Coins As Bullion, Does It Make Sense?

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Author	Replies: 8 / Views: 1,155
wolfman-11 Valued Member Canada 372 Posts	Posted 03/15/2014 12:42 pm Greetings all. I read an article on "Survival Silver" in which the author says that in the event of a financial collapse, you can still use silver coins as currency since silver is always silver and valued worldwide. I see people selling "100% copper pennies as bullion less than spot price!" but even if a penny is worth 3 cents by weight, who would pay that? You cannot sell them as scrap so you would have to keep them until they were no longer in circulation to do anything with them right? Then there is the nickel. In Canada, the nickels from 1982 down are pure so they can be worth 6.6 cents a piece which is great, but again you need a buyer. The point is do you feel that it is worth keeping coins based on their metal content? Report this Post to the Staff

DBM Pillar of the Community Canada 9865 Posts	Posted 03/15/2014 1:21 pm Only silver and gold. "Dipping" is not considered cleaning... -from PCGS website Report this Post to the Staff
wert Rest in Peace 1988 Posts	Posted 03/15/2014 1:35 pm DBM...shame on you for saying that...haha. Melting down possibly valuable silver coins. Report this Post to the Staff
DBM Pillar of the Community Canada 9865 Posts	Posted 03/15/2014 1:45 pm I would never melt them, they're liquid enough as is. "Dipping" is not considered cleaning... -from PCGS website Report this Post to the Staff
awallin01 Valued Member United Kingdom 477 Posts	Posted 03/15/2014 1:58 pm Yeah it makes 'cents' to me using coins as bullion, and I agree with the above^. Report this Post to the Staff
wolfman-11 Valued Member Canada 372 Posts	Posted 03/15/2014 2:07 pm I wouldn't see any reason to melt a coin for its silver content. Even if it is terribly worn, most coins are still identifiable in some way so a value could be established. Report this Post to the Staff
brexzz1 Valued Member Canada 348 Posts	Posted 03/15/2014 2:46 pm Copper pennies are regularly traded as bullion. Report this Post to the Staff
awallin01 Valued Member United Kingdom 477 Posts	Posted 03/15/2014 3:01 pm Just to verify what I said, I consider coins of a higher value metal to be bullion. I do not mean in any way for coins to be melted into bars. If you go on a bullion website, they sell bars, rounds and coins-that is the context I mean. Just so you guys no I'm not melting history. Report this Post to the Staff
Libertad Pillar of the Community Canada 3692 Posts	Posted 03/17/2014 11:20 am Compare a coin to an unmarked ingot. The coin is more liquid, so why melt coins? You don't get a higher value from them if you melt them. re: Pennies: Get them at face value and not a penny more! There's enough copper to go around, we don't need to melt these too! Get nickels while we still have them. Copper-nickel lasts a long time in circulation. It baffles me why the Mint would want to pull them to melt them (and use it to electroplate) and take that tiny bit of profit in the short term over letting them serve another 3-5 decades (approx.?). US nickels from the 1950s still make appearances. Edited by Libertad 03/17/2014 11:30 am Report this Post to the Staff
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