New to silver investing.
Baseball111
Posts: 13
Hello everyone, I am new to the forum and completely new to silver in general. My father passed away a few weeks ago and left me a box which contained ~100 oz of silver and a few other coins. I have been a huge baseball memorabilia collector my whole life but even though I just started researching silver and looking into it, I keep finding myself becoming ever more interested in it. I've been lurking quite a few forums before posting trying to get a feel for silver collecting/investing but still have a few questions.
1.) With the silver, I found a few proof sets. They are from 1959, 61, 62, and 63. All of them are opened except the 63 and they all have a melt value of ~$19. Would it lower the value of the 63 to open it or is there really no premium for these sets?
2.) What would be the best buys for long term investing? I hear a lot of people talking about buying ASEs but I am not sure if those weigh in a collectors value and would those be a solid choice of investing?
3.) Does the scrap value of a silver oz coin decrease with excess wear? I have a few that are almost completely black!
Thank you in advance and any opinions or suggestions will be much appreciated
1.) With the silver, I found a few proof sets. They are from 1959, 61, 62, and 63. All of them are opened except the 63 and they all have a melt value of ~$19. Would it lower the value of the 63 to open it or is there really no premium for these sets?
2.) What would be the best buys for long term investing? I hear a lot of people talking about buying ASEs but I am not sure if those weigh in a collectors value and would those be a solid choice of investing?
3.) Does the scrap value of a silver oz coin decrease with excess wear? I have a few that are almost completely black!
Thank you in advance and any opinions or suggestions will be much appreciated
0
Comments
1) You won't hurt anything by opening the '63, in fact if the coins are nice cameos you might be glad that you did.
2) Yes, ASEs are a premium investment avenue to take. I'm speaking investment-wise. They make a good reference point for comparisons to any other type of silver bullion.
3) Somewhat, but it's not really an issue for individual coins or small groups of coins. If the coins are black, that may not be wear. It may be dark toning, and if there is any collector interest in the specific dates of those coins, they might actually be more desireable than as bullion. Don't clean them until and unless you verify that they are simply common silver.
I knew it would happen.
The only thing I would add to jmski52's answers would be:
Q2) Buy a little bit of US 90% silver coins along and along also to diversify from Silver Eagles.
Q3) Depending on where you take it to sell it, wear on junk silver coins may net you less than full detail silver coins. Some buyers weigh it and pay you by the gram/pennyweight/ounce, and some buy it by the face value. A slick Barber Quarter will weigh less than a full detail 1964 Washington Quarter, especially a whole roll of them.
Too many positive BST transactions with too many members to list.
First, Im very sorry for your loss. Its always tough to lose a love one, I wish you and your family the best.
Second, Welcome! You def have come to the right place. You will be blown away with how much some of the guys know.
My best recommendation is to use the search function in the forum and read read read. Turn on your Private Message in the forum, lots of good info from a few savy guys will def appear like xmas presents if you ask the right questions. Asking the right questions is the trick that I havent mastered tho
Take care
BST Transactions (as the seller): Collectall, GRANDAM, epcjimi1, wondercoin, jmski52, wheathoarder, jay1187, jdsueu, grote15, airplanenut, bigole
<< <i>Welcome! You came to the right place.
1) You won't hurt anything by opening the '63, in fact if the coins are nice cameos you might be glad that you did.
2) Yes, ASEs are a premium investment avenue to take. I'm speaking investment-wise. They make a good reference point for comparisons to any other type of silver bullion.
3) Somewhat, but it's not really an issue for individual coins or small groups of coins. If the coins are black, that may not be wear. It may be dark toning, and if there is any collector interest in the specific dates of those coins, they might actually be more desireable than as bullion. Don't clean them until and unless you verify that they are simply common silver. >>
I'll be sure to open it up then! I have about ~$350 extra from my paychecks every two weeks so I was planning on using that to make some purchases. Should I just shop around my lcs? And is there anything specifically I should be looking for or shouldn't be looking for?
You joined the best college I know of.. Good knowledgable people. I'm in my freshman year.
Determine a plan for yourself, with short and long term goals, regarding purpose and $ and adjust the plan as you learn. This is not like other investing, so be a bit careful to the specifics of this area. But do follow up with it. Since you mentioned 'investing', change that to 'speculating' for now. Learn what hedging and wealth protection means in this field. Be prepared to hold for long periods. Flipping for short term profit is also common. Learn the tax liabilities. Learn the different views and bases for those views. Use the links to other reading and learning resources.
Hang on to what you have now. What will be best for you, is what is specific to you and your circumstances. Experiment with different places (online, local) to buy and different sellers, a bit at a time, as you will find variations. Buying from incoming money is a good 'start' rather than using savings on a deal that may not be good for you.
Sticking with the base stuff at first. Pure silver .999 coins/bars. ASE's being well established foundational units, but pricing varies. As a collector in other areas, you know that getting real value out of higher prices speciality and graded items is tricky. Adding some 90% silver pre 1964 coinage is a good idea as well. You may find you are adding some gold as a balance.
Be careful. Store your items safely and discreetly. Be careful about telling others what you have, as they tell others.
Enjoy. Have fun. Good speculating.
You are going to be so surprised at what you learn!
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Read, read and read. Learn what affects silver price. Take in a variety of opinions but most important learn to form your own, correct one. >>
+1
<< <i>
<< <i>Read, read and read. Learn what affects silver price. Take in a variety of opinions but most important learn to form your own, correct one. >>
+1 >>
+2
I might add that investing in silver IS NOT for people with a weak stomach, if you compulsively check the price of PM's daily and are easily panicked by the price movements than I suggest you "invest" in something like CD's or high quality municipal bonds.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>For the long term, silver and gold is all I believe in. >>
I believe your avatar is gorgeous. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......