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 Replies: 58 / Views: 8,981 |
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Valued Member
United States
254 Posts |
Overall, I am against melting silver coins for 99% of coins. However, there is that small 1% of coins that are a glut on the market. These coins just get pushed around from dealer to collector, to dealer in coin shops, shows, e-bay etc. I'm talking about cull coins, severely damaged coins, heavily corroded coins of common dates. In my opinion these have no numismatic value and get moved around as bullion, so they might as well be melted and turned into true bullion. While ugly's points about economics and the labor market are true and as unrealistic as this is, it would be ideal if professional numismatist could look at these cull coins and determine if there is any numismatic value as far as varieties, etc. Before they are melted.
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Pillar of the Community
United States
2600 Posts |
I am not sure if any of us know just how much of this stuff is still out there. As an example, I carried a 1909 VDB in fine condition and asked my dealer what he would give me. His answer, a buck. Slightly offended I asked why so low. He turned around and picked up a quart container about two thirds full of G to VF 1909 VDBs that he is taking to the Balt. show to sell to the TV hawks. He then pointed to a 5 gal. bucket behind the counter which was about half full of Walking halves. All junk according to him. They will go into bags shortly. He claims that he fills a bucket every three months of walkers, Franklins, Wash. quarters. He claims that they come in constantly. This is one dealer with this much "junk silver coins". There are not enough collectors out there interested in coins for collection purposes that will spend more than silver value to collect this type of coin. The very best way to save the reasonably good ones is to have the junk disappear. IMHO Jim |
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Pillar of the Community
United Kingdom
1682 Posts |
I am probably going to offend people but when I read about dealers and others calling stuff like Walkers, Franklins, silver Washington qusrters and so forth junk, the thought that these people do not care about coin collecting as a hobby with no interest of future generations being able to collect coins.
When I stopped collecting many years ago, it was this sort of attitude which turned me off the hobby. I still remember not being able to buy common silver coins back for a few months late 1979/1980 when the Hunt Brothers tried to corner the market on silver. Next came that you could only find certified coins at shows and dealers. I was teenager/young adult back them and got tried dealing with the "snobbish" attitude when I could only afford what even then was considered "common junk".
Started again collecting in the past few years and since I am in England now and want to rebuild the US collection, I only want to purchase the low end coins since I do not feel like making Revenue and Customs rich off of import duties. I also feel this melting of "common junk" will put future generations off of collecting.
I have no problems with dealers who love the hobby of coin collecting making a decent living off sales of coins but I do think there are many people who get into the racket just to make as much money as possible in a very short time with no regards of the damage they can do the hobby.
I for one would love to be able to go thru some of these junk buckets to help complete my collections of silver coins.
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Valued Member
United States
254 Posts |
Kena got me thinking about the silver melts during the Hunt brothers era in 1979/1980 and I came across this article at PCGS: http://www.pcgs.com/articles/article496.chtmlSadly, it turns out ridiculous amounts of uncirculated, semi-key, and otherwise completely collectible coins got melted when silver was around $50 an ounce as these coins were worth more "dead than alive." |
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Pillar of the Community
Canada
1733 Posts |
There is no harm in having different opinions, that's what makes the world tick. Most of what has been offered in this thread has been done intelligently with a good degree of thought in most posts. If someone is actually offended by a differing opinion offered without malice, I suggest that newspapers,TV and marriage are also not for them.  In all seriousness however if dealers were able to clear out their junk silver, they wouldn't be tossing them in the bucket for melt. For every person that wants a peek at the junk there are ten that have been target marketed into thinking slabs or new Mint products are the only thing that are collectible. |
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Bedrock of the Community
United States
20753 Posts |
Melting of all types of coins goes on all the time. Not just Silver but Gold, Platinum too. Many jewlers that make their own jewlery can make many times more for ear rings, bracelets, neclaces, etc. from the metals of coins. Many of these people are from other countries and know little to nothing of Numismatics and could care less. Most would and do melt valuable coins with no concern at all as to what they are. I've had many admit that they do melt coins and even ask people for any old coins for melting purposes.
Copper coins are melted massively by smelters where people bring in cable, wire and almost anything made of Copper including coins. Actually anything made of metal vanishes if left outside around me as fast as you put it there. A nighbor of mine does a lot of auto work on the side and as soon as he puts anything metal outside left over from a job, it vanishes as if by magic.
Coins are no exception to the massive metal recycling craze now going on in many areas.
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Valued Member
United States
56 Posts |
I would hate to see any coin in good condition or better melted. For coins older than 100 years old, even AG coins still have their place in someone's collection.
At the same time, I can understand a seller wanting to get the most out of their sale. If I could get $45 melt, or $34 not melting, I would probably let them get melted as well.
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Pillar of the Community
 United States
3499 Posts |
Nicholas- I too can certainly understand dealers wanting to make a profit, but this whole issue raises the question of whether a lot of dark side coins within the US are in danger due to a lack of appreciation for them by some dealers and collectors. In fact, is it possible that being in the US endangers non-US coins?
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Pillar of the Community
United States
7123 Posts |
Its just slightly late to worry about this, during the 60's 70's and 80's millions of ounces of silver coins melted, the result is that we as collectors have no idea what is rare anymore.
believe me many common date or at least many supposed common date coins are not so common anymore as the price guides suggest.
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Pillar of the Community
United States
1571 Posts |
As I sit here, eating muy lunch, while formatting floppys, for the images of my coins, and reading the comments, I think I have to agree with those who are against melting the coins that are very hard to identify, (today).
all of my lincolns, even the "zincolns" are in rolls solid date/MM, and will stay there until my will is carried out. Then there are the albums, folders, etc. There are at least 40 boxes of cents, (US, and about 4 of the Canadian small cents. I have no heirs, today, who collect coins, so they will be placed in trust until my great-great-grandson reaches his 30th birthday. That will make sure HE has coins to "pick, and choose' from. He will be busy, count on it! Yes, there are silver, and some bullion, some proof, some very badly worn, but still can be identified as 19th century coinage, some older. Doing this will guarantee that he has the chance of doing what I enjoyed doing, and if he does not care to "collect" coins, (if they still use them in the future). Especially, if they do away with the cent, and nickle, then he will still have some of them to "play with". It is like the national parks, etc, that are protected, and preserved for the future generations. Why not our collestions? I hate to think what would happen, if I didn't do this! The ones who would get the coins, "today", would not even count to see how much! just SPEND THEM! I guess I was born about 85 years too soon.
Dick
Edited by livingdinasaur
05/31/2010 7:31 pm
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Pillar of the Community
United States
2600 Posts |
The dealer I refer to will let anyone go thru the "melt buckets" and buy any coin for the equivalent of $1 over spot then calculated for face. The very best deal you could ask for if looking for coins for the set. I have never seen anyone but myself go thru them.
Jim
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Pillar of the Community
United States
3499 Posts |
Jim1953- It is great that your dealer does that. What does s/he do apropos foreign coins? Are they sold merely at melt or is a slight premium attached?
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Pillar of the Community
United States
2605 Posts |
Quote:
As I sit here, eating muy lunch, while formatting floppys... Boy, you are a living dinosaur!  |
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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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Replies: 58 / Views: 8,981 |
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Posted 05/29/2010 10:22 pm
