Has anyone ever bought "Junk Silver?"

Purrdee · Mar 26, 2009

Has anyone ever bought "Junk Silver?"

I think that is what it is called, but wonder if anyone had ever bought this type of "survival" coins? Supposedly they are pre-1964 coins that can be considered an investment or to actually be used in the event of a de-valued dollar. Can anyone help me out on this....we are considering purchasing these types of coins....maybe even Morgan Dollars...that is if the company is legit.

Purrdee

Diver_Down · Mar 26, 2009

Re: Has anyone ever bought "Junk Silver?"

I do on occasion when silver is down. Be aware that most dealers that sell "Junk Silver" charge an additional premium for halves and dollars. Your best bet to avoid the additional premiums are dimes and quarters. Mercs will cost more than Roosevelt's. Not all the coin will be junk. When it comes to dimes (Rosie's), most dealers won't be bothered to look through the lot. Most will be very well circulated, but you will find some nice coins with a lot of detail. I pull the really nice ones and assemble rolls. People will pay a premium for these rolls on eBay.

Purrdee · Mar 26, 2009

Re: Has anyone ever bought "Junk Silver?"

Diver_Down said:
I do on occasion when silver is down. Be aware that most dealers that sell "Junk Silver" charge an additional premium for halves and dollars. Your best bet to avoid the additional premiums are dimes and quarters. Mercs will cost more than Roosevelt's. Not all the coin will be junk. When it comes to dimes (Rosie's), most dealers won't be bothered to look through the lot. Most will be very well circulated, but you will find some nice coins with a lot of detail. I pull the really nice ones and assemble rolls. People will pay a premium for these rolls on eBay.

Thanks....so there is a website that we've been looking at and actually have spoken to someone from there....they seem to have the same thoughts that I was having....

Should our $ become de-valued...and I needed to barter....wouldn't the average everyday person be more apt to want to exchange with coins that they reconize (sp) rather than gold coins from another country?

snake35 · Mar 26, 2009

Re: Has anyone ever bought "Junk Silver?"

I disagree, if the government outlaws private ownership of gold and silver (quite possible) I think it will be worth more.

truckinbutch · Mar 26, 2009

Re: Has anyone ever bought "Junk Silver?"

mcgearhead said:
snake35 said:

I disagree, if the government outlaws private ownership of gold and silver (quite possible) I think it will be worth more.

Click to expand...

If it becomes illegal, it would mean that if you did not turn it in, you then would become a criminal for holding it. It would however mean that it would cost more to own. Anything that is illegal is going to be worth more than if it were legal. The only problem however, would be trying to sell it. You wouldn't be able to trust anyone. It would be like a drug dealer trying to sell his drugs.

I hope and pray that it doesn't ever become illegal to own. At the same time it is a big possibility, as our government has done it once, what's to stop them from doing it again ?

I agree with McG ....Food and shelter in return for labor / labor in return for food and shelter is going to be the medium of exchange if the system fails . Metal of any type other than tool steel will hold little value .

mlayers · Mar 27, 2009

Re: Has anyone ever bought "Junk Silver?"

Check and see what the dealers will pay for your silver. Then you run a ad in the paper saying that you are buying silver coins. Paying top dollar. You know what the dealers are paying then you pay a little more. Be surprise how much you can buy. You can even put your ad on craiglist that is close to your city.....Matt

Siegfried Schlagrule · Mar 27, 2009

Re: Has anyone ever bought "Junk Silver?"

Ownership of gold is and has been outlawed in many totalitarian countries. It has never
been illegal to own silver and it has never in any country been confiscated. Most
governments are satisfied with demonitizing silver - which was done throughout the
world in the 1960s - and removing the silver coins from circulation and replacing them
with the clad junk they call money these days. Those folks who believe that gold will reach
$2000 to $5000 per ounce seem to ignore the fact that you would have two major
problems at that price level. The first problem would be the difficulty of finding people who
have that much money and want to buy gold. The second problem is that when you
are known have something that valuable you are in danger of robbery, extortion or
having your family seized and held for ransom. Whenever using silver coins for purchases
you can use dimes, quarters, halfs and dollar to round off the barter. Use of full ouce coins,
rounds or other items of precious metals gives you problems making change or collecting
the change that is due you. siegfried schlagrule

Lowbatts · Mar 27, 2009

Re: Has anyone ever bought "Junk Silver?"

If you do consider looking for junk silver, check all local police auctions and other public auction sales. At our local police auction last weekend, there was some available. I've bought it in piles there in the past as everyone else was interested in the gold so I got super deals on it. Chains, rings, etc. for pennies on the ounce.

This year the police auction did not have any gold, hmmm perhaps they've wised up to the price?

Oh, and for the barter system, add lead and powder to the food/shelter equation.

Diver_Down · Mar 27, 2009

Re: Has anyone ever bought "Junk Silver?"

Purrdee said:
Diver_Down said:

I do on occasion when silver is down. Be aware that most dealers that sell "Junk Silver" charge an additional premium for halves and dollars. Your best bet to avoid the additional premiums are dimes and quarters. Mercs will cost more than Roosevelt's. Not all the coin will be junk. When it comes to dimes (Rosie's), most dealers won't be bothered to look through the lot. Most will be very well circulated, but you will find some nice coins with a lot of detail. I pull the really nice ones and assemble rolls. People will pay a premium for these rolls on eBay.

Click to expand...

Thanks....so there is a website that we've been looking at and actually have spoken to someone from there....they seem to have the same thoughts that I was having....

Should our $ become de-valued...and I needed to barter....wouldn't the average everyday person be more apt to want to exchange with coins that they reconize (sp) rather than gold coins from another country?

The US dollar will never be devalued. Inflation might soar due to extra paper printed, but the world has too much as risk for the US dollar to fail. Your concern that the everyday person would be more apt to exchange coins that they recognize is based on the fallacy of perceived value. Most everyday US citizens can't tell the difference between a silver dime and clad dime, no-less value the pre-64 dimes more due to their silver content. Also, silver won't be confiscated. There is no shortage of silver.

thrillathahunt · Mar 27, 2009

Re: Has anyone ever bought "Junk Silver?"

The U.S. government is minting "collector" gold coins, even the Eagles. Why would they make something illegal that they are selling?

Bean · Mar 27, 2009

Re: Has anyone ever bought "Junk Silver?"

"Junk silver" is a very good way to go. Not only are they made of silver but there is also numismatics (coin collecting) that could effect the price in the future.
Right now they have no collector value which is why they are called "junk", But you never know what the could happen in the future.
And IF (and a very big if , that will never happen mind you) they start paying people to haul silver away in dump trucks because its so cheap it will still
be worth face value, while the pure bars and rounds will be "junk".
I buy junk silver when I can, mainly as a store of value or hedge on inflation. I don't think I'll ever use it as money. At least I hope not.

The government also made 90% gold coins up until 1933 then stopped production then made it illegal to own. We were on a gold standard then and they
wanted to come off it, that's just one of the steps they took. Since were not on the gold standard anymore there's only one reason that they would make
gold illegal to own and that's to control commerce or trade. (That's what they did with the legal tender laws) But that's another story...........

Bean

Purrdee · Mar 27, 2009

Re: Has anyone ever bought "Junk Silver?"

mlayers said:
Check and see what the dealers will pay for your silver. Then you run a ad in the paper saying that you are buying silver coins. Paying top dollar. You know what the dealers are paying then you pay a little more. Be surprise how much you can buy. You can even put your ad on craiglist that is close to your city.....Matt

WOW... great idea.....

Suckerpunched · Mar 29, 2009

Re: Has anyone ever bought "Junk Silver?"

If you are just looking at the silver melt value of coins and not the collector value,,,take a look at: coinflation.com ,,,,,,,It shows the market spot price of silver and will give you an idea of what you are buying is actually worth. However, "supply and demand" still factors in as evidenced by the availability of "lead and powder"..........
HH

gldhntr · Mar 30, 2009

Re: Has anyone ever bought "Junk Silver?"

quote'''''''The U.S. government is minting "collector" gold coins, even the Eagles. Why would they make something illegal that they are selling?''''''''''
thats so they can have it all....sell you collector coins to get your cash, then recall your coins.....they have it all you have nothing............
on a brighter side, a friend in the past several months has been buying up old silver slug coins.....he daily calls around and gets all the local dealers buying and selling prices on the slug/scrap coins...then he goes out, buys the cheapest, and takes them to the man paying the most...he has been doing a pretty decent business doing this.........it probably helps that he lives in a large city though.........

onfire · Mar 30, 2009

Re: Has anyone ever bought "Junk Silver?"

I buy all my "junk" silver at a few gas stations and food stores .Iv taught many a girl at the cash registers to save all the silver QUATERS and DIMES to supplement there income I pay either 7 to 8 times face. The girls at the bank do the same..Did 44.00 last week in Quarters and dimes 60 wheat's .There happy so am I Jm

steve from ohio · Mar 31, 2009

Re: Has anyone ever bought "Junk Silver?"

This is only a thought, but if they do try changing our currency to something else, they may make gold and silver illegal to own. They did this before, and could do the same again. If you are left holding a fortune of gold and/or silver it will be useless.

Don't ever be afraid of the government. They could not outlaw silver. It is used in industry and is needed for so many things.
Even during the gold ban of 1933, many US owners of gold did not turn in their gold. They kept it and used it to barter and trade during the depression. My grandfather kept his gold and did really well even after Franklin (the RED) Roosevelt (Rosenfelt)
banned gold ownership. My grandfather's gold became more valuable and was worth a ton on the black market.

Silver will never be banned. And even if it was.....so what. It will never be useless. Never has ever been that in over 6,000 years.