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 Replies: 31 / Views: 7,609 |
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Pillar of the Community
United States
1285 Posts |
I checked with a dealer about searching the coins and he said no. Because the bags are sealed and I would have to take a big hair cut on the price when I was to sell it back to him sell it back to him. His advice was go buy the individual coin. His explanation was that once the seal is broken it becomes a BIG hassle and expense to get it sealed back again.
Also few months back one authorized US mint dealer told me he sends a lot of silver and gold to be scrapped specially a lot of modern day coins with dates 2007 and prior. Some of these folks are making a lot more money on scrap than you can imagine ($25 oz on gold and around $1 an oz on silver). Ergo, they do not bother to check anything.
Peace
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Pillar of the Community
United States
4333 Posts |
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
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
 United States
2448 Posts |
It's terrible that we destroy so many old coins. Time honors those that wait for her and punishes he who rushes her. My small hoard of Franklins will look good for my heirs.
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Bedrock of the Community
United States
20753 Posts |
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. |
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Valued Member
United States
120 Posts |
Making rare coins "rarer" sad but true.
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Pillar of the Community
United States
858 Posts |
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.
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Pillar of the Community
 United States
3234 Posts |
SilverEagle, I don't disagree with you sentiment in general. However, if you met this particular jeweler and had the similar discussion I had, I think you would tend to believe what he said. I honestly believe he simply doesn't care nor has the time to care. He pays the customers a fair price based on weight alone and then moves the stuff as quickly as possible.
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Pillar of the Community
United States
3294 Posts |
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.
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New Member
United States
16 Posts |
How long do you think before the law is repealed?
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Pillar of the Community
United States
2120 Posts |
Probably never.
its highly unlikely.
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Bedrock of the Community
United States
10045 Posts |
I've met several coin dealers who have basically become bullion traders. It's really a sad trend for the hobby.
The deal in huge volumes of bulk silver and gold. They will check US gold coins, but 20C. silver just gets bagged and shipped.
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Moderator
 United States
188560 Posts |
Quote:
How long do you think before the law is repealed? 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. |
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New Member
United States
16 Posts |
I didn't know the FED is actively withdrawing copper coins from circulation. Is that why theres only about 20% left in circulation after only 27 years since the big switch?
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Moderator
United States
188560 Posts |
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: Quote: Back in the 1960's the Fed had machines that separated the silver coins from the clad for all the coins that came through their hands. The clads went back to the banks and the silver went to the smelter. It would not surprise me if they are doing the same thing now with the copper and plated zinc cents. Run $10K in cents though the machine, get $2K in copper cents with $4K worth of copper in it. A $2K profit for every $10K processed. That's a 20% profit. (Of course if they replace those 200,000 copper cents with 200,000 Zincolns that they lose a Half Cent each on then it's down to just a 10% profit.) |
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Valued Member
United States
173 Posts |
"I've met several coin dealers who have basically become bullion traders."
Same here, coins are almost a nuissance to them. I don't think it is a sad trend, a sad trend would be if lots of people stopped collecting. I don't think this is happening. Supply has certainly dwindled some and coins can be purchased at times before they've been looked at under the mag. That's not always a bad thing!
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Replies: 31 / Views: 7,609 |
First Page
Posted 07/20/2010 08:52 am
