Not knowing how many grandchildren we would have, I settled on 5 of each product. Our first grandchild was born in 2008 so I started buying 1oz American Eagles and proof sets from the. I've been tempted to buy silver on ebay and Amazon, but the risk of fakes overides my desire for a good price. ![]() Also the free shipping minimum has jumped from $99 to $199. Currently, the spot price is $18.31 and the credit card price for Krugerrand silver is $23.88. I checked what I bought in 2019 when the spot price was 18.06, I paid $21.22 for Krugerrand silver with a credit card, which the price is higher. More people trading silver need to ask for physical delivery to try and get paper to physical prices back in line. Buyback is a bit over spot, maybe 10 to 20 cents over. So what you paid $21 for can now be sold for $26.Įven generic silver rounds are selling for $22 with a spot of $18.25. Typical buy back price for silver eagles $26, so that is a decent premium if you sell because back when silver was $17-$18 before the buy premium was probably $3. HIstorically, spot and street prices are close, with a 3% to 5% markup on gold and 5% to 10% markup on silver with American Silver Eagles being at the higher end.įor silver eagles today, typical buy price anywhere is $31 to $33 selling price when spot is just over $18. The current market is kind of out of whack, especially silver. While legitimate, authentic coins exist in China, the plethora of fakes and fraudulent listings on eBay increase the likelihood that coins purchased from Chinese sellers will be counterfeit. PCGS urges consumers not to purchase rare coins from Chinese sellers on eBay. Ebay recently pulled several auctions of counterfeit coins/holders at the urging of PCGS. PCGS has called for eBay to stop accepting listings of any rare coins from Chinese sellers. Also, PCGS is a member of eBay's CCW Group, which monitors eBay for fraudulent listings and asks eBay to discontinue auctions of suspicious coins and/or suspend violators. Customs, the Secret Service, and US Postal authorities, to enlist their assistance in pursuing enforcement or legal remedies against these counterfeiters. governmental agencies, including the FBI, U.S. We've seen suspicious ads posted on many platforms, including Amazon and Facebook," cautioned Doug Davis, ACEF Anti-Counterfeiting Director.Ĭounterfeit Chinese coins are sold on eBay: (Temecula, California) Febru- The recent panic buying of silver bullion has sparked a significant increase in fraudulent or misleading online advertising to lure unsuspecting retail buyers to purchase counterfeit United States silver dollars, according to officials of the Anti-Counterfeiting Educational Foundation ( "The Chinese are blowing up the web selling fake silver dollars. There's a lot of fakes in circulation, so be very careful where you buy from.Īpparentely counterfeit American coins are sold on Amazon and through Facebook: If an American company was selling fake Chinese currency, it wouldn't last long. How a site like that is not shut down, I'll never know. ![]() What's scary is, places like Alibaba, you can buy fake Silver Eagles. You can also buy "junk silver" that's often times American currency like Morgan dollars that usually has a much lower premium over the spot price. ![]() You should get a premium over spot for American Eagles when you sell to a coin dealer (over other types of silver) but that's also not guaranteed. I had a local coin dealer that was less of a premium than online, but that's always a crap shoot. If you receive commissions from sales of precious metal bullion and monetized bullion paper currency, you owe service and other activities B&O tax ( WAC 458-20-248).They've always been more in my experience. Retailing B&O tax and retail sales tax applies on such sales to consumers. Sales of bullion that will be used to manufacture items such as jewelry or works of art are subject to wholesaling B&O tax if you receive a reseller permit. an exchange medium under the laws of a government). You owe retailing B&O tax, and you must collect and report sales tax on your sales of coins that cannot be used as money (i.e. Monetized bullion is a coin or other form of money made from metal and used as an exchange medium under the laws of a government ( RCW 82.04.062). Precious metal bullion is any processed, smelted or refined precious metal valued on its content, not form ( RCW 82.04.062). This applies even if you sell bullion for more than face value. Generally, you do not owe wholesaling B&O, retailing B&O or retail sales tax on your gross income from sales of precious metal bullion (gold bars, processed nuggets, etc.) and monetized bullion (coins, etc.).
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