Buying and selling precious metals

by Lakhwinder Singh Bullion seller

Gold, palladium, silver, and other precious metals can be bought and sold for fun and money. Planning for your golden years of retirement with real gold can be a lucrative investment. You can also expand your interest in "rare and unusual" coins in other ways. Legal tender bullion coins and bars of gold, palladium, silver, and platinum are available in a variety of sizes, weights, designs, and packaging.

LEGAL TENDER: IT IS WHAT IT IS

Legal tender is merely a compulsion law.

Marco Polo's account of the Chinese emperor requiring his subjects to accept paper money or face death was first used in China. They were compelled to comply by that incentive.

At first, our coinage laws made all coins, with some restrictions, legal tender. For instance, up to 25 cents is legal tender. That is to say, you can't make someone give you more than 25 cents in change or money. Up to $10, quarters, dimes, and half dollars were traditionally legal tender. Because of its fully declared value, weight, and measurement, gold was originally legal tender. Today, the nominal legal tender value of precious metal coins is typically stated on the coin. It could be a bullion item like the 5-ounce silver America the Beautiful coin, which has a legal tender value of 25 cents and a legal tender value of $1, a commemorative coin with a legal tender value of $5, or something else entirely.

The value of "legal tender" is merely an accounting device. It does not correspond to the coin's metal content, production costs, or anything else other than what the Mint or the legislature required.

For instance, a platinum $50 bullion coin worth approximately $700 on the open market can be used as legal tender to demand $50 worth of postage stamps at the post office.

Alternately, you could do what I did a few years ago: I took a used 1877-S Trade dollar that was in Very Fine condition and had a legal tender value of $1 and asked the mint to exchange it for a new Presidential dollar. On the open market, the Trade dollar was worth $175, while the Presidential dollar was worth $1.

However, the exchange was carried out by the Mint at the Grand Central Station terminal in New York City, despite the staff's warning that the older coin was worth "a lot more."

Gold coins aren’t always expensive

Are you of the opinion that gold coins are pricey? You are about to find out how, at a variety of gold price points, gold can be part of your investment strategy. At about $40 an ounce, silver may be more within your price range, but gold is still within reach. A fractional ounce of gold can be bought by investors in the form of a coin, ingot, or even a physical paper share, just like a shareholder would buy stock in a company. When gold is trading at approximately $1,600 per ounce, a 1/10 ounce gold American Eagle coin can be purchased for under $200.

Silver was the early favorite for coins

Silver’s history is as fascinating as gold’s. Silver is a metal that our

Founding Fathers insisted on using it in our coinage, but America had

no native silver mines. Coin production depended on private

individuals bringing silver to the Mint, mostly Spanish coins that

were then melted. Silver was the metal of choice for much of the world’s coins until

1965 when the silver price jumped above $1.29 an ounce. That allowed

U.S. coinage, and that of many other countries, is to be melted for its

precious metals content. After that, silver became a significant

investment vehicle in the form of medallions, ingots, flatware, and

bags of U.S. silver coins.

The Toronto gold market has a lot of potential. The towns and cities that surround Toronto are also important. Additionally, there is a significant Mississauga gold market. Numerous individuals buy gold in this region. In point of fact, numerous gold dealers reside in this region.If you want to buy gold bars in Toronto, you should try to buy them from reputable bullion dealers. Check the gold price and silver price before you buy anything because they change a lot. Silver maple and Gold maple coins are the most selling bullion products.