Top Coin Shops Online

Not Sure Where to start?

Purchasing coins and bullion online is not difficult. Doing research is always important just don't forget to get the best price by shopping around. The websites above are sites I have explored and built trust with. These links below are links I have collected to educate on bullion and coin shopping. In the spirit of the internet, I share them with you.

The end goal of precious metals is to preserve your spending power and build wealth over time. Gold and Silver have been stores of wealth since the beginning of civilization.

What to Consider When Buying Precious Metals

When buying and selling consider the following:

1. Precious metals are a commodity so the price is fixed across the world. The spot price is refence point for one to use when shopping. It's the global price of 1 Troy Ounce of that precious metal at that moment across the world. These prices can be seen at the top of this page.
2. The premium is the difference between the sale price and the spot price...remember this.
3. Smaller size coins and rounds (smaller than one Troy ounce, 1/2, 1/4 etc.) are easier to sell because they're smaller than the larger kilos and 100oz bars but the premium is higher. This is because spending $10 to $300 is easier to most than spending $2000 to $6000 dollars on metals so what happens is a 1oz silver coin may have a premium of 3.25 but a 100oz silver bar may have a premium of $1 per oz
4. After buying, trying to sell the coin puts you at the spot price + whatever the premium you want to set. Today spot price is 76.25 so I will try to sell my coin for 78.25, a 2 dollar addition.
5. Find what you like but always keep in mind when it's time to sell how easy will it be to sell. This is when you can enter the collectibles area.
6. Avoid heavily discounted bullion lower than days spot price these could be fakes and not 99.99% pure as bullion should be. Spot price should be your compass when navigating bullion and coins.
7. Junk silver (silver with mixed purities of metal) requires some research but is popular and affordable.
8. Create a spreadsheet that track purchase date, spot price, name of purchase, ounces, price paid. With this sheet you can view your total price paid overtime this will help you calculate your profit when you sell your silver without digging through receipts.
9. Don't let the metals consume you. Some cultures outside the USA gift gold and silver coins as gifts in communal events. I found this interesting because you gift something that grows in value over time instead of depreciating.

How to Manage Physical Metals

Metals must be stored somewhere. Whether your closet, a bank, a depository. Just remember if you can't hold it in your hand you may not own it anymore so be careful.

Precious Metal Shapes and Designs:

Rounds and Bars: Generally the lowest price, these are precious metals shaped to a round circle or a rectangular bar.

Coins: Coins are rounds that are associated to a Country. These coins carry a face value (dollar value) which is separate from the metal value. For Example: Quarters minted in 1964 or earlier, containing 90% silver and 10% copper have a face value of 25 Cents but the metal value ( melt value ) can vary between $5 and $7.

Collectables: Coins and Rounds can become collectables based on age, coin mintage amount, events etc. Collectables are harder to price so it typically involves the right buyer who sees that additional layer of history making the selling process a bit more different.

I would recommend for those starting out to buy a few rounds and coins to get your feet wet before moving into collectors coins.

How to Sell

Sell your coins to local coin shops or individuals such as yourself, establish a community and build a network of trust. Be careful when dealing with high value bullion as one of the down sides of precious metals is once stolen, it's gone.

Typically, selling to local coin shops has its downsides because they have more overhead but the trade off is you make a transaction in a safe protected area.

Selling to people may provide better gains but downsides include less security, and if shipping, added cost and complexity due to shipping and logistics.

You will figure out what's best for you. In the long run metals tend to grow slowly in value so you have time.