Grandson's first visit to a coin shop
 

My grandson is 8 and he is becoming obsessed with coins! Now when he comes over he just wants to sort through my wife's old coins and my junk Morgan and Peace dollars. We weigh them on my digital scale and he knows the difference between troy ounces and "regular" ounces.

He also likes the cheezy subway token golden Presidential dollars, but I am teaching him the difference between gold and silver the COLORS and gold and silver the METALS.

My wife proposed a visit to a coin shop. "COIN SHOP! You mean there's a STORE where you can BUY COINS?" He was pumped.

So we went to a little shop I hadn't been to in years and my grandson was in heaven looking through all the coins and asking very good questions of the proprietor.

I also asked questions, mostly about bullion. All his silver was at least $22 an ounce, and ASEs were $25. I asked him his buy price for 100 oz bars and he said he might go as high as 90% of spot if it's a name brand bar.

I asked about smaller silver bars (1 and 5 oz). He only had three 5 oz bars and said he can't keep them in stock. At $22/oz I had no intention of buying any, but one of the 5 oz bars was a poured Engelhard with the serial number P002468. I liked the low serial number, the "2-4-6-8" pattern, and my grandson liked that it said "POO", so I bought it. It will make for a nice carry-around.

Interesting was the array of customers he had. When we arrived there was a gentleman just finishing up a purchase of something for $530. Then we were alone for a while until a Scoutmaster came in and asked for some supplies to help get his Scouts interested in coin collecting (is there a merit badge?). Soon after, a woman brought a couple of sterling silver forks for the owner to look at, then went out to her car to bring in a complete set of silverware to sell. I could tell she was upset at having to sell a family heirloom. There was also a very poor-looking couple trying to sell some old silver dollars.

We bought some old coins for our grandson...steel war pennies, a Barber quarter, etc. He really liked my 5 oz bar, though. He polished it up and fondled it the rest of the day. Maybe I'll get him one for Xmas. He knows the difference between money for spending and money for saving.

Re: Grandson's first visit to a coin shop
 

That's excellent!

I wish I had that opportunity as a youngster. WELL DONE GRANDPA!

It sounds like he's on well his way to numismatic success!

Re: Grandson's first visit to a coin shop
 

Good story!

I swear the best place to buy pm's would be outside the coin stores. Doubt they would like that.

Of course, you'd have to know what you're doing.

Does anyone else find it outlandish to get 90% spot? I ran into an owner doing this. So and 18.00 spot would get you 16.20? I am thinking there are much better venues and that the coin guy is reeeeping people.

Re: Grandson's first visit to a coin shop
 

That's a great story -- my granddad has slowly been giving me silver over the years, I have a collection of silver spoons he gave me hanging in the parlor, Georgian stuff, very nice.

Re: Grandson's first visit to a coin shop
 

That's what my local dealer does. He acts like 90% spot is heaven. Back during the supposed silver shortage, he was offering 12 dollars for SAE's but selling them at 18. Last time I ever went to his shop.

Re: Grandson's first visit to a coin shop
 

Very cool. I've been loading up my niece and newphew every birthday and Christmas with silver. They have pandas, eagles, series 1 lunars, koalas, amark bars and this Christmas I am thinking about giving them a 5 oz bar. My 8 year old niece is a saver of money and recently we broke out her collection and showed her that she had several hundred dollars worth of silver which really blew her mind. I've been meaning to take her to the coin shop, might have to do that very soon.

Re: Grandson's first visit to a coin shop
 

Great story!
GREAT IDEA!!! ^^^

He will LOVE IT! Seems as though he has earned it with his learning.

Re: Grandson's first visit to a coin shop
 

He also likes the cheezy subway token golden Presidential dollars, but I am teaching him the difference between gold and silver the COLORS and gold and silver the METALS.

Good job.

Re: Grandson's first visit to a coin shop
 

When my son was a younger I got him into coins. Steered him into buying purely bullion coins like SAE's. Maples and his favorite was Silver Dollars (Morgans). Recently he went to college and was in need of cash. Bought him out at 90 percent of spot. :emotions16:

Re: Grandson's first visit to a coin shop
 

My parents always gave us some silver for Christmas and birthdays. When I got on the commodities wagon a few years ago I went in with Dad to buy some bigger lots.

My parents aren't metal bugs or survivalists but they have a healthy skepticism of the dominant system.

Re: Grandson's first visit to a coin shop
 

:111::111::111: HAHA!! Nice! Good 4 both of you!


I want to start gifting silver. but choose wisely, many have not a clue.:elefant:

Re: Grandson's first visit to a coin shop
 

Yeah, but give them the benefit of the doubt. There is nothing about metals that make them fundamentally difficult to understand.

It ain't quantum mechanics or the rule against perpetuities. Metals are for everyone.

Re: Grandson's first visit to a coin shop
 

Nice job kinda makes it worthwhile-- Happy for You.
A great guy I knew told me his story; We worked together one time, he was born in the 40's it was in Nebraska. He had all this energy as a young boy and his folks took him to the doctor for help as they thought something was wrong. The doctor said he is just a normal kid but has a lot of energy so you need to vent this kids energy.
LOL , so they set him out takin out an old cherry orchard all his growin up years . Thats what they did in those days. Not like today drugs and poisons.
Well Ill tell ya now workin with him the harder the work this dude just drives on-- I mean 100% and he'll collapse before he even thinks of stopping. I was so impressed.
His name was Bill.

Re: Grandson's first visit to a coin shop
 

Very much agree. But after warning friends and family since 730 gold and @ 8 dollar silver I got a bit tired of it!!!

I now just forward CNN and Bloomberg headlines to people. AND now @ 1100
almost 400 $ later and less than a year some are a bit receptive!
ROFL:ok:

Re: Grandson's first visit to a coin shop
 

So, the silver did its job and kept its value through the years. It was there when he needed it for something important.

In fact that same coin shop was the place I sold some Morgans my long-dead grandfather had given me, when I was scraping the bottom financially in 1980. I sold the silver, my girlfriend sold her clarinet, and we made it through some lean times between jobs.

Re: Grandson's first visit to a coin shop
 

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Re: Grandson's first visit to a coin shop
 

Great store TBSE. I had parents/grandparents who fostered the hobby in me when I was a kid, and I'm very thankful they did. PM "coins" were the natural extension of the numismatics over time. Not only does a kid get interested in what I consider a truly enjoyable hobby, they also start to learn about "real" money at an early age, which can be an incredible head start on their financial future.

Re: Grandson's first visit to a coin shop
 

Great to hear ToBeSelfEvident

When I was about 6 my Granddad gave me a bag of halfpennies and a few other coins, that's were it all started for me.

Re: Grandson's first visit to a coin shop
 

when a new baby born into the family i alway give them a sae for the year they when born . i hope one day they stop and think about that an see the value in it