Is it a good idea??

[timbobwey]

To trade silver coins for a higher grade silver, like sterling flatware? I was thinking of selling some 40%ers for some higher grade silver, just wondering what u guys think?? It seems like a good idea, but I've never done it before.
And any predictions for silver prices this week??

 

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[mlayers]

Hope it keeps going up, up, and up.....Matt

 

[blkcwbyhat]

unless you know what % it is silver...no....Sterling really won't matter.

 

[timbobwey]

I know that it's 925, so it is higher grade, even over 90% coins. I think I might give it a shot, I have a lot of 40% halves and it will free up a little space for me. I know a lot of people will trade 40% halves for 90%, I guess it's kind of the same thing. Either way I guess it's silver.

 

[quiksilver]

Depends how you look at it. Personally i like to trade up for gold because it is fun. I buy different looking foreign gold pieces because i like them.

A reason to trade up can be because other types of silver may be easier to get rid of down the road.

Another reason can be room.

Another reason may be if you believe they may confiscate your [their] coinage.

 

[Generic_Lad]

It just depends if you need the space in your safe deposit box or not. I personally would never trade 40%ers for sterling flatware simply because its too time consuming to assess a true value on it. 40%ers, 90%ers and bullion bars/coins are all really easy to manage when it comes to selling them and knowing what the prices are. If you need space or really want higher quality silver, I'd go for either low-premium bullion or trade up for some bullion coins (silver eagles, silver maple leafs, etc.) and if you don't own gold or want to own some more of it I'd recommend trading some silver into gold. While I still think that silver is going to go up like a rocket, the gold to silver ratio is lower than it has been in several years.

But personally, if I had the space in my safe deposit box, I'd just stick with the 40%ers because you wouldn't be losing money like you would trading them into 90%ers or bullion bars/coins. I'd avoid sterling flatware as a real bullion product (but if you find that stuff cheap at garage sales, buy it!) if you could have coins instead simply because they are so much easier to sell and value.

 

[timbobwey]

I don't fear my coins being confiscated, but I guess it's possible. I know I can get a good deal on some silverware, for quite a bit less than melt, so I think I will do it. In the end, I will wind up getting more silver out of the deal than what I had, so it makes sense.

 

[fistfulladirt]

I don't fear my coins being confiscated, but I guess it's possible. I know I can get a good deal on some silverware, for quite a bit less than melt, so I think I will do it. In the end, I will wind up getting more silver out of the deal than what I had, so it makes sense.

I don't fear my coin being confiscated either. They can have my aluminum siding though. The only reason I upgrade to 90 or 999 is because it's easily ID'd. I say, do as you please. ffd

 

[timbobwey]

Generic Lad,
I see what you are saying about coins being easy to sell. More people know the value of them than they do other kinds of silver. But I can get the silverware for quite a bit under melt value, so it would be like adding silver to the stash for free, just in a different form. Sterling flatware is still silver, u just have to weigh it, it's not hard to do. I think I might give it a shot. Plus some sterling flatware can be worth more than melt, depending on hallmarks and makers marks. The flatware I am going to get is from the late 1800's through about the 1920's, and is all different hallmarks. Being that old, it wouldn't be hard to sell, especially to collectors because they are old pieces. Much older than 40% half dollars. I think it will work out for me. Just like coins, they are little pieces of history.

 

[Generic_Lad]

If you can get it for less than melt I say go for it

 

[vetteguy96]

What concerns me is that most of us are buying and storing precious metals as a hedge against the very distinct possibility of economic collapse, and the all so real possibility that we may wake up one morning and the banks be CLOSED....... If this happens and "Uncle" decides it's time to confiscate precious metals, you will be allowed back in to the banks at some point, but only allowed to retrieve important papers, such as wills, birth records etc.... All precious metals in those same vaults may and quite possibly WILL be confiscated. Welcome to Amerika.

I didn't mean to send this thread in a different direction as the OP has a very valid question, I hope the answers still keep coming, but in the same breath, I'd like to ask if anyone thinks storing their precious metals in a BANK is safe, or lunacy?

I know I'm kinda new here, but a common sense question is a common sense question all the same, or am I following the insanity of a DIFFERENT Government

Sorry to hijack the original question, but I've never heard this concern addressed.

Dan.

 

[CardsNCoins]

The title of the thread being posed as a question seems odd since you seem pretty set already in what you want to do. A better title might have been "I'm trading my 40% for sterling, who agrees with me?", since any advice contrary to agreeing with you was met with a dissertation on why they should agree with you.

Just my 2 cents, and good luck with your forks and spoons.

HH

Nick

 

[Generic_Lad]

What concerns me is that most of us are buying and storing precious metals as a hedge against the very distinct possibility of economic collapse, and the all so real possibility that we may wake up one morning and the banks be CLOSED....... If this happens and "Uncle" decides it's time to confiscate precious metals, you will be allowed back in to the banks at some point, but only allowed to retrieve important papers, such as wills, birth records etc.... All precious metals in those same vaults may and quite possibly WILL be confiscated. Welcome to Amerika.

I didn't mean to send this thread in a different direction as the OP has a very valid question, I hope the answers still keep coming, but in the same breath, I'd like to ask if anyone thinks storing their precious metals in a BANK is safe, or lunacy?

I know I'm kinda new here, but a common sense question is a common sense question all the same, or am I following the insanity of a DIFFERENT Government

Sorry to hijack the original question, but I've never heard this concern addressed.

Dan.

While that is always a valid concern, I think that at this moment, the prospect of robbery is greater than confiscation at this point. If there are people who would risk their lives stripping copper from live power poles when copper is only about $4.10 a pound, surely there are some people crazy enough out there to risk their lives trying to get silver or gold which is worth quite a bit more for less. Scrap metal dealers are often suspicious when someone has a large amount of copper that could have been stolen, but my guess is the "Cash 4 Gold" people wouldn't give a second thought if you say your grandfather recently died and gave you all these old coins and bars. And the news is filled with people who have had coins stolen left and right, including a theft of 7,000 silver eagles.

As much as I distrust the US government, and as much as I distrust the banking system as a whole, for the time being the number of break-ins and theft of precious metals is simply too high at the moment to store your coins in your home I believe.

 

[timbobwey]

Cards and coins
Just because I'm planning on doing it any ways doesn't mean that I shouldn't ask people if it's a good idea, I see nothing wrong with the title of the thread. I didn't want to put some crazy long title up, I just wanted input on what people thought.

And if you don't have any advice then why are u even posting on the thread?? Maybe the proper title should have been " I'm going to cash in some 40%ers so I can go buy some sterling flatware for 30% below melt value, who thinks this is a good idea?"

would that work for you??

 

[timbobwey]

And Cards, I do see where your coming from. I could have been more informative in my opening thread though as far as explaining the whole situation. But i do think the title is ok

 

[CardsNCoins]

It just seemed like you asked for all opinions, but when you got one saying it wasn't a good idea, instead of saying OK thanks, you went on to tell them why it was a good idea (meaning your mind was really was not open to true input).

It's like when my wife asks me a question that really only has one answer; hers. If my answer is not going to have true input, then don't ask me (her, not you).

 

[timbobwey]

Yeah, I know what you mean. I think I should have put more details in my opening thread and it would have made more sense to you guys. I didn't even mention that I was going to be able to get the silverware for about 27% under melt value. So I did pretty much have my mind made up. I just wondered what u guys would do.