium
    just to get silver
    Just wondering as I said Silver is Silver >>





    Actually, that isn't true. When spot rises, silver certainly isn't silver. The type of form it is in can make a huge difference.

    As spot goes up, 90% coinage will lag behind .999 in value. The spreads grow and they grow more than any spreads on .999 brand name silver.

    Always been that way. The difference my be small but as spot rises, it becomes magnified.

    You're not just selling to a dealer for less either.

    Don't have the time today to go into detail, but many years of doing this have taught me how to pick up a few percent on each swap.

    It adds up, and after years of doing it, it can make a big difference.

    It does help to have the right connections, that is true as always.
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
  • rah1959rah1959 Posts: 964 ✭


    << <i>As spot goes up, 90% coinage will lag behind .999 in value. The spreads grow and they grow more than any spreads on .999 brand name silver. >>





    I agree with this....this too has been my experience. I'd rather unload some cull silver coins for 999 silver when the time is right.



    40% goes out first......which I did this week as I was offered the best price on cull 40% Kennedies than ever before...because the dealer "needed" some silver coins to make smaller retail bags ($50 and $100 face) to sell to J6P.

    Used the proceeds to pick up 999 bars.



  • DeadhorseDeadhorse Posts: 3,720 ✭


    << <i>40% goes out first...... >>




    image Not just first, but immediatly! I will buy it as part of a larger batch of 90% just as a favor. Then I immediatly take a quick drive and unload it.

    Don't even talk to me about war nickels. image
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
  • BlackBeardBlackBeard Posts: 1,064 ✭
    Great score, sounds like you came out pretty sweet on that one. I would keep a red book in the glove box of the car to have ready just to make sure I wasn't missing anything. Could be an extra 10oz bar in there hiding amoungst the common dates.

    Sounds like you have a good connection so you should have more opportunity ahead of you.image
    Witty sig line currently under construction. Thank you for your patience.
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    thanks blackbeard! I have to thank this board too! Been given good advice from many of you guys!
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