Monday, December 1, 2008
Daryle Lambert: Silver is beginning to shine again
Wouldn't it be fun to collect coins again like we did when we were children? Perhaps that will be possible as the price of silver continues to drop. Yes, silver is no longer selling at $20 an ounce, but that may be good for the collector. You see when the price of the base metal gets too high, the numeric value doesn't increase equally. So when the silver market is headed lower, you can get more bang for your buck with the rarer coins. This would be a great time to introduce your children to the fun of collecting and where better to start than with coin collecting.
If you have read my book, "31 Steps to Your Millions in Antiques and Collectibles", which can be found at www.31corp.com., you have probably seen my story about paying for my college education by selling my coin collection. If you decide to begin collecting coins, make sure you don’t buy coins that won't appreciate due to the fact that everyone thinks they will and millions of those pieces are set aside to wait for the big jump in price that isn't coming. For example, I put the state quarter sets in that category. You will find great pleasure in trying to complete sets of pennies, nickels, dimes, quarters, half dollars and silver dollars. The next step should be to upgrade pieces in your collection and often by selling a particular coin, you may be able to purchase a higher grade coin with the proceeds of the sale because of the price you paid for the first coin.
Why are you talking about starting a collection when I thought your idea was to be a seller and to buy right? Good question - but with coins often you will buy multiple coins at one time and again if you read my book you will find that I state you should set aside pieces after your goal of compounding is completed. So here is an example: buy one hundred silver dimes for $30 and sell ninety of them for $100 and set the balance back to start your collection. You may find out that down the road that your collection could pay for college or down payment on a house.
The wonderful thing about coins is that you may find a special one that can sell for a significant amount. In fact, in my collection, there were coins that I had paid face value for that when sold brought $500 to $1,000 back in the 1960s. The best way to start buying coins is to let everyone know that you want to buy coins. Almost everyone has a stash of coins that they have collected or have been given to them by a parent. When you tell them what their worth is today, most will want to sell them.
There are great guide books on coins and they can be found by going to www.abebooks.com or www.amazon.com. I have run across a site that should be of great interest to you if I have caught your interest with coins. The website is www.silvercoinand.com
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