A few weeks ago I read a comment that asked, “What if you came across a bucket of old silver quarters that your grandma or grandpa had collected? What would that mean to you and your family right now?” (paraphrased)
Well, that would mean my family had several pounds of silver! Silver we could either sell or, at some point in the future, use as currency. In other words, grandma or grandpa would have blessed us with a real form of wealth.
I’ve decided to be that grandma. Granted, my kids are only 10 and 12, but someday, a bucket of real silver coins could make all the difference in the world to their lifestyle and future plans. It’s so easy to start collecting these 90% silver coins.
- Go to a coin store and ask to see a pre-1965 quarter. Look at it carefully and compare it with a newer quarter. Quarters and dimes minted in 1964 and earlier contain 90% silver. Anything minted in 1965 and later does not.
- Keep track of the current value of silver at this website. It’s updated frequently throughout the day. When you see a nice little dip, head to the coin store with a few dollars or more.
- You will pay the “spot price” of the silver, which is the value as tracked by Kitco and other websites plus a “premium”. The premium is the profit charged by the coin dealer. Not all premiums are the same, so shop around to find the dealer who charges the lowest premium.
- Check jars (or buckets!) of coins you might have around the house. You might get lucky and find some of these coins right under your roof!
- Keep your silver in a safe place. Consider splitting it up into 2 or more hiding locations. Don’t store it in a bank safety deposit box.
To give you an idea of the value of silver, in the spring of 2011, it was selling at $27/ounce or so. In the spring of 2010, it was selling for less than $18 an ounce, and a year before that, $13. A key concept is that it’s not silver itself that is gaining in value but, in fact, our dollar is losing value!
Remind yourself that you are not buying quarters with a value of 25 cents! You are buying silver. The first time I bought pre-1965 quarters, I couldn’t believe I was giving the clerk $20 for a handful of quarters.
By the way, if you’re Canadian, you’ll want to pick up silver coins dated 1966 or earlier. These are 80% silver.
In a post-SHTF world, there’s no telling how much value a handful of pre-1965 silver coins will have, but I would love to be the grandma who blesses her children’s children with something that has real wealth.
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