Coins

[Gazzhall]

I'm looking to invest in some coins to buy and resell wheres the best place to buy them? Like 1oz coins. Honestly don't have a clue about it.

From what I have seen on Google the best thing to do is buy them in Germany and have them imported to the UK? 

Can someone run me through it as looking at the prices you have to pay on uk sites the margin for a wage is impossible. Talk to me people 

[Happypanda88]

There are plenty of 1oz silver coins on sale here on the forum (under Buy and Sell).

https://www.thesilverforum.com/forum/13-united-kingdom-ungraded/

You should take a look on here first - pick up a little more knowledge and compare prices then decide what and where you like to buy.

[Bigmarc]

What's your time frame on the buy and resell? 

[dicker]

5 hours ago, Gazzhall said:

I'm looking to invest in some coins to buy and resell wheres the best place to buy them? Like 1oz coins. Honestly don't have a clue about it.

From what I have seen on Google the best thing to do is buy them in Germany and have them imported to the UK? 

Can someone run me through it as looking at the prices you have to pay on uk sites the margin for a wage is impossible. Talk to me people 

If you are looking to make money “flipping coins” you will be pretty disappointed.  

- VAT arbitrage is dead post Brexit

- I am not sure which markets you are targeting but if you are small scale there will be no margin to make more a profit - your buyers and sellers are in the same market

- Very generally, buying and selling silver or gold to make decent money is a volume business - if you are dealing in bullion rather than the much more complex world of numismatics.

- Silver is volatile.  You need to be able to hedge positions you take or be willing to wait for price to move in your favour if there are dips. 

- Finally, and this is the most important advice: buy low, sell high.  
 

Best

Dicker

[modofantasma]

7 hours ago, Gazzhall said:

I'm looking to invest in some coins to buy and resell wheres the best place to buy them? Like 1oz coins. Honestly don't have a clue about it.

From what I have seen on Google the best thing to do is buy them in Germany and have them imported to the UK? 

Can someone run me through it as looking at the prices you have to pay on uk sites the margin for a wage is impossible. Talk to me people 

Rules changed on importing silver coins after brexit transition period so you would be charged vat and customs fees in addition to the prices you're paying to the actual dealer to purchase. 

[Fadeingstar]

If you buy from outside the UK you will have to pay delivery, VAT at 20% and then the admin charge imposed by the courier company. Unless you are getting them for rock bottom prices abroad when they arrive in the UK your total cost will be comparable to buying in the UK. The days of importing silver with zero VAT from Europe are over due to Brexit.

Also as Dicker says with such small margins it is a volume business on the generic bullion coins you would need hundreds and hundreds if not thousands of oz's going out the door every week to "make a wage"

Here is an example:

The 2021 Silver Britannia:

Looking at a german dealer the price is £22.22 an oz lets say we are buying a full tube of 25 coins.

Shipping: £11
Coins: £555.50
Royal Mail admin charge:£8
VAT 20%:£111.10
Total £685.60 or £27.42 an oz

Now lets look at the UK:

Sharps Pixley have the 2021 Silver Britannia at £26.53 for singles or £25.16 when buying 25
Now lets assume you buy a tube for comparrison:

Shipping:Free
Coins: £629
Total £629 or £25.16 an oz

So as you can see you would be paying £2.26 more per oz to import from abroad than to buy in the UK

Also you can always look in the buy/sell section of the forum that is where the best deals can be found
 

Edited August 27, 2021 by Fadeingstar

[Gordy]

Best place ATM is on here but if you're looking for specifics get accounts with numerous bullion dealers also as they offer discounts for multiple purchases which brings the cost per ounce down and then if you're looking to flip I try to go for about a 20% turnover if I can but I'll generally be happy with 10% if they move quickly, you cant get that in a bank if your money is sitting doing nowt, you'll probably never be rich from it but I use my gains to buy more and build up my stack as well as building my collection for my personal treasure chest that I don't sell or wont just yet unless the price rockets of course.. 

[LawrenceChard]

11 hours ago, Gazzhall said:

I'm looking to invest in some coins to buy and resell wheres the best place to buy them? Like 1oz coins. Honestly don't have a clue about it.

From what I have seen on Google the best thing to do is buy them in Germany and have them imported to the UK? 

Can someone run me through it as looking at the prices you have to pay on uk sites the margin for a wage is impossible. Talk to me people 

A good start would be to decide whether you want to buy gold coins, silver coins, platinum coins, or some other metal. It makes an important difference.

As someone else has already stated, gold is VAT exempt in the UK and EU. Other metal are subject to VAT in both the EU and UK.

You also mention reselling them, and this makes it sound like your contemplate becoming a dealer. This may just be from your choice of words, as most investors do quite rightly think about eventual resale prices.

It is possible to find almost anything on Google, such as "the earth is flat", "God exists", etc.

Your mention of Germany make me, and others, guess you are thinking about silver coins, and in fact, the information you found would have been about right a few years ago, but is now out of date, and therefore incorrect. You could try smuggling, but it is illegal, and not recommended.

I would tell you that the best place to buy gold bullion, silver bullion, and many other coins and bulllion items is here in the UK, in Blackpool, and at @ChardsCoinandBullionDealer, or https://www.chards.co.uk/, but that might be considered as self-promotion, even though it is pretty accurate. 🙂

Many TSF members would tell you that buying on TSF peer-to-peer, is best, and they would have a reasonable point.

I hope this helps.

 

[Coverte]

Atkinsons and Chards are currently pretty much neck to neck, possibly dependant marginally on volume, for 1 Oz Brits currently.

Both are good to deal with, but I've bought more from Chards historically, nice staff who phone with any delays/similar.

[Dan12345]

Can't see there being much money in flipping coins unless your lucky or buy Hugh amounts