Some of the best tips for buying silver coins are knowing the going price for silver, buying from trusted dealers and understanding the difference between retail and investment coins. Another very good tip for those looking to invest in silver is to take some time to learn about silver before buying. The more a person knows about silver, the more likely it is she will make smart investments.
There are many things to learn about buying silver coins for the serious investor or collector, but none may be as important as just knowing the going rate of the metal. Understanding what the wholesale (bid) price and the retail (ask) price are for silver could save a buyer a lot of money. It’s important to know that these prices are changing on a near constant basis, so keeping up with them is easier with the use of the Internet. If this isn’t an option, then subscribing to the Coin Dealer Newsletter is the next best thing for a US buyer, as the buyer will likely know the prices of this metal at the same time as the dealers. Knowing what the going rate is can help a buyer steer clear of high markups and some immoral dealers.
Buying silver coins from trusted dealers is vital for anyone who is new to the arena. Those who have been buying for a while and understand more about coin worth may be able to take risks and buy from other sources, but the beginner should not do this. Not understanding weight and purity ratings or how much a coin is actually worth can give a new buyer a serious disadvantage. This is especially important for buyers looking for online sources to remember.
There are many reasons a person might buy silver coins. He or she might want a solid and relatively safe investment or cushion against inflation or economic recessions. Silver coins can also be bought as memorabilia or keepsakes. For those wishing to buy memorabilia or coins to add to a collection, there are many sources from which to get these wares. There are even some private mints in the US which will print personalized coins with motifs like animals, pictures and names.
Those buying silver coins as an investment will want to steer clear of coins which are sold as “retail.” Personalized coins or coins intended for collection will have a considerable markup. Silver coins which are intended for investment will generally cost less and, therefore, provide an actual return. Paying extra for a sentimental or retail reason seriously damages an investment of any kind.