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 Replies: 37 / Views: 7,492 |
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Pillar of the Community
 Italy
1130 Posts |
@paralyse are they for certain buying to melt?.
I'm still very interested in this question because I have confirmed that gold and silver coins (u.s. and otherwise) are still melted in Italy.
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Bedrock of the Community
United States
12057 Posts |
Well, the two gold and silver shops I've used in the past both have told me that they are mainly buying to resell (to hoarders/stackers) or melt (if damaged/too worn)
Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
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Pillar of the Community
Italy
1130 Posts |
I wonder what the ratio is. I'm planning to repatriate a few rolls this summer... Curious to see how it goes. If culled Morgan and Peace dollars are being melted I wonder how much (if any) 90% is being melted? I cannot imagine Roosevelt dimes are a particularly easy sell if quarter, halves, and mercs are available. Edited by Roma2021
04/18/2024 3:55 pm
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Moderator
 United States
98440 Posts |
This is a great topic on these coins and how they get treated.
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Pillar of the Community
United States
3344 Posts |
The dealer melting the gold coins said that silver will have to go a lot higher to start melting. He has a case full of non-sovereign silver rounds.
The high price of gold might drive silver sales as an affordable PM.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Pillar of the Community
Portugal
682 Posts |
I am certain gold american eagles are being sent to melt here. I saw a dealer destroy a MS St Gaudens the other day.
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Pillar of the Community
Italy
1130 Posts |
A dealer here in Rome melted a 1908 no motto st. Gaudens. I know these are only anecdotal, but it's a sample from a group that tends toward observing these type things.
I have to imagine world gold coins - ie roosters and nearly any common date sovereign - are being melted in much greater quantity.
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Moderator
United States
190060 Posts |
Quote:
I saw a dealer destroy a MS St Gaudens the other day.  |
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Pillar of the Community
Italy
1130 Posts |
As a related aside... I was writing with a collector in Italy about some coins I was selling. He said, very matter of fact, that the first thing he does with any coin he buys is polish it!
Edited by Roma2021
04/22/2024 12:59 pm
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Bedrock of the Community
United States
36903 Posts |
Roma, did you explain to him that is the quickest way to destroy it's collector value?
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Moderator
United States
190060 Posts |
Quote:
He said, very matter of fact, that the first thing he does with any coin he buys is polish it!  |
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Bedrock of the Community
United States
12057 Posts |
One of the two gold and silver shops I mentioned - I overhead the owner telling a potential "junk silver" buyer that it was okay to clean and polish coins to "get the dirt off" if they were buying them for stacking silver and not as a collector!
These were not all junk coins, rolls of ave. circulated Morgans & Walkers etc.
Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
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Pillar of the Community
Italy
1130 Posts |
I told the collector not the polish any coins but he said he does and prefers it that way.
Although I can't tell someone what to do with a coin once they've bought it, I have four 1860s/70s Belgian 5 francs (common dates but better strikes and decent toning ) that I won't sell to him because I don't want them polished.
The mindset amongst some Italian collectors is to polish silver. I've posted plenty of polished Morgans on this forum... Everything from cleaned to whizzed. Most of these I paid €20-25 for, but many would have been great coins had they not been mistreated.
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Pillar of the Community
Italy
1130 Posts |
I regularly watch a coin shop owner with a YouTube channel. In my opinion, he's a good dealer, seems honest, and has provided me with a lot of information.
He said he brought some counterfeit coins to the refinery. He said the refiner has been getting ,some ex jewelry pre 33 coins and Krugerrands in for smelting.
Just another anecdotal data point in this tread.
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Pillar of the Community
Italy
1130 Posts |
I went to a metals buyer I haven't been to in Rome before this afternoon... The shop employee told me all silver is bought and melt; they do not sell retail to the public. They do sell gold and had a few bars and sovereigns.
I entered as a customer was selling about 30-40 silver coins. My quick glance was that they were mostly Olympic proofs and some European world cup coins. Although I couldn't tell exactly what was being sold.
Edited by Roma2021
05/09/2024 4:49 pm
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Posted 04/18/2024 3:17 pm
