Where does silver come from - Explained

[FreedomUIC]

Went to my CU today to finish dumping the bazillion dollars in Dimes I purchased for my week-end fun.

There is a teller there that I try to get everytime I go. This teller also works at our local Walmart as a cashier and everytime he notices my wife and I he calls out to us
by our name. Anyways, back to the story. This teller was explaining to me that just a couple of hours prior to my arrival there was a nice young girl that was attempting
to dump a rather large amount of coins into the counter. The counter jammed after counting only $4.00 in change. Ken <teller> walked over to her and started to fix
the machine for her. At that time he noticed that she had a 1 gallon bucket full of silver quarters, bags of Winged Liberty dimes and a couple handfulls of Morgan dollars.
Her other bag containing half dollars was slightly open and he did notice a few walkers on top. He inquired as to where all the old currency came from and she replied "My mother passed away 10 years ago and my father just died of a Heart Attack two weeks ago, we are cleaning out his house and found all these coins so I am here to turn them
into cash". Ken politely explained to her that he could not get her four dollars out of the machine which was dimes, he would have to take the ticket and cash her out for
those, but she should take all of these coins to a local dealer <Very Honest and pays 1% back of spot> as there were worth several thousand dollars. She started to
cry when she heard this explaining that she was an only child and was trying to come up with enough money to pay off her fathers burial expenses. She went to the coin
shop as directed, after a call from Ken the teller, and proceeded to reap quite a reward. The dealer got her personal information and looked in the obits. for our area, sure enough
he found her fathers obit in the paper.

While Ken does know about silver he choose to help her instead of saying, "Come to my window and we will wrap these up for ya and turn them in that way". Not all
tellers are greedy silver snipes.

 

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[SilverForBrains]

$4.00 in face for us to find, the rest sold for her expenses - all are happy!

It pays to be honest sometimes, I think it's great that worked out.

I also think that anyone cashing in a silver collection should put at least a few bucks in a coin counter as a 'CRH Tax'

 

[madwest]

Ken is doing life exactly the right way.

 

[Gilmore Happy]

Great story Freedom! As I started reading it, I kind of got the same excitement as I do when I see an extremely attractive woman walking towards me engaging me in an intimate stare. I thought, this is weird that buckets full of silver and sexy women give me the same exact feeling. then I realized I probably dont have a soul left after years and years of hardcore living, bc I would've taken all that silver for myself and not have even thought twice about feeling bad about it.

 

[SilverForBrains]

Great story Freedom! As I started reading it, I kind of got the same excitement as I do when I see an extremely attractive woman walking towards me engaging me in an intimate stare. I thought, this is weird that buckets full of silver and sexy women give me the same exact feeling. then I realized I probably dont have a soul left after years and years of hardcore living, bc I would've taken all that silver for myself and not have even thought twice about feeling bad about it.

don't feel bad man, it's what we've trained ourselves to do haha. Silver or else!

 

[ArkieBassMan]

Kudos to that teller!

Its weird how things work out sometimes. I don't really believe in fate or Karma or any of that type of thing but, what are the odds of that machine jamming after only $4.00 when a young lady in need of cash was about to "throw away" thousands of dollars? Add in that the teller has to be knowledgeable about silver coins and the type of person to let her know about the value of the coins instead of just cashing them in for face and profiting himself AND there was a coin shop in town that pays 99% of spot (the best buy price in my town is a pawn shop that is currently paying 8X face for 90%). The odds of all that happening has to be astronomically high.

 

[FreedomUIC]

Kudos to that teller!

Its weird how things work out sometimes. I don't really believe in fate or Karma or any of that type of thing but, what are the odds of that machine jamming after only $4.00 when a young lady in need of cash was about to "throw away" thousands of dollars? Add in that the teller has to be knowledgeable about silver coins and the type of person to let her know about the value of the coins instead of just cashing them in for face and profiting himself AND there was a coin shop in town that pays 99% of spot (the best buy price in my town is a pawn shop that is currently paying 8X face for 90%). The odds of all that happening has to astronomically high.

I 100% agree. The dealer that pays 1% behind spot locks in his price that day with the smelter and sends out the following day unless there are numismatic value to a certain
coin. He usually has an armored car come to his place of business to make the drop off when he can't drive the hour to get to the smelter. True Story.
When you walk into the shop it is like walking into an old saloon, guns everywhere in sight and usually a Police Officer is always there as well - off duty bs'ing with the
guy. He has been in business here for well over 50 years. He once told me a story about silver when it hit $50.00 back in the day. People were lined up around his store and
the store's in the strip mall, all the way around the back and it started over again. Sad day when he walked out and said that was the last customer for the day, please come back
tomorrow and then handed each person a card with a number corresponding to their place in line. Please show up @ 5:00 and I will process your order in the number on the
card, his shop usually opens at 9:00.

Good Guy..

 

[ArkieBassMan]

I 100% agree. The dealer that pays 1% behind spot locks in his price that day with the smelter and sends out the following day unless there are numismatic value to a certain
coin. He usually has an armored car come to his place of business to make the drop off when he can't drive the hour to get to the smelter. True Story.
When you walk into the shop it is like walking into an old saloon, guns everywhere in sight and usually a Police Officer is always there as well - off duty bs'ing with the
guy. He has been in business here for well over 50 years. He once told me a story about silver when it hit $50.00 back in the day. People were lined up around his store and
the store's in the strip mall, all the way around the back and it started over again. Sad day when he walked out and said that was the last customer for the day, please come back
tomorrow and then handed each person a card with a number corresponding to their place in line. Please show up @ 5:00 and I will process your order in the number on the
card, his shop usually opens at 9:00.

Good Guy..

This does lead to an obvious question though. How does the coin dealer stay in business paying 99% of spot? Even if you assume the smelter pays him 100% of spot - which seems unlikely to me, but I admittedly have never dealt with a smelter so I have no idea what they pay - that leaves a 1% profit. He'd have to literally do millions of dollars worth of business per year just to pay overhead expenses, let alone turn a profit. That also seems unlikely.

 

[bigscores]

This does lead to an obvious question though. How does the coin dealer stay in business paying 99% of spot? Even if you assume the smelter pays him 100% of spot - which seems unlikely to me, but I admittedly have never dealt with a smelter so I have no idea what they pay - that leaves a 1% profit. He'd have to literally do millions of dollars worth of business per year just to pay overhead expenses, let alone turn a profit. That also seems unlikely.

I doubt the guy is sending all that coinage off to a smelter. Probably trades in large face value bags, nobody smelts US coins any more. From what I hear, large FV bags are generating nice premiums over spot right now.

 

[FreedomUIC]

I doubt the guy is sending all that coinage off to a smelter. Probably trades in large face value bags, nobody smelts US coins any more. From what I hear, large FV bags are generating nice premiums over spot right now.

He does that as well. I have seen him shipping out coins to melt, literally bags and bags. His last shipment he sent out was when silver jumped over $1.00 an oz last week in the final hour. Locked
in late in the afternoon and shipped Monday. He makes a lot of money off coins as well, sells quite a bit on ebay<sons venture>.

 

[TimZim]

This does lead to an obvious question though. How does the coin dealer stay in business paying 99% of spot? Even if you assume the smelter pays him 100% of spot - which seems unlikely to me, but I admittedly have never dealt with a smelter so I have no idea what they pay - that leaves a 1% profit. He'd have to literally do millions of dollars worth of business per year just to pay overhead expenses, let alone turn a profit. That also seems unlikely.

Hes a old fart and thats his life the more people that come in the better. He could care less about the money.Hes a story teller.