| Author |
 Replies: 11 / Views: 2,384 |
|
|
Rest in Peace
United States
18456 Posts |
 Are junk silver coins really being melted down ? or do they just keep going back and forth between dealer and collector, buyer, etc. when I go to small local shows, it seems like it never ends. most dealers have in their showcases clear bags of silver dimes to dollars at a few dollars over melt. this has been going on for a long time.
|
|
|
|
Pillar of the Community
 United States
5828 Posts |
It seems like hardly any junk silver is melted. When silver shoots through the roof, the junk silver might be melted, but a good chunk of it will be saved. I think numismatists like junk silver coins better than a bar of silver, IMHO.
|
|
Pillar of the Community
United States
5208 Posts |
There are a few dealers who are members of our local coin club.
They all said that in the 1980's during the boom silver was melted.
They all said that when silver was hot and even hit $49 an ounce a couple of years ago that NOONE they new or sold to or deal with wholesale was melting down silver.
I think "junk silver" is now a recognized form of a commodity / trade with an assigned value based on spot+.
Edited by jack jeckel
04/28/2015 11:52 pm
|
|
Pillar of the Community
United States
1192 Posts |
I think the only people really melting it is cash for gold places. I try to purchase from a few around here locally owned and they have agreements to turn all their silver over to them.
|
|
Valued Member
United States
102 Posts |
Well from being on the end of melting silver "junk coins" I will verify that it still happens. I've started collecting coins recently now as collectibles but previous just because they were silver. I'll say now I don't feel bad for melting them and having them melted by other people sometimes because I now realize I have permanently removed thousands on thousands of coins that could have been something rare. I do wish I never melted scrap silver coins nor a good amount of gold eagles.
I wish I could go back and unmelt it all just so I could dig through it keep what I want and sell what I don't need to people who might have needed some of those coins.
|
|
Bedrock of the Community
Australia
21788 Posts |
I have had a slowly accumulating junk silver collection for many years. Perhaps I may convert it to buy a nice ancient coin, but I haven't been motivated to do that yet.
When this silver is converted into cash, it will undergo commercial melting within a year. I think it would be too much trouble for a dealer to resell on the retail market, unless an immediate buyer for the whole lot was found.
|
|
Valued Member
United States
102 Posts |
I melted it and had it melted for jewelers.
|
|
Pillar of the Community
United States
4333 Posts |
Sure there's probably a bit melted. Most of it just changes hands because there is more money to be made.
Tons of junk silver melted back in the late 70 early 80's because the Hunts wanted pure silver.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
|
|
Pillar of the Community
United States
632 Posts |
Quote:
I think numismatists like junk silver coins better than a bar of silver, IMHO I would tend to agree with you because a bag of silver coins is always more fun to paw through for numismatists then just having a silver bar laying around. However, I have found that when I buy silver it is most beneficial for me to buy the most boring and cheapest bars I can find. I have probably 30oz of silver bullion coins, but they're all beautiful stuff in my collection I know I would never want to sell. Libertads, ASE, Kookaburras, Pandas, Maple Leafs, ect. I find it's much easier to treat my silver as potential cash investment (and frankly less of a pain to figure out its worth since ounces are easier to count than face value) if it's just a boring bar that I know I'll have no problem dumping if spot rises or if I have some sort of financial emergency of some kind. Edited by Elimist
04/29/2015 11:32 am
|
|
Pillar of the Community
United States
711 Posts |
I have heard that 40% Kennedy halves get melted and then the 60% copper ends up in copper rounds at the bullion dealers. Not sure if that is true, but it is what I heard. |
|
Pillar of the Community
Canada
3692 Posts |
If you're buying so-called junk silver (circulated .900 fine) at a price that is under spot, then it makes sense to send it to a refiner to melt. Otherwise why bother, you would lose $. Most gold/silver buyers do melt their coins but they keep most of the heavier and higher grade pieces. Others treat it like currency based on the day's spot price.
My opinion, junk silver is for completing year sets and for learning how to grade, and for this reason I hope these coins don't get melted - to introduce new collectors to the awesomeness of silver coinage. If you want silver, get SILVER, which is .999 fine. That extra .100 is dead weight, especially since coins are round and not square or rectangle like silver bars, which is legit stacking. Junk silver is often sold with hype around it like hyper-inflation and Great Depression scenarios.
|
|
Valued Member
United States
170 Posts |
I melt silver lol.. but in alittle different way as I do medical gas piping and the blazing rod is 15% silver as pre spec and I may use up to 20 sticks pre day..
|
| |
Replies: 11 / Views: 2,384 |
|
Posted 04/28/2015 11:51 pm
