A Couple Of Questions For Ya

[Ryan1979]

Hello all,

It has been merely hours since my last post. Here are a couple of questions for ya.

1. How do you distinguish a proof coin from normal non-proof coins? Do all proof coins have an 'S' mint mark?

2. Many people here comment on saving all pre-83 copper pennies because they are worth more in copper than face value. Is it legal to sell coins for their value in metals? I looked at the US Mint website but couldn't find anything on this.

3. If it is indeed legal to sell coins for their valuable metals, who buys them? Scrap/salvage yards?

4. For everyone that hunts the 1/2 dollar rolls; are you hunting the rolls for coins for your collection or do you sell the silver-containing coins for a profit for the precious metal value (silver)? I noticed some people have thousands and thousands of 1/2's saved. What is the story here?

Thanks everyone,

Ryan1979

 

[GMan00001]

1. How do you distinguish a proof coin from normal non-proof coins? Do all proof coins have an 'S' mint mark?

All recent proofs have an S mintmark, prior to 1965, they were made in Philadelphia so they have a philly mintmark (if any). Usually you can tell either by the mintmark (for the more recent S mintmark ones) or by the look. Proof coins are made using a different process and so have a more mirrored finish.

2. Many people here comment on saving all pre-83 copper pennies because they are worth more in copper than face value. Is it legal to sell coins for their value in metals? I looked at the US Mint website but couldn't find anything on this.

It is illegal to sell pennies and nickels. I am not aware of any restrictions on silver coinage as that is done all the time. My opinion on the pre-1983 is it depends on a few things. How much do you want to tie up in coins you can't sell for more than face for now (money and space)? What do you think the future will hold for these coins? In my case I go through far too many pennies and nickels to keep all the pre-83 pennies or nickels, so I just picked a few lower mintage dates and keep those.

3. If it is indeed legal to sell coins for their valuable metals, who buys them? Scrap/salvage yards?

Places like kitco, coin dealers,

4. For everyone that hunts the 1/2 dollar rolls; are you hunting the rolls for coins for your collection or do you sell the silver-containing coins for a profit for the precious metal value (silver)? I noticed some people have thousands and thousands of 1/2's saved. What is the story here?

For most people I believe the answer is both. Save as many or key dates as are desired and sell the rest (either now or when the price is at what is desired). Some are saved to be passed on to later generations as well, if I understand correctly.

Hope that helps,
GMan

 

[Silver Stripe]

Before buying $1000 in halves try real hard to explain to her "it is still $1000, just in another form and you can trade it back into FRNs any time the banks are open". $1000 in halves is very heavy and ifn you haven't had this conversation beforehand she will likely have a skillet upside your head before you can catch your breath and then try to explain. haha. Wanna have some fun? Order halves to arrive around payday and cash your paycheck- might wanna have some Hockey gear on for that one LOL. It truly is amazing how much $$$ can be searched quickly and turned over and searched again and again- till your bills are due or you find so much silver that you have to wait till next payday. BTW dump your halves someplace other than where you get them- know who the armoured service is for the banks to make sure your not going to be getting your own dumps back. HH Mark