With the silver spot price at a steady low price it is one of the best times to buy silver eagle coins. Dealer premiums on 2018 Silver Eagle coins have also been at all time lows.
Premiums when you buy silver rounds can be found from many online bullion dealers for pennies over spot price. Some precious metals investors, especially those that are new to buying silver, may see the higher premium on Silver Eagles and be confused about the price.
The US Mint charges wholesalers and dealers a $2.00 premium on each newly minted Silver Eagle bullion coin. This automatically raises the price of silver eagles over generic bullion. There is continuous demand for Silver Eagles.
The American Silver Eagle is one of the most widely recognized investment grade bullion products worldwide. Because of it’s popularity silver eagles are easy coins to liquidate from your investment portfolio when you decide it is time to sell. There are situation based on market conditions where it is possible to recapture much of the premium.
Where to buy 2018 Silver Eagle Coins online
There are many trusted and reputable bullion dealers where you can buy silver eagle coins online. The three main things to look at when you buy silver eagles online is the dealer premium over spot price, any additional shipping charges and whether the dealer charges a fee based on payment method.
Online bullion dealers will often be the best place to buy silver eagle coins. When you buy silver eagles online it is important to factor in all of the costs when choosing from which dealer to order. Just because one dealer may advertise the lowest price per coin does not mean it will be the best deal.
Dealer Premium on 2018 Silver Eagle coins
The dealer premium should include the amount that the US Mint charges in addition to the dealer markup. The dealer markup is there to cover the dealer’s operating costs and profit margin.
Some dealer’s will advertise an “all-in” or “out-the-door” price that includes all fees, markups and shipping charges. While others may advertise their lowest base price per silver coin and then add additional fees and markups once you start the checkout process.
2018 American Silver Eagle shipping charges
There are some online bullion dealers that offer free shipping on orders that are over a specific dollar amount. The cost of shipping from these dealers will almost certainly be included in the dealer markup which can add to the confusion about pricing.
Shipping and handling charges will vary from dealer to dealer. For example, SD Bullion advertises the lowest priced 2018 Silver Eagles online with their premium, including the markup from the US Mint at around $2.59 per coin in quantities under 20 coins over silver spot price. If you buy a mint tube of 20 coins the premium is reduced by 5 cents per coin to $2.54.
Paying for 2018 Silver Eagles with a credit card or cash
The lowest advertised price that dealer’s show on their website is often the price per coin if paying with cash, check or bank wire. Other payment methods such as credit card or bitcoin will carry an additional fee.
The payment method fee that each dealer charges will vary. For credit card purchases, most online bullion dealers charge at least a 4% fee. The fee is intended to cover the cost required to accept credit card payments online. While this is a common charge when you buy silver bullion online, some dealers don’t always make the additional fee transparent.
The All-In costs to buy 2018 Silver Eagles online
When factoring in that the US Mint charges a $2.00 per coin premium to dealers, it would seem that SD Bullion is selling 2018 Silver Eagles for just 54 cents over cost.
However, SD Bullion also charges a shipping fee of $7.77 on orders less than $2,500 plus a 4.2% surcharge if paying with a credit card instead of sending a check or sending a wire transfer.
So if the spot price of silver is trading around $16.50 per ounce, the base price to buy a tube of 20 2018 Silver Eagles from SD Bullion would be $380.80. The 4.2% credit card surcharge adds an additional $16 to the order, plus $7.77 shipping. The $23.77 of additional charges brings the ‘out-the-door’ or ‘all-in’ price to $404.57, which is $20.23 per coin. That’s $1.73 premium per coin over cost compared to the advertised 54 cents per coin over spot shown on their website!
Online bullion dealer pricing can be very misleading.
Comparing 2018 American Silver Eagle Prices
When you compare 2018 Silver Eagle Prices from online bullion dealers it is important to look at the total cost, including shipping charges and other fees. Just because a dealer advertises the lowest price on 2018 Silver Eagles does not mean that the price you pay will be the best price available.
Using a site like FindBullionPrices.com helps find the best prices on 2018 Silver Eagles by pulling prices from over 30 reputable and trusted online bullion dealers. Our site shows the price the dealer would charge if you were intending to buy a single coin at their cash or wire transfer price.
Before you choose the online bullion dealer to buy Silver Eagles it is important to consider all of the additional charges and fees that may be associated with your investment.
These additional charges will increase the cost per coin and will increase the overall price per ounce that you have invested in silver. This may or may not be a factor when dollar cost averaging your precious metals investment.