Will We Ever Know How Many Silver Coins Were Melted Down

Really fascinating article. biochemist6, thanks for posting that!

If you want to understand the nature of coin availability you must first study the way coins were minted in the first place. silver and gold coins typically came about when private citizens and businesses brought forth silver and gold- which the mint assayers measured and checked for purity and then coined. the term seigniorage is derived from the amount of money the government would skim off the top to make a little bit of profit and to cover their costs (a different notion that what is being done now)... So in the distant past, coins were minted to cater to private need- as such the government had no interest in the preservation of these coins- only in the facilitation of trade. you could take all of the coins minted in silver from 1793 to 1893 that survived up until the 1960s and the mint would outproduce that total with just one year of mintage from one mint.

as for what remains of the 20th century silver coins? it's anybody's guess. probably a good buy in the higher grades- in the lower grades they will never be all that collectible.. the reason for this is that so many BU coins and gem quality coins are being saved because the hobby is attuned to that type of collecting now. So for profit I'd say MS-66 on quarters, MS-66 or above FT on dimes, Ms-64FB and above on Franklins, MS-66 and above on Kennedy halves, MS-65/MS-66 on Clad Ikes, MS-68 on Silver business strike Ikes, MS anything on Mercury dimes up through the 30s, same for Standing Liberty quarters. MS anything on Walking Liberty halves and all but common date Peace dollars. Morgans? well, there are so many of them for most dates that you are better off collecting elsewhere for profit- not that it isn't a great set for varieties or just to have fun with.

My smelter claims that he never melts coins, and that he saves them up and sell's them to a coin dealer. I think that somebody who owns a refinery would have good knowledge on coins, enough to know not to scrap them.

However, in the past few years when all these "Cash for Gold and silver" places started popping up, MILLIONS and MILLIONS of coins changed hands from citizen to dealer. Who knows where they end up

I had to look it up. Figured I would link it.

http://en.wikipedia.org/wiki/Bland%...3Allison_Act

I note that the price of silver on the long term trend line 1933 - 2010 is around $12 per ounce.

i recall reading somewhere there used to be about 12 billion tons of silver and now theres only 200 million tons left - wish I had a few tons haha

Naturally they would say that. To many do not know the laws and just say anything to play it safe.
At a flea market by me a jewler has a note on his counter saying I buy Gold and Silver Coins for making jewlery. He well knows there are no coin police, at least at flea markets.


Because many pawn shops take in rather not so legal stuff. To take the chance of getting caught trying to sell that, they just dump for the metal value. Easier and safer.