Question for coin collectors

[In Flames]

I've recently become interested in the hobby, and I love the American Silver Eagle. I've seen 2011 and 2012 silver eagles that were minted at the San Francisco mint, although they don't bear the mint mark. They are certified (I have found them from all 4 major grading services) MS 70 and being struck at the SF mint. I have done a ton of research and can't quite find a solid answer. Are these worth buying or should I stay away because they have no mint mark?

[sideshow24]

I don't know much about coins, but in general if you are skeptical about something that is an investment you should pass.

[Koolblue13]

I thought the question was gonna be how do you get laid.

[dockeryfan]

They make that Silver American Eagle three different ways.

Bullion, which I never buy. I think it's struck in West Point, but IIRC it does not have a mint mark.

Proof. They are very lustrous coins. They do bear a mint mark.

Uncirculated. The finish is different than the proofs, but just as attractive. Also have a mint mark. It's all what you like.

I don't buy these for investment purposes. Personally, I think there are way too many of them, and they will survive well being behind plastic. If they do appreciate, it's probably be the cardboard box condition that gives it value, kind of like a dust jacket for a book giving a book the bulk of it's value. But I do take them out from time to time to appreciate them. It's a hobby like all others I guess.

Plus I just don't have an eye for MS70 vs MS69. Then you are at the mercy of the grading services.

EDIT.

Just out of curiosity, I looked it up. The bullion is the only coin without a mint mark. Now some are minted in West Point and some in San Francisco. If you can provide proof of where your coin was struck, and the mintage is mostly at West Point with only some at San Fran (or the other way around), maybe this coin appreciates at a faster (or slower) rate from a collecter point of view. Hard to say. I mean the demand is high, so they are making lots of these now. What price is the MS70 going for anyway?

[Stew]

I have been getting into collecting coins as well recently. I have been looking on line at ancient coins from Greece, Roman Empire, etc and have been left with a question. How are these coins authenticated? I apologize if this is a stupid question, I just havent been able to read anything that goes into the authenicity of a coin, and determining it. A lot of these coins are pretty beat up, and im sure people out there try to replicate them. I want to learn how to identify these ancient coins as real or fake. Any insight would be a huge commodity.

[chipwhich]

The silver eagles in my opinion are nothing more than buying silver. I have collected coins for probably 30+ years. I no longer buy that kind of stuff. If I want silver, I buy it by the ounce, if i want investment grade coins I would choose older less minted coins.

I stopped collecting because the whole grading process is a SCAM. Even if you have something "certified" grade whatever, it's a not generally agreed upon by everyone, more importantly selling the coin for a reasonable price is difficult.

Now I just buy junk silver and gold if I dabble in coins.

[dockeryfan]

One thing, if you buy the American Eagle bullion for investment purposes. They sell them for just a few dollars above the spot price of silver. I called a shop I use from time to time, and they were like $4 above spot if you buy less than 20 and $3.5 above spot if you buy 20 or more.

An added incentive is the sales tax. In MD, if you buy 1000 dollars in bullion, they waive the MD sales tax which is 6%.

I do not collect as an investment. I buy what I like. It will appreciate or not, I don't care. I just like the sense of history. (BTW if anyone has Hard Times Tokens, I collect them, so if you go to a dealer and get a quote, I'll gladly give you what they would pay.)

[JMS]

I've recently become interested in the hobby, and I love the American Silver Eagle. I've seen 2011 and 2012 silver eagles that were minted at the San Francisco mint, although they don't bear the mint mark. They are certified (I have found them from all 4 major grading services) MS 70 and being struck at the SF mint. I have done a ton of research and can't quite find a solid answer. Are these worth buying or should I stay away because they have no mint mark?

You should stay away because silver is a commodity and it's fluctuation is going to be significantly greater than any numismatic value of coins struck in 2011 or 2012. This is true of silver currently trading at 35$ per ounce where a 2012 silver eagle coin sells for $38.98.

You can see that you are really paying for the silver, not the coin. If you are buying for an investment buy silver eagles from the 1800's or early 1900's for the same price for their silver content. Paying a premium for the coin is a fools exercise. There are many silver and gold resellers who will sell the coins for their commodity's worth...

This all goes back to the fact that the US traditionally paid it's debt in these silver and gold coins and that there are literally vaults of these coins in uncirculated condition in Europe. They have no coin collectors value because they are so many of them. If you think they are cool by all means collect them, just don't be foolish enough to pay any sort of premium for them. You are really collecting the silver and gold not the coins. When you go to sell them, that's all the buyer will be interested in.

---------- Post added February-24th-2012 at 12:15 PM ----------

One thing, if you buy the American Eagle bullion for investment purposes. They sell them for just a few dollars above the spot price of silver. I called a shop I use from time to time, and they were like $4 above spot if you buy less than 20 and $3.5 above spot if you buy 20 or more.

An added incentive is the sales tax. In MD, if you buy 1000 dollars in bullion, they waive the MD sales tax which is 6%.

I do not collect as an investment. I buy what I like. It will appreciate or not, I don't care. I just like the sense of history. (BTW if anyone has Hard Times Tokens, I collect them, so if you go to a dealer and get a quote, I'll gladly give you what they would pay.)

exactly correct. 4-5$ over the spot price is about a 10-15% charge against your investment. If silver prices drop 10-20-40% so will your coin value. 80-90% of the resell value of the coin will be in the commodity value. And like I said there are many gold and silver dealers willing to sell very old coins at no mark up value because they are used to trade commodities. They aren't rare even in uncirculated condition. They are worth the price of the silver and gold pretty much and that's it.

[SkinInsite]

I don't know if people still do it now but a friend of my parents use to buy $50,000 worth of $1 coin from the US mint every 6 months using his credit card to get free miles. Once he got the coins he'd just put it right back into the bank.

[Dan T.]

I don't know if people still do it now but a friend of my parents use to buy $50,000 worth of $1 coin from the US mint every 6 months using his credit card to get free miles. Once he got the coins he'd just put it right back into the bank.

How big of a pile is 50,000 one dollar coins?

[SkinInsite]

[China]

I don't know if people still do it now but a friend of my parents use to buy $50,000 worth of $1 coin from the US mint every 6 months using his credit card to get free miles. Once he got the coins he'd just put it right back into the bank.

Maybe $5000, but I doubt $50000. That would take up way too much space and you'd never find one bank that would take that many coins. I do know people however that do the $1 coin thing in smaller amounts.

[zoony]

Much better to buy $50,000 worth of decorative plates. If the market collapses, hey, at least your food will look great.

[Lombardi's_kid_brother]

I get all my investment advice from G. Gordon Liddy.

[Corcaigh]

Maybe $5000, but I doubt $50000. That would take up way too much space and you'd never find one bank that would take that many coins. I do know people however that do the $1 coin thing in smaller amounts.

I think there is now a limit of 1000 per ten days thanks to people abusing the program.

It sickens me a little that people behave like that, but I'm sure they're not the type to ever complain about a wasteful government program.

And I'm surprised the credit card companies don't treat it as a cash withdrawal and charge fees accordingly.

[SkinInsite]

I think there is now a limit of 1000 per ten days thanks to people abusing the program.

It sickens me a little that people behave like that, but I'm sure they're not the type to ever complain about a wasteful government program.

And I'm surprised the credit card companies don't treat it as a cash withdrawal and charge fees accordingly.

The program was wasteful before the abuse. There's still a stash of almost 1 billion dollar in coin that no one wants. I say let those people buy their coins and have the credit card company sort it out.

[Corcaigh]

The program was wasteful before the abuse. There's still a stash of almost 1 billion dollar in coin that no one wants. I say let those people buy their coins and have the credit card company sort it out.

The program was an ill-considered attempt to reduce the cost of paper currency replacement. It didn't work and is being heavily cut back. Those buying coins because of the free shipping incentive were exploiting a government program and causing the rest of us to pay higher taxes. **** them. :-) I hope the credit card company does screw them over.

[China]

Much better to buy $50,000 worth of decorative plates. If the market collapses, hey, at least your food will look great.

Well here's one I know you'll want to add to your collection:

[Corcaigh]

Well here's one I know you'll want to add to your collection:

Ron Paul Plate image

I'm so disappointed that you can use US dollars to purchase that. I would have thought the seller would only accept gold or some tangible good.

[rictus58]

I think there is now a limit of 1000 per ten days thanks to people abusing the program.

It sickens me a little that people behave like that, but I'm sure they're not the type to ever complain about a wasteful government program.

And I'm surprised the credit card companies don't treat it as a cash withdrawal and charge fees accordingly.

The mint doesn't accept credit cards for them anymore.