Coins for Bullion trade advice

[afreakofnature]

Ever since I started collecting silver, back when it was 8 bucks an toz, I have wanted a 100 toz silver bar. I thought it would be fun to own a brick of silver. However back then I could not afford to spend the 800 bucks and certainly now I can not afford to spend the 3500 bucks. Bummer looking back like that, since I could now afford the 800, oh well. However what i did do is collect enough sterling junk and pre64's and some bullion rounds to equal 100 toz over time. I would like to trade that for the bar I have always wanted. Anyone have any advice on a trade like this. I know that the old pre64's have some type of numistic value as well as silver value, and that small bullion can draw a premium over large bullion. If I asked to do a straight up trade spot for spot, do you think I am losing too much or do you think anyone would even want to do something like that. Just asking advice so I am more informed before I make a visit to a coin store or do a trade on Craigslist.

Thanks in advance!

 

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[silverfinder20]

i personally wouldn't recommend a 100 ounce bar of silver. Instead I would recommend 100 1 ounce silver bars. This is because you will still get the same amount of silver for the same price but it would be easier to sell. It is hard to find someone who wants to buy $3500 worth of silver all at once. But it is easier to find someone who wants to buy $35 worth. The one ounce bars are easier to liquidate. Plus you may make more money selling the ounce ounce bars because silver may rise and you can sell them for a higher price then the previous ones you sold. Thats just my personal opinion. But if you have dreamed about this 100 ounce bar then go get it. Good luck!!

 

[brendan1414]

i personally wouldn't recommend a 100 ounce bar of silver. Instead I would recommend 100 1 ounce silver bars. This is because you will still get the same amount of silver for the same price but it would be easier to sell. It is hard to find someone who wants to buy $3500 worth of silver all at once. But it is easier to find someone who wants to buy $35 worth. The one ounce bars are easier to liquidate. Plus you may make more money selling the ounce ounce bars because silver may rise and you can sell them for a higher price then the previous ones you sold. Thats just my personal opinion. But if you have dreamed about this 100 ounce bar then go get it. Good luck!!

I dont think you get his idea... lol he needs to have this brick of silver. i totally agree with him, i always wanted a giant piece of silver aswell. id say go for it, don worry about the loss, or reselling it. treasuree it and pass it on to your kids. who knows, someday it may be worth its weight in gold...

 

[db23]

I agree with silverfinder20. A 100oz bars was one of the first pieces of silver I ordered. Have regretted it ever since. Should have ordered a hundred 1oz govt issued rounds instead.

 

[jim4silver]

I say get what you like. No reputable coin dealer will refuse a 100 ounce bar because it is too big when you go to sell. Just make sure you don't buy a bar that has been "drilled and filled" with lead. If you buy from a reputable store they can help you make sure the bar you buy is legit.

Although I personally don't buy 100 ouncers for some of the reasons stated above, the few coin dealer acquaintances I have only buy 100 ouncers when they load up on silver and they say they have never had a problem. Usually the premiums are lower than on smaller bars and they stack up nicely in a safe.
The largest silver bar I ever bought is 1 kilo JM bar and it is pretty cool.

If you plan to stash it away for a long time it is probably your best bet premium wise.

Jim

 

[legend76]

I got an Englehard 100 oz bar a couple years ago for around $1400

 

[afreakofnature]

Well thank you for the advice on the 1oz bars vs the 100 oz bars, but really what I was asking is do you think that asking for a straight up trade in bullion vs bullion is fair? Since I would give out pre64's, sterling jewelry, and 1oz generic bullion rounds. Just to let you guys know I am going to keep all my ASE's, and other foreign government issued silver rounds (like Kookaburas and Maple Leafs)

 

[coolpix9]

My grandpa used to say"Boy,you either get Boot or you give Boot,no one trades for free"

A dealer expects to make money on both ends of the trade. He makes some when he sells and he makes some when he buys.

 

[mts]

My grandpa used to say"Boy,you either get Boot or you give Boot,no one trades for free"

A dealer expects to make money on both ends of the trade. He makes some when he sells and he makes some when he buys.

Agreed. You will have to trade more than 100 ozt. of other silver (or add cash to the deal) to get your 100 ozt. silver bar. And most junk silver has no numismatic value at all. A dealer will not want to make the trade without also making some profit. You may be better off selling your current silver for cash and then shopping around for the best price when it comes to buying. Then again, maybe not. You'll just have to check and see what kind of deals you can find. Either way, I would not expect a 1:1 trade.

 

[afreakofnature]

Thank you again do appreciate it. Any idea what might be a fair mark up would be? 5% of spot? I actually would like to know what others think of that. The coin stores around here seem to have different rates all the time, how or where do they determine that?

 

[mts]

It really does vary by store and by day. For example, some dealers are very hesitant to sell silver right now without a fairly high premium because they got burned on the recent price run up. Likewise, they are very worried about buying at too high of a price right now because there is so much volatility in the market.

Since you are looking to trade like amounts of silver it might not hurt to wait a while until the market cools down a bit. That way you don't get hit with super high premiums. I don't think the price is going to go anywhere in the next month. And if it stays where it is for a while the dealers will loosen up their inventories again and give you better deals. Right now it seems like some are scared to even do business.

 

[quiksilver]

As kool as owning a 100oz bar may be i wouldnt lose by trading any thing other then the jewelery or 40%ers. Gotta think about selling down the road if silver goes up , who will pay 5000 and at what markdown. Not to mention possible lead filled bars. Even if you own a "legit" bar those who may be willing to buy may want to check to see if it is solid which will take a little time. How about if the price causes paperwork to be filled out.