5 Mistakes Silver Stackers Make at the Coin Shop

what's up YouTube silver dragons here and in this video I'm gonna talk about five mistakes that beginner silver stackers make at the coin shop so let's do it [Music] thank you so much for watching my video I sincerely appreciate it if you would like to learn more about investing in precious metals or if you just want to watch awesome videos about gold and silver then make sure to subscribe to my youtube channel alright so this video is all about beginner silver sackers and the mistakes you could potentially be making at the coin shop I know I made some of these mistakes when I was sort of new to silver stacking getting into purchasing silver and whatnot and so I want to share them with you so you don't make the same mistakes now I'm gonna tell you 5 mistakes but there also will be one bonus tip at the end so stick around for that but I want to start off with some coin shop etiquette so if you've never been to a coin shop before there's a few rules number one it might be locked it's very common for coin shops to have bars on the windows and doors and a lock with a buzzer to let you in and stuff like that so don't just walk up and start reefing on the door there might be a doorbell or you might have to call the owner or something like that for them to let you in I've been to tons of different coin shops this is very common they're just worried about theft and security and stuff like that so don't be that guy also if you're in the coin shop and there's other people there this is very important don't be snooping on their purchases don't be trying to give them tips on what to buy or not to buy let them make their purchase and if they're selling anything don't try and buy it off of them the coin shop dealers really dislike that when you're trying to snake a sale from them or something like that so if there's other people in there let them do their own thing if they say hi to you or whatever that's fine you can say hi but for the most part people are pretty private when it comes to buying and selling precious metals so don't try and get involved in anyone else's business okay those were some freebies now let's get to the five mistakes so let's start with number five now this is on over paying now it's really important that before you even go into the coin shop that you look online for how much the specific boolean items you're looking at purchasing are selling for if you can buy them cheaper online than at your local coin shop then that's what you should do so for example I recently bought this tube here of buffalos oh these are considered generic silver rounds I'll give you a nice little riffle here gotta love that sound but anyway so when it comes to generic silver rounds almost every single online bullion dealer is gonna sell stuff like this alright so what you should do is just go through the different bullion dealers or you can go to a website like find bullion prices calm that can break it down for you show you the cheapest ones right away figure out what the cheapest price is and then when you go into the shop obviously you can either tell them hey I found it for this price online will you match it or you could say you know what your price that you're charging is too high I'm not gonna pay that I can get it cheaper elsewhere a lot of times they're like cool no problem and then you go your separate ways so if you're looking at buying generic silver rounds definitely look online first because there are some bullion dealers that have sales or they just sell them at ridiculously low prices and while we're talking about prices some clean shops will charge way more than other coin shops so definitely do your research and look at the online bullion dealers first because some of these places are just charging ridiculous premiums because people either don't know any better and they're just paying them because they think it's the only deal they can get or the best deal they can get or the other option would be that they know people would rather buy locally and so they feel okay charging a little bit more and so definitely make sure you're not overpaying I know I've definitely gone into the coin shop purchase stuff before and then looked online and went oh no I could have got that for 40 bucks cheaper or whatever and so definitely do your research which brings us to mistake number four which is not knowing what you want so here's the thing if you're a beginner silver stacker and you've got no direction and you're just buying whatever is shiny and pretty you're gonna end up with a bunch of shiny and pretty things in your stack but it might not be the direction you originally wanted to go so when your silver stacking you want to be purchasing silver at the lowest price possible obviously silver is a great hedge against inflation so you don't want to be buying a bunch of high premium stuff for your stack obviously collecting is very fun but if that's not your goal then don't be doing that and so I think you should definitely if you've never gone into a coin shop before if you've never bought silver think about what you want to buy what you like to stack if you live here in the United States of America I recommend for all silver stackers generic silver it could be one ounce silver rounds it could be ten ounce silver bars hundred ounce bars I also recommend junk silver great thing to be stacking typically has a little bit lower premiums and this stuff is very recognized it's a great thing to be purchasing and so junk silver if you don't know is 90% US silver coins that are minted before 1965 so it's the dimes the quarters and a half dollars that's junk silver and then the other thing I recommend stacking for Americans is the American Silver Eagles because they're the most liquid silver bullion coin in the world especially here in the United States they meant more of these than any other coin that exists as far as one ounce silver bullion coins go and so great thing to be stacking if you're an American now I know that the premiums recently have been very high on American Silver Eagles which is why you might want to be steering clear of those for the time being however still a great option for stacking so definitely figure out what you want to buy before you go in there so you're not just buying stuff without any direction so that was mistake number four and let's get to number three this one has to do with handling the silver and gold in the shop so number three is don't improperly handle coins now here's the thing when you walk into a shop lots of times they'll have a case and in that case will be a bunch of different items similar to the stuff I have laid out in front of you usually they'll have all the gold in one spot then silver items and then maybe numismatics in another spot something like that numismatics are just collectible coins but if they're you're there for the silver and gold then you want to obviously be looking in those areas now when the bullion dealer or coin-shop owner hands you something look at how they handle it and handle it the same way for example if you're looking at some generic silver rounds this is a pretty cool little vintage one it's a toner it doesn't matter if you grab it like this rub your fingers all over the face of the coin it's already toned it's not going to damage it or anything so the bullion dealer if you say hey can I look at that particular piece he might just grab it and hand it to you right or he might do what's called properly handling items and pick it up by the edge and when you pick stuff up by the edge this will not damage the piece so it's not going to leave any fingerprints on it or stuff like that and so if they handle it this way you should handle it this way as well now I would not expect them to handle this particular coin that way because it's all toned and whatnot but for example American Silver Eagles some people will handle them just by touching the edges this is the proper way to handle coins if you send in a coin to be graded the professional coin graders will handle your coin this way so they don't get fingerprints on it but some bullion dealers don't mind handling them this way because they know these are bullion coins and most people don't care about a few finger prints and whatnot and so look what they do to handle the items and handle them the same way now something's in a capsule really it doesn't matter you can touch it by the edge or all over the capsule because you just wipe it off right you're not actually touching the coin so that was tip number three now let's get to number two this is a huge one and it is not bringing cash so it's amazing how many people go into a coin shop and they don't bring cash I'm talking physical Fiat bills you know twenty dollar bills hundred-dollar bills whatever it is they just walk in there with their debit card or Visa card or whatever and they expect to be able to buy stuff at the price it's listed for now here's the thing if you don't know there's like a three percent charge for doing visa purchases so if you don't bring cash into the coin shop you're going to have to pay more so let me give you an example here these are some of my favorite things to buy these are the Libre tats from Mexico gorgeous coins I love them because of the design and also the lettering on the edge very very cool now if they have these listed for let's say will make it easy and we'll say they have them listed for 20 bucks and you bring it in cash then you could buy these for if there's no tax in your state for 80 bucks if you don't bring in cash and you have to use a debit or credit card you're gonna have to pay a fee now some of them charge like a 3% fee as I mentioned some of them charge perhaps a 5% fee some of them won't even take a credit or debit card so always bring cash into the coin shop so there you go you heard it from me okay let's get to tip number one and this is very important this is when it comes to selling stuff at a coin shop don't sell yourself short don't sell things for less than they're worth especially much less than they're worth now here's the deal I know a lot of people when they sell their silver or gold they're in a pinch they need cash they need cash right away I get that now there are some things you can go and sell at the coin shop where you're not going to take too much of a hit on them if you just bought them there are some things that you will take a massive hit on if you just bought them in it depends on what the coin shop likes to buy and sell and how much they pay for different things so that's why I always recommend talking to them about what they like to buy and their buyback prices before you even buy anything but I'll give you an example there let's say for instance you picked up this one ounce silver round these are kind of cool it's the Liberty dollars this is not a coin now the person that actually made these did jail time because this looks like US currency but that's beside the point if you had purchased these and you bought them as generic rounds you should know that you could sell these on eBay for more than a generic silver round is worth these are collectible they're pretty cool and people will pay more for them so I would not recommend selling vintage or collectible stuff at a coin shop especially if they're a bullion dealer and they just look at all silver or all gold is just an ounce and they'll pay you like the same price for instance they might say I'll pay you a spot price for an ounce of silver and you're like wait a minute these Libra Tad's have a little bit of a premium on them maybe I don't want to sell this at spot price so that's why I do recommend as well having a diverse stack some stuff that you could sell easily if you needed to you could stack all liquid stuff if you like for me I'm more of a collector so I have fun pieces but I would not recommend selling something like this for example at a coin shop because you're probably just gonna get the price of around when you could sell this for double that on eBay and same goes for gold if you have gold that's collectible this particular Queen's beast quarter ounce gold red dragon of Wales coin has a very heavy premium on it and it's like $100 premium so there's no way I would sell this at the coin shop because he would give me much less than I could get for it if I sold it online so don't sell yourself short definitely know what's in your stack if you go to sell just bring stuff that you know you're gonna get pretty close to what you paid for so generic silver rounds are a great example to offload if you need some cash quickly so those are my 5 tips now let me get to the bonus tip and this one could save you a ton of money so it's very important and the bonus tip is that you should get to know the owner of your local coin shop this is pretty common knowledge but some people don't understand how impactful building a relationship can actually be now for me personally I have lots of different coin shops in my area and I know the owners at some of them and I know I could get better deals from them if I went to their coin shop than if I went to perhaps a different one so if I wanted to buy for example a slabbed American Silver Eagle I would know not to go to the bullion guy because he's gonna charge me way more than if I go to the numismatic guy who knows that this is only worth about 40 bucks that's just one example but also they could even call you when they get particular things in if they know you like to purchase them so if they know you're really big into the half ounce American Gold Eagles then if someone sells them some they might give you a call and say hey I just got some half ounce gold eagles in if you're interested you can stop by and pick them up or they might even just give you better deals if you become friends with them so I've absolutely got better deals because I know the owners and so I would highly recommend getting to know yours one last thing that I wanted to mention is that junk silver can be hard to price especially if you've never done it before or you don't understand how it works a lot of times they'll say oh we sell our junk silver for 14 X face value or 15 X face value and if you have no idea what that means they're saying a silver dime would be 14 times face value a dollar 40 that still is hard to figure out how much that is per ounce I'll just let you know that's a little bit under 20 bucks an ounce but if you want to watch my complete buying guide for junk silver I'll put a link up in the corner as well as one in the description below I give lots of tips on buying junk silver definitely watch that if you've never bought it before or if you've considered buying it and you want more information so you know that you don't pay too much or get scammed I would hate for someone to pay way more than they thought they were paying for junk silver so is there anything that I missed for beginner silver stackers when they go to the coin shop please leave a comment down below I'd love to hear from you all your experience at the coin shop tell me about the first time you went to one did you feel comfortable did you like it how are their prices and if there's any mistakes that you made feel free to share those with the whole community so we can all learn from your mistakes I hope you could have learned something from my video I want to say a massive thank you so much for watching and I'll see you all in the next one silver dragons out

Channel: Silver Dragons

Views: 282,137

Keywords: 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, buying at a coin shop, beginner coin shop, coin shops, local coin shops, silver stacker, silver stackers, silver, coin, coins

Id: B8IXce681ss

Length: 16min 28sec (988 seconds)

Published: Mon Jun 15 2020