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 Replies: 22 / Views: 9,614 |
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Pillar of the Community
Canada
2781 Posts |
i haven't sent silver scrap off for melt myself, but have dealt with a lot of copper dealers. they freak if there are even a few pennies mixed in with the copper pipe (i demolish buildings and deal in fair volume of 'low end' scrap like aluminum, brass and copper)
$10k in silver fits in a 5 gallon pale, its easy to 'hide'. $10k in copper is a dump truck load, a little more obvious.
although melting sliver currently is just as "illegal" it can be dealt with in seconds as opposed to weeks or monthes. simply put copper melt just isn't worth the "risk" although it could be very profitable (once legal).
the penny WILL be demonitized and people will cash in their hoards. timeline really depends on the price of copper. you can bet the government is hoarding all the pennies that they pull out of circulation just waiting to cash in. once they have market share they will demonitize.... but that is what we are waiting for.
PS: nickel is next :)
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Valued Member
Canada
111 Posts |
coingirl you are saying;«(foreign silver of course, as it is illeagl to detroy Canadian Gov property in Canada)».
Is that true that the coins belongs to the government? It doesn't makee sense to me. I earned my money, it's mine.
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Pillar of the Community
 Canada
1700 Posts |
Now we've got a problem here:
Is it illegal to melt coins?
But what about pre-81 nickels? Several months ago, I heard someone saying that the mint is recalling those coins. If that's true, the mint would send them to a company and melt them anyway.
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Pillar of the Community
Canada
1700 Posts |
Edited by Petersun
03/10/2012 1:25 pm
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Pillar of the Community
Canada
1700 Posts |
All right. First of all, I've not found a silver yet during roll hunting. If I do, I'll just keep it or sell it. In my opinion, more than 90% of people sell silver coins as scraps or keep them instead of melting them.
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Pillar of the Community
Canada
834 Posts |
Once I hit $5000 in Silver FV it will all be going to the smelter in turn for some .999 bars to add to the stash. It seems only people who hold, obtain large quantities smelt them off
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Valued Member
Australia
262 Posts |
I've got few Canadian silver coins, will upload later :)
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Valued Member
Canada
210 Posts |
I sold off a whack of silver coins last year at a local shop,and the store owner told me, he`ll be sending his bulk to the RCM to be melted down. Well He also told me, that at the height of the silver prices, last year mint workers told him, People were selling Quality coins back in bucket loads! I just wonder, how many scarce dates went to the melters, and how accurate the values are now, in reality, compared to book prices. In my opinion, I think the Charlton should be updated, based on supply and demand, just a thought. |
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Previously Ousted
Canada
398 Posts |
was not aware the RCM is buying back coins.... |
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Valued Member
Canada
247 Posts |
I don't think the RCM is BUYING back coins,they collect coins all the time and pull all the PM coins when they get them. the rest(steel) go back into circulation |
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Pillar of the Community
Canada
1700 Posts |
Nuemistman,  Well, I am going to abide the law |
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Valued Member
Canada
56 Posts |
Hi, To add my cents in, RCM does have a program call Alloy Recovery Program(ARP) now for 5 years. For more info just goolge The RCM report read for 5-10-25 cent coins no pennies yet but that is just a matter of time now. I believe Coinstar is part of the system as some of the major banks. You never know, they laughed at people in the 70's about melting down silver. It could maybe be a good currency if we have a total system failure is that not why people save silver 1 dollar FV = going rate poor mans gold. |
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Rest in Peace
United States
9104 Posts |
Quote:
I just wonder, how many scarce dates went to the melters, and how accurate the values are now, in reality, compared to book prices. Just about none. Quote:
In my opinion, I think the Charlton should be updated, based on supply and demand, just a thought. What do you think they use for prices each year? |
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Valued Member
Canada
210 Posts |
So, how many coins like, 1921` 5 cents , et all, went to the melting pot?But, that makes no difference in the price! Also, you really believe Charlton is up to date?lol
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Rest in Peace
United States
9104 Posts |
Quote:
So, how many coins like, 1921` 5 cents , et all, went to the melting pot? Almost none. If ten years ago you looked through hundreds of thousands of 5 cents, you might find a couple of them. Why should we assume - suddenly a bunch of them came from nowhere and were scrapped?
- no one noticed them at any point along the way?
- price guides don't reflect what things are trading for?
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Replies: 22 / Views: 9,614 |
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Posted 03/10/2012 12:41 pm
