May 14, 2012, 12:25 PM
IS MELTING OF SILVER COINS LEGAL?
Always a debatable question that needs to be openly clarified.
The answer is 'YES"...
After some research, the following web site provides a synopsis which clarifies the topic: Is melting silver coins legal
One often wonders how many coins are melted annually...
How many rare coins of collection significance are melted just because the silver market exceeds the intrisic value to a collector...we will never know.
Or do smelters hand select or separate bagged or boxed coins?
A lot of questions surround this topic.
May 14, 2012, 12:35 PM
The coin dealers are the ones buying the silver coins. They keep out the better ones and turn the rest in to have them melted down.
May 14, 2012, 09:07 PM
I can Melt a Morgan but not Pennies, Yep, Life is Good!!!
Live to Hunt, Hunt to Live
May 14, 2012, 09:12 PM
Yes they have been melting them for years now, I remember a guy in the local coin shop showing me all the coins he had for melting, they were all really worn and worth no more than silver value so that's what he did with them. That was in the late 80's.
May 15, 2012, 07:27 PM
Guess again. In the last year that I've visited several local coin dealers, they have had no reason to ship to a refinery, they sell all the silver that comes in so fast that there's no chance for any to collect dust. I've bought many times, and ya gotta get it while the gettin's good my friend. Why on earth would they sell to a refiner, when there is more money to be made from collectors and investors coming in off the street?
Originally Posted by jimb
'I live for my dreams - and a pocket full of gold.' - RP/JP
May 15, 2012, 09:34 PM
what hath god wrought
Whether it is legal or not is a moot point. Nobody melts a coin that is numismatically more valuable than melt value, unless said nobody was a complete dumbbass and did not know what the hell was going on. Now, illegal or not, they always have and always will melt coins that are not worth more face value than melt value, it's called profit. But nowadays, you have numismatic value to throw into the mix. We have to ask is this coin worth more in face value, numismatic value, or melt value?. I know I got about a hundred silver dimes that are worth ten cents face value, almost zero numismatic value, and a whopping two dollars melt (bullion value). The legal or illegal smelting pot is ready, willing and waiting for smoothies any day.
Federal Bureau of Governmental Redundancy Reduction Agency
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