You'll Probably Cringe When You Read This...

Tons of proof Franklins and other silvers went to the smelter back in '79/80, when the price of silver reached $50 an oz. The silver value exceeded the numismatic value. It just might happen again in the future.
ffd

This is so common I'm surprized at how many don't know that this is happening all the time. And not only with jewlers but metal recyclers too. Most don't know about coin values and could care less since they don't know how to sell coins as coins. For most jewelers they can get many times the value of a coin from a necklace, bracelet, etc than to worry about selling coins. I met a jewler once that purchased a bag of Mercury dimes for double face value and melted the entire mess and never even thought of coin values. Like I said it goes on all the time.

I have always had a hard time believing that anyone in the precious metals business would simply melt silver and not search for rare dates/mintmarks. There is a lot of cash to be made finding those elusive rare silvers: Morgan CC's, 1916 Walkers, 1932 Washingtons 1916 D Merc, etc. For the most part, It is my opinion that they are feeding the customer a line of crap. This is exactly what makes buying large quantities of silver coins worth someones time, the possibility of a rare coin being found. Just my opinion, but I think it would be very foolish to simply send the coins off in bulk to be melted.

I could believe a lot of these types don't search the coins. First, the chances of finding a rare coin are still pretty remote, though that would not stop me, this guy might not be interested in coins and this would be a major chore for him. Second, if he is not a collector, he might not really know exactly what he is looking for or how to move something he does find.

Probably never.

its highly unlikely.

Assuming that it is true that the Fed actively filters copper cents out of circulation (to reclaim the copper), then I think the law would be repealed once this process becomes unprofitable for them to continue it.

I still think it is speculation. I honestly believe they are, but I cannot prove it at this time. Although no one has offered me direct proof, there is a precedent for it.

As Conder101 says in this post:

I work at a coin store and becoming a bullion dealer is easy. We may not be melting but coins come in get put in bags and sent out. 90% of the time nobody check for dates and mint marks. Its not that we dont care. Nobody has the time and you almost NEVER find anything of value. Its not like there are just 16-D dimes floating around and 32-S quarters in every roll. As the saying goes there are bigger fish to fry. I ONCE found a 21-D dime in VG while helping a customer look through our junk silver which I ended up getting for $1.20 but other than that we don't find anything.

Im sure this guy makes a lot of money flipping the money fast. Sure you can find something of value but if it sits on the shelf thats dead money and its no good. Flip your money 5-6 times in the time it takes to sell that coin and you've got a pretty nice profit on your hands.