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For many people, the idea of investing in either gold or silver coins is an enticing one, since they want to come away with something tangible while diversifying their portfolio.
Buying gold coins has always been a popular investment, but lately people have been spending their money on silver coins. Why is that? It's because silver coins are significantly cheaper to purchase than their gold counterparts and it's because you can get some great deals on these coins if you look hard enough.
Before you jump head first into the silver coin buying world, there are some things you need to know.
Note: While this website has hundreds of free articles, if you're looking for a comprehensive understanding of investing in gold, check out our
Spotting a price point
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Before you buy silver coins, you need to recognize a good price point in the silver market. The amount that you pay for silver coins will be largely determined by what the price of silver is at the time of purchase. This obviously means that you want to get in while the price of silver is momentarily deflated.
The best way to do this is to wait until the economy has had some good news. Since silver is primarily a guarantor against inflation, its price goes down when the American economy looks strong. Spot that price point and when you find it, act quickly.
Choosing which coins to buy
You could just walk into a coin dealership or a bank and ask for any old coins, but that's not any fun. Part of the fun of investing in gold and silver coins is that you get to choose old, rare, and foreign gold coins for purchase. There are plenty of different options out there, so research them prior to making a decision. Some of the most prominent silver coin options include the following:
* American Silver Eagle
* Canadian Silver Maple Leaf
* Chinese Panda Silver Coins
There are plenty other examples from around the world, as well. Keep all of these countries and their coins in mind, as you might be able to find a nice deal on one if you are lucky and diligent.
Finding a reputable dealer
Most people who buy silver coins do so through a coin dealer. This is smart, because you will know that you aren't going to be ripped off by someone with an agenda. Understand that buying from a coin dealer is only a good idea after you have done the research on that dealer. Find out what they are all about before you commit to buying any coins.
You don't want to get ripped off with fake silver coins and you don't want to end up paying prices that are far too high. Use the internet to look up dealer reviews and find out if they are legitimate. If you still have concerns, call the Bureau of Better Business in your area to inquire about a company's history. It is always better to be safe than sorry when dealing with silver coin dealers.
Gauging the online options
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One of the cool things about the silver coin industry today is that you can find some great deals online. There are websites where you can buy coins either directly from an online dealer or through some sort of buyer to buyer exchange program. Auction sites even exist for people who have the gumption to buy coins through that route.
If you choose to buy coins online, the same type of warning applies. Only work with a site that you have properly researched. Understand that the net has a lot of potential scammers who are just looking for naive investors to come along. If you take the time to research a site, no one can rip you off.
Getting a certificate of authenticity
No matter if you buy coins online or through a dealer, make sure that you get a certificate of authenticity. If a dealer or online seller won't provide this documentation with your coins, then you are much better off looking elsewhere. This is especially true when buying old, rare coins.
Much of the coin's value will come from its age or where it was circulated. Get the paperwork to make sure that it is authentic before you spend any money.
There are plenty of options for you if you are looking to buy silver coins. You can even buy coins through a bank each year when the new silver dollar comes out. Now is a good time to invest in silver coins, especially if you can find a price point that makes good sense temporarily.
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