HELP found HUGE SILVER COINS

[Mvgirl]

Hey! So I found someone selling large silver coins for $10 each! Not old, just colletable silver coins. Doesn't come with box. I looked on ebay and every coin that was the same as he was selling was going for $30-50 each!!! What I want to know is, is it worth paying lots of money in hopes to resell for more? I don't know how long it takes to sell coins online (if they sell at all)... I plan to use Facebook to resell if I purchase so I don't have to pay to sell my coins. I'm a newbie at coin collecting/selling so PLEASE let me know if this is a good idea ASAP! Worst comes to worst...I'll buy only a few and see if they sell. Thanks

 

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[Charlie P. (NY)]

Hey! So I found someone selling large silver coins for $10 each! Not old, just colletable silver coins. Doesn't come with box. I looked on ebay and every coin that was the same as he was selling was going for $30-50 each!!! What I want to know is, is it worth paying lots of money in hopes to resell for more? I don't know how long it takes to sell coins online (if they sell at all)... I plan to use Facebook to resell if I purchase so I don't have to pay to sell my coins. I'm a newbie at coin collecting/selling so PLEASE let me know if this is a good idea ASAP! Worst comes to worst...I'll buy only a few and see if they sell. Thanks

Pretty vague as to what you are actually looking at. I would advise not to invest in coins that are not old - but are modern and "collectable". Especially if they are not circulation strikes or mint sets/proofs of circulation coins. Old coins are collectable because they are old and they're not being made any more.

It's tough to buy low and sell high in a short time. Especially if the seller puts out another lot while you are trying to sell yours for more. Established dealers can work the dips and buy and wait out a market rise. Or have a steady customer base.

On the otyher hand. I have seen used R/C related items sold on ebaY for more than a new item could be had. You just have to find someone who wants what you have.

 

[Red-Coat]

Good advice above from Charlie. I would add a couple more pieces of cautionary advice.

You need to be sure that you are comparing like-with-like as regards grading/condition if you're looking at fleabay prices. One level up in grading can easily make the difference between $10 and $50, or between collector item and melting pot destiny for silver.

Also the term "going for" with respect to fleabay is not the same thing as "value" or even necessarily mean that the coin has actually sold to anyone at that price. Particularly if you're looking at "buy it now" pricing offers. It never ceases to amaze me that common coins are "hyped up" at unrealistic prices and people apparently buy them at those prices... but that's no guarantee that you can be similarly successful.

 

[islamoradamark]

if there sellin for 30 to 50 bucks and you can get -em for 10 bucks and there real i would buy all of them

 

[Mvgirl]

Pretty vague as to what you are actually looking at. I would advise not to invest in coins that are not old - but are modern and "collectable". Especially if they are not circulation strikes or mint sets/proofs of circulation coins. Old coins are collectable because they are old and they're not being made any more.

It's tough to buy low and sell high in a short time. Especially if the seller puts out another lot while you are trying to sell yours for more. Established dealers can work the dips and buy and wait out a market rise. Or have a steady customer base.

On the otyher hand. I have seen used R/C related items sold on ebaY for more than a new item could be had. You just have to find someone who wants what you have.

 

[Mvgirl]

Thanks for taking the time to reply and for giving advice. He did say some were uncirrculated.

 

[Mvgirl]

Good advice above from Charlie. I would add a couple more pieces of cautionary advice.

You need to be sure that you are comparing like-with-like as regards grading/condition if you're looking at fleabay prices. One level up in grading can easily make the difference between $10 and $50, or between collector item and melting pot destiny for silver.

Also the term "going for" with respect to fleabay is not the same thing as "value" or even necessarily mean that the coin has actually sold to anyone at that price. Particularly if you're looking at "buy it now" pricing offers. It never ceases to amaze me that common coins are "hyped up" at unrealistic prices and people apparently buy them at those prices... but that's no guarantee that you can be similarly successful.

True I never thought about grading. Thanks for tEllington me about the ebay prices... didn't know that. The guy did say some were uncirrculated. He had some for $5 dollars too. Maybe I should set a limit for myself to spend...let's say 40 dollars or so. Then I try to sell them and see what happens. If they sell great I'll see if the guy will sell me the rest if he still has them. If they don't sell well, I'm out 40 which is a big blow however if they are silver I'll still get some money back from them. What do you think? Does that sound like a good plan or not?

 

[FreeBirdTim]

They might be cheap because they are counterfeit and just silver plated junk. Why would anyone sell a coin for $10 when they're selling for $30-$50 each?

 

[Charlie P. (NY)]

They are only worth more than $5 in MS-63 grade and higher (absolutely pristine mint state). BUT, there is $19 worth of silver in them currently at melt value! Yeah, at $10, if the seller actually sends them, that's a good deal.

The USA isn't a great place to move Canadian coins. Your results may be better

https://www.ngccoin.com/price-guide/world/canada-5-dollars-km-84-1973-cuid-1034634-duid-1269865

 

[Mvgirl]

They might be cheap because they are counterfeit and just silver plated junk. Why would anyone sell a coin for $10 when they're selling for $30-$50 each?

True...but he could be an old guy that doesn't know how to research or is moving and getting rid of stuff.

 

[PetesPockets55]

FreeBirdTim makes a great point about fakes.

Buy only what you can afford to lose the first time, in case they are fake.

 

[Mvgirl]

They are only worth more than $5 in MS-63 grade and higher (absolutely pristine mint state). BUT, there is $19 worth of silver in them currently at melt value! Yeah, at $10, if the seller actually sends them, that's a good deal.

The USA isn't a great place to move Canadian coins. Your results may be better

https://www.ngccoin.com/price-guide/world/canada-5-dollars-km-84-1973-cuid-1034634-duid-1269865

Well he lives nearby and I'd only buy in person. Hope he contacts me soon. Thanks for your help

 

[Mvgirl]

FreeBirdTim makes a great point about fakes.

Buy only what you can afford to lose the first time, in case they are fake.

Sounds like the safest plan. I only buy in person...buying online without seeing them for yourself is way too risky.

 

[Mvgirl]

Pretty vague as to what you are actually looking at. I would advise not to invest in coins that are not old - but are modern and "collectable". Especially if they are not circulation strikes or mint sets/proofs of circulation coins. Old coins are collectable because they are old and they're not being made any more.

It's tough to buy low and sell high in a short time. Especially if the seller puts out another lot while you are trying to sell yours for more. Established dealers can work the dips and buy and wait out a market rise. Or have a steady customer base.

On the otyher hand. I have seen used R/C related items sold on ebaY for more than a new item could be had. You just have to find someone who wants what you have.

Hey! I just had a thought. To test if they are real, I could bring my metal detector and see what the ring up!!! Guy might think I'm a loony but who cares lol

 

[islamoradamark]

I was thinking silver coins

 

[FreeBirdTim]

Hey! I just had a thought. To test if they are real, I could bring my metal detector and see what the ring up!!! Guy might think I'm a loony but who cares lol

That's not a bad idea. If there's brass under the silver, they will ring up lower than silver. On my AT Pro, that would be in the 70's or lower. Bring a magnet as well. Most fakes don't have steel under the silver, but you never know.

 

[Terry Soloman]

Weigh them, do the magnet test, do the "ring" test, take one to a jeweler and have an acid test done. They are fakes from China at $10 each.

 

[DeepseekerADS]

two words....

Walk Away

 

[Honest Samuel]

I agree with # 18. Good luck.

 

[Trezurehunter]

I would be cautious, as there are many fakes out there. Make sure you do your research and investigating in the coin world, so you know how to identify properly. If they are fake, $10.00 for one coin is not the end of the world, but $10.00 each for 10 coins starts to add up to a stomach ache if they are fake. Good luck, because if they are real silver, it is a good deal.