making money with silver coins

[pinder325]

Hello,

I have bought my first 1oz silver Britannia. But because I am in the UK I had to pay VAT tax on it. So it cost me around £20. Now looking at what companies will buy the coin back from me at it is around £12. This seems like a big loss. I don't plan on selling the coins for a long time, but with this price difference it seems I would be likely to make a loss when I do sell. Is this the case when buying silver coins in the UK?

 

Thanks

[MickB]

You're going  to have to be into silver for a long time before making any money. Have a look around the forum as there's much better deals to be made compared to buying from UK bullion dealers. Plenty of advice here for saving you money as well.

[swAgger]

@pinder325 Hi, you might find this thread useful

 

[PansPurse]

Three main thoughts:

1) for goodness sake don't follow my example; I just updated my spreadsheet and I'm about 40% over spot on most of my purchases so not exactly doing great at it 

2) selling things like Britannias on eBay you should be able to get a better price, closer to what you initially paid.

3) to avoid VAT many folks buy from Europe. Look at @BackyardBullion's group order as a good way to get hold of cheaper silver

[BackyardBullion]

@pinder325 You fell into the trap that so many have with buying silver in the UK. 

VAT

Buying from Europe is your best bet - or catching deals on this forum. Just today a roll of 20x Austrian Philharmonics came up for £14.85/oz delivered.

If you want to join my group order you can pick up silver for about the same price (maybe a little more depending on quantities).

@PansPurse 40% over will disappear quickly the more you buy closer to spot - best not to worry about it!

[Woodsy]

1 hour ago, PansPurse said:

 

Atkinsons Bullion has regular non VAT coins that have been bought back, and they are always in pristine condition 

[Pete]

I see that you are a new member; so welcome.
As you are just cutting your milk teeth on PMs I urge you to spend a few hours on this forum reading up on stuff.
Try searching on key words and you will find most probably 99.9% of the answers you seek in getting off the first rung of the ladder.

[Scuzzle]

It's actually easy enough to make money selling silver coins but it's not going to be fortunes.

Step one - buy from a reduced VAT seller like Goldsilver.be or Silver-To-Go, you need a reasonable sized order though £600 upwards, do a trial basket at each to see which works out cheapest inc. postage.

Step two, wait until you get zero or £1.00 max selling fees then list them on Ebay and sell with a lightweight packaging as you can get away with and have signed for delivery so nobody can claim they never received it.

Step three - count your profit, you should be able to buy @ £14/15 ish per ounce and sell on Ebay for £20-22 ish on the most common cheap bullion.  Subtrack postage and the £1 Ebay takes you should see £3 or therabouts profit per coin.

[Paul]

I think we have all made mistakes in the early days. 

" Ooooooooooohhhhhhh look BullionByPost's fancy web site is No1 in Googles results, lets buy there  "  {hands up who hasn't done this !}

Research and reading is worth the time involved in your deal, then buy in baby steps while you find your feet.

The search function is very helpful here, also check out the FAQs of the major bullion dealers, this is very helpful

Your newbie query you may have, will probably have been asked and answered here before.

As a whole here on the forum we are generally mostly all helpful, not selfish, look out for each other, share good deals and their locations

Anyone with a few hundred posts here and similar liked content, you can safely say they know their precious metals and content is 

Welcome @pinder325

[Woodsy]

25 minutes ago, Scuzzle said:

It's actually easy enough to make money selling silver coins but it's not going to be fortunes.

Step one - buy from a reduced VAT seller like Goldsilver.be or Silver-To-Go, you need a reasonable sized order though £600 upwards, do a trial basket at each to see which works out cheapest inc. postage.

 

As well as these you can try Celticgold.eu and Europeanmint.com 

[sworks]

The Silver Forum - Possible the friendliest forum on the planet  

[Shinus73]

‘Step three - count your profit, you should be able to buy @ £14/15 ish per ounce and sell on Ebay for £20-22 ish on the most common cheap bullion.  Subtrack postage and the £1 Ebay takes you should see £3 or therabouts profit per coin.’

I’m not sure it’s as easy as this. In recent months, even recent year semi numis such as Kookaburras and Koalas are going routinely for £17-£18. If you were making £3 a coin, everybody would be doing it. I speak from a position of having sold thousands of 1 oz silver coins on eBay over the last 8 years or so.

[Lowlow]

You have to pay VAT on a PM transaction in .. wait, what part of hell is this happening in ?

On buying silver, better to think of it as selling paper money to the greater fool.

[Pete]

3 hours ago, Shinus73 said:

 I speak from a position of having sold thousands of 1 oz silver coins on eBay over the last 8 years or so.

Are you ( were you ) a business seller on eBay and if not, then when would you be automatically classed as a business seller with this level of sales ?
Did you have any problems with buyers claiming they didn't receive or the coin was not as described ?