I had started buying silver coins when I have spare money to keep as savings and word got out and now at my birthday someone started giving me silver coins but the ones with color images on them that are sold at 500% the value of the silver itself. I'm talking about coins like this: http://www.mint.ca/store/coins/1-oz...Mintage_10000_2015|Shop-Silver_&#.VXM8Ts94pUQ I highly doubt these would ever be worth the extra amount they are sold for so am I right that these are mostly a waste of money and go against the purpose of saving? I would think silver would have to go up 500% for them to just be worth what they were sold for but I'm no expert. In the event of the dollar loosing its value does it make any sense to be buying these overpriced coins with color images to use as savings? If as I suspect these are a waste of money, what would be a gentle way to tell this person I'd much rather they spend $20/ounce for plain coins than over $100/ounce for coins with color images? Thanks
I agree that you would have a better profit potential if this person gave you bullion vs. the expensive collectible coins. However, since this is a gift someone chose to give you, I believe it would not be smart to try to tell them you would rather have a different type of silver. Unless of course, they ask you for your preference, or unless it is someone you know won't take offense by you asking for something different. If the person who gave you the coin is a bit sensitive, you risk alienating them and possibly not getting any more silver in the future by telling them you would rather have some other type of coins as a gift. When it comes to gifts (receiving and giving) I tend to think of the phrase that "to reject the gift is to reject the giver", and act accordingly. I don't remember where I got that from, but I keep it in mind when someone offers a gift, even if it is something I don't really want or need. Just my opinion. Jim
Yes, the coloured coins have high premium, but also may have longer term collector value which will keep the price high. Just depends. Some numismatics have done extremely well, some have not. Why some, and not others ? I wish I knew. Perhaps related to mintage numbers, marketing hype, subject matter, - all can effect the resale market. IMO, lower premium bullion coins have a lower "downside risk". Maybe tell your friend what your most desirable silver coins are (eg, PM lunar series, maybe they could by you 1 of that years's issue every year for your birthday). Sounds like a really great friend to have...
The thing is this person has been giving me silver multiple times a year since multiple years, always these "overpriced" ones, they probably think I just like collecting them and that it's not for savings. They did recently ask me if I still liked silver coins and I just said yes because at that point I didn't know if the overpriced ones will keep their overpriced value and they said they already ordered more for next time so it wasn't the time to say it. If it was a one time thing I'd have no problem with it, but considering there's no reason to believe they will stop giving me silver coins it kind of bothers me that they're in a way wasting their money on way overpriced silver which is why I'd like to tell them in a gentle way that I'd prefer the plain silver coins. Thanks
Nice problem to have. Show them the Perth Mint brochure on the Kookas and Koalas release. Maybe they will take the hint
It's all subjective and one shouldn't make blanket assumptions (not that you necessarily are). There's no guarantee that any coin you have, whether collector (colored) or plain bullion will be purchased by someone else, even if you are selling for spot or at cost to you. Spot price of silver may be down or suppressed indefinitely or at least for a very long time....your plain bullion coin can loose value for the foreseeable future. Buying collector (colored) coins certainly has its risks too. Some colored coins are more risky than others in terms of value appreciation or stability. Generally, all plain raw bullion coins drop in value when the spot drops. Exceptions would be high grade slabbed bullion coins or very low mintage, very popular bullion coins. Even Perth Mint Lunar series bullion coin prices have come down from what I can tell from a few years ago. That may or may not be the case for collector coins which don't necessarily track the spot silver price. Personally, I like many of the Perth Mint Lunar series colored coins and some have lost value but if you were selling some above the price you paid over the past few years, you made a profit and it may have been on my dime. That's the way it works. You really need to understand what's the reason you are buying silver coins. If you are one who believes that the value of silver is the only important thing regarding a silver coin because you believe a global currency collapse is imminent, then you should re-consider the fact that you are even buying coins and paying extra money for coins in the first place when you can usually save money buying non-denominated blobs of silver or silver shot instead. Also, in that case, you should definitely stay away from collector coins. That's just one belief system...there are a variety and you need to understand yours very carefully before you plunk down a lot of money (whatever "a lot" means to you. If it's not much money then I wouldn't sweat it too much....I don't think it's helpful to worry about small picture stuff. The gentle way to say "no thank you" is "no thank you". .
Next time it comes up, You can just tell this person that you are "now" collecting plain silver bullion because you get more silver for the buck. Perhaps show the actual coin in person and also explain the reason why you now prefer these bullion coins.
I can speak from personal experiene on these Superman coins. lol. Missing knows that I can. lol. Stay away. Far away. Unless you're collecting one for your kids or as a hobby. However, if anyone is looking to buy a few for collecting and flip a few for profit. I'd say just buy what you want as a collector for the treasure box and don't buy to flip. You are sure to lose money. IMHO. Unless you got them as a dealer at mint prices. Or you wait to buy from guys like me (2nd set) who sold at a bit of a loss, and maybe it has a chance to appreciate in value over time. Just my two cents. But I wouldn't buy during the hype period. No way. The set to get was the 1st in the series (which more times than not seems to be the case).
Wow this is such a first world problem.... Most people know squat about coins though so if you have a preference for something it wouldn't harm to let the individual know. Or you can just be gracious and accept it as a gift regardless of it's resell value, like you do with 99.99% of gifts
accept the gift and cherish it.you have no idea what you will receive next time.Surprise! I wish I'd have friends like them...
Tell them your collection is coming along nicely and you're now focusing on getting a date-set of silver maples/ASEs/Kookaburras/whatever. Say they're bullion coins, so they're cheaper for you when you buy them, but you're trying to get the full set of 25-30 years worth. Let them know what dates you're missing and *ahem* which shops you've been finding them at. If you do it right, they'll be happy that they're helping you put together the collection you really want and you don't have to insult them by saying their previous gifts are over-priced. Year date sets of bullion coins are pretty cool anyway, plus after you've finished with one type of coin, you can move onto another one and they can continue helping you put sets together.
It is a gift, man - say Thanks and be happy you have 'someone' to give you coins as a present. Learn to look at the presents as presents not as $$$ as there are much more important things in life than gold, silver, diamonds, etc.
Educate them about buying silver as a form of saving and show them some coins that are sold way lower than issue price.
