urgent help please - silver coins

hi guys,

as you may know i have been playing with the idea of buying into physical silver.

After ages researching the best price i am able to get 50 canadian maples (2010 issue) for £17 each collection or £16.40 delivered.

However after ringing a coin shop i can pick up second hand philomonics and maples for £14.22 each - i will be in the area in the next few hours so urgent help as follow would be much appreciated.

My question is; are there any disadvantages in buying second hand coins? is the condition important when i come to sell the coins? should i pay more and go for the 2010 new coins?

I really appreciate any advice for a newbie!!

Replies

  • talanatalana Forumite
    1.1K Posts
    My question is; are there any disadvantages in buying second hand coins?
    Do you trust who you're buying from? Are they reputable?
    Are you happy you'll be buying the real deal?

    If the answer to all that is yes, then I can't see an issue.
    If you're buying purely for the bullion content, and not for numismatic interest then the year, condition etc is largely irrelevant as far as I can see.
  • pre-reg wrote: »
    hi guys,

    as you may know i have been playing with the idea of buying into physical silver.

    After ages researching the best price i am able to get 50 canadian maples (2010 issue) for £17 each collection or £16.40 delivered.

    However after ringing a coin shop i can pick up second hand philomonics and maples for £14.22 each - i will be in the area in the next few hours so urgent help as follow would be much appreciated.

    My question is; are there any disadvantages in buying second hand coins? is the condition important when i come to sell the coins? should i pay more and go for the 2010 new coins?

    I really appreciate any advice for a newbie!!



    Sounds too good to be true, why would anyone sell Maples so cheaply? 2nd hand or new the price is the same from most dealers.

    Make sure you do the ping test to see if they were made in China!
  • pre-regpre-reg Forumite
    576 Posts
    thanks for all tips and advice.

    Can i just check "ping test" is when a guinine coin is struck it should have a metallic ping instead of a dull ding?
  • pre-regpre-reg Forumite
    576 Posts
    the dealer is in birmingham jewellery quarter so should be reputable.
  • edited 31 August 2010 at 4:03PM
    silverjunky999silverjunky999
    47 Posts
    edited 31 August 2010 at 4:03PM
    Yes hold the coin on your finger right in the middle and give it a firm tap with another coin.

    This is a sure way to tell, if its pure 999 or finer (maple leafs are 9999 fine) bullion it will have a high pitch ring that will last a good few seconds.

    If its sterling silver 925 or anything less it will be more dull and not last very long.

    Can you really get maples for £14.22? Thats only about £1 over spot!

    Do you remember the news that China have been minting `silver` US eagles and Maple leafs. They have been coming from the same factories that make all these fake watches etc.

    The ping test is not possible to cheat because nothing sounds like silver thats why they use it in the best flutes and other musical instruments.
  • Pre reg did you really buy those silver coins for that price?

    I bet you are happy and the dealer is kicking himself.
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