Buying Silver Strictly For Melt? Need Opinions

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Author	Replies: 7 / Views: 4,676
MetalMouth New Member United States 17 Posts	Posted 09/08/2010 8:42 pm I was sort of wondering if its worth buying up junk silver coins to add to my collection just for the melt value if I can get the coins under melt value. I've won a few off ebay recently for less than 3 dollars plus shipping so 6 bucks total just to see if the seller was honest or not. I didnt know if it was worth my time and money to do so and try to make some extra money on the side by getting them cheap and melting them. Report this Post to the Staff

Wei Fun Valued Member United States 244 Posts	Posted 09/08/2010 8:48 pm You don't actually have to melt them. After all, the silver in the coins isn't going to disappear. Whether you'll make money doing it? If you can get them for enough below melt, yes. Many dealers (at least around here) will buy for melt less about 2% if you're selling in bulk, although for one or two coins at a time it's probably not worth their while. Report this Post to the Staff
just carl Bedrock of the Community United States 20753 Posts	Posted 09/08/2010 8:52 pm Used to be a seller at a local flea market that sold coins around here. He would place all USA coins in one bin, all foreign coins in another bin. He didn't sort anything by Silver, Copper or anything. To him they were just coins. All USA coins were $1 regardless of what they were and many were Silver but to him they were just coins. Most of his coins were well worn but for junk Silver was worth looking through. So in there over a period of time I found Mercury dimes such as 21, 23S, 26S, 42/41, 45Micro S. And a whold pile of other JUNK coins. And the more you bought, the cheaper they were. So yes it really may well pay to find what some call MELT SILVER COINS. OH, that dealer at the flea market. I gave him a copy of Numismatic Magazine with prices of coins. Sort of ruined it for myself. Now he sells coins as coins. Report this Post to the Staff
MetalMouth New Member United States 17 Posts	Posted 09/08/2010 9:13 pm Sounds interesting, I do have a question about buying cleaned silver morgans. I've come across alot of them that are slabbed by the seller and are obviously cleaned and usually have very low bid prices on them. If I were to get these cheap would they be worth it to invest in just to put towards my melt silver and to fill some holes till I can get some really nice ones? Report this Post to the Staff
BH1964 Bedrock of the Community United States 10982 Posts	Posted 09/08/2010 11:24 pm Quote: ...usually have very low bid prices on them. My cut off point on "junk" Morgans is $17. $17 or under and I'll buy them regardless of condition. Over $17 and you need to get decent ones. I also try to avoid 1921 dates. Rolls of pre-'21 Morgans are a great way to own silver in one of the most popular coin designs ever. ANA #R3154474 Report this Post to the Staff
jbuck Moderator United States 187702 Posts	Posted 09/09/2010 10:09 am Do not melt the coins! It is much easier to buy and sell "junk" coins as bullion. They have a known silver content, whereas your resulting slug will have to be assayed (further reducing your profit). Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
just carl Bedrock of the Community United States 20753 Posts	Posted 09/09/2010 8:17 pm Quote: Sounds interesting, I do have a question about buying cleaned silver morgans. I've come across alot of them that are slabbed by the seller and are obviously cleaned and usually have very low bid prices on them. If I were to get these cheap would they be worth it to invest in just to put towards my melt silver and to fill some holes till I can get some really nice ones? I'd break them out of the slabs and place on a kitchen window sill for several months. Eventually they will or should tone down and could well be used to fill a void in an album and very few people would know. OR care. Report this Post to the Staff
MetalMouth New Member United States 17 Posts	Posted 09/09/2010 10:03 pm Thanks for the replies guys, this gives me a better idea on what to do now. Report this Post to the Staff
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