Newbie needs advice on how to store coins

[Glorfindel]

Hey all

I'm looking to buy a few tubes of generic silver Britannias as a hedge against any future price rise. I'm nervous about storing silver, is it necessary to keep coins in capsules, or will they be safe enough in the tubes? If they tarnish will they retain their spot value? I would also like to start collecting lunars, the queen's beasts and other interesting designs, presumably these should be kept in capsules, but is there anything else I should know about keeping them in good condition?

[Scuzzle]

Personally I think the added cost of individual capsules is worth it,  This years Britannia is a slightly different design and it appears that when they go off the ususal designs to one offs they make the most premium in the future so that is worth trying to protect.  The Queens beasts are a nice coin but are prone to milk spotting capsule or not, I only have two and one is spotting and the other looks like someone has rubbed out a spot before selling it so you takes your chances with these.

I'm not sold on the quality of the Royal Mint to be paying too much of a premium in the hope the coins will stay good, I'm seeing a lot of the proof Queens Beasts having to be returned for spotting also. Problem is there is nothing much you can do about it, handle with gloves, capsule everything and store in an airtight container with some anti tarnish strips and silca gel packets thrown in away from extremes of temperature and thats about it as far as I am aware.

[Glorfindel]

22 minutes ago, Scuzzle said:

Personally I think the added cost of individual capsules is worth it,  This years Britannia is a slightly different design and it appears that when they go off the ususal designs to one offs they make the most premium in the future so that is worth trying to protect.  The Queens beasts are a nice coin but are prone to milk spotting capsule or not, I only have two and one is spotting and the other looks like someone has rubbed out a spot before selling it so you takes your chances with these.

I'm not sold on the quality of the Royal Mint to be paying too much of a premium in the hope the coins will stay good, I'm seeing a lot of the proof Queens Beasts having to be returned for spotting also. Problem is there is nothing much you can do about it, handle with gloves, capsule everything and store in an airtight container with some anti tarnish strips and silca gel packets thrown in away from extremes of temperature and thats about it as far as I am aware.

Thanks for the good advice. I was going to buy 25 Britannias, not to collect or stack, really just as an investment. If they do tarnish or milk spot, will that affect the spot price when I come to sell?

[Scuzzle]

Spot price will always be unnafected, as long as the weight in silver is there you will always get the spot price no matter what.  The problem we in the UK have is the tax on silver, you pay the extra over spot to get your ounce of silver pressed into a shape that will be easily recognised and accepted as genuine and then you pay 20% vat on top of this so relying purely on spot to make back your money could take a good few years.

I'm stacking silver bought from Europe under the margin scheme with the reduced VAT on the assumption that when (if) we leave the EU this will become unavailable to us so best to get this while we can.

I do think silver is a great long term investment though as one day it's true price mechanism will have to be reinstated.

[sixgun]

47 minutes ago, Glorfindel said:

Thanks for the good advice. I was going to buy 25 Britannias, not to collect or stack, really just as an investment. If they do tarnish or milk spot, will that affect the spot price when I come to sell?

 

Britannias have a tendency to develop milk spot. All the Royal Canadian Mint does. Perth Lunar and Pandas are less likely from my experience.

Your metal investment will be unaffected by milk spot but your numismatic investment is negatively affected. A collector doesn't want a coin covered in milk spot. People have used silica bags, vacuum sealing, anti-tarnish cloths but then found their coins still got milk spot.  

[Glorfindel]

42 minutes ago, Scuzzle said:

Spot price will always be unnafected, as long as the weight in silver is there you will always get the spot price no matter what.  The problem we in the UK have is the tax on silver, you pay the extra over spot to get your ounce of silver pressed into a shape that will be easily recognised and accepted as genuine and then you pay 20% vat on top of this so relying purely on spot to make back your money could take a good few years.

I'm stacking silver bought from Europe under the margin scheme with the reduced VAT on the assumption that when (if) we leave the EU this will become unavailable to us so best to get this while we can.

I do think silver is a great long term investment though as one day it's true price mechanism will have to be reinstated.

Before I read your reply I made rather an impulsive purchase of 25 coins from a Belgian website. In total (inc postage and international transaction fee), it came to £435. I probably paid way over the odds, but I wanted to buy before I talked myself out of it! Still, it's a long-term investment. *tries not to worry*

[sixgun]

19 minutes ago, Glorfindel said:

Before I read your reply I made rather an impulsive purchase of 25 coins from a Belgian website. In total (inc postage and international transaction fee), it came to £435. I probably paid way over the odds, but I wanted to buy before I talked myself out of it! Still, it's a long-term investment. *tries not to worry*

 

 

i guess you used  goldsilver.be

No you didn't pay way over the odds. Relax.

[Scuzzle]

Goldsilver.be is about the best you can do so sixgun is right you did not pay over the odds.  You got your silver under the reduced tax shheme.

[Glorfindel]

9 minutes ago, sixgun said:

i guess you used  goldsilver.be

No you didn't pay way over the odds. Relax.

 

2 minutes ago, Scuzzle said:

Goldsilver.be is about the best you can do so sixgun is right you did not pay over the odds.  You got your silver under the reduced tax shheme.

Few, that is a relief. Silver makes me nervous, I think I prefer gold (is that heresy on this forum?).

[Scuzzle]

Gold is easier to buy as it's usually just a couple of percent over spot and is not VAT applicable in the UK unlike silver plus is non reactive so no milk spotting to worry about but silver just has so much potential so it is worth holding both.