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Melting Your Silver Coins.

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United States
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 Posted 01/28/2014  8:42 pm Show Profile   Bookmark this topic Add jastratton to your friends list Get a Link to this Message Number of Subscribers
Once you collect a lot of junk silver..40% halves and 30% War Nickels..where do you cash them in at?
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gotboostedvr6's Avatar
United States
261 Posts
 Posted 01/28/2014  8:55 pm  Show Profile   Bookmark this reply Add gotboostedvr6 to your friends list Get a Link to this Reply
Coin shops
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ASLAN TVorlon's Avatar
United States
1234 Posts
 Posted 01/28/2014  9:01 pm  Show Profile   Bookmark this reply Add ASLAN TVorlon to your friends list Get a Link to this Reply
Last I heard it was a federal offense to melt them your self, and a horrible thing to do to any coin. You didn't say you we're planning that but when I hear people talk about it I wonder how much time, effort, and fuel they would put into it, then as you said where do you sell it at, if I walked into my recycle center with a mass of melted metal and claimed it was 40% or 35% or what ever I don't know if they would just laugh and tell me to get out or detain me with a citizens arrest and call the cops.

I hold onto all of mine but most LCS's would probably buy them for melt value or less. Since silver is under $20 an ounce now I'd say if you HAVE to sell them... wait.

War Nickel's are 35% and in my opinion the best value for CRH finds...

a nickel is 5g so 5*35% = 1.75g of silver for 5 cents
a dime is 2.5g so 2.5*90% = 2.25g of silver for 10 cents

So 3.5g for 10 cents of two nickels or 2.25g for one 10 cent dime.

edit: The nickels may not be as easy to find but they are a horridly under-valued, wonderful coin.
OK so not illegal but still it's not a quick and easy do-it- yourself type of thing. Unless you have a forge in your back yard.
Edited by ASLAN TVorlon
01/28/2014 9:07 pm
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denco7's Avatar
United States
2543 Posts
 Posted 01/28/2014  9:05 pm  Show Profile   Bookmark this reply Add denco7 to your friends list Get a Link to this Reply
Not illegal to melt silver, just pennies and nickels, because it costs more than a penny or a nickel to replace them. The gov't couldn't care less about silver, they make a profit when the have to mint new quarters, dimes, halves and eagles.
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muddler's Avatar
United States
7187 Posts
 Posted 01/28/2014  10:26 pm  Show Profile   Bookmark this reply Add muddler to your friends list Get a Link to this Reply
I had sold my stash of 40% to Provident Metals and my 30% I sold on ebay around $35-$40 silver spot.
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sel_69l's Avatar
Australia
21786 Posts
 Posted 01/29/2014  12:37 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Some people stash junk silver as a leftover from their collecting. (that's me)
Some people just stash.
In either case the best time to sell is when you need the money from the proceeds of sale, unless you are an investor.

Pointless melting it. Best to sell to either a bullion or numismatic dealer, or ebay it.
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Finn235's Avatar
United States
6130 Posts
 Posted 01/29/2014  1:01 pm  Show Profile   Bookmark this reply Add Finn235 to your friends list Get a Link to this Reply
In terms of value, the best thing is to sell junk silver and War Nickels in bulk over ebay. Coin dealers will give you about 50-75% of what they are worth upfront in cash if it would be too much of a hassle to deal with ebay.

Never take them to one of those "Cash 4 Gold" places because they tend to pay under 50% of the coin's value, and melt most of what they get. Even if the coins aren't worth anything over melt to you personally, please try to avoid selling them to a place that will melt them--silver coins are much more scarce than they should be due to massive melting in the 1980s.
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CoinCollector2012's Avatar
United States
8137 Posts
 Posted 01/29/2014  2:43 pm  Show Profile   Bookmark this reply Add CoinCollector2012 to your friends list Get a Link to this Reply
I have a small pile of silver that I found while CRHing. I am just planning to hold on to it.
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rupester's Avatar
United States
1300 Posts
 Posted 01/29/2014  2:49 pm  Show Profile   Bookmark this reply Add rupester to your friends list Get a Link to this Reply
Dont melt it if you do its going to be very hard to sell it.. It takes alot of refining to extract the silver from the coins. To make it pure silver. Unless you have a company who can smelt it down purify it then put a authentication mark on it it will be a tough sell its not like a blow torch and a crucible and boom you have pure silver. Un refined silver puts off poisonous gas same as gold does.. This is a thing for the professionals only . Those facilties are state of the art and cost millions. Kinda like graded coins and in the end without true autentication the coin wont sell for its premium
Edited by rupester
01/29/2014 2:52 pm
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jbuck's Avatar
United States
187862 Posts
 Posted 01/29/2014  3:19 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I traded much of my duplicate silver (from CRH) at a coin shop. I used them to acquire Franklin half dollars to fill my album holes.
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ASLAN TVorlon's Avatar
United States
1234 Posts
 Posted 01/29/2014  6:01 pm  Show Profile   Bookmark this reply Add ASLAN TVorlon to your friends list Get a Link to this Reply
Find silver for face value, buy silver for face value great deal jbuck
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jbuck's Avatar
United States
187862 Posts
 Posted 01/29/2014  6:53 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Well, I traded them for melt value, call it store credit, and immediately used that credit to buy the coins. No "cash" traded hands. It was still a good deal since the credit was right at spot and I still had a discount on the "purchase."
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rupester's Avatar
United States
1300 Posts
 Posted 01/29/2014  7:57 pm  Show Profile   Bookmark this reply Add rupester to your friends list Get a Link to this Reply
Jbuck, two days ago I sold 3 proof sets 61-62-63 store credit bought a cameo appearing franklin a 55 gugs bunny BU and 12 assorted nickels war and 50's for the book and my kid found a toy john deere he couldnt live with out and I spent 28 bucks after the silver swap the franklins and the 42p war nick were the big scores!
And of course another toy to stumble over is precious! Hahaha
Edited by rupester
01/29/2014 7:59 pm
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ASLAN TVorlon's Avatar
United States
1234 Posts
 Posted 01/29/2014  8:46 pm  Show Profile   Bookmark this reply Add ASLAN TVorlon to your friends list Get a Link to this Reply
I assumed melt for melt, but if it was for higher quality then that would not be the case.

Here's another bit of family collecting history involving toys... my great grand mother passed away when I was very young (I was still in a crib), but my dad told me about one of her rules that she used with her kids and grandkids. If you left a toy on the floor and did not put it back where it was supposed to be then you didn't appreciate it enough to have it so she would give it away to the needy. No second chances... just gone.

Edit: maybe more redistribution than collecting
Edited by ASLAN TVorlon
01/29/2014 8:47 pm
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United States
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 Posted 01/29/2014  10:31 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Pending on where you live and what is available, jewlers at flea markets give the highest prices on Silver coins. AT least by me they do. One person I know purposely goes to pawn shops looking for Silver coins. Then takes to a jewler at a flea market for sale. I asked if he ever looks at them for dates and he told me it's a waste of hos time.
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jbuck's Avatar
United States
187862 Posts
 Posted 01/30/2014  12:20 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Jbuck, two days ago I sold 3 proof sets 61-62-63 store credit bought a cameo appearing franklin a 55 gugs bunny BU and 12 assorted nickels war and 50's for the book and my kid found a toy john deere he couldnt live with out and I spent 28 bucks after the silver swap the franklins and the 42p war nick were the big scores!
And of course another toy to stumble over is precious! Hahaha
Well done.


Quote:
I assumed melt for melt, but if it was for higher quality then that would not be the case.
Yeah, back then (1990's) those Franklin half dollars still had a numismatic value over melt. Not to mention, the dealer had to make some profit, right?
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