Buying old circulated silver coins
 

Until today, I had only invested in gold and silver in bullion coins (Vienna Philharmonic).

For a long time I have been thinking of buying some common PM coins that have been on circulation. Not rare ones but some that have the most bang for the buck in terms of gold or silver content.

Today I managed to strike my first deal. I bought 50 Finnish Marks (1 mark coins).

It consist of 35% silver, 57% copper, 8% zink. It weights 6,4 grams. The coins were circulating during 1964-1968.

I paid 50 euro cents each. That makes 25 � in total. That makes 3,6 troy ounces. Spot price today is about 12 �. If I value only the silver content, the price of 50 Finnish Marks' should have been over 40 �, right?

What do you guys think? Is this a typical price or are common PM holding coins that have circulated usually in this price range related to spot price of silver?

In advance, thank for any advice! I'm still a newbie when it comes to coins. I'm interested in starting to buy some more when I get a better idea on the prices.

Re: Buying old circulated silver coins
 

Sorry nobody has answered you yet, and I don't have a good answer as I would be dealing in only US coins. However, many here would tell you that 35% silver coins are not as good as 90% (obviously). I can buy 90% US silver "junk" coins for spot or even a little below, 40% silver Kennedy half Dollars typically go for less than spot. Hope this helps, and good luck.

Old man

Re: Buying old circulated silver coins
 

Any time you decide to purchase a new form of bullion, make sure you already know of a buyer and how much they will give you for it. This will allow you to know instantly if the purchase is worth making.

In the case of low-percentage silver coins (<90%), I know many refineries in the US won't offer very good buy prices due to the complications and extra cost associated with removing the silver from them. This is why we see war nickels (35% Ag) and '65-'70 half dollars (40% Ag) being bought at the dealer level for MUCH less than spot. Canada used to mint 80% coins for circulation but I'm not familiar with how they compare resale-wise.

If I were you I'd try to find a market for your new bullion form. Check Ebay, local coin dealers, etc., to see what they're going for.

Re: Buying old circulated silver coins
 

Excellent advice, chuck.

Re: Buying old circulated silver coins
 

Guys, thanks for the advice. I appreciate it.