Newbies first find!

[dewdnoc]

Hey guys! So yesterday I was at work considering if this would be a viable hobby. I mentioned it to a few friends, and they thought I was crazy, but I figured I'd give it a try. When I went to the bank to cash my check, I took out $50.00 in Quarters, and $50.00 in Dimes. I got skunked on the quarters, but was able to pull 2 random foreign coins from the dimes (may keep for a personal collection) and $1.40 in pre-1964.

With a market rate of 36.00 an oz right now, ($36.00 * 715oz /1000fv * 1.4 FV) I came up $36.04 in my first night of hunting! I was so excited, I didn't know what to do, I had no one to tell because my friends (the ones that thought it was a bad idea) still thought it was a bad idea! Yet with resolve, I went to the internet, and I found you guys!

Wish me luck, and I'll do the same for you!

 

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[SeaninNH]

Welcome to the addiction. It's all over for you now. Everywhere you go you will be looking at the cashier's trays and tellers trays for silver.

You will be buying coins by the box before you know it.

Nice take for your first run! Happy Hunting!

 

[dewdnoc]

Welcome to the addiction. It's all over for you now. Everywhere you go you will be looking at the cashier's trays and tellers trays for silver.

This really is like crack, and right now I'm still nervous that I'll wake up tomorrow and find out its not legal! I've yet to go to my bank and see if they charge for depositing the rolls of change (i just kept the rolls and put the coins back in when I was done), but outside of that possibility, do you know of any other cost other then the time invested?

 

[Woodland Detectors]

Welcome and Good luck!

 

[Charlene]

Awesome...you're hooked now!

 

[Treasure Hounds]

Welcome to the addiction. It's all over for you now. Everywhere you go you will be looking at the cashier's trays and tellers trays for silver.

This really is like crack, and right now I'm still nervous that I'll wake up tomorrow and find out its not legal! I've yet to go to my bank and see if they charge for depositing the rolls of change (i just kept the rolls and put the coins back in when I was done), but outside of that possibility, do you know of any other cost other then the time invested?

Great find and good questions...I'd also be interested in what the experts have to say...

 

[ivan salis]

with current silver prices -- each dime is worth $2.61 x 14 = $ 36.54 at full melt --- (most coin shops will offer about 2/3rds or so of full melt value to buy silver ( and they normally sell to normal folks at a bit above spot--- or big refiners at spot value ) the differance is their 'profiet margin"-- so most likey made about $25 if you were to sell them --thats quite good to find 14 ---1964 or earlier dimes in $50 bucks worth of dimes

 

[Roland58]

Do folks actually melt these down to sell the silver or do buyers buy the coins at melt value? Maybe it doesn't matter? Is it against the law to melt down the coins?

 

[ivan salis]

refiners buy the silver coins to make 999 silver coins (rounds) and bars with - melting silver coins is legal -- just not copper ones * because the mint quit using 90 % silver coins in 1964 * (with the exception of 40% halves 1965 to 1970) and they have lots of clad dimes quarters and halves out there to relace them with --so melting the coins to reclaim the silver is allowed * -- however due to the replacement cause of making cents * vs the copper worth of them its illegal to melt copper cents since they have more than 1 cents worth of copper in them (pre 1983) and it would cause a cent shortage .

 

[Generic_Lad]

When you dump your rolls, make sure to go to a different bank, because banks don't take it too kindly if you go back to the same bank and dump all of your coins. Also, great score on dimes!