Silver and Gold Coin Dealers

Silver and gold coin dealers are excellent places for purchasing and selling these precious metals.

There are usually several coin shops in every major city.

Before determining which coin shop (or coin shops) to purchase gold and silver consider the following.

A coin shop should be in business for at least 7-10 years.
Longer is better—especially in these volatile economic times.

Established businesses are almost always the best to work with especially in regards to financial type products such as precious metals.

As the gold and silver market expands (due to price rises and demand increases) more and more coin shops will be opening. Some of them will be fly by night businesses that use questionable business practices. They will charge high premiums when selling precious metals and pay very low prices when buying.

As always: Caveat Emptor. This is Latin for: "Let the buyer beware!"

Gold and Silver Coins

Do comparison shopping for coin dealers.
Go to several coin shops and ask what they sell gold and silver (and buy back) for. In other words, ask for how much you will pay over the spot price. In that way you can determine where you will get more bang for your buck.

Reputable silver and gold coin dealers will be happy to provide this information. Questionable gold and silver sellers will be more hesitant to give out this information.

Finally, choose a coin shop that you feel comfortable working with.

Note: The spot price is the settlement price of the base metal.

Stay away from numismatic coins .
Some dealers will try to pressure their customers into buying numismatic coins for investments. A numismatic coin is a collector coin that has a value in significant excess of the base metal.

You will pay a high premium that you may never get back. And, dealers make a higher profit on numismatic coins.

When you decide to sell your numismatic coins you are at the mercy of the current desirability of the coins. You might make a profit, but you might not.

Find dealers with good selections of gold and silver .
Find silver and gold coin dealers that carry gold and silver coins , gold and silver bullion and junk silver coins .

State Sales Tax for Gold and Silver - Silver and gold coin dealers
Different states have different sales taxes. Sales tax are an extra cost on the precious metals. Some states (such as Arizona (early 2012)) charge no state taxes for precious metals.

If your state charges you full sales tax you may want to purchase precious metals from a neighboring state that doesn’t have these taxes. Although they will have shipping and insurance charges (depending on how much you purchase) it may still be cheaper that paying a state sales tax.

Another option is to consider purchasing from a reputable online precious metals dealer .

For Reference: See: The Coinologist
This site provides a List of States that do or do not charge sales tax on Coins, Paper Money, and/or Precious Metals.

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