FYI: Silver amount "Junk Coins"

[dmitchstevens]

90% silver coins consist of silver coins minted before 1965
$1.40 face value combination contains 1 once of silver.

40% silver coins were minted between 1965 and 1970.
$3.40 face value combination contains 1 ounce of silver.

 

[dewcon4414]

Ive always used coinflation dot com. They keep it up to date and i need simple to know what coin melt value might be if i find an otherwise worthless silver dime. Some of those 40 percent silver coins only came in Special Proof sets.... so we might not find a lot of those out here in the dirt.

Dew

 

[Chris(SoCenWI)]

Dimes and Quarters were 90% 1964 and older. Then clad. Actually some of the really old US coins had a slightly different than 90% mix.

Chris

 

[dewcon4414]

Coinflation gives you a really good formula on how much BULK cull (junk) coins are worth as well. Most of the time they will weigh circulated bulk coins because worn coins have less weight thus less silver. So not all coins like say a silver quarter will give you a set price. Thanks for the post.

Dew

 

[Erik in NJ]

Terrible thing to melt down a coin! Wish people would stop doing it for a few bucks in silver....a nice piece of history is lost.

 

[dewcon4414]

Obviously there are those that should be removed and melted down. It does serve a purpose... increases the value of those in G4 and higher grades the less there are available. Places like Silver Town still go thru BUCKETS of silver coins daily picking out those coins that have a collectable value. Even the government looks at silver coins in Federal Reserve and mets them down on a routine bases. If silver gets to $50 an ounce... it will be interesting to see if investors will melt more G4 to VG coins or hang onto them. As an antiques dealer i see a lot of coins selling. The trend now seems to be PAY CRAZY PRICES. I seen some 100 oz bars sell the other day for $800 over melt price.

Dew

 

[amc rulz]

I thought that the US mint only produces the end coin, and is supplied silver planchets by outside sources. As far as melting silver coin, how much is actually melted? Anyone have any real numbers? What I have been told by my local dealer, who cannot keep junk silver in stock, is that it is mostly changing hands and is being bought up by investors.

 

[dewcon4414]

Its true contractors provide the plachets. Im sure investors are buying silver... most of it done on paper. Thats something they are looking at.... day traders manipulating the prices. A lot of these are CULL coins... worthless to a collector except for the silver. The others like you dealer said my be moving around... as long as their collector value exceeds the rare metal value. You can buy silver in bulk that they sell by weight. Ive went thru some of those and never found very many worth keeping. The mint does recall and has ordered the melting of coins in reserve when they are not accepted or used by the public or even during war time.

Dew

 

[amc rulz]

Its true contractors provide the plachets. Im sure investors are buying silver... most of it done on paper. Thats something they are looking at.... day traders manipulating the prices. A lot of these are CULL coins... worthless to a collector except for the silver. The others like you dealer said my be moving around... as long as their collector value exceeds the rare metal value. You can buy silver in bulk that they sell by weight. Ive went thru some of those and never found very many worth keeping. The mint does recall and has ordered the melting of coins in reserve when they are not accepted or used by the public or even during war time.

Dew

I've been buying junk silver for 2 years now, 95% of the (halves) I've bought are nice circulated pieces with some being AU/BU, at melt, or a slight premium....some nice Walkers and even a few decent Barbers. The big houses can't beat the price of my local dealers, who can't keep junk silver in stock, sold to walk-in customers.

 

[dewcon4414]

I think he was talking CULL type coins .... those coins with simple melt value and would be below AG rating. The coins you are acquiring AMC have a collectors value beyond melt price and arent really what id call junk. Sounds like you have a good source AMC and its smart to buy those up, expecially at that price in that condition. Ive noticed at auction now they are starting to go up...... way up compared to even early last year. The buys are still there.... have you tried to sell any of those coins? Sometimes thats a little more difficult. I know a guys who has a LOT of old silver in at least AU condition but he cant find anyone to buy them at a price much better than melt.... they just wont give him anywhere close to their value.

Dew

 

[amc rulz]

I think he was talking CULL type coins .... those coins with simple melt value and would be below AG rating. The coins you are acquiring AMC have a collectors value beyond melt price and arent really what id call junk. Sounds like you have a good source AMC and its smart to buy those up, expecially at that price in that condition. Ive noticed at auction now they are starting to go up...... way up compared to even early last year. The buys are still there.... have you tried to sell any of those coins? Sometimes thats a little more difficult. I know a guys who has a LOT of old silver in at least AU condition but he cant find anyone to buy them at a price much better than melt.... they just wont give him anywhere close to their value.

Dew

You are right Dew. Personally, I think there is a glut of nice Kennedy 90% halves out there, I consider them junk because they usually sell at X times face. I watch nice circulated rolls of Kennedys sell for $230 lately on ePay. I don't sell my 90%, I only buy, many times from the on-line auction. Good av circulated Barbers for about 20% over melt. My dealer doesn't pay squat and buys at about 60% of melt. Cull coins paid by weight, unlike face value of normal circulated coin.

 

[greedykind]

Terrible thing to melt down a coin! Wish people would stop doing it for a few bucks in silver....a nice piece of history is lost.

im with erik stop melting history.Soon there will have to be a detector made to find debit cards

 

[Erik in NJ]

Just picking up on that magnetic strip on the back of the plastic.....how sad! As the price of silver goes to 40 - 50 - 60 dollars an oz. watch the penny pinchers start sending their hard earned finds to the refineries for a couple dollar's arbitrage!! History in the melting.