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Top Ten Suggestions for Newbies?

tneigtneig Posts: 1,505 ✭✭✭
in Precious Metals
Whenever I get a friend started or talk about PMs, its a call to see what parts they are interested in. I try to explain, but know when I see the stare and the signs of numbness its time to stop for now. But its tiring to go through that every time. It first usually comes up about the silver dates with coins, then about .999 or morgans and then it starts to get too complicated. Sometimes they go off and buy something where I cringe and have to say something nice but they rushed and bought wrong, like a colorize ASE in a case for $50 or a culled morgan for $40. So I want to make a simple top 10 sheet to start them off. Help.

1. Silver coins. Quarters and Dimes before 1965. Half dollars before 1970.
2. Silver and gold bullion (check spot price, and bargains for lowest premiums).
3. Better to pass on something you don't know about than get stung.
4. Can be a tricky investment or risk for the newbie.
5. Easy to get ripped off. Newbies are easy targets.
6. Take some time to learn about one thing at a time.
7. Call or ask questions anytime.
8. Don't spend over $100 if not absolutely sure of a deal.
9. I'm not sure what to say....
10. Don't come back later and blame me!!!!!!!!!!!!!
COA

Comments

  • mikliamiklia Posts: 1,295 ✭✭✭
    a good start! I'd add 'think long term, don't see it as a flip', 'buy from trusted sources', and 'don't forget to enjoy the collecting aspect too'.
  • mariner67mariner67 Posts: 2,746 ✭✭✭


    << <i>a good start! I'd add 'think long term, don't see it as a flip', 'buy from trusted sources', and 'don't forget to enjoy the collecting aspect too'. >>



    Words of wisdom here!
    Successful trades/buys/sells with gdavis70, adriana, wondercoin, Weiss, nibanny, IrishMike, commoncents05, pf70collector, kyleknap, barefootjuan, coindeuce, WhiteTornado, Nefprollc, ajw, JamesM, PCcoins, slinc, coindudeonebay,beernuts, and many more
  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭
    Put number 10 first!
    theknowitalltroll;
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    A good list, however, most I know already made a few mistakes before asking for opinions on their mistake...then they get angry. Cheers, RickO
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    suggestions:

    1. US silver coins. Quarters and Dimes before 1965 (90% silver). Half dollars 1965-1969 (40% silver).
    7. Call or ask seller questions anytime. Ask the forum when in doubt.

    Also,
    Beware of plated gold and silver, know your product and if possible your seller.
    Know the total cost (S&H).
    Know the actual silver value of silver coins and gold coins..

    "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

  • bestmrbestmr Posts: 1,778 ✭✭✭
    If the price is too good to be true, stop looking and run away.

    Start an album. I have an ASE and kookaburra album and love filling them in. Collectible plus I'm still getting silver.
    Positive dealing with oilstates2003, rkfish, Scrapman1077, Weather11am, Guitarwes, Twosides2acoin, Hendrixkat, Sevensteps, CarlWohlforth, DLBack, zug, wildjag, tetradrachm, tydye, NotSure, AgBlox, Seemyauction, Stopmotion, Zubie, Fivecents, Musky1011, Bstat1020, Gsa1fan several times, and Mkman123 LOTS of times
  • WhiteTornadoWhiteTornado Posts: 2,102 ✭✭✭


    << <i>If the price is too good to be true, stop looking and run away. >>



    ^^ This
  • BaleyBaley Posts: 22,660 ✭✭✭✭✭
    One general suggestion, with a few clarifying details.

    It's easy to buy, and over the long term the "neat" stuff will pile up, and be heavy and bulky and unwieldy, particularly if you're also buying "packaging"

    It's harder to sell, and the more diverse and premium-laden your collection, the longer and more work it will take to get "all the money"

    Premium tends to collapse toward melt if you need to cash out a major part of your stash all at once, fast.

    Factor time into your planning, unless your plan is to die with this stuff and leave the problem to your heirs

    who will generally cash it out fast at melt or less.

    Liberty: Parent of Science & Industry

  • johnny9434johnny9434 Posts: 28,335 ✭✭✭✭✭
    i like #7. dont be afraid to ask questions. its all good image
  • JulioJulio Posts: 2,501 ✭
    Keep your emotions in check. Get a plan and stick to it. Take care. jws
    image
  • DrBusterDrBuster Posts: 5,379 ✭✭✭✭✭
    Keep your eyes on your exit strategy and don't put yourself in a stressfull situation with your purchasing.

    That's my number 1, anything else should fall into line with that.

    Same as Julio.
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