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Pawn Shops
Buying Junk Silver Cont...
Pawn shops are another good source to purchase your junk silver from, although they do tend to watch the markets more often and adjust the price of the coins accordingly. (at least that's what we've observed) We've actually been in a pawn shop asked for the coin prices and made some purchases while the store was in the middle of marking up their coins. If this happens be sure to tell them you want the current price as advertised and not the markup price. It's illegal for the price to be listed at one price and them attempt to mark it up. This is called the "Advertised Price", and while it's ok to pay less you should never ever pay more.
Again be sure to make friends with the people that own and operate the shop. Leave your number if need be.
Yard Sales and Flea Markets
If you don't mind getting up early on a Saturday or Sunday Yard sales and Flea Markets are some of the best places to get junk silver from.
Use the Silver Content of US Coins tool to figure out the exact price before you go, or browse on your mobile phone while you are there.
Most Yard Sale owners don't know what they have in terms of silver content. They most likely have an idea the numismatic value of a coin, but the intrinsic silver value not so much.
I grew up going to yard sales and flea markets, and let me tell you if the price says $20 you can always offer $10 and then buy it for $15. The price listed is never the actual price. :
Local Ads and Posters
To be completely honest we have never employed this tactic but it's in use all around us so we figured we'd post it as well.
Make posters, or post small ads in local newspaper listings with something like "Pre-1965 Coins Wanted". In the add put your Cell Phone (not home phone they can find your address that way). Offer to buy the coins for less than spot, and then meet them at a public place like a fast food joint so you don't get robbed. This is said by many to be a great way to pick up cheap junk silver.
Avoid Common Pitfalls
Not All Silver Coins are 90%
This is something to worry about. If you are new to this then you most likely don't have all the coins memorized, if that's the case we have a tool for you. It's called "Is my Coin Silver"
Junk Silver Conditions Matter
Just because the term "Junk" infers that the coin is "Junk" it doesn't always have to be. The conditions of the coin will vary widely, but on average most coins will be in "not so good shape". If you have the choice between a 1965 Kennedy that looks "great", and one that looks like "crap" for the same price then of course you would choose the one that looks great. The choice is usually not that simple however. Coins in good condition even if widely circulated will usually have more of "premium" on them meaning they might cost a few dollars more.
The point however is to not get stuck on the coins physical appearance. You are most likely buying these things as a hedge against inflation or something like that. In that case quality isn't a big deal.
When to Buy Junk Silver
When you buy depends a lot on why you are buying. Why are you wanting to buy?
Trying to buy under spot
If you are trying to buy under spot then time is of the essence :) What you will want to do is watch the market closely. In fact we have a tool set up that will send you market alerts when silver hits a set price. When your preferred price is reached you need to rush out to the Antique shops and make your purchases. Remember most antique mall content is owned by persons that don't work at the store. So prices don't adjust as quickly and you can snag coins on the cheap. Use our silver price alert feature.
Hoping the Market Will Improve
This means you want to buy "on the dip" or when silver price drops. Use our silver price alert feature. (must be logged in first) Buy low sell high they always say in regards to most stock and metals.
