Hello stackers, I'd like to share with you some tips on how to buy silver cheaply for less than spot. I'm talking about junk silver coins (90% silver) and sterling silver (92.5% silver).
Here are 3 ways to find cheap silver:
1) Garage/Estate Sales
If you are a serious collector check out Garage and Estate Sales through advertisements in the weekend papers etc. The ones that list items such as antiques, crockery and collectables are the best because usually I find these to have silver. For the other general sales call on the phone and ask if they have old coins, collectables, old jewellery etc. You may be surprised at what you can find.
2) Antique Stores/Dealers
Go to your local antique stores and dealers. They may have junk silver coins and sterling items for sale. Tell them that you are a silver collector, give them your contact numbers and follow up on them. You can get good deals there as sometimes the dealers do not update the prices on a regular basis. Silver could have a huge spike up and the prices listed still remain the same. The key though is to form a good relationship with the dealers, let them know that you are a collector and check them often as they may give you silver at discount prices.
3) Family & Friends
Check your friends and family, as they may have silver that might not be of interest to them. Many times I have asked friends/family if they have old silver for sale and to my surprise they replied that they threw it away because they were doing cleanup. Also, they may even know people who are looking to get rid of their old silver. So be sure to check.
How to tell if its real silver?
You have found your sources, so how do you identify if its a silver coin or sterling?
Coins - Look for those made in 1964 or earlier. US coins dated 1964 or earlier are made of 90% silver. British coins dated 1920 or earlier are made of 92.5% silver. Other world coins such as Canada & Australia have different metal composition on different dates. Check out silverrecyclers or look for other sites that show old silver coins with their date and composition of silver. Print out a sheet showing this information on all the world coins. Also study the dates so you can identify silver coins just by looking.
Sterling - Look for the name Sterling or the Sterling Hallmarks. For the hallmarks, usually you will see a lion or a crown but each country has a different mark on there sterling. You can check out 925-1000 for a full detailed listing of sterling hallmarks for each country. Print it out, study them or buy a hallmark book. Make sure you know how to identify sterling just by looking because if you refer to a book or paper the seller may get suspicious and decide not to sell you again! Coins are nice but do not overlook sterling items because sometimes you can find rare or antique pieces that are worth much more than the metal value.
One last Tip
Offer to buy in bulk. Sometimes you can get silver even cheaper if you offer to buy the whole lot. Ask the seller if they will give a discount if you buy everything. Many times they will! Good luck on your silver hunting.
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