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Letter Re: Which Form of Precious Metals?
James,
My experience with [US Mint] Silver Eagles is similar to your description
[of their lack of widespread recognizability]. I traded 1 silver eagle for
some merchandise at $20 USD per Eagle.
The person was happy. I explained to them that this was 1 oz. of silver and
at the time of the trade it was equal to the amount that I told them. A few
days later I went back seeking to trade again and they told me that since the
face value [marked] on the coin was $1 USD that it was all the value they would
exchange it for. So then I refused to trade. They were insistent that it was
only worth $1 USD . I said sorry you think that way and went down the road.
Your point that most Americans wouldn’t know about Silver eagles is correct.
I have found that trading Eagles for value is best
done with professional, more educated people. I partially paid for the delivery
of our three children with 1-oz Gold Eagles [for each delivery]. The doctor
was very eager to settle our bill with that in his hand. Of course the balance
due was close to the value of the coin. My chiropractor also will accept Silver
Eagles for payment.
Yes it is possible but discuss with the person you wish to trade with before
hand, if they are not sure don’t push. You could also get in trouble
with the local law if you try to push the issue as the trade nay have second
thoughts and make a call on you. Also you might want to look into 10 oz bars
of silver with the same rules of purchase as 100 oz bars. Hard times come quickly
be prepared! - Jeff B.
