noob question: I found silver!

[aleix1979]

Hi there,

I found a place where I can buy silver coins. US Dollar and all sorts of other minted coins.

The question is: How can I trust the guy over the counter? How can I know on a quick spot if that's an ounce, half ounce, which silver percentage have, what is the right price...

Thanks!

 

[acptulsa]

Avoid paying more than $15 per real U.S. dollar (face value). If you buy quantity, you may be able to talk him down to 12.50 per real dollar. Do the math--6.25-7.00 for a half, 1.25-1.50 per dime, etc. The more you buy the less you should have to pay.

 

[Bruno]

Hi there,

I found a place where I can buy silver coins. US Dollar and all sorts of other minted coins.

The question is: How can I trust the guy over the counter? How can I know on a quick spot if that's an ounce, half ounce, which silver percentage have, what is the right price...

Thanks!

Any reputable dealer is not going to try to rip you off. You mentioned they are minted coins, and you can therefore trust the silver percentage also. Bullion coins are going to be .999 percent silver usually. Pre-1964 U.S. coins are called "junk silver" and are 90% silver content. They usually have the lowest premiums over spot.

Check spot prices before you go, then ask what they charge over spot. It might be as much as $4-5. Expect at least $2.50 over spot per ounce. Pay in cash.

http://www.kitco.com/market/

Have fun. Its good to have silver in your hands.

 

[lucius]

...Have fun. Its good to have silver in your hands.

Great advice!

One of these won't hurt for future buys: