Just having had our second child, we don't have a lot of extra money for investment; however, this doesn't mean that I don't like to look for ways to make a little extra money. And I'm a happy man if I can do so while also diversifying my savings.
As inflation continues to hit hard and I look for investments other than savings accounts or the stock market, sometimes it's the simple things that help me earn a little extra money and diversify my savings. Doing so through coins, commodities, and even just the spare change in my pocket, not only helps our family save, but can be used as a valuable way to teach our kids about saving and get them interested in money.
The following are some of the websites that I use to make money moves based upon metal values and even just the coinage that circulates through our household on a regular basis.
Probably one of my favorite sites for reviewing information related to metals and coins is coinflation.com. The sites provides me with accurate and timely information regarding the current prices for metals like copper, nickel, silver, and gold, and it also gives me pricing on a variety of coins from the US, Canada, Mexico, and more, both on the metal content values as well as the numismatic values. Not only this, but I enjoy the fact that the site offers links to a variety of informative articles regarding the economy, inflation, metals, and related subject matter on their site's main page as well as links to coin and coin-related auctions on eBay.
Speaking of eBay, I like to use their site to nail down "actual" sale values for various money or metals. While the markets might be quoting a specific price for let's say an ounce of silver or a particular coin, it doesn't necessarily mean that this is what it is selling for out on the open market. There could very well be a 10 percent cost to sell that item, making a significant difference in what it's "worth" according to the markets and what someone will actually pay for it -- or what I would have to pay for it -- which I consider the true indicator of its value.
I find that cointrackers.com is a good site for getting a variety of coin related information. Whether it's metal values I'm looking for, trying to determine the metal content of a coin, or looking for the numismatic (collector) value of particular coins, this site has a variety of information that is geared largely toward silver coins, which are some of my favorite types of coins due largely to their abundance and affordability. The site also has a silver coin calculator and articles discussing things like how to buy "junk" silver and the difference between an ounce and a "troy" ounce.
PCGS (Professional Coin Grading Service)
Sometimes I like to know more than just the metal content of a coin, instead focusing on its collector value. Being able to grade coins based upon their condition isn't something that's very easy to do for the untrained eye. And even for part-time collectors, grading the condition of a coin can be quite subjective. Therefore, since I'm not a coin collecting expert, it helps me to know what to look for when it comes to the standards of grading. Being able to see enlarged pictures of coins in various coin conditions like those in the PCGS Online Photograde™ and matched to their grades can give me a better idea of what the coins I have might be worth.
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The author is not a licensed financial professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.
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