Absolute beginner - Where to start?

[ashr]

I'm wanting to start collecting silver 1oz coins - I'm not looking to flip to make a quick buck, I know that's impossible... but I do want my collection to be profitable in 20-30-40 years time...

What are the best series / coins to do this with? - Is there a list of rarity for each year anywhere online (I've looked, couldn't find anything except the super rare coins post-1940)?

[Stacktastic]

1 hour ago, ashr said:

I know that's impossible...

No its not

Silver is (literally) a flipping pain in the backside to trade as it goes up and down all the time and never stay still. 
The price is controlled heavily, but it can and does break out from time to time - does not seem to last long though. 
I sold all my brits in the squeeze early this year and made a decent return.
It wont make you rich, but pays for holidays etc. Depends how much you have and how high the spot goes & buyer demand. 
I personally like gold for long term now. There is a lot of hype about silver moving to triple digits, but its not guaranteed. 

Personally if silver hits £30 an ounce I will start selling the stuff i bought at £15-16 an ounce. 
If it hits £50 its all going - for conversion to gold (or platinum if that under £700).
Or liquidate to cash, wait or invest elsewhere (assuming we are not in Venezuela territory). 

As I collector I would suggest buying more collectible bullion silver to start with. 
Pay a close eye on spot and premiums (which i believe are high now). 
I dont know a ton about proofs and stuff - but I like the Mexican & Scotsdale coins myself. 
Not exactly collectable but they sell fast and look stunning. I also like Perth mint. 
If you have a lot of non UK coins and decide to liquidate you will have to pay capital gains. 
This is free at the moment if you have UK tender coins up to £12K.
but unless we are in a war zone its highly unlikely the banks will let silver run that far. 

Best place to start is the Queen Beasts set IMO. You have a 2 oz set (bullion) and a 10oz set, both have boxes you can get. 
This is largely part of my retirement fund as i have a few sets now, but I wont hesitate to liquidate if silver spikes. 
Its a great all in one set for someone to buy who is looking at hedging fiat, especially with a box as its also collectable. 

Personally I only buy Brittanias when they are around £20 a coin (the cost from Europe now - excluding import tax). 
Stack gold little and often also - Sovereigns seem to be most liquid - Britannias better value.
I buy a few on the dips, its amazing how quickly they add up. Cost averaging has great compounding power. 

stick to UK legal tender and capital gains exempt stuff (Lunar Series is good apparently), buy second hand to minimise VAT.
Stay away from Ebay - buy on here.

Stay away from commemorative c**p - especially the crowns.
Bought a whole box full of them this year and quickly sold them (at a profit I might add). 
Good luck. 

[dicker]

Excellent advice above from @Stacktastic

Loads to chose from on the forum:

- On the Buy Sell section

- Also Morezone has higher quality silver for sale on his Sub area off the main page that is worth looking at

Best

Dicker

[Alex944]

54 minutes ago, ashr said:

What are the best series / coins to do this with? - Is there a list of rarity for each year anywhere online

It's hard to say what the best series/coins are as there are multiple facets that can come in to play. Queens beasts was (is) a great series, resonated with a lot of people, high collectability, and it won't be difficult to sell them once the time comes. I am personally of the opinion that should you look to hold for 20+ years anyway, it doesn't matter that much. Collect what you enjoy is probably the best advise I can give in that sense. It's important to be able to enjoy your stack if you are holding for long term, so dab your toes in some different designs and series and see what you enjoy. You can always get rid of the ones you don't enjoy as much as use the proceeds of those sales to fund coins/series that you do like!

 

In terms of rarities, this is a great resource to check: https://en.numista.com/

It will show you all standard specifications (weight, purity, composition, rarity index) and can be really helpful.

Enjoy the journey!

[Zhorro]

59 minutes ago, Stacktastic said:

Personally if silver hits £30 an ounce I will start selling the stuff i bought at £15-16 an ounce. 
If it hits £50 its all going - for conversion to gold (or platinum if that under £700).
Or liquidate to cash, wait or invest elsewhere (assuming we are not in Venezuela territory). 

But isn't this the very reason why silver is unlikely "to go to the moon"?  If stackers that have held silver for the past 10 years all decide to sell then the price of silver is unlikely to get beyond $30 never mind $50.  I would guess that there are more stackers of silver than gold, and so there is probably a lot of silver lying around ready to be converted to cash when the silver spot price starts to go up.

[ashr]

Really appreciate the advise guys. I'm looking at starting with Queens Beasts (as suggested), Britannia (just because they're the UKs standard coin?) and maybe Kookabura's (I work in Australia, and I like the look of them).

Standard prices for Britannias and Kookaburas (obviously depending on the year) seem to range from £25 - 35.

As a first purchase, would you recommend buying the 2021 Britannia from the Royal Mint at £24? ... I do intend on keeping these coins for 20 years... I'm 32, I'm interested in the "FIRE movement" and want to retire at 50.

[dicker]

I am aware that @Lucylucy had a set for sale (QB's).

Not sure if that is the case

Best

Dicker

[SidS]

51 minutes ago, Zhorro said:

But isn't this the very reason why silver is unlikely "to go to the moon"?  If stackers that have held silver for the past 10 years all decide to sell then the price of silver is unlikely to get beyond $30 never mind $50.  I would guess that there are more stackers of silver than gold, and so there is probably a lot of silver lying around ready to be converted to cash when the silver spot price starts to go up.

I've been saying this for years. Silver is everywhere, it's not rare, there's a lot of people sitting on it (including myself), and I'm sure for the right price, much of it will no doubt come out of the woodwork.

I've been waiting for silver to go to the moon since it was $5 an ounce, the days when I could buy Peace and Morgan dollars for £5 each, and they were overpriced at the time (about £2 in melt), but they've more than made my money back since then... However they haven't made me rich.

[Fadeingstar]

1 hour ago, ashr said:

Really appreciate the advise guys. I'm looking at starting with Queens Beasts (as suggested), Britannia (just because they're the UKs standard coin?) and maybe Kookabura's (I work in Australia, and I like the look of them).

Standard prices for Britannias and Kookaburas (obviously depending on the year) seem to range from £25 - 35.

As a first purchase, would you recommend buying the 2021 Britannia from the Royal Mint at £24? ... I do intend on keeping these coins for 20 years... I'm 32, I'm interested in the "FIRE movement" and want to retire at 50.

Remember that the Royal Mint displays its prices without VAT so that £24 coin is actually closer to £29!

[arcticfox]

I'm in a sim position but I also have investments in other areas too.

I just collect what I like and what I think is a decent price, if I make my money back I'll be happy.

[ashr]

I have investments in other areas too - Mainly a S&S ISA, LISA, and a bit of artwork, etc...

I'm just wanting a more physical alternative and I've always liked the idea of collecting coins.

[ashr]

50 minutes ago, dicker said:

I am aware that @Lucylucy had a set for sale (QB's).

Not sure if that is the case

Best

Dicker

Thanks - Probably out of my league at the min as a set of QBs would be well over £500? and she's probably wanting to sell them as a set...

I'm just looking to dip my toe in the water, spend maybe £100-200 on a few now and then more at a later date

[Gordy]

1 hour ago, ashr said:

Really appreciate the advise guys. I'm looking at starting with Queens Beasts (as suggested), Britannia (just because they're the UKs standard coin?) and maybe Kookabura's (I work in Australia, and I like the look of them).

Standard prices for Britannias and Kookaburas (obviously depending on the year) seem to range from £25 - 35.

As a first purchase, would you recommend buying the 2021 Britannia from the Royal Mint at £24? ... I do intend on keeping these coins for 20 years... I'm 32, I'm interested in the "FIRE movement" and want to retire at 50.

Excellent advice from @Stacktastic and UK CGT free coins are always a good start, last week there were Brits on here for £23.50 an ounce so get at least a 'silver' membership which gives you immediate access to deals as they come on. 

Also the price from RM may sound good but for £24.69 (current price) per coin you need to add VAT and then add delivery, there are dealers out there if you register that deliver for free (included in their pricing) and there prices regularly come in under the RM price.

Prices on here are very competitive and sellers value their reputation and in my experience have always been honest.

Regards to making a profit and getting rich....

I collect and stack and flip coins I can make a few quid off and this gets put straight back into the hobby to buy more or to cover the cost of the coins i am keeping so the collection builds with returns paying for it bit by bit...  

And of course, sundays are for getting the treasure out and admiring what you 'own' as this is an addictive path young man.... very addictive!!!! 

[Gordy]

1 hour ago, ashr said:

Really appreciate the advise guys. I'm looking at starting with Queens Beasts (as suggested), Britannia (just because they're the UKs standard coin?) and maybe Kookabura's (I work in Australia, and I like the look of them).

Standard prices for Britannias and Kookaburas (obviously depending on the year) seem to range from £25 - 35.

As a first purchase, would you recommend buying the 2021 Britannia from the Royal Mint at £24? ... I do intend on keeping these coins for 20 years... I'm 32, I'm interested in the "FIRE movement" and want to retire at 50.

Another example of RM prices; 1 QB Completer at £55.92 plus VAT plus £5.00 delivery compared to 1 of the same from Gerrards @ £60.72 delivered 

[HawkHybrid]

exit strategy?

if you work backwards from your exit strategy, then what you should be accumulating now

will hopefully become clearer.

 

HH

[HerefordBullyun]

All I collect is brits and sovs for the above mentioned reasons and the odd bit from @BackyardBullion as he does some lovely artisan pieces.

[Bigmarc]

1 hour ago, ashr said:

. I'm 32, I'm interested in the "FIRE movement" and want to retire at 50

Had to Google this one. Is there any where I can go to read about personal experiences of what people are doing? If not you should definitely create a thread here.

I have always been a advocate of splitting your day up in to three. 8 hours work, 8 hours sleep, then 8 hours to make a difference or a impact for your future. 

Silver.. to be honest, the price was 9 dollars a ounce 100 years a go. Every other metal has reaped some kind of decent return apart from silver, will silver have its day? That's what we are all hoping for. 

As for which silver to buy. It's always personal preference, read the forum for a bit and decide what direction you want to go with, personally I like the old stuff, pre 1920s and 1947 because if I buy something shiny, it doesn't stay that way for long. Also it's simple as it follows spot (buy at spot, sell at spot) and not commonly faked. 

If you are interested in this fire movement, keep this part of your finances simple as it is a rabbit hole you go down that soaks up a lot of phone time. 

Good luck

[HerefordBullyun]

Im fortunate to recieve a pension already and I use that and convert it into PM's and some of my income goes into stocks of commodities. Mr Kiosyaki taught me that  

[paulmerton]

8 hours ago, Stacktastic said:

If you have a lot of non UK coins and decide to liquidate you will have to pay capital gains. 
This is free at the moment if you have UK tender coins up to £12K.

Is this correct? I thought you could sell a limitless amount of UK legal tender coins without having to pay any capital gains tax?

[ashr]

5 hours ago, Bigmarc said:

Had to Google this one. Is there any where I can go to read about personal experiences of what people are doing? If not you should definitely create a thread here.

It's a really interesting concept if you're interested in saving money / watching it grow / investing / etc... Silver is just going to be an extra avenue... I'm not going to go down the rabbit hole haha.

There's a few blogs on personal experiences, and I'm in a Facebook group with around 8,000 people who talk about it and give advise...

I only really started in April this year, and my S&S ISA has already gained 8% interest (much better than the 0.5% it was getting in the bank haha)

[Gordy]

1 hour ago, paulmerton said:

Is this correct? I thought you could sell a limitless amount of UK legal tender coins without having to pay any capital gains tax?

Capital Gains Tax on 'PROFITS' over £12k not sales and on non-CGT free coins, UK Legal Tender coins are CGT free, you would only pay income tax on them if you declared it as a business profit over your personal allowances

[Dragonfly]

When we are discussing 10, 20 or 30 year investment perspectives in relation to coins of our realm being CGT free since legal tender, the elephant in the room for me is that Maggie aint guna live forever.  How long will the BOE allow current legal tender to remain in use after the Queen pops her clogs?  For me the growing likelihood of this event presents them the perfect opportunity to then tax all us stackers.  

[Gordy]

19 minutes ago, Dragonfly said:

When we are discussing 10, 20 or 30 year investment perspectives in relation to coins of our realm being CGT free since legal tender, the elephant in the room for me is that Maggie aint guna live forever.  How long will the BOE allow current legal tender to remain in use after the Queen pops her clogs?  For me the growing likelihood of this event presents them the perfect opportunity to then tax all us stackers.  

Maggie is already dead mate, do you not mean Elizabeth? 😂

[HerefordBullyun]

10 minutes ago, Gordy said:

Maggie is already dead mate, do you not mean Elizabeth? 😂

Maggie was the queen of @Minimalist's heart just like Liz and Queen Nicola! 😉

[HawkHybrid]

52 minutes ago, Dragonfly said:

When we are discussing 10, 20 or 30 year investment perspectives in relation to coins of our realm being CGT free since legal tender, the elephant in the room for me is that Maggie aint guna live forever.  How long will the BOE allow current legal tender to remain in use after the Queen pops her clogs?  For me the growing likelihood of this event presents them the perfect opportunity to then tax all us stackers.  

edward VII, george V sovereigns etc are cgt free. why do you believe other non currency

cgt free coins will change their cgt free status when there is a monarch change?

 

HH