Bad economy good for CRHers

[jim4silver]

It seems to me that as inflation grows and the economy gets worse, more and more people are going to cash in all those coins they have had stashed for years. Hopefully they won't know what they are cashing in and more silver will get into the system.

I wonder if it has ever happened that a family member happened upon a deceased relative's "junk" bag of silver halves and took it to the coin machine or bank and cashed it in at face value?

I bet there is still alot of silver being held by people who don't quite know the value, especially the 40%ers. Hell, even the bank tellers don't seem to know, and they work in the banks!

Anyone here CRHing 4 or 5 years ago notice a big decrease in finds nowadays?

Jim

 

Amazon Forum Fav 👍

How to Research for Treasure Hunting and Metal Detecting From Lead Generation to Vetting - Grab it through Amazon!

[LJ]

No doubt as the dollar weakens the chances of silver coins getting dumped back into circulation strengthens.

Good luck out there.

 

[coinmojo]

Bad economy = more coin roll hunters.

I've been going nearly 3 years and there has been a huge fall off for me in my area.

CRH Mojo

 

[jewelerdave]

5 to 8 years ago 40%ers were worth only about 60 to 70 cents each. Coin Shops would not touch them, they were not worth refining.

true more people will make deposits, spend money they dont have to etc, But they also go though change looking.

Not to mention all the new CRH and serious CHR to boot doing 10 to 20k a week now days. this is having an impact. New people coming in wont get what they could have a few years ago.

As far as junk silver bags. yes, they do get deposited by accident sometimes, I have been fortunate enough to come across one before it went in.
And heard stories. Just last year at a local credit union someone stopped someone from dumping 5k face value in 1920s era quarters that they had. the tellers told them they were worth more...you bet they were. You could imagine what would have happened had they been deposited.
Likewise I know where several thousand dollars in face value silver is buried, but cant get too it.
in 1997 there was a big flood here, and one trailer park and storage area behind a Dariy Queen was hit hard.
After the survivors got out the mold was so bad that they would not let anyone salvage, so the city came in with Bulldozers and took it all too the city dump.

Here is the treasure part. the little DQ stores owner had been pulling out silver coins and saving them since the 60s, he had several thousand dollars face value saved up from people spending $ on ice cream over the past 30 years or more. they were all bagged up nicely and boxed in the storage trailer with other things when the flood hit.
So, somewhere in the local land fill, is tens of thousand in silver. And no one can recover it!

 

[jim4silver]

Good points all. I have noticed that there are more newspaper ads from coin dealers offering to buy silver and gold since the price of both have gone up. The ads will mention specifically 1965-1970 halves being worth x number of dollars.

 

[rmptr]

Yep.
Odd coins that may have sat in a drawer will make it into circulation when things get tight.
I'll admit spending some I should have kept, in the past.
HH
rmptr

 

[Cerulean]

I don't know about silver, but I have been hearing more and more success stories of people finding Indian Head cents and Buffalo nickels lately.

 

[cyberdan]

I wonder if it has ever happened that a family member happened upon a deceased relative's "junk" bag of silver halves and took it to the coin machine or bank and cashed it in at face value?

I know first hand that this has almost happened.

My grandmother died 10 years ago, I knew nothing about coins back then. When my mother and aunt went through her house to toss old things they found (stached and squirelled away everywhere) hundreds of silver dollars and a full grocery bag of cash. I only heard about this later. My mother was not dumb but not coin smart either. She took the silver to a coin dealer that told her they were not worth much over face value and then proceded to rip her off. I wonder what she did with that bag of cash.

 

[jim4silver]

That's a shame about the coin dealer ripping off your mom. The couple of coins shops I go to occasionally are pretty fair. I have seen people bring in old coins ("junk" silver) and say "what is this worth?", and the coin dealers' quotes have been what they should be. Although I have never personally experienced this, I have heard that pawn shops will sometimes rip you off on what they offer for your gold or silver.

As far as people not knowing that coins have silver and/or are valuable, I believe we will see this more and more as time progresses from the era where our money was made from silver and gold. I have shown friends a gold double eagle, and they said they did not know that our money was once made out of gold. They seem to think the double eagle is some kind of special-made collectible. I guess it is good for us CRHs that people do not realize how much their halves are worth as they take them to their banks to be cashed in.

Jim

 

[rmptr]

Hey Jim...

Local pawn shop had no interest in silver rings I took in.
They advised I put 'em out at a yard sale, or swapmeet.

$9 a gram...
They would pay nine dollars a gram for gold rings.
But they were nice enough about the whole thing...

So I just paid cash for what I was after in their tool collection.

HH
rmptr

 

[jim4silver]

$9 per gram seems low to me. I am not an expert at calculating this, but it seems to me that a gram of 14K gold should be worth approx $17.61 at spot, if you use a spot price of $939 per ounce (a troy ounce is 31.1 grams, and pure gold is 24K, thus a gram of pure gold is $30.19 at spot). I am sure there is a discount in what you will receive from the coin dealer since the dealer will not get spot from the refiner when he sends it in.

Jim