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Melting old silver coins into an ingets

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

  1. Dennis in MA

    Dennis in MA NES Member

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    I may have a mom'n'pop operation. But I keep my proper Prepper in my Trapper Keeper.
     
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  2. enbloc

    enbloc NES Life Member NES Member

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    Say that 10 times fast...
     
  3. FPrice

    FPrice Retired Zoomie NES Life Member NES Member

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    WITHOUT taking a breath!
     
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  4. Varmint

    Varmint NES Member

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    Some of those coins may be worth more than melt value, so you'd probably want to do some research.
    People generally only melt coins into bars if they want to sell a buttload of silver, which is easier with kg bars.
     
  5. FPrice

    FPrice Retired Zoomie NES Life Member NES Member

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    +1 on this advice. Definitely find out the value.

    Selling precious metals is a lot like selling a gun. If you sell to a gun store they will NOT give you the actual value. They can't because they have to turn it around and sell it for more than they paid you in order to make a profit and stay in business. Often times selling to a collector is the only way to get anything approaching the real market value.
     
  6. Varmint

    Varmint NES Member

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    That type of SHTF scenario (walking dead) is much less likely than a currency collapse, which is when silver would be very valuable. The dollar has lost 97% of its value vs silver and gold since 1970. Do you think it's done?

    In this much more likely scenario, bullets and guns won't be worth much, because the economy is still running, police are still patrolling etc. But the US dollar will be worthless and silver will have retained its value.
     
  7. Varmint

    Varmint NES Member

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    Charts say silver is at a key level ($14), and if it drops much below $14, it's headed for $9.50, and if it breaks up, it'll hit $22, possibly on way to $80.
     
  8. FPrice

    FPrice Retired Zoomie NES Life Member NES Member

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    Could you provide some of those references please?

    added: Silver is at $14.09 tonight
     
    Last edited: Nov 30, 2018
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  9. Varmint

    Varmint NES Member

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    Here's an example, though the chart numbers are out of date since it's 8 months old.

    https://seekingalpha.com/article/4160811-silver-breaks-lower-will-catch-gold

    Silver hasn't been that low ($14.09) since Nov 13, it hit a low of $14.24 today. $14 is THE support level, so if you see it break and hold below $14, get ready for really cheap silver! But I don't think it'll break down, cause the Fed finally blinked, though they'll backtrack a bit now that stocks rallied hard.
     
  10. 1776

    1776 NES Member

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  11. smokey-seven

    smokey-seven NES Member

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    Here's some history.
    AG-5Y-LG.png
     
  12. Spanz

    Spanz NES Member

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    one potential impact on silver....they just figured out a commercially viable way to make solar panels that do not need any silver in them
     
  13. smokey-seven

    smokey-seven NES Member

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    Yes and silver went south when digital cameras came out. There's more than one way to use silver.
     
  14. Rob Boudrie

    Rob Boudrie NES Member

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    Technical analysis is like reading tea leaves - it's right until it isn't.
     
  15. rocket500

    rocket500 NES Member

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    I’m convinced in a SHTF scenario gold and silver will be virtually worthless. At least for a while until society starts to get its feet under it. When it goes bad i think utility will matter a lot more (can I eat it, can I generate heat with it, can I defend myself with it, etc.).
     
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  16. Mike Stanton

    Mike Stanton

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    WRONG

    Women will always want to wear it.
     
  17. rocket500

    rocket500 NES Member

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    When that woman is shivering, starving and just trying to survive until the next day she won’t care so much about accessorizing her outfit.

    I think it depends on how badly things have collapsed. I’m envisioning something apocalyptic. Total fight for survival, people only concerned with their most basic needs.

    If it’s more of a breakdown in government authority then I think the idea that substitution of things like gold for now worthless paper money is realistic.
     
  18. Rob Boudrie

    Rob Boudrie NES Member

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    This is especially true if you are selling to Iggy and Ziggy at the corner "we buy gold" place. If you deal with a major metals house like Apmex, and buy/sell in reasonable quantities ($10K value or more) you can get the buy/sell spread around 5% or so. Of course, that is still an order of magnitude or so greater (percentage wise) than the round trip buy/sell loss on a stock that does not change in value.
     
  19. J.A.C

    J.A.C NES Member

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    If Sh*t really hits the fan or the dollar is suddenly worthless and everyone has a bunch of silver coins my plan is to stock up on coin purses and fanny packs. People will need a way to carry around all that coinage and bars and a tool to snip pieces of them off. I'll be the Fanny Pack Baron of the Northeast.. the King of fanny packs. I will build my own post apocalyptic empire one fanny pack at a time.

    king.jpg
     
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  20. inerlogic

    inerlogic NES Member

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    ok, you're wrong on the first count because a "silver" coin is not fiat, it is backed by it's silver content in the context where you're trading silver coins because the green pieces of paper are worthless...
    as for there being no difference other than decoration, here's where you're wrong also, what is the silver content of the bar you made from an unknown assemblage of coins? you have no idea, unless you have it assayed and marked... and now someone has to trust that mark, further than they can throw it...

    i'll take a bag of coins before a random bar any day ending in "y"
     
  21. Varmint

    Varmint NES Member

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    I don't think silver's commercial use has any effect on the price - it derives most of its value as a form of money.

    Even it's physical demand has little effect on the price, which is just manipulated by commodities trading. You can tell cause when the price gets really low, the physical price diverges from the paper price. This is probably keeping silver above $13.
     
  22. Varmint

    Varmint NES Member

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    Anyone been to a country like Czech, where coins are actually worth something? You can have say 10 coins in your pocket, and buy a nice steak dinner there. What's 10 dimes and quarters buy you? Some Mcnuggets?

    It's just weird to have coins have value again, and it's actually really cool.
     
  23. blindfire

    blindfire NES Member

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    Again...no...I'm right. When you get right down to it...everything is fiat. Precious metals are considered precsious because of its relative scarcity. I personally don't think silver has any value so I assign none to it. The only reason it has value is because a market ASSIGNS value to it. What if tomorrow, I said, "Hey...oak leafs are the new currency of choice for New England. As long as people bought into it, who cares WHAT the instrument actually is.
     
  24. inerlogic

    inerlogic NES Member

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  25. enbloc

    enbloc NES Life Member NES Member

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    I'd be wealthy!

    I didn't get to rake this year...
     
  26. Rob Boudrie

    Rob Boudrie NES Member

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    Only bars from a recognized refinery. Homemade junk silver bars will trade at a much bigger discount than junk silver coins.
     
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  27. Varmint

    Varmint NES Member

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    Gold and silver have been considered valuable by basically everyone but you, since almost the dawn of humanity. There is nothing with more intrinsic value than gold. Fiat money is an IOU from some government. You don’t own anything but hope, hope that a corrupt government won’t stiff you down the line when you try to cash that IOU.

    As you said, anything can have value short term. Tulips, bit coin, beanie babies etc. but it’s usually only a small portion of the world that values those fads. If you want something that’ll be valuable in 5, 25 and 500 years, that’s gold.
     
  28. rali

    rali

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    The Swiss franc is roughly par with the USD (sadly for my vacation budget). Everything from 5 francs down is a coin. There’s theoretically a 5 centime coin, but I’ve never seen it in circulation because prices are to the nearest 10nth.

    I dream of a day we sh*tcan the penny and nickel.

    R
     
  29. rocket500

    rocket500 NES Member

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    Canada 86’d the penny and it works great. No idea why we won’t.
     
  30. Rob Boudrie

    Rob Boudrie NES Member

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    The Zinc lobby?
     

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