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Why buy junk silver coins

By Edited Sep 11, 2016 0 2

Junk silver coins US mixed lot
Junk silver coins are those that are valued for the amount of silver contained in them, rather than as collectors' items of numismatic value. These are collected by people as an investment, especially by those who are worried that hyperinflation may devalue conventional currency, whereas silver and other precious metals have inherent value. There are a number of reasons why many people prefer to invest in junk silver coins. These include the fact that they can be purchased for little or no premiums over the cash price of silver, they are legal tender even when the price of silver goes down, their value is not generally challenged (unlike with silver ingots), and they can be traded in relatively small amounts, unlike silver bullion. There are still a lot of old silver coins (dollars, quarters, half dollars, nickels and dimes) minted in the U.S in earlier decades that have a high percentage of silver (up to ninety percent). This article offers some tips for those who want to buy junk silver.

If you are planning on buying silver coins, you need to monitor the current price of silver and know the cash price of silver on a daily basis, as silver prices can fluctuate significantly. You want to buy when the price is low. Before making your first silver purchase, watch the market for a week or two so that you get a sense of what is a good price. You can also sign up for coin auctions and other precious metal auctions online, where you can monitor auction prices and jump in for a purchase when you feel the price is right. Sign up on more than one online auction site so that you get a good feel for the range of prices out there.

Junk silver US coins silver bullion
You may also be able to buy bulk coins offline from coin shops. In any case, before buying coins online, it is a good idea to call up a local coin shop and ask about current prices before you commit to buying online. You might actually find a better deal locally, especially when you factor in the shipping charges that you would have to pay for buying silver coins online. In general though, the large size of the online silver market means that you can usually find great deals there.

Another good way to start out small with junk silver coins, without committing a large sum of money up front, is to just purchase rolls of coins from your bank and look through them for coins that were minted in 1964 or earlier. These are usually ninety percent silver. Half-dollars minted between the years 1965 and 1969 contain forty percent silver and are considered quite valuable. You can use the remaining coins for your daily transactions or just take them back to the bank.

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Comments

Aug 24, 2010 10:01am
javrsmith
Canadian coins, (except 1 & 5 cents), were silver until 1968. Lots of 1968 dimes and quarters were made of nickel. The silver ones are very white. Keep an eye out for Canadian silver at your local coin shops.
Aug 24, 2010 5:23pm
nbcontributor
thanks for the information!
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