| Author |
 Replies: 22 / Views: 9,608 |
|
Pillar of the Community
Canada
1700 Posts |
Any suggestions on selling coins for melt value? What I mean by that is who would want to buy your pre-96 pennies for melt? Who would melt them?
|
|
|
|
Pillar of the Community
Canada
834 Posts |
Your better off selling copper pennies, refinery costs will kill you.
Silver coinage on the other hand not so much you can get 90-100% of melt if you have the right amount ie 1000oz of silver content
|
|
Pillar of the Community
 Canada
1700 Posts |
What does Ugly do with his coins in his melt bucket?
|
|
Pillar of the Community
Canada
834 Posts |
I cannot speak for Ugly but I am pretty sure he only melts silver scrap coinage. He has a long standing relationship with a refinery where he gets a good rate. I also believe he has certain minimums to reach before obtaining that rate.
ie) 95% of melt if you have over 1000oz of silver content.
|
|
Pillar of the Community
Australia
4411 Posts |
It is illegal to melt pennies still correct?
It is illegal to melt ANY australian coins here but I still manage to sell copper 1 and 2 cent coins to scrap metal yards for about 80% of copper price. This works out to getting about 1.7 cents per 1 cent coin.
If you find a scrap yard dodgy enough go for it. I figure it isn't me melting them so I'm not doing anything wrong.
|
|
Previously Ousted
Canada
398 Posts |
Here is what I pay for Silver (foreign silver of course, as it is illeagl to detroy Canadian Gov property in Canada)
I pay $ 200 for melting. that includes the assay cost.
they keep the by product . i.e. copper etc.
I get the rest into a silver account.
assume I have 500 Oz raw at 80% and 92.5% silver mix.
the assay might come back as 82% or whatever.
I get 500 x the assay % into my acct. they automatically take the 200$ worth, their fee, in metal off.
I can then just make a phone call when I want to sell. they take 2% as their selling fee.
works for me as I do not store it, but still control it.
|
|
Pillar of the Community
Canada
2781 Posts |
$10,000 in silver can be "dealt with" quickly and quietly (and usually locally). the refined bar can be sold off to just about anyone. try that with a copper ingot, it's just not the same.
$10,000 in pennies is a lot more likely to be "seen". most copper is sent in containers overseas "raw". no scrap yard wants a dump truck of pennies, if they get inspected they could loose their license.
if (when) they demonitize the penny it becomes a whole different ball game. but that won't happen until the govt pulls and hoards 90% of the copper currently in circulation.
|
|
Previously Ousted
Canada
398 Posts |
WADE,,
quickly, locally and quietly...... at what cost?
and what if you are in "tinseltown"?
|
|
Pillar of the Community
Canada
2781 Posts |
i haven't sent silver scrap off for melt myself, but have dealt with a lot of copper dealers. they freak if there are even a few pennies mixed in with the copper pipe (i demolish buildings and deal in fair volume of 'low end' scrap like aluminum, brass and copper)
$10k in silver fits in a 5 gallon pale, its easy to 'hide'. $10k in copper is a dump truck load, a little more obvious.
although melting sliver currently is just as "illegal" it can be dealt with in seconds as opposed to weeks or monthes. simply put copper melt just isn't worth the "risk" although it could be very profitable (once legal).
the penny WILL be demonitized and people will cash in their hoards. timeline really depends on the price of copper. you can bet the government is hoarding all the pennies that they pull out of circulation just waiting to cash in. once they have market share they will demonitize.... but that is what we are waiting for.
PS: nickel is next :)
|
|
Valued Member
Canada
111 Posts |
coingirl you are saying;«(foreign silver of course, as it is illeagl to detroy Canadian Gov property in Canada)».
Is that true that the coins belongs to the government? It doesn't makee sense to me. I earned my money, it's mine.
|
|
Pillar of the Community
Canada
1700 Posts |
Now we've got a problem here:
Is it illegal to melt coins?
But what about pre-81 nickels? Several months ago, I heard someone saying that the mint is recalling those coins. If that's true, the mint would send them to a company and melt them anyway.
|
|
Pillar of the Community
Canada
1700 Posts |
Edited by Petersun
03/10/2012 1:25 pm
|
|
Pillar of the Community
Canada
1700 Posts |
All right. First of all, I've not found a silver yet during roll hunting. If I do, I'll just keep it or sell it. In my opinion, more than 90% of people sell silver coins as scraps or keep them instead of melting them.
|
|
Pillar of the Community
Canada
834 Posts |
Once I hit $5000 in Silver FV it will all be going to the smelter in turn for some .999 bars to add to the stash. It seems only people who hold, obtain large quantities smelt them off
|
|
Valued Member
Australia
262 Posts |
I've got few Canadian silver coins, will upload later :)
|
|
Valued Member
Canada
210 Posts |
I sold off a whack of silver coins last year at a local shop,and the store owner told me, he`ll be sending his bulk to the RCM to be melted down. Well He also told me, that at the height of the silver prices, last year mint workers told him, People were selling Quality coins back in bucket loads! I just wonder, how many scarce dates went to the melters, and how accurate the values are now, in reality, compared to book prices. In my opinion, I think the Charlton should be updated, based on supply and demand, just a thought. |
| |
Replies: 22 / Views: 9,608 |
Posted 03/09/2012 6:33 pm
