A Great Way to Get Silver Eagles
 

Hi Everyone,

The last time few times I've been to the coin shop I've been able to get silver eagles and gold maples with almost no premium by asking for the bad condition coins. You can get circulated silver eagles for the price of a regular 1oz round. And you can get dented/scratched gold maples for spot.

Generally, people don't care if a Krugerrand is dented -- but somehow if a maple is dented, it becomes cheaper than a Krugerrand! Cha-ching!

I just thought I'd pass on the good news.

Re: A Great Way to Get Silver Eagles
 

I bought a couple of Kookaburra's this way.:15_1_70v:

Re: A Great Way to Get Silver Eagles
 

all of my eagles were bought this way...some are rough looking others i cant even tell somethings wrong...not up to dealer specs though...whatever fine by me

Re: A Great Way to Get Silver Eagles
 

I've also found that there is no trouble selling a gold bar without the assay card.

Re: A Great Way to Get Silver Eagles
 

Doesn't that mean you won't get the premium back on resale either? Where's the gain?

Re: A Great Way to Get Silver Eagles
 

Thanks for the tip, Matt-themaddog-Dollar. I will keep that in mind when I go to my local coin dealer.

Re: A Great Way to Get Silver Eagles
 

Great Tip! Man, you earned your keep with that one. All the silver coins that I've owned are generics, well, except for the few Libertads and Brittanias. I'd love to add a few Eagles or Maple Leafs. Bring on the Scratch and Dents!

Re: A Great Way to Get Silver Eagles
 

I always get painted ones for melt price. Sometimes its just a decal that comes off by boiling in water.

Re: A Great Way to Get Silver Eagles
 

My dealer does the same thing, which is the only time I really buy eagles.

Great tip!

Re: A Great Way to Get Silver Eagles
 

The "gain" would come when the price of silver goes up :yes:

Re: A Great Way to Get Silver Eagles
 

Yes you are right. I bought 10 or more Maples like that - (scratched .999 OLD puppies) for spot back in 2001'ish. So when I trade them back in later - I will not get the .9999 price nor the regular .999 price - but a tad less.

You learn from other's mistakes. I "dood it" and wish I'd spent the extra money for the better ones at the time. Like instead of $265.00 a piece :cry1:
I should have paid the $290 each :yes:.

But that was a LONG LONG TIME ago. Now I just buy first class items.

But that's me.

"You get what you pay for." HistoryStudent STILL :yes::Surrender:learning Book 1, Chapter 1.

Re: A Great Way to Get Silver Eagles
 

I just picked up some ASE's like this. Dealer had a mishap and dropped a box leaving a coin show. two ASE's flew out and hit the pavement. Dents in the edges but otherwise perfect. Bought at same price he was charging for generic rounds.

Re: A Great Way to Get Silver Eagles
 

if they're selling at or near spot, they're not buying at spot - i would think.

maybe there's less of a spread on some kinds of damaged coins & ingots ?

i'm curious how the prices work out for ...
* coins/ingots with drilled hole
* coins/ingots with just a dent, so no metal loss.

i guess there's other kinds of defects, like lacquer & people scribing & stamping words & images on coins.

Re: A Great Way to Get Silver Eagles
 

I would think drilled coins assuming they have no numismatic value would go by weight due to the missing metal.

Re: A Great Way to Get Silver Eagles
 

To me, if you have a SAE that isn't BU, you have just another ozt of bullion.

Re: A Great Way to Get Silver Eagles
 

Some people, like myself, consider all SAEs just another ounce of bullion, albeit with a great looking picture. Normally we won't pay the premium for them, and that's why our silver hoards are nothing more than stacks of prospectors, crude generics, and beat up bars. However, if we can get our hands on some puuuuurdy silver like SAEs for no premium, then we will gladly take the opportunity to beautify our silver hoards.

Re: A Great Way to Get Silver Eagles
 

I have seen drilled 100 oz bars that were selling by the weight. They were drilled to test that their interiors were not filled with lead or some non-silver metal. But I don't think you'd see small bars or coins drilled because it's highly uncommon for them to be counterfeit (unless they come from a Chinese seller on eBay).

Re: A Great Way to Get Silver Eagles
 

Re-what? What is that ... that "resale" thing?

Seriously, are you still thinking that green paper is the only real money? You need to get rid of that idea. You don't buy PMs to get more green paper, you buy them to rebuild your life after the country crashes.

The day will come when you won't remember what you paid for your PMs. You'll just be glad you have some.

Re: A Great Way to Get Silver Eagles
 

SAE's will always have high premiums on them. Recently, the best deal that I have seen on SAE's is at my local dealer is when he sells common date SAE's (except 1996) for $3 over spot. I seen some for less than that but not by much. A person might get lucky by going to a coin show and getting a SAE (or a role 20 SAE's) for less than $3 over spot per SAE but based on my experience of going to coin shows and looking at SAE prices, that seems to be a rare occasion. Sometimes the early year SAE's seen to have a lower premium than the most recent year SAE's based on what I have seen when I go to coin shows and at my local coin dealer.


EDIT: APMEX, however does have SAE's for $14.88 each (if you buy 20 or more SAE's). Spot was at about $13.04 when I wrote this. Otherwise it is $15.88 per SAE for any quantity under 20 SAE's. Not factoring in shipping costs.