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I Got A Great Deal On A 1967 50 Cent Coin At A Pawn Shop

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CanadianCollector's Avatar
Canada
306 Posts
 Posted 10/18/2012  01:08 am Show Profile   Bookmark this topic Add CanadianCollector to your friends list Get a Link to this Message Number of Subscribers
(I know this is really long, sorry about that)
Today I decided to go to a pawn shop and see if they had any coins. The guy there had silver in a pile he was selling for melt value.
In the pile I saw this centennial 50 cent and asked the price. He pulled out a calculator and said "it's 40% silver so $5 (The 1967 50 cent coin is 80% silver so actual melt value is $10 )". He didn't seem to know that much about other Canadian stuff either as he was also under the impression that a bunch of other post 1964 Canadian coins were also 40% silver (they are all 80% except for some 1967 dimes and quarters and all silver 1968 coins which are 50%!
He said that whatever doesn't sell is going to get melted. Among other common dates, he had a whole bag of centennial dimes as well as some george V quarters. (one 1909, two dateless) I am planning on going back to save some more Canadian "40%" silver from the smelter when I have more spending money (college is expensive). I know they are only worth melt, but it still kills me that "common" coins, some in fairly good shape, are being destroyed. I'm glad I could save this from the melting pot!
One piece of advice for pawn shop shopping is know the value of what you are buying. The same place that sold me the 50 cent coin at half of melt value had some other coins that were really overpriced.

I-Got-A-Great-Deal-On-A-1967-50-Cent-Coin-At-A-Pawn-Shop

I-Got-A-Great-Deal-On-A-1967-50-Cent-Coin-At-A-Pawn-Shop
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SPP-Ottawa's Avatar
Canada
10463 Posts
 Posted 10/18/2012  01:22 am  Show Profile   Check SPP-Ottawa's eBay Listings Bookmark this reply Add SPP-Ottawa to your friends list Get a Link to this Reply
Hrmm... I notice you are in Ottawa... I wonder which pawn shop is selling 1967 50-cent coins at $5 each....
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert Oppenheimer

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CC-Ottawa's Avatar
Canada
3690 Posts
 Posted 10/18/2012  01:24 am  Show Profile   Bookmark this reply Add CC-Ottawa to your friends list Get a Link to this Reply
...me too.
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dialog_gvf's Avatar
Canada
1581 Posts
 Posted 10/18/2012  01:47 am  Show Profile   Bookmark this reply Add dialog_gvf to your friends list Get a Link to this Reply
It's not legal to melt Canadian coins in Canada, right?
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CanadianCollector's Avatar
Canada
306 Posts
 Posted 10/18/2012  08:20 am  Show Profile   Bookmark this reply Add CanadianCollector to your friends list Get a Link to this Reply
The shop I went too isn't selling these at $5 each anymore. They only had one from 1967 (there were some from other years though). And yes its illegal to melt coins in Canada. (but I'm sure it still gets done regularly)
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Anjohl's Avatar
Canada
815 Posts
 Posted 10/24/2012  03:20 am  Show Profile   Bookmark this reply Add Anjohl to your friends list Get a Link to this Reply
I believe their are legal ways to melt coins.
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Libertad's Avatar
Canada
3692 Posts
 Posted 10/24/2012  11:21 pm  Show Profile   Bookmark this reply Add Libertad to your friends list Get a Link to this Reply
I'm quite sure it's not illegal to melt those coins. I don't know where people get that idea. It's illegal to deface or shave coins and THEN pass them as current. The difference is in the act of spending the damaged coin, not in simply damaging it. So if you melted them into an ingot and tried to spend it as if it were say $1's worth then that's illegal because the work put into the valuation by the mint is gone - no form, no assayage, nothing - just a lump of unknown metal.

Pawnshops, for me, are always hit and miss. I return to the good ones even if they get wise to the "coin guys" because they respect who taught them what they know. Most, though, maybe 90% of pawnshops just hate coin people and have ridiculous markups on their prices. It's a tricky game of who knows more without overtly saying so. If you justify a price in your head you make the other wiser and you just have to play "dumb" with numbers to get what you want in these places. That's just how it is with 90% of them. Good deal you got - congrats!
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