Poor poor silver coins....lets save them Revolution time

[tmjones550]

I'm itching to get out today and save those silver halves from going to the Fed and getting melted down.They're too pretty to go to waste.i love to grab one from the bank and hear that clang on the counter.It's as if that silver is saying thank you for saving me.I might sound crazy but its a shame to see a pretty coin go to such waste like getting melted and being put in a computer or a tv or medicine.Silver has great uses but you hate to see them melted for other uses than what we get them for.

 

[BuffaloBoy]

Another fellow coin collector here, I'm with you. A shame to see a really nice coin get melted down.

 

[quiksilver]

What makes you think the fed is melting them down. I believe those of us selling them to smeltors is a bigger reason they get melted down. I have read or seen nothing to indicate the fed is melting coins down.

 

[tmjones550]

The banks turn the coins in in turn they go to the Fed.The Federal Reserve in turn takes those coins melt them into silver rounds and make a huge profit margin.Think about it how much money did it take to make those silver coins back in 1970 and down?What was the price of silver then?Why would'nt the fed melt them and turn around and make silver rounds and make a huge profit?Do a little research and thats where they go.The banks do miss silver that comes in thats why its still being found gut they do rake in a good bit also.If on average I'm finding about 20 pieces a week on my limited budget what do you think the organized federal reserve is finding.They're certainly not letting silver go through with the goodness of their hearts.......

 

[Goldmanford]

If on average I'm finding about 20 pieces a week on my limited budget what do you think the organized federal reserve is finding.They're certainly not letting silver go through with the goodness of their hearts.......

Organized??

I agree, though, with a beautiful coin being melted down. It's a shame. But then when it turns into a beautiful silver round or bar, then I start to get happy again.

 

[Piledriver]

None of us can keep them for very long.

Life is short, we gather for a time, and then "at last my trophies I lay down".

Then they go to someone else who will sell them to the smelters or other collectors.

So get the silver while you can !

Nobody's collectin' silver where you and I are goin' (regardless of which place you may find yourself).

This is your Silver Sermon for the Day.

Your Welcome.

Keep on Rollin' !!

 

[azlegends]

I just hate to see coins ruined anyway, even if their not silver. One day(although it may be 1000 years from now) all these clad coins we hate will be genuine artifacts and quite possibly extremely rare. These coins are a huge part of human history, depicting so many details of the countries of origin. So many things around us get taken for granted an overlooked, but will one day be a part of history.

 

[Gilmore Happy]

The banks turn the coins in in turn they go to the Fed.The Federal Reserve in turn takes those coins melt them into silver rounds and make a huge profit margin.Think about it how much money did it take to make those silver coins back in 1970 and down?What was the price of silver then?Why would'nt the fed melt them and turn around and make silver rounds and make a huge profit?Do a little research and thats where they go.The banks do miss silver that comes in thats why its still being found gut they do rake in a good bit also.If on average I'm finding about 20 pieces a week on my limited budget what do you think the organized federal reserve is finding.They're certainly not letting silver go through with the goodness of their hearts.......

Where is their "melting" facility. And dont say they ship them out. Don't you think the public would be outraged when they find out the Fed can melt, but we cant. Have you heard anything about Fed melting in 40 years? No, becuase they don't. Propaganda BS.

Additionally, the coin dosnt even go to the Fed from the bank. Ever heard of Brinks, Loomis, Garda, String and Son? Believe it or not, they deal with all the coin. Oh wait, here it comes, they cull silver too!!??!! Get a grip, and dont post nonsense on here.

What made me snap? You saying do a little research and youll see. PFFF. Take your own advice.

 

[tmjones550]

The banks turn the coins in in turn they go to the Fed.The Federal Reserve in turn takes those coins melt them into silver rounds and make a huge profit margin.Think about it how much money did it take to make those silver coins back in 1970 and down?What was the price of silver then?Why would'nt the fed melt them and turn around and make silver rounds and make a huge profit?Do a little research and thats where they go.The banks do miss silver that comes in thats why its still being found gut they do rake in a good bit also.If on average I'm finding about 20 pieces a week on my limited budget what do you think the organized federal reserve is finding.They're certainly not letting silver go through with the goodness of their hearts.......

Where is their "melting" facility. And dont say they ship them out. Don't you think the public would be outraged when they find out the Fed can melt, but we cant. Have you heard anything about Fed melting in 40 years? No, becuase they don't. Propaganda BS.

Additionally, the coin dosnt even go to the Fed from the bank. Ever heard of Brinks, Loomis, Garda, String and Son? Believe it or not, they deal with all the coin. Oh wait, here it comes, they cull silver too!!??!! Get a grip, and dont post nonsense on here.

What made me snap? You saying do a little research and youll see. PFFF. Take your own advice.

Happy Gilmore be happy bro,
I do alot of research and I do take my own advice.Theres no reason to be hateful.You have your own opinion but just remember the one thats the loudest dosent mean hes right.I have family in banking and I know a little about how the banking industry works...oh theres no reason for me to explain myself I won't change your mind in a sentence or two.Any way enjoy Crhing my friend.

 

[Gilmore Happy]

Sounds good, we can agree to disagree.

Happy hunting to you as well.

ps, I really dont care who, or what melts it, snorts it, eats it, buries it. As long as I find $1000's worth, Im good. What piledriver said, We only here for a short time, and it aint going with us.

 

[tmjones550]

Sounds good, we can agree to disagree.

Happy hunting to you as well.

ps, I really dont care who, or what melts it, snorts it, eats it, buries it. As long as I find $1000's worth, Im good. What piledriver said, We only here for a short time, and it aint going with us.

That is true my friend were only here for a short time.Were not to store our treasures on this side anyway.but its nice to have a cool hobby that we can enjoy.Good luck on your hunting hope you find alot of silver .

 

[enamel7]

Let's put this another way. You have absolutely haven't a clue what you are talking about.
HH
enamel7

 

[jim4silver]

Lots of misinformation being posted here. Don't know where to start but here goes:

1. The fed reserve does not melt US silver coins to make silver rounds. The US Mint produces silver eagles, and they contract out and buy the silver "blanks" from companies like Sunshine.

2. Most junk silver coins that are in fairly decent shape and sold to coin dealers don't get melted. Refiners pay only based on a percentage of the silver content, which means dealers don't get anywhere near spot if they sell to a refiner. However, if the coin dealer bags up the silver coins and sells them to a collector (investor), they can get more than spot, spot or a bit below spot, depending on the current market conditions. In any event, they will get more by retailing the coins instead of melting them. The ones that get melted are the holed, bent, damaged, slicks, etc, that are so bad nobody would care if they are melted. And all of what I said goes for 40% too. Anyone can check Tulving and Apmex to see they sell bags of 40% junk coins.

3. There is NO current ban on melting US silver coins, only nickels and pennies, as far as I know.

Probably more in here but I am too tired to respond to it.

Jim

 

[Gilmore Happy]

Lots of misinformation being posted here. Don't know where to start but here goes:

1. The fed reserve does not melt US silver coins to make silver rounds. The US Mint produces silver eagles, and they contract out and buy the silver "blanks" from companies like Sunshine.

2. Most junk silver coins that are in fairly decent shape and sold to coin dealers don't get melted. Refiners pay only based on a percentage of the silver content, which means dealers don't get anywhere near spot if they sell to a refiner. However, if the coin dealer bags up the silver coins and sells them to a collector (investor), they can get more than spot, spot or a bit below spot, depending on the current market conditions. In any event, they will get more by retailing the coins instead of melting them. The ones that get melted are the holed, bent, damaged, slicks, etc, that are so bad nobody would care if they are melted. And all of what I said goes for 40% too. Anyone can check Tulving and Apmex to see they sell bags of 40% junk coins.

3. There is NO current ban on melting US silver coins, only nickels and pennies, as far as I know.

Probably more in here but I am too tired to respond to it.

Jim

It's a grey area. Here is the law:

Section 331 of Title 18 of the United States code provides criminal penalties for anyone who fraudulently alters, defaces, mutilates impairs, diminishes, falsifies, scales, or lightens any of the coins coined at the Mints of the United States. This statute means that you may be violating the law if you change the appearance of the coin and fraudulently represent it to be other than the altered coin that it is. As a matter of policy, the Mint does not promote coloring, plating or altering U.S. coinage: however, there are no sanctions against such activity absent fraudulent intent

 

[jim4silver]

Lots of misinformation being posted here. Don't know where to start but here goes:

1. The fed reserve does not melt US silver coins to make silver rounds. The US Mint produces silver eagles, and they contract out and buy the silver "blanks" from companies like Sunshine.

2. Most junk silver coins that are in fairly decent shape and sold to coin dealers don't get melted. Refiners pay only based on a percentage of the silver content, which means dealers don't get anywhere near spot if they sell to a refiner. However, if the coin dealer bags up the silver coins and sells them to a collector (investor), they can get more than spot, spot or a bit below spot, depending on the current market conditions. In any event, they will get more by retailing the coins instead of melting them. The ones that get melted are the holed, bent, damaged, slicks, etc, that are so bad nobody would care if they are melted. And all of what I said goes for 40% too. Anyone can check Tulving and Apmex to see they sell bags of 40% junk coins.

3. There is NO current ban on melting US silver coins, only nickels and pennies, as far as I know.

Probably more in here but I am too tired to respond to it.

Jim

It's a grey area. Here is the law:

Section 331 of Title 18 of the United States code provides criminal penalties for anyone who fraudulently alters, defaces, mutilates impairs, diminishes, falsifies, scales, or lightens any of the coins coined at the Mints of the United States. This statute means that you may be violating the law if you change the appearance of the coin and fraudulently represent it to be other than the altered coin that it is. As a matter of policy, the Mint does not promote coloring, plating or altering U.S. coinage: however, there are no sanctions against such activity absent fraudulent intent

Then how do the refiners not all go to Federal prison considering the number of both gold and silver US coinage that is melted?

For a good explanation on this subject, check out the below link from Coinflation, a well respected web site. Note however the article was written in 2006, before the real US coin melting ban on pennies and nickles came into being. Lots more out there if you google search the subject.

http://www.coinflation.com/is_it_illegal_to_melt_coins.html

For Canada, with a US mention:

http://goldsmart.ca/2011/02/is-it-legal-to-melt-old-coins/

Here is a US refiner that lists what it buys:

http://www.archenterprises.com/silver-coins.html

Jim

 

[DarkRider23]

The banks turn the coins in in turn they go to the Fed.The Federal Reserve in turn takes those coins melt them into silver rounds and make a huge profit margin.Think about it how much money did it take to make those silver coins back in 1970 and down?What was the price of silver then?Why would'nt the fed melt them and turn around and make silver rounds and make a huge profit?Do a little research and thats where they go.The banks do miss silver that comes in thats why its still being found gut they do rake in a good bit also.If on average I'm finding about 20 pieces a week on my limited budget what do you think the organized federal reserve is finding.They're certainly not letting silver go through with the goodness of their hearts.......

Where is their "melting" facility. And dont say they ship them out. Don't you think the public would be outraged when they find out the Fed can melt, but we cant. Have you heard anything about Fed melting in 40 years? No, becuase they don't. Propaganda BS.

Additionally, the coin dosnt even go to the Fed from the bank. Ever heard of Brinks, Loomis, Garda, String and Son? Believe it or not, they deal with all the coin. Oh wait, here it comes, they cull silver too!!??!! Get a grip, and dont post nonsense on here.

What made me snap? You saying do a little research and youll see. PFFF. Take your own advice.

Happy Gilmore be happy bro,
I do alot of research and I do take my own advice.Theres no reason to be hateful.You have your own opinion but just remember the one thats the loudest dosent mean hes right.I have family in banking and I know a little about how the banking industry works...oh theres no reason for me to explain myself I won't change your mind in a sentence or two.Any way enjoy Crhing my friend.

Care to show some of that research then? The Fed doesn't melt coins. Why the hell would they care about melting some silver coins into silver bars when they can just print money? Hint; they don't care.

 

[ImpurestStewart]

Also, If they did melt the silver coins why are we still finding them in boxes from places like brinks,loomis,strings,etc....? Just enjoy the hobby. This isn't gonna make you rich(unless you find 39 solid rolls of walkers every week ) J/k. Why just the other day I found a St. Gaudens in the reject tray of a coinstar... I still enjoy you chain!!

 

[tmjones550]

Also, If they did melt the silver coins why are we still finding them in boxes from places like brinks,loomis,strings,etc....? Just enjoy the hobby. This isn't gonna make you rich(unless you find 39 solid rolls of walkers every week ) J/k. Why just the other day I found a St. Gaudens in the reject tray of a coinstar... I still enjoy you chain!!

Everyone is right it does'nt matter what goes on behind the scenes,as long as I'm finding the coins I collect thats all i care about.I get excited every time I open a roll and think I might find a silver piece or a very rare coin!!Happy hunting.I'm glad we all live in a country where we can have this debate.I would hate to live somewhere that does not have the freedom to speak our minds and also a country that also has silver in circulation still.