How to buy silver coins cheaply

From buying in bulk to using special online search services, you can probably find silver coins cheaper than you thought online.

1) Buy in bulk. If you want to get the best possible price on silver bullion coins, consider stashing your cash, waiting for a pull-back in prices and buying a bulk lot. Some web sites offer reduced pricing for bulk silver coin purchases. In the image below, I’ve taken a sample of GoldSilver.com‘s bulk pricing rates for Silver American Eagles as of Sept. 6, 2001:

As you can see above, if you purchase 10,000 silver American Eagles, you stand to save more than $20,000. Not bad! If you don’t have the cash to buy silver coins in bulk, consider partnering up with friends or family to place a larger order than you could on your own.

2) Buy direct from third-party sellers. eBay and Amazon have become two of the most popular places for consumers to sell silver coins directly to other consumers. Prices can be hit-or-miss depending on who’s selling when. As of this writing, for instance, Amazon sellers have listed silver American Eagles for as low as $50. That’s pretty high compared to some specialty online coin vendors, so you’ll want to check Amazon and eBay frequently. When sellers list coins at low prices, they get snatched up quickly.

3) Roam your local flea market. While it’s hit-or-miss, you might come across great deals at garage sales, community sales and flea markets. Most flea markets have specialty coin booths that are set up year-round, but you’ll probably find better deals if you stumble across an individual who just happened to set up for the weekend and has a coin or two to sell (along with a whole lot of junk from his or her garage). For most investors, this approach isn’t worth the effort, but if you’re already at a sale, it doesn’t hurt to keep your eyes open. If you stumble across a silver coin you’d like to buy, don’t be afraid to haggle.

4) Do a search on Google Products. I’m always surprised at the number of people who don’t know about or use Google Product Search when doing comparison shopping. The service lets you type in a keyword (like “Silver American Eagle 1 Oz. Coins”), and it’ll show you list prices for that product from vendors around the Internet. It’s a great place to find sellers you might not have otherwise discovered.

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