I just ordered and received 1 ounce silver rounds from AJPM.

I feel I might have made a mistake here (as far as bartering/cashing in goes). On the face it says "The Completely Official .999 Fine Silver SLUG". Next to that there is a "Barney-like" cartoon slug. There is just an ornamental ring on the back and no mint information.

This looks like "funny money" rather than a serious barter tool. I understand that silver is silver, but these are not very impressive. I am curious as to what others think of this rather silly looking round and I am aware that it is not meant to be a legal coin.

Has anyone else received these? Should I unload them quickly? Does anyone think anyone would want these when I sell them? Do the companies that mint rounds usually include any source info on the coin?

-- Debi (LongTimeLurker@shy.com), October 20, 1999

Answers

Hang on to them. You're right. Silver is silver. The discussion ends there. Plus they have comic value. If you can afford to "diversify" into dollar denominated U.S. silver eagles, by all means to that too. But after a year and more of dabbling with silver and gold bullion in rounds and coins, I'm of the firm opinion that there's really no telling what will be recognized as barterable by "the masses" and that you may as well save the $4 premium on silver eagles, in favor of more bullion rounds.

-- SH (squirrel@hunter.com), October 20, 1999.

I just got some of those too....cutesy themes on silver seems very tacky. But what the heck. If I wanted high profile dignified silver I could have bought the Eagles.

In my stash of silver I have all sorts of rounds, including some John Birch Society and some that say World Trade Unit. Many are tarnished and don't look nearly as good as the new "Silver Slugs" I consider all to have equal value and I don't expect to give anyone a discount on the value of the silver content just because the aesthetics may not be pleasing.

Keep them. It's the book, not the cover.

-- JIT (justintime@rightnow.net), October 20, 1999.

Silver rounds are not usually the best barter items. As you say, some of them look kinda funny. That is what others may also think. And they will probably wonder, are they real?

I like junk silver. Good ol pre-1965 coins. Everyone knows them. It is only a matter of if others will know they are different from the current copper clads. The premium is not that much compared to AEs or MLs. You can always keep what you've got and they will probably sell for spot. But don't buy more. Buy what is recognizable and easily transferable.

-- enough is (enough@enough.com), October 20, 1999.

If it looks like funny money then IT IS funny money.

Do you really think someone is going to trade with you if you whip out some goofy looking coinage or trinkets. First off Joe-Sixpack doesnt know silver from aluminum. Second he doesnt know what to make of the value of these "barter" items and third how does he know its solid and not just silver on the outside.

The only people who you can trade silver with is someone who knows about silver and that is a tiny portion of America. Even those people might push away something stupid looking.

-- hamster (hamster@mycage.com), October 20, 1999.

You know, I called up AJPM and explained I wanted to buy silver for barter if Y2K warrents it and they told me go with the rounds versus pre-junk 1965 or Silver Eagles. They said silver is silver and you are overpaying for the Eagles. I assumed the rounds would look like what they advertise on their website with an eagle on it or something nice like that. Now I get a bunch of rounds with balloons, ducks etc. and a few that say SLUG. Also, where is there a mint mark on it? How am I supposed to barter with these? I feel like I got ripped off. Did I? If I called them up and complained, would they exchange them. Anybody else have dealings with them or this kind of scenerio?

-- Debi (LongTimeLurker@shy.com), October 20, 1999.

Look Debbie, Maybe silver just isn't right for you. If you can't feel the heft and appreciate the sheen and glint of those rounds even if they seem tacky, then it's natural that you'll assume that nobody else will. Maybe you should take them down to the coin shop and sell them and turn the proceeds into half dollars and quarters---just the kind of slugs that Joe Six-Pack *will* barter for. Might as well have the more common form of funny money if you think what you have is funny money.

But you didn't get ripped off. You bought 1oz silver each, not jewelry. Like I said, I've got a bunch of those "Slugs" too. But I don't care what they look like. I have the metals not because Joe Sixpack believes in metals, but because THE BIG BOYS (moneyed families and political dynasties and string pullers) believe in metals and have HUGE amounts of wealth that they need to protect against inflation, confiscation or evaporation. Speaking of that, does everyone realize that this country has less than 1 oz of gold per citizen that it can claim as assets? I bet the big boys have at least their "fair share".

-- JIT (justintime@rightnow.net), October 20, 1999.

Oh, I should explain that AJPM probably doesn't know what is going to be stamped on the silver---they place the order with the "mint" and it's shipped direct.

If you call AJPM, they'll probably be happy to buy them back at whatever their buyback price is, but I'd be very surprised if they'd exchange them without some compensation for the trouble. I don't know how many you bought, but they may not even have that many hanging around the office.

-- JIT (justine@rightnow.net), October 20, 1999.

Thanks JIT and all else who answered my questions. I'll probably wait till silver prices go up a bit and then sell them and buy pre- 1965 or Eagle silver. I guess I didn't expect cartoon like stuff to be on my silver. I'm not that knowledgable re silver and gold but I wanted to be 1/3 silver 1/3 gold (bought Philharmonic 1/10th) and 1/3 cash. This wasn't alot of money as I don't have much, but enough to feel I can barter my way through Y2K (plus I'm prepped well). Thanks all.

-- Debi (LongTimeLurker@shy.com), October 20, 1999.

Debi, AJPM -- whom I have dealt with and liked -- has an excellent reputation for being good to do business with in addition to their good prices. If I were you, I would:

1) Call AJPM and ask for whomever you dealt with.

2) Explain that you did not get what you were expecting, and would like to make an exchange -- returning the silver you bought for the equivalent of 90% junk silver. Explain that you were a first-time buyer, and that you came to AJPM after receiving advice here on a Y2K discussion forum from people who were impressed with their experiences with AJPM.

3) Offer to pay the shipping costs in both directions.

4) If you find resistance, state that you are keeping everyone here at TB2000 posted as to the status. I would hope that AJPM would understand that by making a reasonable adjustment for you, they are coming across as the kind of people that we would want to do business with. (Especially for first-timers.)

Good luck. And please do keep up posted on what happens with this.

72 days.

-- Jack (jsprat@eld.~net), October 20, 1999.

Jac, I would LOVE to do what you suggested. But my husband is saying "Wait until the price of silver goes up at least a dollar an ounce and then sell and rebuy pre or Eagle Silver. What is your opinion on this? Thank you so much for your advice and I will keep you informed if anything happens with this. I would also like to know if others who have bought rounds are satisfied with the pics on them or is this usual? What do they think re barter with these? Some of the forum discussions included rounds (although I do have to admit that Eagles and pre 1965 were a bit more in the majority).

-- Debi (LongTimeLurker@shy.com), October 20, 1999.

Debi,

In addition to all the good info posted already, you can also get Engelhard silver rounds which are struck as the "prospector series" with a manufacturer name on them "Engelhard" a denomination "one ounce silver" and a non cartoon character on it and an eagle to boot. Engelhard is a well respected silver supplier/manufacturer in the market and there coin seems to be the best of all for the concerns you have mentioned above. Oh, if you think the market is heading north, go buy the Eagles and your initial premium is absorbed in the first increase. They sure look good and "should" be no trouble for the "masses" to figure out.

-- rob (hardmoney@now.com), October 20, 1999.

"But I don't care what they look like. I have the metals not because Joe Sixpack believes in metals, but because THE BIG BOYS (moneyed families and political dynasties and string pullers) believe in metals and have HUGE amounts of wealth that they need to protect against inflation, confiscation or evaporation."

JIT, sorry but you wont be trading your "slugs" with moneyed families, political dynasties and string pullers. If you need to use these "slugs" you WILL be dealing with joe-sixpack. Joe-sixpack will determine the worth of your coinage and if he prefers so-called "fiat money", which he has for nearly a century, you will be stuck with slugs of ducks or monkeys or whatever they thought was cute to unload on you when you bought your silver.

HEY, if you are taking Y2K so seriously that you get involved with silver and gold why the hell are you so comfortable with this goofy coinage.

-- hamster (hamster@mycage.com), October 20, 1999.

I think your concerns are valid. The Engelhard coins are very nice, with a "brandname" company behind them. If you can find a dealer who will sell you these rounds. It would be worth an extra 25 cents to buy the Engelhard rounds. I have been thinking of buying some more silver rounds, does anyone know of a dealer who will deliver the Engelhard rounds and bars?

-- Bill (y2khippo@yahoo.com), October 20, 1999.

Debi, as you undoubtedly have seen at www.ajpm.com, there is a significant difference between the buy and sell price. Personally, with Y2K in mind, I would try to see if AJPM could just do a fast exchange. (You could play it both ways: see if they will do that, then make your decision. One thing is for sure: the longer you delay, the less likely such an exchange will be allowed to take place.)

-- Jack (jsprat@eld.~net), October 20, 1999.

Debi,

If you want to see what the various coins, and rounds look like: Go to

http://www.certifiedmint.com/

and browse the pages. There is a very good picture of the "Prospector" round at:

http://www.certifiedmint.com/images/Prospectorex.gif

These are good people to deal with. I have no financial interest in this business, just a very satisfied customer of theirs. On several occasions.

S.O.B.

-- sweetolebob (buffgun@hotmail.com), October 20, 1999.

Hampster:

I have plenty of fiat money for the JSPs, who are not going to be setting the price with me, but bidding viciously against each other for what service they can provide for it. (Read the Grapes of Wrath for an idea of Joe Six Pack destiny in a depressed economy)

In the meantime, there are plenty of non-JoeSP's who have skills that I might want to secure at a moment's notice. A doctor comes to mind. I can anticipate that if I put an oz. of gold on the counter sometime in the future, I might be able to monopolize a good doctor for a full day or more.

And while we are scrounging around trying to create a local economy with whatever chits and tokens that are left, the remnants of power (who really hate being screwed by each other) are going to be figuring out how to create some monetary stability so they can figure out which end is up and how to value things. I think it is quite likely that an oz of silver will, in the future buy far more than it does today, no matter what the price is in dollars.

-- JIT (justintime@rightnow.net), October 20, 1999.

Nothing quite like doing your Y2K preps by committee. I agree that AJPM or any reputable coins and bullion deal should be more than ready to trade you straight across - your "slugs" for something slightly more reputable looking -- once you explain the situation politely. To them its a wash, and AJPM certainly likes to please the customer. However, I wouldn't expect a mint-mark on a round. Seems to me that "99.999 Pure Silver" is all the mintmark you should need. Meaning no disresepct to any preceding posts: although I bought junk silver earlier in the game, I am now leary of it, precisely because it is stil valid simply as currency, at its face value with no bullion premium. If you are planning on bartering with Joe Six-Pack in a Mad MAx world, its seems to me that he -- on average -- is unlikely to know that pre-1965 quarters and dimes are 90% silver and should be accepted for barter at X [??] times their currency face. Who will be setting the rates and weighing the bullion value of your 90% silver? My prognlstication is, that ONE OUNCE PURE SILVER -- stamped as such -- whether Eagles or Slugs is potentially a viable barter unit, vis-a-vis JOE S.

-- SH (squirrel@hunter.com), October 20, 1999.

Debi,

Your husband has done a small disconnect. If you "wait for silver to go up another dollar or so" you will NOT GET MORE in the junk silver than you would get by exchanging now. Actually you would probably get LESS, as the junk silver appreciates (or not) right along with the silver spot price, and sometimes trades at an exagerated premium (more added dollars per proof ounce).

DO IT NOW!!!!

Chuck

-- Chuck, a night driver (rienzoo@en.com), October 21, 1999.

I'm with Chuck and jack on this Debi - you could wait a long time for that dollar increase ( I sure hope not but...)

-- Andy (2000EOD@prodigy.net), October 22, 1999.