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 Replies: 58 / Views: 8,978 |
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Pillar of the Community
United States
592 Posts |
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Pillar of the Community
United States
511 Posts |
Even though I'm always looking for interesting silver coins and rounds near melt, some things could be melted. The world will survive with fewer heavily worn pieces as well as a reduction in the population of 1921 Morgans and 1964-dated U.S. silver.
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Pillar of the Community
United States
2600 Posts |
Archraz,
I am not collecting foreign so have not paid attention. I have no idea what he does but will ask the next time I am in the store.
Jim
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Pillar of the Community
Canada
3692 Posts |
Re: Floppies: "A" drive or "B" drive?
This thread is making me think of all the Simpsons episodes where they cash in rare coins as if nothing and spend it on foolishness each time.
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Pillar of the Community
 United States
3499 Posts |
Jim1953- Great! I look forward to hearing whether or not he charges a premium over melt since foreign silver may be much more unpopular.
Libertad- I know just what you are talking about apropos the Simposons. In the episode Grandpa gives the family a cigar box of "mint condition 1918 Liberty Head Silver Dollars." haha Those were either fake or he really had something rare there. I wonder if it was part of the joke that such a coin does not exist or if the writers just chose an old date at random. The funny thing is that thanks to that episode, some people ask me if I have a 1918 liberty head dollar.
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Pillar of the Community
United States
2541 Posts |
I'm opposed to the melting. Like a lot of other people here I believe that you can trade these coins in $100 or $1000 bags. I've been buying some junk silver and although it's really beaten up, it's still really cool to hold a 1939 quarter and think about what it's been through.
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Pillar of the Community
United States
3499 Posts |
Gothic Florin- Very true that worn coins always seem to have a story to tell. If anything BU coins, while very pretty and preserved, have not had as interesting of a life (unless they have been in some notable collection for some time).
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New Member
Canada
3 Posts |
But at what point can a well-worn coin no longer be considered having numismatic value? My only concern with discussions such as these are the broad blanket declarations and statements made. I just bought a large whack of Newfoundland 20 cent silvers yesterday. The truly heartbreaking thing about it all wasn't that they're marked specifically to go to the refiner. It's that they were so worn, there was barely a trace of any obverse left. I truly think someone was trying to rub these coins together to spark a fire.
In the place I work, we do make sure to keep our stock of silver coins around for people to peruse. We're not coin collectors, but we are coin appreciators and we also know the value of satisfied customers. We have regulars coming in all of the time looking through our bins to see what they can nab. A lot of it is eyebleed, but I'd say a good 20% of our inventory goes out the door in their hands. That is just as valuable as the profit we make sending things to melt.
However, our customers can only go so long looking at the same stock of coins. We melt off a lot of viable coins that collectors would appreciate (we always go through what we buy first to save the gems). But we do this because the collectors in this area don't want them. In the end, our business has to let go of its inventory.
-Jon
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Pillar of the Community
United States
2335 Posts |
Due to this thread I decided to do a little experiment. I listed 4 lots of silver dollars in circulated condition right here on the forum with a starting price of LESS than melt. Three of the four lots sold for the starting price. Again, that was LESS than melt. The 4th lot sold for slightly more than melt. In fact, these dollars sold for less than the price APMEX is willing to buy these coins at. Does anyone care to comment on that? |
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Valued Member
United States
320 Posts |
As both a coin and history buff, my first inclination is to say they should never be melted-- ever! But of course that is not practical....
I think that part of the differential between sellable value vs melt value is the simple facts of coin collecting. Collectors seem to fall into four groups-- 1) people who like to pull stuff out of circulation & put it in their book. 2) people who buy for investment purposes or as a hedge against inflation (often purchase the high-end coins) 3) people who just hoard them for silver 4) people who just like a particular series, type or variety.
Of those, only #4 or possibly #3 would purchase at melt. #3 would try hard to get it below melt whenever possible so really you're looking at #4-- a very very specific subset of collectors-- and they usually want the higher grades if possible. Younger collectors might want the lower grades but few younger people I know can afford even melt value for their collections.
So it makes sense that demand is low for certain varieties...
unfortunately!
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Valued Member
Canada
307 Posts |
most coin dealers I have dealt with have the "junk" for melting put aside but when I ask they have all been open to me going through it and selling it to me for the melt value....saves them on shipping and now and again I do find what I would call a treasure.
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Valued Member
Canada
307 Posts |
k another way to think of it and maybe it is selfish but the more melted the less the mintage and the rest is math. I have found that is is the very heavy common worn and the high mintage that are sent away.
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Pillar of the Community
United States
5618 Posts |
You can be a collector and have your opinion or a dealer and have your opinion, I believe they would, more times than not, be different, on this topic.
I have been concerned about "the reality of actual mintage numbers" left out there in most coins collected, I do not see the numbers even being close to reality,IMO, at least from my point of view, for instance, I attend a coin show every other week for years, I see all kinds of people hunting for the holes to fill to others just seeking a great deal to eventually be melted.
I see this silver "buyer", who has people lined up to sell their coins and collectibles to him for a certain fee, and I am always amazed at the amount of coinage, in better than AU condition, bought to be melted for a profit, and all along can not help but think about future collectors, and their ability to obtain these coins, also thinking about the coins when I was younger, where they all are. I really do not think certain coins will be around, in the quantities seen today, for long, in fact I am concerned the buyers of the "soon to be melted coins", are aiding to the "soon to be memories" of some coins being had.
I think that this statement, from an earlier post, really say it all, " But I'm afraid we do lose nice coins due to lack of knowledge, lack of care, and greed." Of course just my opinion....
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Bedrock of the Community
United States
20753 Posts |
Now here is a thought. If you go to coin shows, coin stores, are in a coin club or the forums on the internet. What words do people use for worn Silver, Gold, etc coins? Why MELT of course. Now picture the possble Millions of people that hear and/or read this statement over and over and over. Every time anyone here or anywhere uses that word for old or worn coins, someone that never thought of melting a coin, reads that. And now there is another hundreds, thousands and/or possibly millions of people all over the World thinking about melting coins.
Very possibly if everyone could refrain from calling old coins MELT, the future of coins may become a little more secure. Just a thought.
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Pillar of the Community
 United States
2448 Posts |
I think everyone is confusing collectors with speculators. I'm the first to admit that I'm probably the worst kind of collector, the one that just keeps buying coins, any coin, because its a coin and its artistic, historic, really neat to own. We all joke about it, and even concoct little gems of wit describing our wonderful affliction. We sometimes won't admit to others we have the affliction. But that's the real collector we all are. Secret Agent Man speak of 4 types of collectors; pretty accurate in my opinion. But the first group he identifies is not the consummate collector, he the speculator. Try as you might, you won't change that person until he has an epiphany about the joys of collecting. So unfortunately, coins will be melted. Just Carl also make a good point; we need to stop calling it Junk or Melt silver. Worn or well circulated silver have nice rings to them.  |
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Posted 05/31/2010 10:20 pm
