5 Mistakes Silver Stackers Make at the Coin Shop
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- Опубликовано: 10 июл 2024
- In this video I share 5 Mistakes Beginner Silver Stackers Make at the Coin Shop. I also share 1 very important silver stacking tip at the end. I have been silver stacking for several years now and I have made some of these silver stacking mistakes before myself. The reason that I am sharing these silver stacking mistakes that you could make at a coin shop is so that hopefully you can learn from my mistakes and not make them yourself. Local coin shops can be full of great deals and under priced silver bullion items which are great for silver stacking so I think that it is important to go to your local coin shop and see what they have. These silver stacking mistakes that I share will help you to be better prepared to go to a local coin shop if you are a new silver stacker. I also share some coin shop etiquette in the video which can be very helpful as well! Here is my guide to buying junk silver:
The Ultimate Guide to Buying Junk Silver
• The Ultimate Guide to ...
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Topics I cover in this video: silver stacking, silver stacking mistakes, silver stacking tips, silver stacking coin shop, silver coin shop, local coin shop, coin shop, coin shop tips, silver stacking for beginners, silver stacking 101, silver stacking on a budget, local coin shop owner, coin shop owner, coin shop mistakes, local coin shop mistakes, silver bullion, junk silver
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I started buying silver about a month ago and struck up a conversation with a man that was looking at silver at our local shop, he is a wealth of knowledge and pointed me towards this channel. We have stayed in contact thus far and yesterday when I got home I had an unexpected package at my house when I opened it I found that he had sent me 20 mercury dimes and ten buffalo nickels. Being kind to the elder collectors at your local store seems to go pretty far. Love the channel!
Love that story.
@@poetsummerbreeze4663 Phillip is a great man. He is a vietnam vet that owns a car detailing company. Which is cool because I did 2 tours in Afghanistan myself. I have been chatting with him quite a bit lately.
That’s awesome!
Yeah right. Why in the heck would a stacker give out their address.
Awesome seems he made a friend as well, now you need to pay it forward
DON’T, EVER, spout off to the owner or customers in the shop about the "killer deal" you got elsewhere. Online or down the street, just don’t do it. Be polite and humble.
And if it’s close in price, always support your local shop.
Paper and physical price are totally different. Paper price is a joke !!
I made the mistake of spouting off in my Lcs when I bought a couple fake silver rounds from them now they hate me but dag gone it was my first silver purchase and I plainly said I'm learning can you help me without taking advantage of me if it had bin a deal on real silver I'd never tell and id always kept coming back
My best experience was at a coin show when I was a kid back in the fall of 97. I was collecting 1/10 oz gold coins and buying them at $40-50ish each. The coin dealer let me look at couple 98 pandas and I told him I wanted both. He asked me why I wanted both. I pointed out that both have different sized dates. He was impressed because he didn't catch that and knocked $5 off. Fast forward to now, I still have both the coins still in the ogp and the 1998 1/10 oz pandas are the key dates of the series for that size.
wow that is a great snag!!!! congrats! 🔥🐉
Good move! Well spotted too! I noticed that thing about the different sized dates on a website recently. I got a 1988 and a 1989. Both Proofs. Many years ago. Close to spot. 40 GBP I think.
$40-$50 each, wow!
Since I'm a new stacker, this is exactly what I needed to watch.
thanks for watching my friend!!! 🔥🐉
Welcome to stacking! You’re going to love it!
Me too thanks
Mistake #1, don't but silver at $42 a oz like I did 🤑
Too late. Went thru a large dealer and got burnt. Bad.
oooofffff
That's lots, just hold, and it will pay you back, I said same thing I paid 16 some years back
@@daleval2182 that's was years ago when I first started out, since then I've been cost averaging, now I'm hoping that it goes back up--- 🤓
@@raymondmenendez6499 it will, I sold some in 2011 in 40s my self, held got back in 15, and doubled up, but regardless hold, hold, the next time it rises triple digits
I've certainly used the last one to my advantage. I just got home from my coin shop to get a rare Silver proof set from Guinea, and as he was giving my change, he noticed that the Halves were 40% Silver, and he was just like, "Ah, keep them. You're a good kid."
Respect goes along way. I was at my LCS over the weekend and a customer came in asking for 1/10oz eagles. I had 9 in my pocket. My LCS was out. I could of jumped in and made a sale but I would of damaged the relationship with my dealer
yep gotta keep the relationship good for sure 👍🏽🔥🐉
Justin Ward I had a similar incident at a music store. A guy walked in and wanted to sell his old acoustic guitar for cheap. The guy behind the counter was busy and didn’t want to deal with him. I watched him head for the door and I did the same. I walked the same direction as he did until we reached the end of the block. I asked him if he was still interested in selling his guitar... i paid cash and we were both very happy with the transaction.
I agree with you about not engaging in the proprietors store, but in my case (like yours) the proprietor could/would not provide the service needed.
First time i went to a local coin shop, i had absolutely no knowledge of stacking, and or collecting. I asked the owner to break it down for me. After over an hour and a half later. I left the shop with some junk silver, and some coins, and a bar. The owner was honest and fair with his prices. I am still new to this. But i love stacking! Hope everyone has a great Christmas! And keep on stacking!
Scenario from earlier today: "Hello. What can we do for ya?"
I'm lookin' for some silver rounds.
"We got em. What are ya lookin to spend?"
Keep it under 300.
"How bout 10 for 25 per?"
Sold. Take debit?
"Debit? Sure. Credit? Nope."
Alright. What's the tab?
"250 even, no sales tax on silver in *this state*"
I knew what I wanted, was in and out in 5 mins, no hassle, no bs. Been dealing with this shop for almost 20 years. Love those guys, even though that guy was new.
Great advice, awesome vid, glad I found your channel!
Dont buy those "collector" coins that cost 100$ for a 1ounce silver coin.
The bonus tip is invaluable. Knowing your LCS and their prices, both selling and buying has really made the difference for me.
Just did my first coin shop visit today! So fun! Took the kids, and they had a blast. Didn't make any of the 5 mistakes luckily. Good stuff!!!
I have 2 tips. I'm more of a numismatic person than a bullion stacker, but here is my 2 tips. 1) This goes with etiquette "don't get offended if another customer comes in and the owner puts their attention on them when your still browsing or shopping." Some times it is only the shop owner working for the day, and they need to balance between customers. 2) If you have children and they are behaved, bring them with you! I am not kidding, my son has gotten so many different coin gifts from the shop owners because I'm getting my son involved in the hobby. Simple things like discounted proof sets, super slick standing liberty quarters or junk silver, reduced prices on bullion, and even reduced prices on junk silver (he has gotten silver dimes at spot price.)
yes that is true on both accounts my kids always get free stuff 😂😂😂😂🔥🐉
My wife and I have been wanting to start investing in silver/gold for a while now, and even moreso with the current economic situation. After watching a couple of your videos, I finally went in to a local coin shop and started our investment. I never knew what to look for and what to avoid. It was great knowing specifically what I was looking for and a bit of the lingo so I didn't sound like a total noob. lol Unfortunately a couple days before, someone had cleaned them out of most of their generic rounds and bars, but I was able to walk away with a couple silver Buffaloes they had left, a few Eagles, and my wife picked out a nice Morgan silver dollar from 1889. We're pretty excited to finally get started on this. Your videos helped a lot. Thank you!
good luck
Are you guys still stacking 2 years later?
@@allthingssilver7635 absolutely
Thank you for sharing this.
Last year I just started coin roll hunting. I haven't been to a coin shop yet. So this video sure will help me with what to do and not to say or do. And about the door, I totally get it!
I'm 65, no retirement plan, don't want to waste any more time. Sub'd you and Guido, so much clear info, I begin in 8 days, thank you so much sir!
I haven't found a coin shop yet, but thanks to you and your videos with Harrys coin shop, I finally felt confident enough to place an order online to purchase my first order of coins. I appreciate your content! There are a lot of channels on youtube that have great information but they started freaking me out lol. I do get that we are in for some crazy times, but I like that you provide the same information without the fear mongering, so that I can make decisions based on logic and not emotion. Cant wait till my package comes!
Excellent information and every tip you mentioned is EXACTLY what i do when i go to my local pawn shop. Ive built a reputation there and they ALWAYS give me the best deals/lowest prices. In most cases i end up paying less then spot or sometimes slightly over spot...still MUCH lower then the main online boullion dealers i have dealt with which charge high premiums...and then higher prices for using a CC/paypal acnt and then in some sitiations...shipping fees on top of that. My state DOES charge taxes so you have to add that in as well. Staying local and staying in the know about spot price has saved me literally hundreds of dollars that i have invested in adding more to my stack. Thank you silver dragons!!!
This video is a great pep talk to stay focused on goals and get a very positive experience at your LCS.
Yes I did EXACTLY what you said we shouldn't do. Disturbing and talking to customer LITERALLY while they were buying. Rubbing over all the coins. But I did pay in cash when I purchased, but the guy told me it was better to pay buy debit card next time and he did tell me the fees involved. Thanks for sharing with us the etiquette.
I am a longtime large-volume stacker and have never sold anything. I am progressing towards retirement, when my stacking should pay me dividends. This was an excellent video. I am somewhat apprehensive about the selling side (which is what I have been stacking for). Nice encapsulation of the possible pitfalls of the payoff end of the process. Thank you.
The engraving and the art,thats what I love.
Great tips on this video! You are correct on all fronts! Especially building a good relationship with your LCS! Thanks SilverDragons!
thanks my friend! that is the best tip really 😂🔥🐉
Always good to share mistakes we make to help the newbies.
oh for sure! I was there once 🤦🏽♂️🔥🐉
I really have to go into the coin shop lol I always buy online
For me, the best thing about junk silver is that I get to touch it.
I don’t like junk silver because of space it needs. I like 10oz silver bars.
@@bobmarsh9571 gl trading fractionally when the time comes
Your touching ur Junk😁💰
I touch all my silver lol idc I need to feel it
@@bobmarsh9571 Junk silver is more liquid than 10 oz bars, but thats just one advantage
Nice job dragon, I have made these 5-mistakes plus some you have not mentioned! My coin dealers love me.
Talk about timing! My son and I are going to a coin shop first time tomorrow. Very much appreciate the tips. Thank you!
Same here. My mom is taking me to buy some silver for the first time. The person said he will sell generic silver coins for 28/oz. is that good or overpaying?
Great advice! I recently went into a pawn shop to find a massive amount of bullion and junk silver. I was amazed at how much they had. But after talking with the clerk for a while I realized that I would be walking out of the shop empty handed.
I do love the sound of silver!!
best sound ever!!! 🔥🐉
Went to my first coin shop today. Bought my first silver bar today at an 8% premium. I’m still learning but wanted to buy a motivational piece as I call it lol. Definitely subbed. Thanks for the video.
Recently hopped on the stacking bandwagon so to speak. Have been building a collection of rare mint reichmarks in .625 and .900. Been getting them for around 10 USD piece at auction and for the more rarer mints a little over 20 USD. I plan to make more display cases then I already have and sell them one day in the far future!
Thank you sir for the info! I just started. My good friend gave me a piece for Christmas and now I want to stack.
I got into bullion about ten years ago and developed friendships with several coin shop owners. I found that is one of the best ways to get a deal. Also I call my coin guys ahead of time about selling pieces. That way I find out if it's worth my time.
Love your videos and information you offer! Great advice in this video 🙂
Thank you 😊 very helpful. Getting into stacking so I definitely needed this.
Thank you soo much. I always wondered about the sell difference between coins and rounds. Appreciate it. Sonia ;-) ...and for the relationship with the coin dealers advice.
Helpful, thanks. Just around the corner from first goal. Thanks again for sharing the information you have learned.
Thank you so much for all the information I'm a beginner and I'm nervous about going into my coin shop this is a great video
Another really useful video covering basics that novices need to learn. Mahalo!
you are welcome my friend! 🔥🐉
What I have learnt from regular coin shop visits here in the UK.🇬🇧
Do your research: Knowledge is power.
Know what you want.
Be polite and friendly: it will probably save you money or get you a slight discount.
Leave the tacky plastic at home: CASH IS KING. 💰💵💷💸
Very informative video. Thanks.
🇺🇸🇬🇧🇺🇸🇬🇧🇺🇸🇬🇧🇺🇸
Lmao I made all these mistakes almost I started buying this week. One customer next to me brought in a fat stack in and I literally asked him “what do u like more bullion or junk” he looked at me so weirdly and I was like wtf. But he was super nice when he realized I was a noob n said “Keep buying silver youlll be happy” it made me feel good. Great video now ima seem like a vet
I always learn something from your videos SD. Thanks for making them.
you are welcome my friend! 🔥🐉
Great vid bud! Awesome detailed info. Take it easy, shawn!
I am pretty new to stacking.just want to say thank you for your educational videos.fir us be stackers.great job!!
Good information I have always looked at silver but never bought. I'm currently trying to complete a wheat penny set
Good video. I wish I had shopped around town more before making my first investment. After spending $1000 on silver I discovered a guy in town with a full dollar cheaper premiums. The smaller shop I first bought from probably wasn’t setting out to take advantage of me as a new buyer, but it kinda felt that way when I missed out on a full ounce by not shopping around. Ultimately shame on me, but it was a good lesson.
That cash tip.......PRICELESS! Thanks man!
Great tips
My LCS has cornered the market. I would like to open my own shop someday.
Working on my inventory right now. 👍🏻
that would be awesome! 👍🏽🔥🐉
Where is your LCS located?
Great video with helpfull advice. Thanks SD for sharing.
New subscriber here. I've been watching some of your videos, and I have to say you've taught me a lot of important things I might not have thought about without listening to you.
You're an easy watch & listen. I like your voice and I like your advice. Thanks, will be watching for more videos. :)
Thanks for these helpful tips. Never heard these before
The first times I went into a LCS I felt like I was doing something wrong by looking around too much, I felt like the owner thought I was trying to wait around to steal something. I hate that feeling when I’m just trying to look at everything they have
Chief Silver Stacker just say hello. Tell em you don’t know what you want and you’re going to look around. Done. They know you mean no harm, the inflection in your voice let’s em know you are decent and not a thief.
@@tipr8739 Exactly. Be friendly and not sketchy.
Well done. Good advice. I do all of the things you mention, but need to improve on buying junk. The prices right now are in such a flux, it is hard to even think about buying.
Nice video 👍. Useful information for new stackers.This will definitely help me in buying silver coins from LCS. Thanks
Very Instructive, Bravo !
SUPER INFO & BACKGROUND. !!!
SD is of course right about building a rapport with the owners. My first few visits I naturally spent an hour or so just talking about regular topics, precious metals, news, etc and got on a 1st name basis with both of the owners. Last week, I had called in to check the price on their constitutional silver, but once on site they realized it was me and gave me .50 cents off X face what they told me over the phone, which was already lower then everywhere else.
I thankfully never made the mistake of trying to use a credit card, but one of the first times I went to one, someone tried to use a credit card and the owner waved his hand and nodded no with a smile. lol
yeah gotta get to know em for sure!!! that is so funny they tried to pay with a credit card 😂😂😂😂😂😂😂🔥🐉
My local coin shop is checking online prices also. They always come up with the lowest price i found before going there or lower 👌
First time was great, really nice People. I bought some junk silver and gold of my country currency (silver 720, gold 900). They adviced this because its closest to spot and lower spread.
They will buy back anything
Great video! I like Mr. Tom Cloud who runs Cloud Assets and he gave me some great advice!Actually, it is the same advice you give: Get to know your local dealers. I am glad I did. I went to one guy but because I was dressed in my gym clothing he went right over my head, took another couple who LOOKED like they were worth a ton. I walked right out the door into the door of another guy I have done a little business with today! Great guy, great prices, very fair and I have sent tons of people to this guy. Providence! I turned from one fool, only to meet a real jewel!
Great advice. Thanks Silver Dragons!
you are welcome and thanks for watching!! 🔥🐉
Great tips. Thanks
I first went to an LCS in the 80's and 90's with my friend who also was a coin collector like myself and it's a lot easier going with someone who knows what to buy and what spot price is.
I just started dealing. I am not a stacker, per se, but my motivation in these "times" is changing. I wanted to off-load constitutional silver (which I have way over $5K fv) and buy better numismatic pieces. On second thought, with the prices of silver, I decided to buy silver instead for the time being. I found a great local coin shop with a well known owner, collector that is doing me right. I also have been heading for pawn shops. While 9 out of 10 don't have any silver, I was able to find 10 fifty cent pieces and bought them for $1.50 UNDER melt. The benefit of dealing with pawn shops is they really don't know what they have.
I remember years ago when I was a kid I sold my booker t Washington half dollar for the price of silver which was very low at the time I was a kid so I didn’t know better but you live and learn.
When I was a kid I would spend 90% silver Kennedy halfs for 50 cents to buy things. I was probably 15 at the time and regret it now because I'm no longer sure how many I gave away to buy cigarettes. 🤦♂️
I visited my newly found coin shop a couple days ago. I see I violated 2 rules. I didn’t know what I wanted. And I didn’t bring cash. 🤦🏻♂️ He was super nice and patient with me. He said I was asking good questions and I didn’t act like I knew everything about Silver and Gold. I did have an idiot moment. I remembered how you said to consider stacking junk silver (1 of the 3 ways you recommend, I think?). He had Steel pennies, and I asked him if the junk silver was a good for a beginner stacker. 🤦🏻♂️ I think I have a plan for my stacking now! Pretty excited about it! The only thing I was a little disappointed with was that I didn’t save as much as I thought I would buying locally. But I did drive home with it in my hand. Thanks for the wealth of information you put out! I look forward to your videos everyday! 👍🏼
that’s cool that they treated you right 👍🏽 junk is great for sure!!! thanks so much!!! 🔥🔥🔥🔥🐉
IF you can get what you want locally for the same price +1% as online, then go local. The convenience and relationship are worth it, especially if you find yourself in a crunch and need to liquidate some of your stack quickly. And this is even more important when you're buying just a few ounces at a time.
This is Excellent for beginners!
Guiiiiilty (Tip number 2 , 1st LCS purchase)! A 15 minutes walk to the nearest ATM was worth it indeed... 😁
😂😂😂😂 we all did it at one point 🔥🐉
Thanks for the info
I can concur on the coin shops will vary in their premiums. Recently went to a LCS in my town and his premium on random dated ASEs was $9 over spot. Right down the street at the other coin shop the random dated ASE premium was $3.50 over spot.
Very cool tips I think new and old stackers could learn something from this video.
I agree 😁🔥🐉
Very informative! Thank you!
Very informative video thanks for all the tips.
I know a guy who inherited about $400k, put about $300k of it into silver at $40/oz back when it was that high back in 2010 or so. Then of course he'd locked up too much of his money in silver and had to sell the silver at .... $20/oz. The guy managed to blow the whole $400k within 3 years; I'm impressed.
Wow
New Stacker. Thanks for the Video.
Another great video! Thank you.
you are welcome my friend! 🔥🐉
Thanks for the advice.
Thanks SD you're awesome!!!
Hi, thanks for the information. I have just started my journey in precious metals, and am upload by upload working my way through your wonderful knowledge. Thank you for sharing
Great video. Can you make a part 2 on how to identify a good shop? Questions to ask, things to look for, etc.?
Thanks for the 5 tips.:)
you are welcome thanks for watching!!! 🔥🐉
I used to think I made mistakes over buying certain coins that I didn't even particularly like... but with silver, that's not a mistake at all. Simply hang onto them for a few years, and when it comes time you want to sell it, it sells instantly for it's silver content. So all tghe "mistake" purchases I made, I ended up making a few bucks on them in the long run anyhow.
Great video, thank you for sharing.
Our LCS accepts debit card purchasing with no added fees, which means not carrying thousands of dollars in your pocket. Credit card purchases are usually subject to the 3% transaction fees applied by credit card companies. Our LCS will also usually follow the APMEX daily spot price and match it to keep business local. JM Bullion usually has better spot prices though. Thanks for your hints.
American Silver Eagles will normally sell for a premium when you sell them to a dealer (I am a dealer), if they are in BU condition. If they are scratched or spotted, I now consider them the same as generic bullion. If you take them out of the mint tube, protect them in a plastic flip or capsule.
I agree about getting to know your coin dealer!
The guys I go to all the time, know I like rounds,
as inexpensive as I can get them. Used to be $2.50
to $3.00 an ounce over spot. With the prices being as
cheap as they are, currently, they charge more per
ounce over spot. Last year, $26 or 27 an ounce plus
$3, had them making a living. Now, since the prices
are always falling, they need to charge more. But $4
on a $17.50 round is cheaper than $3 on a $27 round.
And, I spend about 3 to 4 hundred every other week.
(Funny thing, I've been buying silver for the last few
months, and my total has been hovering at 10K, even
when I buy more.)
steve
Great video. I like the jail time round
lol they are cool 😂🔥🐉
I always ask the LCS to check the coin on a precious metals verifier. Just the other day I tried to buy a 1/4 gold Britannia. At the last second I asked him to verify the coin, and it turned out to be fake. He was so embarrassed that he sold me a Queens Beast at a better price than the Britannia.
wow that is crazy!!! good thing you had it tested 👍🏽🔥🐉
I literally just asked about that on another video. Since I buy mostly online, I asked if you can ask them to check the coin right before you buy it. Glad you caught it!
Are the NGC plastic cases valid? Newbie question
I did all of the above espally when he was dealing with another person I said stuff not knowing what to buy not bringing in cash I drove him crazy but than I learned and do it right when I go to my LCS sometimes I buy something I did not like he would take it back for the price I got it for the best thing I do is bring a list of stuff that I need
yeah always gotta bring that cash! 👍🏽🔥🐉
Great video Silver Dragons!
thanks a bunch my friend! 🔥🐉
Great Video* Thanks for the info*
Very helpful thank you s.d.👍
💯 great info for the new guy on the block that needs trust worthy knowledge.
Thx. Silver Dragons 🐉. 💯
Sold some junk silver to a dealer with some kennedy half dallars included, after the sale, I was told the Kennedy half, were sold at the shop with a premium over the older half dollars, live and learn.......John......
I live in Anchorage - really few options. The one coin shop seems pretty nice. My fav coin is the Perth Lunar Tiger and the had 2 oz coins. It was actually less than any online.
Great tips. Thanks!
you are welcome my friend! 🔥🐉
That was pretty damn good! Thanks
I've made all of them, but I did get know the shop owner. The best place to buy or sell is at the Myrtle Beach Coin Exchange. Dave is a great guy and will treat you right. Don't go anywhere else. I tried and got my socks cheated right off.
Thank you for the insight
Thanks!
Record yourself melting down your silver and making bars, would be a great watch 👍
He has plenty of those videos lol
yep check out my silver pouring playlist! 🔥🐉
Can you melt down silverware?