Buying Silver in COZ

[Redfoot]

I like to collect silver coins and small bars. Does anyone have a good local source on Cozumel for Mexican silver? I know there are tons jewelry stores, and it was overwhelming the last time I was down. Not really interested in jewelry, but I imagine some of the stores carry coin or bar. Figured I would ask here to see if anyone has a recommendation.

Thanks!

 

[MMM]

Try Sergio's Jewelry on the square near Woody's. If he has them, they will be real.

 

[scrane]

I find silver to be really hit and miss when I travel. If you come upon a unique piece you really want, get it. But coins and bars will probably be less expensive at home. My experience has been the smaller and dingier the shop the better. Find out where the local people buy their stuff.

Silver is in a bad place right now. Coins are selling way above spot.

 

[Redfoot]

I find silver to be really hit and miss when I travel. If you come upon a unique piece you really want, get it. But coins and bars will probably be less expensive at home. My experience has been the smaller and dingier the shop the better. Find out where the local people buy their stuff.

Silver is in a bad place right now. Coins are selling way above spot.

Agreed-
Another friend suggested going to Banco Azteca- they (allegedly) sell Libertads for around $28.00/ea. That's a ~$6 premium on the spot value. I thought it would be cool to pick a few up while in Mexico. Who knows, silver could be at $35 in a few weeks!

 

[scrane]

Today APMEX is selling Libertads for $47.31 which is a whopping $25. over spot of $22.31 !! If you can buy them in Mexico for single digit dollar premium that would be a great deal! Good luck.

 

[SlugLife]

I'm no expert on the subject, but you might also want to check on any import/export restrictions as well depending on the volume you're looking at. Probably not a big deal if just a few coins, but if you're moving several pounds of silver, authorities might look at you funny or be in the mood for confiscation ... including on the US side.

 

[Redfoot]

I'm no expert on the subject, but you might also want to check on any import/export restrictions as well depending on the volume you're looking at. Probably not a big deal if just a few coins, but if you're moving several pounds of silver, authorities might look at you funny or be in the mood for confiscation ... including on the US side.

Yes, just looking for a few (6-8) coins, at 1 oz each. Libertads are valid currency, so bringing them back is subject to same laws as paper currency. But I agree, kilogram blocks of silver in luggage would sure raise some flags haha.

 

[SlugLife]

Yes, just looking for a few (6-8) coins, at 1 oz each. Libertads are valid currency, so bringing them back is subject to same laws as paper currency. But I agree, kilogram blocks of silver in luggage would sure raise some flags haha.

Something I have done, to buy silver around spot-price, is to buy them on ebay or craigslist. With CL, I'd suggest something like a bank parking lot.

Anyway, when received (or before giving cash, if CL), you'll want to measure the dimensions and weight with a micrometer and micro-gram scale. That's generally reliable enough for silver. I probably wouldn't do that with more expensive bullion, like gold or platinum.

You might want to do that anyway if you bought silver in Mexico, unless you have a specific and very reputable dealer in mind.

 

[Redfoot]

Something I have done, to buy silver around spot-price, is to buy them on ebay or craigslist. With CL, I'd suggest something like a bank parking lot.

Anyway, when received (or before giving cash, if CL), you'll want to measure the dimensions and weight with a micrometer and micro-gram scale. That's generally reliable enough for silver. I probably wouldn't do that with more expensive bullion, like gold or platinum.

You might want to do that anyway if you bought silver in Mexico, unless you have a specific and very reputable dealer in mind.

Yeah, If I cannot get them at the bank, I may just skip it all together. I thought maybe someone on Scubaboard (or Coz resident) had a reputable coin/precious metal dealer in mind. I know many of the dealers on the square have those replica Atocha coins, and all the silver trinkets/charms, etc. But those are generally very overpriced and may contain questionable silver content.

Who knows! I will update when I get back.

 

[ggunn]

Yeah, If I cannot get them at the bank, I may just skip it all together. I thought maybe someone on Scubaboard (or Coz resident) had a reputable coin/precious metal dealer in mind. I know many of the dealers on the square have those replica Atocha coins, and all the silver trinkets/charms, etc. But those are generally very overpriced and may contain questionable silver content.

Who knows! I will update when I get back.

I'm just curious; is there some reason in particular why you want to make these purchases on Cozumel rather than where you live?