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 Replies: 37 / Views: 7,459 |
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Pillar of the Community
United States
2335 Posts |
I doubt many silver dollars are melted even by large refiners. It doesn't make much sense to expend the time/energy to change something from a readily saleable form into bars/shot/etc. I'd be surprised if they checked dates and/or tried to sell individually but it takes a lot less effort to make bulk lots for resale at spot or slightly above.
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Pillar of the Community
United States
2237 Posts |
just carl, do you have news releases or data from dealers saying they are mailing Morgan/Peace to refineries for melting? That would be interesting to have proof.
Edited by livingwater
03/14/2022 2:26 pm
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Pillar of the Community
 Italy
1130 Posts |
I agree... @justcarl, I feel like some are melted, but I have no evidence... I know local metals dealers in Rome do not accept silver coins ... Only plates, dishes, pots, etc. From a cost/revenue perspective, does it take.as much effort and time to separate coins and wholesale for ....say $1-2 over spot or just toss them into the smelting pot? One reliable YouTuber that frequently posts sane, rationale, and reasonable numismatic and bullion videos implied they're still melted....requesting refiners or customers contact him before sending Peace dollars to melt ..... |
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Pillar of the Community
United States
2237 Posts |
1. I contacted two local coin stores. They do not send Morgan Peace or 90% silver 1964/older US coins to be melted. Factor in shipping cost and demand, they buy them from locals and resell them for profit. 2. I contacted three major online coin dealers. Same. They do not send them in to be melted, the culls are more profitable to sell. 3. I contacted the Silver Institute in Wash., DC. The rep. said he hasn't heard of anyone melting Morgan Peace in years. 4. I contacted three refineries in the US. Two said they do not melt them. One said they melt any coins they feel are no longer collectable, severely worn with no date visible or damaged. So, for the most part Morgan Peace are seldom melted, they are too valuable for collecting and stacking unless they are heavily worn/damaged, in which case you might as well buy a one oz silver bar. To say they are being melted on a regular basis all the time, I don't think so. Edited by livingwater
03/16/2022 12:24 pm
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Pillar of the Community
Italy
1130 Posts |
@living... Looks like you answered it!
My feeling was some ... And a few other posters thought damaged, sub-culled... Which sounds about right. I would not thing regular or,,, as someone else pointed out ... In any volume to impact collectors...
So the supply is relatively fixed and will likely remained fixed for the foreseeable future.
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Pillar of the Community
United States
3343 Posts |
I went by the local coin shop today, thinking they might be picking up some scarce gold dates. They weren't. But they are sending common date US gold to the refiners. I didn't ask about silver.
They had a couple of 3 gram gold nuggets too. As usual they were selling them for 90% of spot.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Bedrock of the Community
United States
12057 Posts |
Interesting to see how the market has changed in only two years.
Around here pawn shops and gold/silver stores are buying them up for melting like they're going out of style.
Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
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Pillar of the Community
Italy
1130 Posts |
@paralyse are they for certain buying to melt?.
I'm still very interested in this question because I have confirmed that gold and silver coins (u.s. and otherwise) are still melted in Italy.
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Bedrock of the Community
United States
12057 Posts |
Well, the two gold and silver shops I've used in the past both have told me that they are mainly buying to resell (to hoarders/stackers) or melt (if damaged/too worn)
Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
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Pillar of the Community
Italy
1130 Posts |
I wonder what the ratio is. I'm planning to repatriate a few rolls this summer... Curious to see how it goes. If culled Morgan and Peace dollars are being melted I wonder how much (if any) 90% is being melted? I cannot imagine Roosevelt dimes are a particularly easy sell if quarter, halves, and mercs are available. Edited by Roma2021
04/18/2024 3:55 pm
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Moderator
 United States
96936 Posts |
This is a great topic on these coins and how they get treated.
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Pillar of the Community
United States
3343 Posts |
The dealer melting the gold coins said that silver will have to go a lot higher to start melting. He has a case full of non-sovereign silver rounds.
The high price of gold might drive silver sales as an affordable PM.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Pillar of the Community
Portugal
669 Posts |
I am certain gold american eagles are being sent to melt here. I saw a dealer destroy a MS St Gaudens the other day.
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Pillar of the Community
Italy
1130 Posts |
A dealer here in Rome melted a 1908 no motto st. Gaudens. I know these are only anecdotal, but it's a sample from a group that tends toward observing these type things.
I have to imagine world gold coins - ie roosters and nearly any common date sovereign - are being melted in much greater quantity.
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Moderator
United States
189117 Posts |
Quote:
I saw a dealer destroy a MS St Gaudens the other day.  |
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Replies: 37 / Views: 7,459 |
First Page
Posted 03/14/2022 1:53 pm
