The Best Way to Buy Junk Silver (Not Junk for Long!)

best way to buy junk silver

The best way to buy junk silver may seem like an arbitrary topic if you have not been paying attention to the value of

currency. The federal reserve of the United States has kept interest rates at their lowest and has continued to print paper currency for so many years that we are in a period of high inflation.

While most economists agree that an inflation economy is essential to get a market out of depression, inflation is not a long term solution or a permanent fix. At some point, something has to give.

Value of Money

The old days of the gold standard versus the bimetallic standard are upon us once again. Whenever we face a potential economic collapse, the discussion of monetary value rises. Let’s face it: the paper money we use today is just that, paper.

Why is silver going up? In the event of an economic collapse the currency may as well be toilet paper; it will be useless. What will hold value is what always has, actual precious metal. 

That is where junk metal comes in. If natural disaster strikes and paper currency becomes useless, the digital money we have in banks and the stock market will also become useless. Predictably, junk metal, all those old dimes, quarters, and nickels, will suddenly be precious once again.

Where to Find It?

You will find pages and pages of sites on the internet offering to sell you junk silver. You will be buying it at a premium though. Essentially, you will have to make an investment in your future.

Yes, you are always going to pay a premium for silver, and if you have a ton of money to throw around, go ahead and find a reliable site that will sell you a bag of $1000 silver coins at market value, probably about a 3% premium.

Sites

The most reliable sites are the ones with high ratings. Be sure to do your research, read the reviews, and get guarantees. You can check out compare bullion sites for a good measure of what to expect, but the basics are as follows:

You’ll want a good rating from the Better Business Bureau, a reliable source of business reviews. 

Watch for shipping rates. Depending on where your product is coming from, some sites will charge you to ship the silver. However, there are several sites that will offer you free shipping over a certain amount, and many that will ship any amount for free. Why pay for shipping when you don’t have to?

How much do you want to buy? If you plan on buying a $1000 bag all at once, you will have a plethora of sites to choose from. Some sites will only sell to you if you have a minimum amount. Others will allow to buy as little as $100 at a time.

Insure your silver. If you have hard currency, precious metal, coming to you in the mail, insure it. Some sites do not offer this protection. Others do. You would never own a car or house without insuring its value. The same rule applies to your money. A silver site should insure your money until it is in your hands at the very least.

Finally, and perhaps most importantly, how much is the premium? If one site is offering you 3% over the market value, but another is offering 1.5%, this should be a no brainer.  You will have to consider shipping cost, how much you are buying, how much the insurance is for, and all the other ways you are spending money when deciding how much of a premium to pay. If a site is offering something that seems too good to be true, it just might be.

Other Ways to Buy Silver

Because economic collapse, as far as we know, while highly possible is not imminent, you may just want to have fun finding your silver. Frequent garage sales, estate sales, and antique shops to find your silver. Is it a good time to buy silver? If you do it right, then yes.

This can become a weekend hobby. Since you want to store up food and other essential supplies well before you worry about currency, spend your fun time hunting for silver. You may end up with a good store of silver by the time the market crashes just from visiting a local estate sales.

Make a trip out of antiquing up and down the west coast or along the eastern seaboard. You could find a lot of survival gear along the way too. As an added bonus, you will not be paying a premium. In fact, you may come out ahead in the long run.

The biggest advantage solid investors have over everyone else is time. If you are buying out of desperation, you are going to pay more. There is no real reason to be desperate as of this moment. Be prepared, but don’t be desperate.

Store It

Now you have your silver, what are you going to do with it? If you’ve purchased your silver from a site, you likely already have it in bags, but perhaps not. You will want to store your silver in bags separated by denomination and portioned out so you know how much is in each bag.

Weigh your silver as you get it, so you know how heavy it is. Newer coins typically have less silver, so they weigh less, which makes them less valuable. You will want to divide up your coins with more and less silver.

Final Thoughts

Again, there is no cause for desperate alarm with this one. Silver is everywhere. Have fun finding your stores. Watch the news and be aware of economic or environmental changes. Watch the market. You can always buy a bag of silver on the internet in a hurry if you need to. In the meantime, use silver as a way to get out, meet other preppers, discuss others’ plans and ideas, and collect your silver a little at a time.