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How We Earn Extra Money: Buying Silver Coins | Preserving Pennies
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I recently mentioned that we are saving up for a new vehicle despite having no extra room in our budget. We have managed to save up about $3000 towards this by finding ways to earn extra income aside from our regular paycheques. This is one of the ways we’ve been earning extra money! You can see the rest of the ways we earn extra money here!

A few months ago, I received a flyer from the Royal Canadian Mint advertising some coins for sale. For some reason the ad grabbed my attention and I kept it to show to my husband.

My husband and I both have small coin collections from our childhoods.  Neither are worth much but we’ve both always had an interest in coins.  I’ve always kept any special edition coins that have come out- I would just take them out of circulation- and my husband was lucky enough to find a very small coin collection hidden away in the recesses of his bedroom closet- presumably forgotten there by a past owner of the home. The collection that he came upon is quite a bit older than anything I have and has a few silver coins in it.

Once our son was born, we started saving some special coins from his birth year for him. We thought it would be nice to pass on to him and, while the regular coins are just made out of base metals, they should be worth a bit more once we gave them to him as an adult. We started collecting special coins again because of this and rediscovered a shared passion that had gotten buried over the years.

The flyer that came in the mail was advertising Canadian $20 silver coins for $20. This seemed like a no-brainer to us.  Even if silver did a complete nose-dive (and we don’t believe it will), the coins would still be worth their face-value of $20.  Usually, gold and silver coins cost quite a bit more than their actual face value or worth in metal to buy from the mint.  It is practically unheard of to be able to buy a silver coin for its face value. On top of this, the mint was offering free shipping! (And I paid for the coins with my Mastercard so I got points towards free groceries too!)

My husband jumped on the offer and ordered some coins up for us.  That night, we noticed that the same coins we had ordered were selling on Ebay for about $25. We couldn’t even believe it.  It took awhile for the Mint to fill all the orders but eventually we received our coins.  Thankfully we ordered them when we did because they sold out shortly afterwards.

I should mention that these coins are 7.96g of pure silver. Silver is currently worth 31.50/oz. This gives the coins a melt value of $7.09.  This might seem like a bad investment except that the coins can’t actually drop below $20 because they are currency however, the value can rise past $20 based on the fluctuating price of silver. On top of that, only 200,000 of these coins were minted so the demand seems quite strong.

I checked the Ebay listings tonight and the coins that we received a couple of months ago are now selling for $30-$40.  We are very happy with that kind of appreciation! I was a bit misleading when I said that this is a way that we earn extra money as we haven’t actually sold any of these coins yet. We are debating whether we should just sell them all now or just sell a couple of them or hold on to them all a little longer.

We aren’t expecting to get rich with these coins but they are a cool way to invest in a bit of silver or have something nice to pass down to your kids.  That is if we don’t decide to sell them at a 100% profit now…  What do you think- should we sell them all now? Should we hold on to them? Do you invest in coins or precious metals?

 

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8 Responses to How We Earn Extra Money: Buying Silver Coins

  1. Erica says:

    I love this post! In the US, my grandpa got me into saving 1964 coins when I was a kid. I never thought much of it, but my husband and I both have little tins filled with 1964 and earlier silver coins. A quick check on ebay showed me that 4 quarters sell for $20-$25 each!

    We’re thinking about selling half of the collection to help us pay down our debt and saving the rest.

    • Marianne says:

      Yes- we’ve spent time culling coins for silver… Hard to find these days for sure! It seems that a lot of people’s grandpas gave them that tip. :)

  2. Very interesting. I too have a coin collection but it is sentimental for me. I don’t think I would ever want to sell any of them. Something to look into though for interest sake.

    • Marianne says:

      We’re lucky in that regard since our coin collections are not at all sentimental! If they were we would probably not sell them either.

  3. Sounds neat. I flipped some silver eagle anniversary sets from the US Mint late last year and doubled my money in less than a week. Definitely quick cash to be made here.

    • Marianne says:

      I think we’ll offload a couple right away and sit on some others. Even before we bought them we could see them selling on ebay for more than the mint was selling them for- seemed like a no brainer!

  4. 101 Centavos says:

    Had I been lucky enough to come across such a deal, I would still be keeping the coins too. Instead of making extra money, think of instead in terms of increasing your net worth with little effort.

  5. aemi says:

    Excellent Tip, thank you! I will definitely look into it.

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