jnycat,

The thing to remember, especially if you live in the states, is what are you going to do with the metal down the road a piece. When or if the need arrives, US silver coins should be readily accepted by US businesses at face value which means that using coins minted back before the 1960's would have to be sold back to the dealer or elsewhere to get "fair" value to raise fiat. I doubt any US business would accept coins produced in another country either, so what would you do with a pile of Mexican pesos and the need for cash? Will the dealer buy them back? At what kind of spread?

Bars or rarer type coins would also have to be sold either back to the dealer you bought them from or at a local shop or individual, leaving yourself open to the mercy of the dealer, especially if they do not know you. And they will drive a hard bargain, if prices really escalate.

As I've read recently, counterfeiters by the dozens, if not hundreds, are already at work producing the rarer type of coins, especially gold, so if you're an unknown trying to sell coins, especially rarer types, you may be in for a hassle. Even ebay type operations may be a troublesome way to go to raise a few bucks. Bars will also have to be drilled by a dealer to make sure they are for real, especially if the price of silver is sky high.

I simply buy US silver dollars from the big dealers expecting someday to sell them right back to them, especially if the price skyrockets and provided they're still in business. I may or may not get a fair price. Local shops may not be around then, since several guys in the business have told me that, for example, they will buy your silver or gold coins for say 4000 bucks but only after someone has bought 5000 bucks worth before you. Otherwise they could go broke building inventory, if buyers slack off. I expect many to drop by the wayside as PM prices escalate.

Gold coins are another matter. In the states you cannot go into the bank and cash them in, and no local dealer, if still around, is going to pay you 1500 for a gold coin unless a lot of conditions are met. But that's another long story.

Sorry for the rambling.