Here are some important tips to bear in mind when you are planning to buy silver dollars for the purpose of investment.
Tip 1: Know what you want.
Take the time to understand the history of silver dollars and what different types of coins are available. This can help ensure that you are not taken advantage of by someone trying to pass bad coins off as more valuable than they are.
Tip 2: Know the worth of the coins before you buy them.
Before you agree to spend a single cent, you need to be absolutely certain of what you’re paying for. Research the specific coin, year, grading, condition, etc. Don’t let yourself be fooled into overpaying for an uncirculated coin that isn’t all that rare (it can happen with Morgan series coins, too, unless you arm yourself with knowledge).
Tip 3: Ask for references and referrals.
Has a friend, family member, or co-worker done business with a reputable coin dealer? How will you know until you ask? Referrals are the best and safest route but if you can’t get one, then before you begin purchasing silver dollars, I recommend you ask a potential coin dealer for references of satisfied clients he or she has done business with.
Tip 4: Know which coins you want before you shop.
Again, research comes into play here, but it is important every step of the way when you are investing in silver dollars or any other investment for that matter. When you are shopping for Morgans for example, you should look for a Proof Morgan if it is in your price range.
Tip 5: Ask about grading standards.
The grading standards of one dealer may not always be the same as another; in fact, they are often different. For this reason, I recommend that you always ask your coin dealer about their grading standards especially if you notice that they have higher prices for coins that are in the same grade as others you have seen.
Tip 6: Security First!
Store your coins in a safe and secure location, preferably a fireproof safe that is bolted to the foundation.
Tip 7: Get the Guide!
Before you go shopping, download my free Guide to Silver Coin Investing. This concise eight-page booklet will give you a good brief history of the silver industry, as well as some timely and valuable information on why you want to put your money in silver dollars now.
Many people are curious about how to protect their money, but often overlook the many benefits of silver coins. Take a look at our Free Guide to get started today.