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 Replies: 30 / Views: 4,542 |
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Pillar of the Community
United States
1143 Posts |
There is a lot of old silver coin out there so don't kid yourself into thinking they will all be melted.
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Bedrock of the Community
United States
12437 Posts |
LOL, the funny(or not so funny) thing is that the US Mint has by far melted more coins than could ever be melted by the private sector. If you control the money supply, it is much easier to sort out silver. As an example, almost 40% of all silver dollars ever minted have been melted by the US Mint(not counting Trade dollars). http://www.numismaster.com/ta/numis...icleId=18381 |
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Valued Member
United States
63 Posts |
Good question... Is it easier to mine new silver or buy & melt old coins?
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Bedrock of the Community
United States
20753 Posts |
Quote:
Good question... Is it easier to mine new silver or buy & melt old coins?
The answer is simple. There are many thousands of Jewlers in the USA. Many of them know they can sell a Silver charm, bracelet, necklace, ring, etc for way more than a coin that they know nothing about. Why buy silver from a mining companay, bulk Silver dealer, etc. when there are so many people that will just gladly dump anything Silver to them. Also, many criminals that steal Silver anything just find a Jewler that will gladly take that item and melt it down. So it's not just buying silver from legit sources, but from anyone that has some. Remember that there are a lot, a real lot more women buying Silver jewlery than there are anyone, anywhere buying or collecting coins. Think about it. Just how many women do you see in a coin store, coin show, coin anything. BUT you do see them at Jewlery counters everywhere. |
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Pillar of the Community
United States
3402 Posts |
At this point I'm not sure they are being melted or just hoarded. Hoarded coins show their value when resold. Not too many trade around silver bars.
KK
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Valued Member
United States
63 Posts |
so what is the best form of silver to buy/sell.... bars, 90% coins, Eagles, Maple Leafs?
I vote for Maple Leafs, if silver EVER went down to $3oz this coin is still worth $5 face
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Bedrock of the Community
United States
11951 Posts |
IMO - The reason silver and gold prices are higher is because people all over the united states and the world
are buying. The most popular seems to be ASE/AGE and classic U.S. silver and gold coins. Of course other countries bullion coins are popular also.
I work at two local coin shops, the only thing we send
to be melted are sterling flatware, serving trays and jewelry etc.
The coins are either sold local or sent to a large bullion dealer. That large dealer bags most of those coins into $1000/face bags.
Some of the coins we send are circulated 90% coins. We also break apart many silver proof and mint sets, from 1959 through 2005. I also break open common commemorative dollars out of their mint packages.
I do think the big bullion shops will cull out a lot of the coins they get in, and send those problem/worn/damaged coins to be melted.
When I have the chance I try to pick out better date coins. I know a lot of semi key coins are getting group together with common ones. I pulled a VG/F 1921 D Mercury out this past week. I would say most of the time we sort
though the coins that come in, but I am sure a few slip by.
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New Member
Korea, Republic Of
20 Posts |
I dont know how to quote on this forum, but refering to Kopper Ken's quote I think the bar game is way more active than the coin traders. There are several bars out there that are highly collectable (ie the Kit Kat bar) that demand prices well over spot. So not only do you have the collectors, you have the coin collectors who own bars, and the general population who buy just cause metals are a good investiment etc... Anyone who wants a hedge goes for bars because they only see the value of the bar that has 1oz of silver. They dont see the value of the coin that has 1oz of silver and its a key date, graded, etc...
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Pillar of the Community
United States
1042 Posts |
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Buy keys and semi-keys while you still can semi-afford them.....   |
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Pillar of the Community
United States
764 Posts |
Most dealers I know sell silver coins in bulk in bags, rather than melting down the coins. I have no clue what happens to them afterward, but I think there is a lot less melting of silver coins than most people think there is.
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Pillar of the Community
United States
584 Posts |
I think were just at the beginning of the melting frenzy. And I think a silver investor would easily melt down a load of coins to make a 100oz bar. Its a little more costly, I would believe. But the cost is probably worth the easy storage and broader clientele base. I know I love searching through silver bags, but when it comes down to it, I've switched over to bars for the easy storage.
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Pillar of the Community
United States
1143 Posts |
I think we are in a hoarding phase versus an outright melting frenzy. Since it costs a fair amount to ship and assay its more likely to be traded in its current state bagged. If we were forced to use silver to purchase something wouldnt it be easier to spend a dime vs shaving off some of your silver bar?
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Bedrock of the Community
United States
20753 Posts |
Quote:
so what is the best form of silver to buy/sell.... bars, 90% coins, Eagles, Maple Leafs?
I vote for Maple Leafs, if silver EVER went down to $3oz this coin is still worth $5 face
Your kidding of course. Everyone should know the best form of Silver is BULLETS. They can be used to hoard Silver. They can be used to Kill Warewolves. Any new Lone Rangers will need them for their gun belts. You could put them on a shelf and not many people would steal them since people usually only steal money or jewlery. |
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Pillar of the Community
United States
2541 Posts |
A crime against humanity I say. I read an article recently about 18th century silverware being melted down. It makes me want to run out and buy a bunch just to stop it from being melted.
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Pillar of the Community
United States
4333 Posts |
Lol warewolves! I thought the topic was regarding the melting of AU/BU coinage. How often do you find that in your dealer's junk silver bags? I know I don't; I'm sure it's possible. I agree with previous posters that say lots of silver is just changing hands, and being hoarded.
My dealer is a jeweler and been in business for 30+ years. He actually takes time to go through the bags first, or employees do, and pull key dates and nice coins. Have to give him credit for that.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Replies: 30 / Views: 4,542 |
First Page
Posted 08/19/2011 12:32 pm
