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 Replies: 13 / Views: 1,627 |
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Pillar of the Community
United States
666 Posts |
I just read this article on the effect that the silver melts have had on the hobby. Thought it was really good and brought up some points which I've suspected for a long while. On a side note, this is my 499th post. I think people are starting to go stir crazy in my 500th post contest. I checed it this morning and it was just barely 2 pages, now it's up to 5. I've got to head to the store and get a couple more strands of Christmas lights...  |
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Pillar of the Community
United States
1150 Posts |
And that was almost 12 years ago! One can only guess as to which coins have bitten the dust within the last few years.
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Valued Member
United States
466 Posts |
This kind of article is the reason why I do not think "junk silver" is a thing.
Silver coins are beautiful and I would never be able to sell my coins to a melting pot.
I keep all of the silver coins I find in circulation and trade them to other collectors for some of their doubles.
It's really sad that real coin collectors are hurt by people who claim to be coin collectors but ruin silver coins and send them off to be melted to make a quick buck
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Pillar of the Community
United States
721 Posts |
Interesting read. Thanks for posting it!
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Valued Member
United States
208 Posts |
So was I the only who thought while reading this article.. "Man I wish I'd bought more silver coins when it was $5 an ounce."?
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Pillar of the Community
527 Posts |
Quote:
So was I the only who thought while reading this article.. "Man I wish I'd bought more silver coins when it was $5 an ounce."? Nope, I wish I had bought silver even when it was around $12 an ounce. |
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Pillar of the Community
United States
3278 Posts |
I had no idea such a high percentage of silver coins were melted (or so he states)
I'm surprised silver coins aren't worth a lot more than they are, most are still worth "melt"
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Pillar of the Community
United States
1064 Posts |
I take solace in this sad story, that it makes some examples rarer. I've always wondered if any melted silver makes its way to mints, or are all today's silver coin sources strictly mines?
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Pillar of the Community
 United States
666 Posts |
I've been suprised at the price levels of circulated semi-keys in the Barber coinage. I had a heckuva time putting my AG-G Barber dime set together. I've always wondered if the big melts in the late 70's might have caused this. I had no problem finding examples of the 95-O, but some of the coins with mintages in the high hundred thousands or low millions were a beating to find. I don't remember exactly which 5 came last but I know I picked up the 95-O 6th to last. I'm running into the same problem with some of the halves. I've got most of the "hard ones" but some of the late 1890's with mintages in the low millions don't pop up that often. |
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Pillar of the Community
United States
2424 Posts |
interesting that this was written in 1999.
we just had another big melt off this past year when it reached $50 again. a lot more coins went back to the melting pot. which makes more common coins rarer again and more expensive. makes you think twice about your UNC rolls of 63 franklins and 64 kennedys. if I had a roll I would hold on to them for a while. I know its probably impossible to get a pop report on things like this, but it would only make sense that these common late date silver rolls will be worth 10x more not to long from now.
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Bedrock of the Community
United States
12437 Posts |
Private melts are really just a drop in the bucket when compared to the 800lb gorilla in the room- the US Mint. They are responsible for melting over 1 billion silver coins, including almost 40% of all silver dollars ever minted  http://www.numismaster.com/ta/numis...icleId=18381 |
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Pillar of the Community
United States
666 Posts |
WOW! The U.S. gov. melted more than half of the 3 cent silvers! On it's own! That's just insane.
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Valued Member
United States
421 Posts |
wow, This is mind blowing. I guess with the way the silver and gold market has been for sometime I can only imagine we are in a long-slow melt and there doesn't seem to be an end it sight. 2 articles I have read have silver going to $50.00 or more in 2012 but we will see.
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Valued Member
United States
208 Posts |
It makes perfect sense if you think about from the government point of view...
They had coin machine that would sort out the silver coins. They credit banks or whoever for .10, .25, .50, or whatever the denomination was, then turn around and melt them into bars, and then into new special coins that they can sell for a premium over the current melt price.
Go to the mint's site and see how much a silver proof set will run you compared to the current melt value for each coin. Then realize that the silver in those new coins is more than likely from old coins that were melted down.
Bottom line, they made/make quite a premium on the whole thing.
Edited by Rewster
11/29/2011 12:27 am
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Replies: 13 / Views: 1,627 |
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Posted 11/25/2011 3:12 pm
