Coin silver for pure silver?

Phillip_in_NM

Full Member
Jul 15, 2006
229
14
Land of Enchantment
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Minelab Etrac, White's M6, Nokta Legend, Minelab Equinox 800, Nokta Simplex+
Primary Interest:
Metal Detecting
My local coin dealer made me an offer: He'll give me silver melt value for my 1964 Kennedys (number of coins X .3616 X spot price of silver) IF I will use that amount to purchase Silver Eagles at $2 + spot or other types of silver rounds at $.50 + spot.

I know the Silver Eagles bring a significant premium and the other silver rounds would be a more convenient way to have pure silver, but I just can't decide whether or not I want to do this. Right now, 80 1964's we give me 25 1 oz. Silver Eagles. That's essentially 28.928 ounces of coin silver for 25 ounces of pure silver.

I'm not going to give up any of the Franklins, Walkers or 40%, but I'm sure considering giving up the '64 Kennedy's.

I'd love to hear your thoughts.
 

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Siegfried Schlagrule

Bronze Member
Mar 19, 2003
1,579
66
Indiana
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All types of BFOs owned. Especially want White's Arrow; White's Oremaster; Exanimo Spartan Little Monster; Garrett contract Little Monster.
When they originally came out silver eagles were considered as bullion coins and had no numismatic value. That has changed and some are worth a considerable premium over the others. In a trade of coins for silver bars or rounds you could justify a silver for silver trade but the coins would have the potential of increasing in value more than the silver. Coins are always worth the price of silver plus a collectible value based on condition and rarity. In the specific case of coins for silver eagles you have a slight wash on collectible values as they both have them. Therefore the answer is don't trade coins for generic silver 999 bars and rounds unless you are getting the identical silver content. OK to trade coins for silver eagles if you don't have to pay too much of a premium to get them. Ask your dealer friend what premium he will give you on silver eagles if you decide to sell later. If he asks $2 and give 50 cents that is a consideration you will need to know to decide what you want to do. exanimo, siegfried schlagrule
 

mr.theman

Full Member
Aug 29, 2006
223
8
McAlester, OK
I think that would be an ok deal. Eagles around here (when you can find them) go anywhere from $2 to $5 over spot.

I would not trade for generic rounds or bars. Since eagles and silver coins are US currency the silver content is guaranteed by the US Gov. and you don't have assay fees if you ever want have them melted. I don't know why you would want them melted but that is the info given to me.

As far as collectable value goes unless you have a 64 JFK in MS-63 or better it is not going to be worth any more than the silver content. I have seen some of the past eagles go pretty high in value but that is not to say that the trend will continue in the future.


These are just my opinions and they may differ from other peoples but that is what makes them mine.

HH
Mr.T
 

AOSDC

Jr. Member
Nov 25, 2006
85
1
Check for errors on 1964 Kennedy's. Just don't let them go. Lots of errors in 1964 from doubledie,triple die to accented hair.
 

silverfinder37

Sr. Member
Mar 24, 2003
345
0
Indiana
Detector(s) used
looking for an Explorer
I just hoard mine away and one day when the silver hits a really good price then just maybe I will sell :) until then they are mine and to think I paid face value for them and not +spot. 90% are investments, there are investors that buy these for silver holdings so don't think so lightly of the 64's.
Best Regards, Ray
 

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