A question for the group - Looking for options regarding 40% Silver halves

[RaptorSE]

Ive been pondering what I should do with my current stash of 40% Kennedy Half Dollars.

Basically looking for options that I may be overlooking. I wish to retain silver, just in purer
form, as 40% halves take up alot of the room in my storage.

I sold 1000 ($500 face ) a while back, and rebought from the same dealer at .35 over spot, however, the buy price at the dealer for my coins, was $400 less than metal content value, after it was said and done. This is understandable, but I would love to narrow that margin more !

Ive thought about talking with the dealer, for a more respectable buy price on my coins, with him
knowing I would spend it all with him, right then. Try to lessen the double wammy on the sell/buy.

Ive thought about the Ebay scenario, and after fees and shipping, it comes close to the above anyway.

Ive thought about trading like 2.5 to 1 for 90% halves, but not sure if anyone would want that deal. It would net more silver to the recipient, but only in 40% form. Anyone think that trade is worth even advertising ?? I would do that no problem.

Ive thought about dealing with a refiner, but Im not really knowledgeable when it comes to the refiners and silver. Anybody have any info on 40% silver and refiners ? Costs/percentages etc. and Who?

Anyone think its a bad idea to swap out in the first place ?

Other than these , I dont really know what other options I could look at. So thats the point of this post... ideas If anyone has any, Id love to hear them !

If anyone wants to discuss anything off of public view, a PM would be fine as well.

What do ya think ?

 

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[markmopar]

well you could trade them to jewelerdave for Gold, or you could go to http://www.bulliondirect.com/index.jsp and use the Nucleo Exchange to sell them and use the cash to buy pure from wherever you want. they only charge 1%, way cheaper than ebay.

 

[markmopar]

i just sold 8 rolls on the Nucleo exchange for $45/roll. not bad for around a hundred invested.

 

[jewelerdave]

Lower silver content coins or high copper content coins have always been a problem.
Not quite enough silver to be desirable, But not low enough to throw away.

THE COIN DEALER
The problem is the same you will find anywhere. Most people just like yourself do not want to have too much space taken up by the most undesirable of bullion products.
They face the same problem everyone else does with the things...how to get rid of them yet still make some money too. Any dealer such as myself or any other is out there to make a living, we have to in order to provide the services we do of having someone you can just go to too buy and sell at will. this is a valuable service to have if your dealing with a reputable dealer. Just keep in mind, if the prices they sell too you are low, so will the prices they offer. the people you buy from are not the best to sell too and vise versa.

REFINING
A lot of them just get melted down, But in order to do that and make it worth while one has to have enough to send it, But even at melt, there is a loss as its a commodity by weight and not $ face value. So when refining quite often you may say send in 100 ounces of coin, after its melted into a single bar all the dirt on the coin and even the oxides on the silver are driven off. It may now be 96.5 ounces of %40
Now the refiner has to get rid of all that copper. It is more expensive to refine high copper content as when silver is dissolved in Nitric if you add copper it makes the silver fall out of solution. So it takes a much larger acid bath. Meaning more $ for acid, and more $ for waste disposal and processing. I deal with one refiner that if I have enough I can pay just $75 for the refining, a .35 cent per ounce processing fee and they pay 96% of the spot value
expensive in some ways but others not. At least that gets rid of the things and makes them into something useful. But all recycling has costs associated with it.

EBAY.
they suck now, the fees are high for both ebay and paypal. PM margins are very poor. But it makes a great dumping ground when something just has to go.

The way I do it is run it as a business. I have to be about turn over and not speculation. If I buy metals, I want to sell them the same day or with in a couple. make a profit and move on. If I can make %5 to %10 on my money each month. thats over %60 to %120 per year on investment. But like any business I must put in many hours of work. its not as if its idle work for good money. I bust my A$$ looking for deals for both buying and selling.

REALITY
Since most of us on here have a bunch fo %40 coin and the cost was face value. Rather than thinking of it as cutting your losses to take a few $ under market. Think of it as God what a instant profit and return on investment. Stack your winnings like your silver and be happy that you did well no matter what the price was doing. And use that extra money accordingly.

 

[RaptorSE]

Thanks for the replies. Thanks JD !

I will most likely work it out with my dealer, as it is a fairly large amount. He will
make out, I will make out regardless. Ill end up with some new shiny stash.
Now I just gotta call him and hope he has enough ounces to sell me LOL.

Ill report back with what I end up bringing home

 

[bluecat]

http://www.moneyweek.com/file/23192/why-its-now-illegal-to-melt-down-us-coins.html

It is currently illegal to melt down coins for metal content. The above link is an old news article on the subject.
If you try melting or refining them just don't get caught.

 

[jim4silver]

http://www.moneyweek.com/file/23192/why-its-now-illegal-to-melt-down-us-coins.html

It is currently illegal to melt down coins for metal content. The above link is an old news article on the subject.
If you try melting or refining them just don't get caught.

I don't know this 100% for sure, but my understanding of the somewhat recent ruling regarding melting coins is that it applied to nickels and pennies. I have read about refiners melting silver coinage and using the silver to make bars. If they are legitimate companies, I doubt they would be doing this on a regular basis and not get caught. I believe that there was a period of time when it was illegal to melt silver coins, but that the ban was lifted years ago.

Anyone have the definitive answer on this? I am curious to know what the law is.

Jim

 

[jewelerdave]

Yeah bluecat there has no Idea what he is taking about.

They put a ban on modern common coins, Nickels and Cents only. They dont want private companies damaging the useful Used currently money supply. We all as tax payers foot the bill for these new coins to be made. It makes no sense to melt them down as they are still being used.

As far as silver, and gold coinage, no harm no foul. It happens EVERY day. There is a reason why ALL refiners take them in. Go google refiners and see what they take, and coins are right up there as Ok.
So either everyone out there is breaking the law right in front of everyones faces and no one is doing anything about it. Or some people just dont do any intelligent research before shooting there mouth off on the subject because they dont know, but want to sound like they do.

The older coinage does not actively circulate enough to make a difference, The stuff that does circulate generally does not for very long before someone picks it up and stashes it. Or a stash makes it into circulation but does not generally last long either, Due to the fact that if such stashes are melted down it has no public impact on the economy and money use. The clear intent of the law is to protect circulating coinage. Where as coins not circulating dont do any good. And to make melting them illegal would just drive it underground. But there is demand for silver and gold coinage as its own commodity, as well as its industrial uses. Why stop that?

 

[Shortstack]

If THAT many other people are melting theirs down for the metal values maybe YOU should hang onto YOURS because the collector values will go up after everybody else destroys their old halves. After all, the government isn't making anymore "original" mid-60s Kennedys, silver Rosies, etc.

 

[RaptorSE]

Well, its a done deal. Ended up with a really nice stack of 10 oz. bricks and a few rounds.
Just glad to still have the silver, just in a nicer form. All around it went as expected and I
did get a nice price per coin from my dealer, in addition to a good price on 10oz bars too,
from what I can see/find elsewhere.

You guys are right, dealing locally with a trusted dealer is the way to go. No fuss, no worry.
Im more than satisfied.

Thanks again for the civilized discussion !