Rip off by First Federal Coin! Overpriced silver coins.

Want to pay way too much for some silver? Looking for a quick fleecing? Then look no further than First Federal Coin, a.k.a. GovMint.com, where I took the above screenshot. I ran into them in this month’s Scientific American, with a full-page color add similar to the Web ad. Folks, the coins they are selling are bulk silver coins, which you can purchase at many places for close to the spot price of silver. OK, there’s a slight premium for half dollars, but the prices they charge are ridiculous. One pound of silver coins has about 14.5 ounces of silver, worth about $170. You can buy a pound of silver coins, including nice half dollars, for under $200 on Ebay. At Northwest Territorial Mint, you can buy a 72 ounce bag of 90% silver coins – that’s 4.5 pounds – for $746 ($756 if you cant it all in half dollars), which is what you would pay to get 2 pounds of coins at First Federal. In other words, they are charging twice as much as they should. It’s like paying over $20 an ounce for silver when it’s current price is $11. Don’t fall for that.

I think you can get silver coins in bulk even cheaper at Monex.com.

Buy low, sell high. Don’t give away your money.