| Author |
 Replies: 11 / Views: 2,147 |
|
|
Valued Member
United States
174 Posts |
Is there a reported volume of junk silver that is melted periodically? I hear about it being melted, but does it really ever make it there?
The reason why I ask is to determine if older "Junk" will ever carry a premium (Walker halves, for example). If silver is melted, one would think there's less available, even less of older stuff.
Input/Comments?
|
|
|
|
Valued Member
United States
88 Posts |
I would like to hear folks opinion on this as well. I know my LCS sends tons of junk Mexican coins to be melted because they are not very popular and his customers prefer bars clearly stamped as .999 fine silver. I've seen tons of silver Ikes in those soon to be melted buckets as well. I find myslef 'saving' a lot of the coins from that bucket :0
|
|
Pillar of the Community
United States
1512 Posts |
Quote:
I've seen tons of silver Ikes in those soon to be melted buckets as well. I find myslef 'saving' a lot of the coins from that bucket :0 You are now officially JBucks Hero!   |
|
Pillar of the Community
United States
4333 Posts |
I am seeing premiums over normal junk premiums on 90% Kennedy halves lately. Why would a dealer (local) send out junk 90% to the smelter, when he can always command a 10 - 15% premium over spot, and this has been the case at least in my area of the US, for at least the last six years. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
|
|
Pillar of the Community
Canada
1118 Posts |
I was just talking about this today! I work in an art gallery/library and my boss collects silver spoons and one of our artists wanted her to melt it all down to be made into a sculpture. The special marks on the spoon make them worth waaaay more then melt so my boss told the artist no.
However yes, I do see artists melting down silverware and coins to make artsy fartsy things all the time.
So melted for bullion? Possibly. Melted for other endeavors? I see it quite a bit.
|
|
Valued Member
 United States
174 Posts |
It seems to me that if there's a sudden price move and premiums do not maintain, that would be the time the melting starts. For example, if "spot" hits 30 tomorrow, I wouldn't expect to get $30 plus for 90% for a week or two (if price remained high).
|
|
Pillar of the Community
United States
606 Posts |
Good question. Lately, Junk silver (half dollar walkers & franklins; merc dimes; Standing Liberty quarters) are my favorite to collect. I have tired of anything that diminishes in value if someone sneezes on it. There is a lot of history to these coins and to me, being worn shows the coin has a lot of history. AU coins have just been sitting in a safe, probably by a grump telling kids to keep their darn hands off. |
|
Pillar of the Community
United States
4211 Posts |
I have a mix of coins some proofs, mint sets, and uncirculated and silver proofs. I also have junk silver, and some complete sets with their share of AG-3 and G-3 key coins. My absolute favorite set was the first one I finished which is my Mercury dimes. I like the fact that the coins look like they were in many different places and hands before I came across them. They look well used and well worn like real money should. I have some junk silver with a couple of Barber dimes that are so thin I'm amazed that they aren't bent. I love all the old coins :-) |
|
Pillar of the Community
United States
4211 Posts |
Uhhhh that should read A-3 and G-4 as you all know. Typo
|
|
Pillar of the Community
Canada
3692 Posts |
All refined or melted silver is junk. Otherwise it would be .999+ fine. ;D
Too bad about most getting melted though. I would love to save all the Mexican coins I could get my hands on, and the premium is what sets them apart - that collector value. If no one in the vicinity wants to pay extra then it's junk. There's certain stuff I won't even touch anymore. I might be getting back into bullion and buying AU+ coins that are interesting enough. Right now I'm saving every coin from Canada's nickel recovery program, so for me, those coins have a collectors' premium. I don't mind saving all the copper and nickel with which I come into contact, but also I don't go out of my way to seek it out.
I think there should be some kind of "coin guild" where collectors and dealers trade coins around the world and move them to where the demand is highest to save the hobby from the melting pot. Come to think of it, coins made of brass, aluminum, zinc, and so on, will be around for centuries to come because they're not precious metals, and condition counts big-time with nasty base metal coins!
|
|
Pillar of the Community
United States
4809 Posts |
RE: the fruitcake
I worked at UPS back in college - I was stunned at how many fruitcakes were sent about. Of course, this offers little proof that any were actually eaten.
As for worn silver coins (US), I held onto a bunch for years; I felt as a collector I'm expected to conserve coins for their history. But what can be done with these coins? End up in jewelry? How many necklaces and tie clips before the market is saturated? I guess I don't have any objection to pulling these out of circulation to be melted.
|
|
Valued Member
United States
58 Posts |
I don't expect much makes it to the smelters. 90% silver always sells higher than spot.
I'll hold my 90%... And eat the fruitcake.
|
| |
Replies: 11 / Views: 2,147 |
|
Posted 11/04/2014 1:46 pm
