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- - Converting Numismatic Coin's into Generic Bullion? (http://goldismoney.info/forums/showthread.php?t=107955)

FormerUSPara | 02-06-2007 09:57 PM
Converting Numismatic Coin's into Generic Bullion? Hello, I've been investing in silver for about 8 month's now. 1/3 of my bullion is "Numismatic" (If I'm using the term correctly). Nothing rare, but bought at a premium none the less. I was thinking about going down to my shop to trade these for generic silver. Had I invested that money into generic silver, I would double the weight in ounce's. My hope is to trade out these coins, and get back a lot more in generic silver. What have been your experiences in this situation?

Au_Ag | 02-06-2007 10:01 PM
Re: Converting Numismatic Coin's into Generic Bullion? Quote:
Originally Posted by FormerUSPara (Post 501231) .. What have been your experiences in this situation?
I have absolutely no experience in this situation. However, I suggest doing the numbers quite carefully to ensure that transaction costs will line up feasibly

latemetal | 02-06-2007 10:03 PM
Re: Converting Numismatic Coin's into Generic Bullion? Sadly, VERY BAD, bend over and grab your ankles. That said, It wont hurt to try as long as you do not get your hopes up. Nusimatics are for experts not me.:boxing:

j-son | 02-06-2007 10:03 PM
Re: Converting Numismatic Coin's into Generic Bullion? what kind of coins do you have? maybe i'll trade.

Kahlil Gibran | 02-06-2007 10:03 PM
Re: Converting Numismatic Coin's into Generic Bullion? Quote:
Originally Posted by FormerUSPara (Post 501231) Hello, I've been investing in silver for about 8 month's now. 1/3 of my bullion is "Numismatic" (If I'm using the term correctly). Nothing rare, but bought at a premium none the less. I was thinking about going down to my shop to trade these for generic silver. Had I invested that money into generic silver, I would double the weight in ounce's. My hope is to trade out these coins, and get back a lot more in generic silver. What have been your experiences in this situation?
Years ago I bought a rare graded Silver Dollar then returned to the same Dealer to sell it five years after. He said that the "grade" was inflated and offered me less than I had originally paid him. It still had his own "grade" tag on the coin. :smile: since then it is only bullion coins for me.

KASHMAN02 | 02-06-2007 10:05 PM
Re: Converting Numismatic Coin's into Generic Bullion? Quote:
Originally Posted by FormerUSPara (Post 501231) Hello, I've been investing in silver for about 8 month's now. 1/3 of my bullion is "Numismatic" (If I'm using the term correctly). Nothing rare, but bought at a premium none the less. I was thinking about going down to my shop to trade these for generic silver. Had I invested that money into generic silver, I would double the weight in ounce's. My hope is to trade out these coins, and get back a lot more in generic silver. What have been your experiences in this situation?
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxx Always best to diversfy, never have all your eggs in one basket, keep some bullion and some nusimatics, never know but I limit my nusimatics to around 20%, and that includes slabbed and 90%.

naccarato | 02-06-2007 10:09 PM
Re: Converting Numismatic Coin's into Generic Bullion? Hey USpara, I traded in all my proof coin sets for Silver bullion a couple of years ago and am glad I did. Get a good trade though, some dealers will try to get over on you but you will eventually find someone who will make a fair trade.

ajrocks | 02-06-2007 10:13 PM
Re: Converting Numismatic Coin's into Generic Bullion? depending on what you have I'd say hold em, through the years when spot goes up graded coins go up even faster. a few years ago got some walkers slabbed and they are now worth three-four times the original price... Just my opinion :bull-smile: oooh I like this one

hoarder | 02-06-2007 10:19 PM
Re: Converting Numismatic Coin's into Generic Bullion? If your numismatic purchases are of the low premium variety, i.e. less than 15% over spot, conversion is probably not worth the time and expense unless you are doing a face to face transaction with an individual who wants to trade bullion for numismatics. But as a general rule, I think numismatics are a suckers game. WTSHTF, it really won't matter how shiny or rare something is. A very slight premium for recognizability is recommended by many, but even that is difficult to justify over the low cost of 90% pre-1965 coins. Welcome to GIM! You're just in time for the ROCKET!

Coffee | 02-06-2007 10:20 PM
Re: Converting Numismatic Coin's into Generic Bullion? Quote:
Originally Posted by FormerUSPara (Post 501231) Hello, I've been investing in silver for about 8 month's now. 1/3 of my bullion is "Numismatic" (If I'm using the term correctly). Nothing rare, but bought at a premium none the less. I was thinking about going down to my shop to trade these for generic silver. Had I invested that money into generic silver, I would double the weight in ounce's. My hope is to trade out these coins, and get back a lot more in generic silver. What have been your experiences in this situation?
Para, The first coins I ever bought were 1897 MS 63 $20 Liberty <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p> 1900 MS 63 $20 Liberty<o:p></o:p> 1903 MS 63 $20 Liberty <o:p></o:p> 1904 MS 63 $20 Liberty<o:p></o:p> That was when silver was around $7.00 an OZ. They haven't gone up at all, had I put that money in silver (over 4k,) I would have doubled it. A big rookie mistake, but I learned from it. Mike

FormerUSPara | 02-06-2007 10:47 PM
Re: Converting Numismatic Coin's into Generic Bullion? WOW, thank you all for the quick response's. What I have is nothing special. A roll of common date pre-21 morgans varing from "Very Fine" to "About Uncirculated". A few morgans PGSC MS 61. A few pre-21 BU morgans, some NGC 63 peace dollars, 61-64 mint sets and some 90% coins. And also some "Presidential Ingots" bars weighing in at 11.5 ounces each. I also have a roll of BU silver eagles that I consider "Numismatic". These are basically the items I paid a premium on. I wouldn't mind keeping them, or atleast some items. Its just that I wish I had been smart and got the most silver for my cash. So I'm considering possibilities. Just to use an example. I'll say my numismatic coins contain 70 ounces silver. But the price paid or value for them is comparable to 140 ounces generic silver. Would it be unrealistic to hope that a dealer might trade me generic silver close to the value of these items?

hoarder | 02-06-2007 10:57 PM
Re: Converting Numismatic Coin's into Generic Bullion? Quote:
Originally Posted by FormerUSPara (Post 501286) Would it be unrealistic to hope that a dealer might trade me generic silver close to the value of these items?
Yes, it would be unrealistic. But there are other ways to convert, like Craigslist and ebay, for example. But even at double the cost of generic, if you just keep them you'll be way ahead of the TV addled masses who have no silver at all when it hits $80 and ounce. Back in 1980 a lot of pretty silver dollars got melted.

naccarato | 02-06-2007 11:01 PM
Re: Converting Numismatic Coin's into Generic Bullion? "They say" the graded stuff is very legit, it would be interesting if you put that stuff to the test and tried to exchange it for bullion. I don't consider the common date morgans and SAE's Numismatic though, just higher premium Silver. Keep them IMHO

electric-amish | 02-06-2007 11:20 PM
Re: Converting Numismatic Coin's into Generic Bullion? Quote:
Originally Posted by Kahlil Gibran (Post 501245) Years ago I bought a rare graded Silver Dollar then returned to the same Dealer to sell it five years after. He said that the "grade" was inflated and offered me less than I had originally paid him. It still had his own "grade" tag on the coin. :smile: since then it is only bullion coins for me.
That had to sting ouch! E-A

electric-amish | 02-06-2007 11:28 PM
Re: Converting Numismatic Coin's into Generic Bullion? A coin shop will always deal but you may not get the best of it. Keep in mind he has overheads and must make a profit. I would maybe take the best of the best and get them PCFG (whatever) graded and then try to convert the lowest grade to see how it feels to you. The middle quality stuff is the Majority of your holdings so based on the lowest grade transaction you could make an informed opinion. Also take you coins to a couple of different guys if possible to get a better feel for the market. Electric-Amish

goldminer | 02-07-2007 02:44 AM
Re: Converting Numismatic Coin's into Generic Bullion? "...I was thinking about going down to my shop to trade these for generic silver. Had I invested that money into generic silver, I would double the weight in ounce's. My hope is to trade out these coins, and get back a lot more in generic silver..." My hope is to trade out these coins, and get back a lot more in generic silver If you do not collect these coins and have no particular interest in them other than the metal they contain...then your post reads like you've answered your own question. Trade 'em out. Shop around to get the best price, mark it down as a good learning experience, and move on with nothing lost...education is priceless.

lhslancers | 02-07-2007 05:45 AM
Re: Converting Numismatic Coin's into Generic Bullion? Quote:
Originally Posted by Kahlil Gibran (Post 501245) Years ago I bought a rare graded Silver Dollar then returned to the same Dealer to sell it five years after. He said that the "grade" was inflated and offered me less than I had originally paid him. It still had his own "grade" tag on the coin. :smile: since then it is only bullion coins for me.
I would have shoved them down his throat. :s10: Brass balls.:favorites21:

RossL | 02-07-2007 07:28 AM
Re: Converting Numismatic Coin's into Generic Bullion? Quote:
Originally Posted by FormerUSPara (Post 501231) Hello, I've been investing in silver for about 8 month's now. 1/3 of my bullion is "Numismatic" (If I'm using the term correctly). Nothing rare, but bought at a premium none the less. I was thinking about going down to my shop to trade these for generic silver.
A dealer will not give you a good price for them. Put them on ebay with a good picture and a good description. You might be surprised how many people bid them up. I put some PCGS MS64 silver dollars on ebay once. Started the auctions all at $1. I made some nice big scans on the scanner. The bidders went crazy and bid some of them up to twice their greysheet value. Almost all got bid up to the greysheet value. :yippee: If I had taken them to a dealer he might have offered half the greysheet value.

goldminer | 02-07-2007 08:16 PM
Re: Converting Numismatic Coin's into Generic Bullion? "...I would have shoved them down his throat..." You are much more a gentleman than I. I'd too would have shoved them but it would have been upward from his other end.

The Great Ag | 02-07-2007 11:04 PM
Re: Converting Numismatic Coin's into Generic Bullion? I agree with what RossL penned. I enjoy numismatics, so I would say keep them. However, if you do not enjoy those coins and prefer bullion, then convert and get the best price you can for those coins. Follow RossL's advice in this aspect and you should do okay. Go with what makes you happy! Since you have silver and want more silver, either way you will be better off than most Americans. The Great Ag

Ringhunter | 02-08-2007 02:18 PM
Re: Converting Numismatic Coin's into Generic Bullion? I would also say ebay, what the heck why not. I just picked up 25-1oz art bars that don't reallly interest me and I consider them generic but some seem to have a premium on ebay so I'll probably off them.

Anty Ep | 02-08-2007 02:36 PM
Re: Converting Numismatic Coin's into Generic Bullion? Quote:
Originally Posted by goldminer (Post 502472) "...I would have shoved them down his throat..." You are much more a gentleman than I. I'd too would have shoved them but it would have been upward from his other end.
You might have shoved them up his backside but then you would have been in jail. I would have sued him for fraud and taken three times the value when I spanked him in court. :birthday:

Anty Ep | 02-08-2007 02:41 PM
Re: Converting Numismatic Coin's into Generic Bullion? Quote:
Originally Posted by Kahlil Gibran (Post 501245) Years ago I bought a rare graded Silver Dollar then returned to the same Dealer to sell it five years after. He said that the "grade" was inflated and offered me less than I had originally paid him. It still had his own "grade" tag on the coin. :smile: since then it is only bullion coins for me.
Check the statute of limitations on fraud for your state. You might consider suing him. You may be surprised to find out how long you can sue somebody for "intentional tort" like fraud. Also check and see if there is a "property crimes victims act." This law is in a lot of states and what it does is, if you win on certain crimes, like say, conversion (theft) or check deception (bad check writing) and maybe certain types of fraud claims, you can get treble, or punitive damages, or maybe lawyer's fees too, depending on what the statute says. Coin dealers have been sued successfully over grading issues. I read of this in a book I bought recently about the coin trade. These were big money coin deals, not little ones, but the same principles would adhere.

Kahlil Gibran | 02-08-2007 02:46 PM
Re: Converting Numismatic Coin's into Generic Bullion? Quote:
Originally Posted by Anty Ep (Post 503350) Check the statute of limitations on fraud for your state. You might consider suing him.
I considered it tuition to the School of Hard Knocks. It was only one coin and 25 years ago. :smokin: taught me a valuable lesson

Anty Ep | 02-08-2007 02:52 PM
Re: Converting Numismatic Coin's into Generic Bullion? Quote:
Originally Posted by Kahlil Gibran (Post 503359) I considered it tuition to the School of Hard Knocks. It was only one coin and 25 years ago. :smokin: taught me a valuable lesson
aha! You are older than your youthful vigor style of posting suggests.

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