In the last week, there have been huge increases in the price of pre-1965 US 90% silver coins. These coins are sold in "bags", each containing $1000 in face value. In the last week, the price has gone up from about $4500 to $4900. I just spoke to a coin dealer who said that it was quite hard to find any to sell. His estimation is that "it is the Y2K crowd" that is buying up these coins.

I am not a coin dealer. I bought what I wanted last summer. If anyone was planning to buy these coins, now is the time to do it before the price gets any higher. The price of raw silver is going up too. This is quite an interesting development. It suggests that quite a few people are starting to re-arrange their finances with Y2K in mind.

-- David Holladay (davidh@brailleplanet.org), January 07, 1999

Answers

Since I bought a $1,000 bag last summer, I'm interested in the price. I've been watching the silver spot price this week, and it went from $4.92 Tuesday morning to $5.24 this afternoon. The same bag for which I paid $4,200 in July cost $5,380 Tuesday afternoon. The bullion sell price was not listed this afternoon. Rather, the buyer has to call for the price.

-- Vic Parker (rdrunner@internetwork.net), January 07, 1999.

Notated, Mr. Parker.

-- Charles Rosetti (Rosetti@irs.gov), January 07, 1999.

Hey

This is really good news. I am glad that the Y2Kers have choosen gold and silver as a source of money for the events that are to come. This precious metal has always ruled and why should it stop now. We have been taking it up the shorts every since we went off the gold and silver standard. There might be hope for us yet!!

Duane

-- Duane (Duane24062@aol.com), January 07, 1999.

Prices of such things;

http://www.goldinvestment.com/gold.asp#GOLDBULLION

Live price updates on such metal matters.

S.O.B.

-- sweetolebob (La) (buffgun@hotmail.com), January 07, 1999.

a somewhat cynical prediction:

if the price of silver gets up to $6k or better per bag, you'll suddenly see some sort of reaction in the media about "silver hoarding and it's long term effects on the economy" probably include a bit by a banker urging people to keep their silver in safety deposit boxes in banks...

or am I just overly cynical this afternoon? Arlin

-- Arlin H. Adams (ahadams@ix.netcom.com), January 07, 1999.

Noted... not notated, Chuck

-- Vic Parker (rdrunner@internetwork.net), January 07, 1999.

Consider 40% silver coins as an economical alternative. See the second and third URLs on this list:

The Golden Bear (Investments): http://www.provide.net/~aelewis/gold/goldbear.htm Surviving the Flight to Cash: http://www.provide.net/~aelewis/gold/realchek.htm Commentary on the above (IMPORTANT!): http://www.provide.net/~aelewis/gold/realcomm.htm Y2K Stockpile Rationale and Table/List: http://www.provide.net/~aelewis/gold/y2kstock.htm

-- alan (aelewis@provide.net), January 07, 1999.

Seems to me that switching to gold and silver coins as a medium of exchange may present its own problems. If the existing currency is no good, who'll be setting the value of gold and silver coinage? How is anyone going to make change?

The social infrastructure needed (call it agreements, call it marketplace) may not exist. I've got a 5-ruble gold coin from Czarist Russia. What's it going to be worth? If the weight of gold or silver is used, the fine-ness of the coin has to be known to set a fair value. And even then everyone will be carrying a beam balance and a calculator to the store.

-- Tom Carey (tomcarey@mindspring.com), January 07, 1999.

I could not see paying the price for junk silver, but knew I needed silver. If you purchase 500 ounces at a time it is shipped directly from the mint in the form of 1 ounce Liberty Silver Dollars. I purchased mine through Rick at 1-888-919-gold or 1-800-928-6468. I just made another purchase yesterday and the total cost for 500 ozs. shipped to my door was $3720.00. I beleive the beauty of the coin will make it very marketable when things fall apart. The junk silver will be a good way to make change. Don't forget regular quarters, nickels and dimes. I feel that we will be living in a deflationary depression when things fall apart. So that makes people with coinage, in any form wealthy. I'm not sure of the ratio of people to coinage is but I read months ago that the ratio is very small.(supply and demand of course) Mike

-- flierdude (mkessler0101@sprynet.com), January 07, 1999.

Hi flierdude

Please tell me more about people who have todays coinage. Why would our present coins be more valuable wtshtf ? I am not saying your wrong but just trying to understand. Please educate me!

Thanks

-- Duane (Duane24062@aol.com), January 08, 1999.

I think the coin argument is that if there is very severe deflation, then products we used to buy with paper money (a loaf of bread) will then need to be bought with coins (say a quarter or 2).

If your Y2K stash includes lots of conventional coins, then life after Y2K will be a little easier. Since I used to be the head of a company, I went to the bank for a "coin order". I bought a box each of pennies, nickels, dimes, and quarters. The total cost was $875. If Y2K is a fizzle, I can return the boxes unopened to the bank to get paper money again. If it is a problem, then I am my own bank.

-- David Holladay (davidh@brailleplanet.org), January 08, 1999.