Melting legal?

[ATPRoDon]

Okay, I admit I am sucked into this forum, and love reading the stories about what many of you find out there from your bank runs, but my question is what are you doing with all those silver dimes, Halves and Quarters? Are you just reselling them on Ebay? Keeping them for the value? or are you actually melting them down? If you are melting them down is this legal to do?

I am ready to do this myself!!..lol

XterraDon

 

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[cyberdan]

..what are you doing with all those silver dimes, Halves and Quarters? Are you just reselling them on Ebay? Keeping them for the value? or are you actually melting them down? If you are melting them down is this legal to do?

Right now I am just hoarding them. Have not decided what I will do with them in the future.

As for the melting of silver, it is perfectly legal to do that but if you sell it remember it is only 90% pure. Unless you hire a smelter/refinery to do the work people may not believe the fineness of your ingot and may insist on an assay. I used to melt down silver and make jewelry out of it and I called it "coin silver" not sterling.

Right now it is "illegal" to melt copper cents. I didn't know the mint could pass a law like that. I thought only congress could do that, but what do I know.

 

[jewelerdave]

Most people horde and sell it as its a known content backed by governments. As soon as its melted it is no longer recognized and must be assayed for sale, let alone common people dont have the ability to work it, assay it trust it, etc, the coins are a commodity in them selves that is universally recognized. No need to melt them unless you have something to melt them into.

It is currently illegal to melt cents and Nickels. however there is talk about allowing an exception to war nickels as they would not have a significant impact on whats circulating. Just as is the case on 90% coins, so few are circulating it would not have an impact as most of them are horded or melted long ago or left circulation when silver was dropped.

 

[zartan7779]

any i find will go in my collection if i need it other wise ,I'll stash it for my kids future maybe help for college or just pass them down when i pass

the only time i would possible think about melting is if the coin was trashed ,beat to crud ,half a coin
i see it a waste to melt good coins


well that my though don't know whats legal though

 

[Silver_Fox]

I horde them. Like JD said, if you melt them then you have an unknown blob of silver looking metal. Then you have pay to have it assayed so someone knows what it is. Leaving as a coin is a known metal content.