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Junk Silver (Quarters)

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Pillar of the Community

Canada
1723 Posts
 Posted 02/14/2012  12:04 am Show Profile   Bookmark this topic Add samsnate to your friends list Get a Link to this Message Number of Subscribers
Am I correct in saying that I would need at least 7 and to be on the safe side...8 pre 1966 Canadian quarters that have an 80% silver content to create for sure 1oz of silver? Thank-you.
Pillar of the Community
CoinHunter53562's Avatar
United States
2049 Posts
 Posted 02/14/2012  12:25 am  Show Profile   Bookmark this reply Add CoinHunter53562 to your friends list Get a Link to this Reply
Sounds about right. They are 80% silver and each quarter freshly minted would contain 0.15 troy ounces of silver from what I remember. So 7 with no wear or very little wear would be about 1.05 ounces.
Pillar of the Community
Canada
1723 Posts
 Posted 02/14/2012  09:59 am  Show Profile   Bookmark this reply Add samsnate to your friends list Get a Link to this Reply
So that means that regarless of condition...8 quarters would be 1oz for sure. Now here is another question... How is the silver content accessed? I mean ok you hold onto the quarters because you know that is has silver content, but isn't the silver kind of usless unless it can be melt and reused? Isn't melting canadian coins illegal? I realize that these are noobie questions...but I have a handfull of these pre 1966 quarters and I am trying to understand the mechanics behind holding onto them or not. I'm looking for guidance and information since I haven't really explored this avenue really. Only really delt with silver bullion. Any insight would be appreciated! CHEERS!
Bedrock of the Community
United States
20753 Posts
 Posted 02/14/2012  10:27 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
First of all you really should find out about the dates and mint marks on those. Many people melt down coins for their metalic content but fail to notice that they may have melted a coin worth many times it's metalic content.
And regardless of if legal or not, murder and robberies and many other crimes are not legal and yet they happen anyway.
To melt a coin you would need a decent furnace which in many instances would cost way more than the recovered Silver. For any profit to be made this way would require a decent bulk quantity of those coins, a place to sell the Silver, a method to refine the Silver to get rid of impurities. Sort of like those that drive 25 miles to a store where they can save $0.10 on an item.
Pillar of the Community
Canada
1723 Posts
 Posted 02/14/2012  11:11 am  Show Profile   Bookmark this reply Add samsnate to your friends list Get a Link to this Reply
Thank-you Carl for some insight. I would definetly check out dates before I did anything...I always to. I've been looking at quarters and dimes as a way to make money long term or short...don't really care when...I only know that in the end thses coins are for making money so I am wanting to learn from anyone here on how that is accomplished. I myself would not go through the trouble of melting down these coins so I have a lot to learn on how to, why and where to be involved in this...or even if it's not a good idea for me. Thoughts please. CHEERS!
Rest in Peace
biggfredd's Avatar
United States
9104 Posts
 Posted 02/14/2012  2:53 pm  Show Profile   Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
You will often see references to melt/scrap value. These are a guide to the maximum silver content in a new coin.

http://www.currencydebasement.com/

In practice, coins are traded as coins of known content, not melted.
Pillar of the Community
Canada
1723 Posts
 Posted 02/14/2012  3:59 pm  Show Profile   Bookmark this reply Add samsnate to your friends list Get a Link to this Reply
@biggfredd Thank-you for the website! Wow, that beats having to do my own math! LOL
The coins being sold as coins for its content is what I was looking for. I didn't know if it was done like that (in its coin form) or if it was sold to be processed. This is of cource with the exception of important dates. What would a silver scrap place give you for 1 quarter if melt value is at $5? Or...If I were to purchase a lot of quarters...what would be the price that I would expect to pay? I dont want to go by ebay prices because of such a marked up value...but if I were to be looking for a deal....what would that deal look like? I don't want to rip people off and I don't want to be ripped off as either. Thank-you all for your insight. :-)
Pillar of the Community
Canada
1723 Posts
 Posted 02/14/2012  7:29 pm  Show Profile   Bookmark this reply Add samsnate to your friends list Get a Link to this Reply
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