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 Replies: 22 / Views: 3,318 |
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Pillar of the Community
United States
1590 Posts |
I have a local dealer that lets me sort through his bags before he sends them to the smelters. I thought I would post some pics of just one days picking. Mind you I only pick the Roosies that are BU and 58 and older. The Roosies pictured are 1954,1954d,1955, and 1950d. The merc is a 44. Common I know but I just could not let a BU Merc of any date be scrapped. The Walking Liberty half is a 1917 D, and the Franklin is a 1955.    |
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Pillar of the Community
United States
3276 Posts |
does he sell them to you at current melt price or what?
and that is just so sad that he sends them off to be melted. who knows how much common silver coins will be worth in 50 years when mmost of it is melted away. these people are just making my coins more valuable... in a numismatic kind of way.
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Valued Member
Australia
278 Posts |
or to us in other countries!!
We would rather see coins than melted metal....
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Pillar of the Community
United States
2130 Posts |
Is it legal to melt down coinage?  |
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Pillar of the Community
United States
3402 Posts |
I think most people will hoard them rather them have them melted. All of the, less a few, will come tumbling back into the market when the precious metals market comes back down to earth.
When?
KK
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Pillar of the Community
United States
584 Posts |
Excellent scores IMO! That merc looks amazing, The walker looks like its still got some meat to it, and the 55 looks like the one I have in my collection. Well done. Does he send the bags off to be melted or could he be selling them as bullion. I'll tell you what! I'd buy his bags on GP if these are what he's throwing in them. Like Murrellington asked, did you get these at melt?
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Bedrock of the Community
United States
17884 Posts |
Quote:
Is it legal to melt down coinage? Yes it is. Quote:
I think most people will hoard them rather them have them melted. All of the, less a few, will come tumbling back into the market when the precious metals market comes back down to earth. Most people sell them to dealers in order to cashin on the high price. Some of the silver coins will be sold to "investors" and Speculators" who will hold them, but a lot of it will be sent to the smelters. And if the silver prices fall, they will NOT come tubling back into the market. Rather than sell at a loss, most people will hold hoping for a return to higher prices eventually. |
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Pillar of the Community
United States
1391 Posts |
"Yes it is." From what I read it is illegal to melt pennies and nickels. Can you point me to where you are getting your information? Edit: This is from the U.S. Mint website regarding pennies and nickels. http://www.usmint.gov/pressroom/ind...lease&ID=724"In all essential respects, these regulations are patterned after the Department of the Treasury's regulations prohibiting the exportation, melting, or treatment of silver coins between 1967 and 1969, and the regulations prohibiting the exportation, melting, or treatment of one-cent coins between 1974 and 1978." I'm begining to wonder if people just say "yes" because the wish it was true. Edited by allranger
08/10/2011 10:21 am
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Valued Member
United States
439 Posts |
Nice scores. What a great way to ad to your collection. I know when I sell coins to the dealer he just counts them, throws them in a bag or bicket and sends them out. They don't seem to care about looking at them, but that might only be for me. He knows I scoured them already.
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Bedrock of the Community
United States
20753 Posts |
This subject comes up really frequently about the melting of coins. Regardless of any laws anywhere, to people in general, they don't know nor care about such laws. There is no coin police in real life so just who would do anything about anyone melting coins? I'm sure any Federal law inforcement organization has a bit more important things going on than trying to stop anyone from melting a pile of pennies. I've ssen many electricians dumpt piles of pennies into the same mess with Copper wires and cable for melting and no one cares. Jewlers all the time melt down anything Silver to make Jewlery since it sells better than a coin for them at least. The average jewler has no idea of coin prices and has little interest in leaning either.
This is a coin forum so many here do know some of many of the laws about coins. However, just walk down the street, sit in a bar or restaurant or just ask the person next to you at work about laws about coins. The majmority would say something like "there are laws about coins?"
With well over 350,000,000 people in the USA, many more in nearby countries, just what percentage would you think knows or cares about coin laws?
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Bedrock of the Community
United States
12437 Posts |
Quote:
From what I read it is illegal to melt pennies and nickels. The purpose of that law was to prevent a shortage of circulating coinage, it only applied to cents and nickels. There was a ban on the melting of silver coins in the 1960s during the clad switchover but it was rescinded and it has been perfectly legal to melt silver coinage for several decades now. |
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Pillar of the Community
 United States
1590 Posts |
Yes, I buy them at Spot. It is rare that I don't find something to buy. Some bags I just find a few coins, Some bags I am overwhelmed and have to make some hard choices. He does have one dealer that buys bags of $1000 face value coins. But I was talking to that dealer yesterday. He told me that market was drying up. Where he used to sell 10 bags a month he is now selling 1 or 2. He said that the people that are hoarding have used up a lot of their liquid assets. Everything else goes to be melted. As a note; Alco in Vallejo California was recently fined for melting Pennies. So I guess somebody is policing the scrapers.
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Valued Member
United States
228 Posts |
jmkendall: What a windfall to be able to go through his stock to be melted!  what a HUGE opportunity for you! Put together as many high grade sets of Rosies, and Franklins as you can... You should be able to find lots of AU/UNC's in those two series at least. What a break!  |
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Rest in Peace
United States
4078 Posts |
Quote:
[There was a ban on the melting of silver coins in the 1960s during the clad switchover but it was rescinded and it has been perfectly legal to melt silver coinage for several decades now.[quote] biokemist6, let me give you many thanks for the knowledgeable answers you have given me on this forum  I am still confused about the legality about the melting of coins. You said the ban was rescinded. Could you further explain with some sort of proof for "the doubting Thomas's" out here. just carl, I agree unfortunately, a lot do not know. jmkendall, great position you are in.  Edited by bpoc1
08/10/2011 5:20 pm
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Bedrock of the Community
United States
17884 Posts |
Quote:
From what I read it is illegal to melt pennies and nickels. Can you point me to where you are getting your information? Sorry I spoke too generally. The discussion had been on silver coins and I should have indicated that I was only addressing the melting of silver coins. The melting of cents and non-silver five cent pieces IS illegal. |
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Valued Member
United States
397 Posts |
Sad to see history go off to the fires, never to be seen again :(
Last time I checked smelters only gave 90% of value , so in my eyes it would make more sense to try and sell.
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Replies: 22 / Views: 3,318 |
Posted 08/10/2011 04:02 am
