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 Replies: 22 / Views: 3,326 |
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Valued Member
United States
439 Posts |
Nice scores. What a great way to ad to your collection. I know when I sell coins to the dealer he just counts them, throws them in a bag or bicket and sends them out. They don't seem to care about looking at them, but that might only be for me. He knows I scoured them already.
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Bedrock of the Community
United States
20753 Posts |
This subject comes up really frequently about the melting of coins. Regardless of any laws anywhere, to people in general, they don't know nor care about such laws. There is no coin police in real life so just who would do anything about anyone melting coins? I'm sure any Federal law inforcement organization has a bit more important things going on than trying to stop anyone from melting a pile of pennies. I've ssen many electricians dumpt piles of pennies into the same mess with Copper wires and cable for melting and no one cares. Jewlers all the time melt down anything Silver to make Jewlery since it sells better than a coin for them at least. The average jewler has no idea of coin prices and has little interest in leaning either.
This is a coin forum so many here do know some of many of the laws about coins. However, just walk down the street, sit in a bar or restaurant or just ask the person next to you at work about laws about coins. The majmority would say something like "there are laws about coins?"
With well over 350,000,000 people in the USA, many more in nearby countries, just what percentage would you think knows or cares about coin laws?
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Bedrock of the Community
United States
12437 Posts |
Quote:
From what I read it is illegal to melt pennies and nickels. The purpose of that law was to prevent a shortage of circulating coinage, it only applied to cents and nickels. There was a ban on the melting of silver coins in the 1960s during the clad switchover but it was rescinded and it has been perfectly legal to melt silver coinage for several decades now. |
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Pillar of the Community
 United States
1590 Posts |
Yes, I buy them at Spot. It is rare that I don't find something to buy. Some bags I just find a few coins, Some bags I am overwhelmed and have to make some hard choices. He does have one dealer that buys bags of $1000 face value coins. But I was talking to that dealer yesterday. He told me that market was drying up. Where he used to sell 10 bags a month he is now selling 1 or 2. He said that the people that are hoarding have used up a lot of their liquid assets. Everything else goes to be melted. As a note; Alco in Vallejo California was recently fined for melting Pennies. So I guess somebody is policing the scrapers.
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Valued Member
United States
228 Posts |
jmkendall: What a windfall to be able to go through his stock to be melted!  what a HUGE opportunity for you! Put together as many high grade sets of Rosies, and Franklins as you can... You should be able to find lots of AU/UNC's in those two series at least. What a break!  |
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Rest in Peace
United States
4078 Posts |
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[There was a ban on the melting of silver coins in the 1960s during the clad switchover but it was rescinded and it has been perfectly legal to melt silver coinage for several decades now.[quote] biokemist6, let me give you many thanks for the knowledgeable answers you have given me on this forum  I am still confused about the legality about the melting of coins. You said the ban was rescinded. Could you further explain with some sort of proof for "the doubting Thomas's" out here. just carl, I agree unfortunately, a lot do not know. jmkendall, great position you are in.  Edited by bpoc1
08/10/2011 5:20 pm
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Bedrock of the Community
United States
17884 Posts |
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From what I read it is illegal to melt pennies and nickels. Can you point me to where you are getting your information? Sorry I spoke too generally. The discussion had been on silver coins and I should have indicated that I was only addressing the melting of silver coins. The melting of cents and non-silver five cent pieces IS illegal. |
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Valued Member
United States
397 Posts |
Sad to see history go off to the fires, never to be seen again :(
Last time I checked smelters only gave 90% of value , so in my eyes it would make more sense to try and sell.
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Pillar of the Community
United States
1064 Posts |
Beauties all! Thanks for saving that Merc from my birth year, not much 1944 coinage floating about!
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Pillar of the Community
United States
1231 Posts |
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Rest in Peace
United States
4078 Posts |
Onejinx, okay but, for " show and tell" can somebody provide information of who or whom is doing the melting of silver coins. Is there a smelter in the US or
another method of extracting the silver from a not 100% silver coin. I was in the mining industry and know the milling process is intense. To melt a 90% or even 40% silver coin the cost would seem unprofitable to me.
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Valued Member
United States
458 Posts |
Shame they are melting coins...try to get your collections completed while you can!
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Bedrock of the Community
United States
12437 Posts |
Quote:
can somebody provide information of who or whom is doing the melting of silver coins My local dealer sends his scrap stuff to Midwest Refineries but there are other PM refineries in the US as well. |
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New Member
Korea, Republic Of
20 Posts |
Schockergd, I agree with you to us it is more valuable to pick through and sale individually, but like was mentioned ealier hes moving $1000 face value bags... Thats more time than the man has time especially with running a business too!! If he has that much inventory (or me) there is no way I would sort em. However I woudn't melt them. More likely put rolls together and sale in small qty's...
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Rest in Peace
United States
4078 Posts |
biokemist6. once again thanks. Being from Michigan might just take a ride that way. Interesting!
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Replies: 22 / Views: 3,326 |
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Posted 08/10/2011 10:36 am
