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Melting old silver coins into an ingets

Discussion in 'Off-Topic' started by Catoperat, Nov 6, 2018.

  1. 67ray

    67ray NES Member

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    Let us know how the sale turns out @Catoperat

     

  2. J.A.C

    J.A.C NES Member

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    I agree I used to think, hey I need some silver, but doing some real research its just not a smart move. In reality consumers rarely ever get silver for the actual current spot price and normal people always sell silver for under the current spot price. If it makes you feel good and is a hobby by all means, just like buying anything else. SO many other thing will be better barter value in a true SHTF scenario, like pain meds, ammo, food, guns, quality tools, durable clothing, etc.
     
  3. Prepper

    Prepper NES Member

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    That all depends how bad the SHTF is or is expected to be. If civilization has completely ended and most people are dead, then yes the few remaining starving people may not GAF about your silly pre 1964 quarter. But the odds of that are low. If there is a reason to expect a recovery and an end to the situation, you will be interested in taking silver since it will be valuable after normality is restored.
     
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  4. J.A.C

    J.A.C NES Member

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    My understanding is its only illegal to melt down Pennies and Nickels but other coins ok.
     
  5. enbloc

    enbloc NES Life Member NES Member

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    yogi and Grendizer138 like this.
  6. Boris

    Boris Son of Kalashnikov NES Member

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    yes, sell on NES.

    also good point against melting it into bars, coins are more liquid than gray DIY bars of metal.
     
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  7. J.A.C

    J.A.C NES Member

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    I see both a full or partial scenario as being a low probability. Many other items will hold value during the scenario and after a recovery and you don't have to take a bath on them when buying or selling like silver. I mean a lot of the actual demand of silver is just to make coins for people that think silver is in demand.
     
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  8. richc

    richc NES Member

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    There have been numerous market analysts who predict that silver will rise more than gold in the next wave higher. They believe silver is quite undervalued at the moment.

    Certainly YMMV...
     
  9. Dennis in MA

    Dennis in MA NES Member

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    Until you realize how much you have to stockpile. Holding a few hundred, or even thousand, in gold and silver is going to buy you a couple of extra weeks, at best. Stockpile a few hundred thousand - you might be OK, provided The Hummungus doesn't overrun your stores.



    I still want to know the answer to my original question: Why a bar??????
     
  10. J.A.C

    J.A.C NES Member

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    Eh, its all a shell game. I mean the largest primary silver mine produced 22 million ounces in 2016. Never mind all the rest.

    From the U.S. Mint's own 2016 Annual Report. I mean the silver spot price then was $16.53 not that any consumer would actually get that price and right now its $14.66.

    SILVER BULLION COIN RESULTS Total silver bullion ounces sold decreased 4,602 thousand ounces (9.4 percent) to 44,125 thousand ounces with an 11.3 percent decrease in American Eagle Silver Bullion Coin ounces sold compared to last year. The Mint lifted allocation of American Eagle Silver One Ounce Bullion Coins effective July 18, 2016 and remained off of allocation for the rest of the fiscal year .

    Net income from silver bullion coins decreased 10.8 percent because of a $4.1 million decrease in American Eagle earnings. America the Beautiful Silver Bullion Coins experienced a $0.3 million increase (37.5 percent) in earnings compared to last year.

    The majority of America the Beautiful bullion sales came from the Shawnee National Forest silver coin. It launched on February 1, 2016 as the first five-ounce release of this calendar ye . Shawnee bullion sales (525,000 ounces) were the highest since the 2011-dated releases commemorating Glacier National Park and Gettysburg National Military Park (each selling 633,500 ounces).

    Lower volumes meant that FY 2016 silver revenue decreased by 11.9 percent. American Eagle revenue decreased by $120.2 million (13.7 percent), while America the Beautiful revenue increased by $14.1 million (91 percent). The FY 2016 average daily spot price of silver was $16.53 per ounce, up 2.5 percent from $16.12 compared to the same period last year."
     
  11. bullseye

    bullseye

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    I am not pointing out what will be king, simply making an observation. When and if there is a need for goods in a SHTF scenario, many items that folks aren't even taking into consideration will move among the most tradeable and barterable, depending on needs.
     
  12. robjax

    robjax

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    That could be true. When I read what was there I interpreted it to mean that you can melt down any coins as long as you were not doing it and then committing fraud by misrepresenting to a buyer where you got it or otherwise tried to pass it off as something other than what it is.
     
  13. JohnZ

    JohnZ

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    I think in a post SHTF scenario, gold and (more probably) silver will be the go to currencies. Who can remember how much a loaf of bread is in bullets, whiskey, antibiotics, toilet paper, ...? It's easy to remember that a loaf of bread is worth a silver quarter. That's it's value. It's a common currency that can't be printed into zero value.

    ETA: Suppose there are 100 items post SHTF that people want to barter for (there will be thousands if you think about it.) Without silver, you need 99 prices for bread. With silver, you need 1. So it's a choice of needing to know 100x99 prices without silver or only 100 prices with silver. Which do you think people are going to do?
     
    Last edited: Nov 6, 2018
  14. J.A.C

    J.A.C NES Member

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    The key word you used is "common" currency there will be none. I don't know why people think in a true SHTF scenario there is going to be a silver coin standard. The vast majority of people aren't going to have a bunch of silver coins, many more people are more likely to have ammo as an example. So I assume ammo will be what everyone thinks silver will be in a post SHTF economy. In the end it would be a barter system, there will be no grocery stores with clerks waiting for you, you make a deal with whomever you find for whatever works at that time.
     
  15. FPrice

    FPrice Retired Zoomie NES Life Member NES Member

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    You have your definitions confused. Money backed by the Government's decree is a fiat currency. Money backed by an item of value, in this case gold, is a commodity-based currency.

    Whether precious metals and gem stones will hold their value and desirability in a SHTF scenario depends upon how how bad the situation becomes and whether any semblance of an organized society can be established.
    Even then some other items can become more valued and serve the role gold does. Or the barter system can become king.

    The wise man does not place all his eggs in one basket. Food, water, weapons, land, tools, the ability to provide skilled labor, membership in a (strong) tribe, precious metals...the more varied your resources are, the more likely you are to survive various scenarios.
     
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  16. Rob Boudrie

    Rob Boudrie NES Member

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    You should be able to sell US Silver Eagles for at least spot - but still for about 5%-6% less than you paid for them, assuming no spot price change and sales in reasonable quantity ($10,000 value or more)
    Soldiers in the ill-fated Carter era hostage rescue mission were reportedly issued gold coins, not fiat currency, in case they needed to bribe someone during their mission.
    And how many of these impartial analysts work for brokerages that are trying to sell you silver? As to the integrity of brokerages - when they offer "why to buy" analysis, they NEVER mention any gain is taxed at ordinary income rates, not as capital gains.
     
  17. MisterHappy

    MisterHappy NES Member

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    Silver Coin Melt Values - Single U.S. Silver Coins

    OP: You don't say why you want to melt it.

    If it's to prep for SHTF, were I a trader, I'd prefer that your PMs were in other form than a lump.

    If it's for quick cash, then the numismatic value may add to your hoard's value.
     
  18. Catoperat

    Catoperat NES Member

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    Mostly to consolidate non-collectible silver coins that are in relatively poor condition. I've done some more research and putting the coins into lots and selling them (as is) seems to be the most efficient way to covert them. I'm keeping the interesting ones. So far nothing of collectible value has surfaced and I've gone through all the "silver".
     
  19. Prepper

    Prepper NES Member

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    Well, they do call it junk silver for a reason. Still, if you don't want it, I'd just sell it and let it be someone else's problem, and use the proceeds to buy some silver eagles or something pretty and shiny.
     
  20. silversquirrel

    silversquirrel NES Member

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    NOT TRUE! Everyone knows silver bullets are also for vampires.
     
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  21. JayMcB

    JayMcB NES Member

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    those are wooden stakes, sillysquirrel!
     
  22. enbloc

    enbloc NES Life Member NES Member

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    You know that there are members here that might trade guns and ammo for that pre-64 silver...?
     
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  23. rudiewhitebwoy

    rudiewhitebwoy NES Life Member NES Member

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    Junk Silver is Post Apocalyptic Currency. Some people I know buy ingots and rounds. I don't see people walking around with Silver Acid Test Kits after TEOTWAWKI to verify peoples Silver before they take it in trade. Trying to Counterfeit Dimes & Quarters is cost prohibitive, although the Chinese have been making fake Morgan Silver Dollars. To me Junk Silver isn't an investment as much as it's insurance. I don't have a lot, maybe $300.00 face value scattered between ten places in three different states. My precious metal portfolio is mostly Lead & Brass.

    It doesn't hurt to keep an eye on melt values. http://www.coinflation.com/silver_coin_values.html
     
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  24. 426wedge

    426wedge NES Member

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    Yep, I have collected silver in all shapes, sizes and denominations and country's over my life. Mostly older coins, but some bullion. the way I figure it, after the apocalypse, I go to the local Mad Max Mart and get a loaf of bread for a walking liberty half dollar....and maybe some boolits for a few Morgans....
     
  25. Rob Boudrie

    Rob Boudrie NES Member

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    Coin rolls, and trays for multiples of rolls, are great for consolidation.
     
  26. MisterHappy

    MisterHappy NES Member

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    Depends. In Love at First Bite, that's tried, but:
    Subsequently he tries to shoot him with three silver bullets, but Dracula remains unscathed, patiently explaining that this works only on werewolves.

    (Source: Wikipedia)

    I guess its like zombies - the rules are variable. Hell, in World War Z (book), a brisk walk would get you away from a zombie; in the movie, they'd catch that Usain Bolt guy! [rofl]
     
  27. fencer

    fencer NES Member

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    That's what I was thinking.. OP really wants to make bullets.

    Toilet paper...
     
  28. MisterHappy

    MisterHappy NES Member

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    Dude...that's the stuff with the dead presidents and stove inventors on it! [rofl]
     
  29. enbloc

    enbloc NES Life Member NES Member

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    The trick to being a proper Prepper is to have the things you may need, and pray you never need them. Kinda like CCW...
     
  30. browncoat

    browncoat

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    You will definitely make more selling them here than at a coin shop. My money is mostly in lead and steel, but I'm a little diversified ;)
     
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