Generic Rounds

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jd1123

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Hello All -

Quick question for you pros.

I have a trusted source who is willing to sell generic silver rounds to me at a good price. Only issue is that there is no mint stamped on the round, rather it's just a large version of a buffalo head nickel. It comes stamped with .999 fine silver and 1 troy oz on it, but I am curious what you guys think of this.

Will the fact that there's no mint on these affect resale value (premium issues aside)? Should I feel comfortable accumulating these?

Like I said, I trust the dealer but still need to know what it will be like if I decide to sell these. Any advice?

Thank you!
 
If it's exactly the same, you should have no issue as they are pretty common. The deal with private mint (generic) rounds and ingots is that there are *lots* of them out there without any mint identifications. I tend to stick with the well known products (you'll see them listed at various online dealers or they have a mint indentification).
 

So I just looked and yes, they are exactly the same as the ones linked. I can get them at a very good price so I figure may as well just accumulate these. I'll eventually want to swap these for 10oz bars. Any ideas on how to do this in the most cost effective way? Local shops are trying to bend me over (buy below spot and sell the bars at a premium).

By the way - thanks for the quick replies!
 
jd1123 said:
... Local shops are trying to bend me over (buy below spot and sell the bars at a premium). ...
Click to expand...

That's how they stay in business. You can try selling directly to others via ebay to maximize your selling value, but that is fraught with risks of it's own (ebay's/paypal's policies favor buyers/potential scammers). You could also try selling directly to peeps via the forum (here or another one). Just depends upon your comfort level in disclosing your location to others.

It's best to accumulate PMs for long term holding IMO. Trying to flip them short term isn't very economical because of the premium disparity dealers must use to stay profitable.
 
I have hundreds of the buffaloes JD. They have exactly the same Ag content as an ASE or Mape but at a much lower premium. You're just getting a lot more silver buying generic rounds and bars IMO. That being said I do buy ASEs Phillies and Mapes on occasion.
 

PMBug - as usual, you are a great help. I'm not concerned with flipping (agree 100% with your logic here). Thing is, I've found a source to get generic rounds at very good prices over spot and want to swap them for 10oz bars. That's it.

I thought 10 rounds for one bar would be a slam dunk for a local shop as they get value (rounds go for more premium than bars) and don't add to risk. But what do I know? Some people are offering to buy the rounds below spot and sell the bars at full premium. Makes absolutely no sense for me to do that.
 
jd1123,
Don't be af4raid of generics, just be judicious when buying them. I have a dozen or so tubes of what I call "goofballs", which are unmarked silly shit that is .999, but marked with shit like "Merry Christmas", or "Happy Chanukah" or whatever. I hate them because they are not what I feel are mainstream silver, and I am slowly swaspping them out on smashdowns, but they are still silver. Buffaloes are good silver and widely recognized so you would be safe with those, but I recommend a deeper mix of sovereign silver, especially if it is a survival stack. In that case, I would actually recommend a deeper stack of junk silveer, but that's just me.

Opinions?
 
I think it is worth it to stay with the mainstream stuff. Eagles, Maples, Krugs, etc.
While only a small percentage of the population even think about buying silver, I am surprised at how small a group of those think ahead about needing to sell at some time.
Most people don't know the true value of a silver / gold Maple Leaf or Eagle. How many will have a clue about a generic round with .999 stamped on them?
 
Stay with name brand.. and touch NOTHING that is Chinese.
 
Thanks for the replies everyone. So I bought some silver rounds that are marked Northwest Territorial Mint. Any opinions on these? The other ones I got were silver buffaloes.

A couple of things if anyone cares to opine. One tube of buffaloes is not reeded. Is this common?

Also one tube of the Northwest territorial mint coins is not shiny like the rest of the silver, but dull and seems like there is something on it. Any clue what this is?

Thanks
 
jd1123 said:
Thanks for the replies everyone. So I bought some silver rounds that are marked Northwest Territorial Mint. Any opinions on these?
Click to expand...

NWT is reputable and well known. You shouldn't have any problem reselling them in the future.

jd1123 said:
... One tube of buffaloes is not reeded. Is this common?
Click to expand...

You got two types of buffaloes - one reeded and one smooth edged? I'd ask you trusted source where they came from or seek out a local coin shop to vet them for you.

jd1123 said:
... Also one tube of the Northwest territorial mint coins is not shiny like the rest of the silver, but dull and seems like there is something on it. Any clue what this is?
Click to expand...

Pics might help.
 
JD 1123,
I also have several [three] types of silver buffalos, and one of them is not reded. There are several mints who have licenses to press that design, and there are one or more who press a similar round, but not quite identical.
 
I took PMBug's advice and took both of the tubes to my local shop. The guy claimed the "odd" looking NWT rounds were matte finish and the non-reeded buffaloes exactly what you guys said - some people just mint them differently.

I'm pretty certain about the authenticity of the rounds, just looking for an education in different products. Thanks for the help.
 
JD,
When I first started to stack, I balked at the premiums for "sovereign silver", that is to say, rounds pressed by nations. Philharmonics, Maples, Kookaburras and ASE's come immediately to mind. However, nearly three years ago, my wife was struck down with Legionella Pneumonia, and without insurance, I had to come up with 130K to pay the bills, and that amount was AFTER negotiating with the hospital. Suffice it to say that when I took a pile of rounds to the LCS, the sovereigns were bought at an actual premium to spot. Not much mind you, but a little better than one percent. The generic was well received, but I got about 1.2% less than spot. In my opinion, junk is for post-TOTWAWKI, and sovereign silver is for trading and holding value.

But, that's just me........;-)
 
NWT is a well known mint, as PMBug said.

If it's not sovereign silver, I stick with well known independent mints, like Silvertowne or Scottsdale, or APMEX, etc.

I'm not a big fan of the buffalo pieces, since most are not marked... but that's just me. IMHO and all that. If it's a big lot, I would spot check the silver, or pull the ones that look funny and check them.

Junk silver is good if you are into that.

ADK
 
Out of curiosity, if you had to choose between:

1) No-longer-circulated 90% coins (e.g. Mercury dimes, Walking Liberty halves, etc.) for $1.09 over spot.

2) Buffalos at $0.89 over spot.

Which would you prefer?
 
90% by a long-shot. Why? Recognizeability [is that even a word?]

While we all know the buffalos are good .999 assay silver, coins can be instantly recognized for what they are.

[JMHO by the way ;-)]
 
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