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Author Topic: Another new hobby..as if I needed one  (Read 774 times)
VolunteerK9
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« on: September 14, 2011, 01:48:11 PM »

With the price of silver and gold continually on the rise, I found myself digging through some old coins Ive had for a while as well as pocket change looking for particular dated pieces with silver content. Since then, Ive built up a small collection of some pretty neat pieces. Anyone else on here have the bug for coin collection? The way I see it, this is basically the only hobby I have ever had that I technically cant lose money on Smiley
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Riggs
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« Reply #1 on: September 14, 2011, 03:56:12 PM »

I have a decent collection of old coins and some foreign coins. Most of mine is worth pretty much face value on the market maybe a little more, but to me it's priceless because of where it came from. Grandparents, Great-Grandparents, my Dad from his time in the military ect. I doubt I ever pay for a piece, but I enjoy looking at what I have collected over the years. I guess one day my kids will get it all.
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Every man's life ends the same way. It is only the details of how he lived and how he died that distinguish one man from another. ~
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Poppi
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« Reply #2 on: September 14, 2011, 04:41:21 PM »

I am currently in the business of buying and selling gold.  There is a lot to know about coins and you guys are much more knowledgeable than me I'm sure on the coin side.  Something I learned a few months ago was when purchasing silver coins, if you buy 1 oz .999 pure Eagles and such...  when you go to sell them, any gains you make is reported to the IRS.  However, if you purchase old coins (Mnted 1964 and before) they are not required to be reported to the IRS so no capital gains.  And remember, a Liberty 1/2 dollar prior 1965 is 90% silver...  at $40 plus per oz, that coin is worth more than face value when sold for the silver content.  Hang on to them because silver is expected to continue increasing in value the next several months.  And gold...  well there is no telling where it will go... 
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VolunteerK9
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« Reply #3 on: September 15, 2011, 09:53:50 AM »

Im basically just looking at the spot silver price when I buy them. Im really not interested in paying mega bucks for some 'ultra rare misprint' that has the same silver content (melt value) of another just like it. A few that Ive got has been in the family for years so Ill never get rid of those-the others are fun to look at and I plan on keeping them as a small long term investment. Its funny to pay $6-$7 dollars for .25 quarter.
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Poppi
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« Reply #4 on: September 17, 2011, 04:47:55 PM »

I understand what your saying...  old coins that are collectable have their value determined using different criteria.  But it is good to know the silver content of coins because as silver spot increases so does the value of the coin...  that is not necessarily true with collectables.  A quarter 1964 and earlier, with 90% silver content at today's spot is worth about $6.50.   The real value will only be realized when and if the dollar continues to decline in value.  Many think it will...  and if silver continues to rise say to $80 per ounce...  then that same quarter begins to be worth holding.  Just something FYI...
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specialkayme
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« Reply #5 on: September 17, 2011, 09:03:19 PM »

You could always take it to the other extreme: http://www.survivalblog.com/nickels.html
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AllenF
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« Reply #6 on: September 17, 2011, 09:34:28 PM »

Funny thing, the wife got a 1957 quarter back a couple of weeks ago from change at lunch.   You just never know where silver will pop up.   We put it up with the other coins.
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Poppi
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« Reply #7 on: September 19, 2011, 06:41:25 PM »

specialkayme...  a lot to be said about that blog post.  It's true that we have reached the point that our coins are exceeding their face value...  That's why fiat money along with a government that can print money whenever they need it will always fail sooner or later.  We can thank Nixon for the stupidity in doing away with the gold standard...  of course if not him it would have happened sooner or later anyway.  Every country that has chosen to go off a precious metal standard backing their money has failed and we are no exception.  Government is too big and out of control.
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