Thoughts on junk silver?

[SavedByGrace3]

What are the pros and cons of purchasing junk silver?
Consider the value of the $ crashes. Well, it already has; as we know, it only has value as long as people accept it. If the international market decides to reject the dollar and that sediment spreads to businesses across the US - all your cash may be wall paper. I think we might convert a portion of our $ to a more stable form that can still be used over-the-counter currency. Junk silver with 90% silver content may be a suitable medium. It is portable and could be used for local goods and services. Any thoughts?

 

[Laodicean60]

What are the pros and cons of purchasing junk silver?

I don't know about buying junk silver but I started buying .999 silver bullion a couple of years ago. This is interesting and I'll have to go to my local gold and silver store to see how they price junk silver if they do at all.

 

[Richard T]

I think it should turn out fine if you can buy at a discount to the market price. I would only go after pieces that are marked as sterling though. Even better are older coins because it is much easier to trade those and seems less risky to be faked.

 

[Laodicean60]

Something I found from SD Bullion Junk Silver Coins For Sale | Buy 90% Silver Dollars Online

 

[Richard T]

I don't get it why they would sell 90% silver in coins so cheap? 3 plus ounces for only 5 dollars? So a big red flag. SD Bullion, Inc. | Complaints | Better Business Bureau® Profile
These complaints seem to suggest that orders are taken, money is sent and then the order is cancelled and a 5% charge is deducted. I am not a fan of slick marketing either. A Dr. for a founder a SD that implies South Dakota to me but the address is Toledo Ohio? So I checked the Commerce 360 database of top 100 internet companies. It is subscription only for 1600 a year, has no physical address, just Chicago. Seems rather flimsy to me.

Notice how they say they have 4.5 billion in transactions, but do not say any time frame. With 400,000 customers it means 11,250 on average, which is possible but maybe they are moving the money around with sales their own subsidiaries which is I think legal but perhaps misleading? So lots of red flags to me especially since you can pay google to assist in marketing in a way that critics are hard to find. If you buy a little, let me know how it turns out. I would be careful buying much though. A slick company too might put through some small transactions like a pool shark that lets you win a couple of games before they go after the bigger money. God be with you!

I find this intriguing so I will update. It is hard to know their address. This is not uncommon though. It looks like two locations. on this website. SD Bullion reviews, ratings & company details the address is a home in Cardington, Ohio.

They have a filing in the UK. S.D. BULLION LIMITED overview - Find and update company information - GOV.UK
the address listed goes to an accounting firm going by the name of RDP Newman's.

Overall, I think they are legit if they follow through with the order. I doubt you can buy much 90% silver for less than 2 dollars an ounce a the advertise on their website.

There are not many court cases against them. Some complaints on a reddit thread.

 

[Laodicean60]

I don't get it why they would sell 90% silver in coins so cheap? 3 plus ounces for only 5 dollars? So a big red flag. SD Bullion, Inc. | Complaints | Better Business Bureau® Profile

I was curious about junk silver so I did a little reading on that page. I don't own junk silver so you can post a reputable dealer for SavedByGrace3 if he plans to buy or sell junk silver.

 

[Richard T]

Sorry Laodicean. I had mistakenly assumed you were the buyer. I had no personal intentions of doing the research to refute a possible choice. I was just interested buying myself, so I dug all that up. I personally don't know dealers but instead buy silver and gold online. I can say online it is best to avoid the funds that only have "contracts" and choose the ones that actually store the bullion. SGOL is one such fund. GLD is the largest though. They only problem with this is that if times were really rough, then you probably would not be able to get to your money or gold.

 

[SavedByGrace3]

Thanks for the info, peeps. This interest is not for investment purposes; rather, it is to have a workable day-to-day currency in the event paper money is no longer accepted.

 

[Richard T]

Thanks for the info, peeps. This interest is not for investment purposes; rather, it is to have a workable day-to-day currency in the event paper money is no longer accepted.

That is a good idea, always good to have something handy if the money system were to freeze up. I was overboard in that research because I have been scammed before. It is so hard to know these days so I approach things a bit skeptical and was too critical thinking I might buy something myself. Hopefully someone else can chime in.

 

[SavedByGrace3]

That is a good idea, always good to have something handy if the money system were to freeze up. I was overboard in that research because I have been scammed before. It is so hard to know these days so I approach things a bit skeptical and was too critical thinking I might buy something myself. Hopefully someone else can chime in.

No fault in being skeptical these days. Thanks

 

[Tuur]

Serious questions:

For years have seen adds for investing in precious metals. I'm assuming this is the actual metal, in hand, and not a certificate for metal somewhere in a vault. For metal somewhere in a vault, what good is the certificate if society collapses? For metal not in a vault, if you have it, how do you spend it without the word getting out that you have precious metals? The latter can attract unwanted attention.

 

[Laodicean60]

Serious questions:

For years have seen adds for investing in precious metals. I'm assuming this is the actual metal, in hand, and not a certificate for metal somewhere in a vault. For metal somewhere in a vault, what good is the certificate if society collapses? For metal not in a vault, if you have it, how do you spend it without the word getting out that you have precious metals? The latter can attract unwanted attention.

I agree when the bible says can't buy or sell, I believe that! The Canadian truckers could not buy or sell because bank accounts were locked but if they had crypto or precious metals they could have sold for cash. When we go cashless, we can be locked out of the digital system and we won't be able to sell crypto or gold for government money.

 

[Laodicean60]

Sorry Laodicean. I had mistakenly assumed you were the buyer. I had no personal intentions of doing the research to refute a possible choice. I was just interested buying myself, so I dug all that up. I personally don't know dealers but instead buy silver and gold online. I can say online it is best to avoid the funds that only have "contracts" and choose the ones that actually store the bullion. SGOL is one such fund. GLD is the largest though. They only problem with this is that if times were really rough, then you probably would not be able to get to your money or gold.

No worries I like to think I have thick skin. Everyone has an opinion and yours will be logged in memory if I ever deal with junk silver from SD Bullion and I'll have to compare with other online dealers.

 

[Richard T]

You were righteous in trying to be helpful. For myself I just have to check my skepticism more and make sure I follow the threads more closely. My public apologies as well. God bless!

 

[LoriSaysHey2U]

What are the pros and cons of purchasing junk silver?
Consider the value of the $ crashes. Well, it already has; as we know, it only has value as long as people accept it. If the international market decides to reject the dollar and that sediment spreads to businesses across the US - all your cash may be wall paper. I think we might convert a portion of our $ to a more stable form that can still be used over-the-counter currency. Junk silver with 90% silver content may be a suitable medium. It is portable and could be used for local goods and services. Any thoughts?

No fault in being skeptical these days. Thanks

Better to have some real money on hand and that includes junk silver, silver coins, and goldbacks.

 

[MOzarkMs]

I personally think .999 fine silver is the way to go. I think people may have a hard time dealing with the junk 90% silver because they would still want to give them the face value instead of the silver value. I mean a 1960 dime is a dime in most folks eyes. But a silver coin that is marked .999 fine/pure silver is easier to think of as worth more. Look into Goldbacks. It's real gold foil bills that can be used like cash in some states by places that accept it. I think right now there are about 8-9 states that have approved gold and silver to be used as legal form of payment. But it is still up to the business to decide if they will allow it. Also https://www.goldeneaglecoin.com/ has a low minimum purchase to get free shipping. Many places you have to spend $200 to get free shipping but Golden eagle coin only requires a $99 minimum purchase.