Help with junk silver.

Hello,

I am thinking about coin roll hunting or buying junk $1 silver bags. I am new to this and have just been investing in bullion. Is it worth it? Also, once I find junk silver, should I melt it down or just sell the coin. I am not worried about startup costs.

Off topic question, but does anyone know how much copper is in a penny? Im pretty sure they use mostly zinc now. I would search this up myself but im about to go to bed as it is 1:30 in the morning. lol.

Sorry if there are errors, I am typing this on my phone. Also, sorry if this is in the wrong place, I have no clue where to post it.

- Adam

 

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Hello, Adam, and welcome to C.T. I'll say no, do not melt the coins. You can sell them as is. The nice thing about coin roll hunting, (CRH) is you can find silver, or errors, etc... at face value/cost. It really helps to know what to look for though. Others may chime in with further, more detailed advice. I would recommend picking up a copy of the "Redbook" ignore the prices, they are way off usually.
John.

 

Adam,

First off welcome. You came to the right place to learn.

Coin roll hunting can be the cheapest way to get silver. If you have a good dump plan, it's basically free to look for silver. That's the route most of us prefer. It's very hit or miss and takes a lot of patience. Junk silver can be fun but they often weigh less due to circulation wear. You have to consider that when purchasing. Buying bullion is another way to go. The biggest concern is not paying too high over melt value.

Also, since 1982, there is no copper value in the US Cents.

Brandon

 

Thanks for the info, would banks let me get a lot of coins and then let me take them back once I search through them? Also, what kind of coins should I start with? Half dollars, quarters, dimes?

Thanks, albums are just sets of coins right? So, if I buy junk silver bags if I find duplicates just sell them to a coin shop? Then, what should I do with the albums?

(This is to everyone) So, for junk silver and random silver coins, it wouldn't be worth it to melt it? I'm not talking about fuel, I just mean would I get more for the face value of coin, or melting it and selling it for the melt value? Also, what is the best way to know if coins are silver? Thanks!

EDIT: Ok so I just found out that dimes, quarters, and half dollars that were minted before 1964 are 90% silver and coins 1965-1970 were 40% silver. Should I keep the ones that are 40% silver? Should I keep the two different kinds in separate containers?

 

Only the half dollars 1965 - 70 are 40% silver, the dimes and quarters are coppernickel clad. Yes I would keep the 40% and 90% in separate containers. It would hurt the coins to keep them together, but it makes it easier to figure out what you have and value if you don't have to keep separating them again for counting.

Depends on the bank. Some don't mind providing coins for people, most will only do it for account holders, many will resist if you try to get large quantities. And one of the quickest ways to get a bank to cut you off is to get them and them bring them back and ask for more. Most people will have one bank that they get coins from and another that they take them back to. Banks don't like having to handle large amounts of coins because it cost them money to order them and to send back what they don't need. So they try to balance their needs so they don't have to order or ship any back. Coin roll hunters screw this up for them and it ends up costing them money.

Half dollars usually provide the best chances of finding silver, but most banks don't hold a supply of them so you will often have to get them to order them for you (you're back to costing them money) You'll need to order in multiples of $500 boxes.

 

I'll give you two of my tips:
1. I dump at coinstar. They give 100% if you turn your coins into a gift card (applebees, Amazon, iTunes, Southwest Airlines, etc.)
2. Whenever I can go, I search out every bank in an area. I go and ask for any half dollars they have and any customer wrapped rolls on quarters and dimes. Your best bet is customer wrapped stuff. Sometimes you get foreign (world) coins or miscounted rolls, but the banks are always more than happy to get rid of customer wrapped items.

 

One note on melt value of silver. You mention several times in the thread considering melting 90% silver coins and then selling them. Very few people actually melt silver themselves, rather we "sell at melt value" without actually melting them personally. Melting metals can be extremely hazardous and requires meticulous safety procedures, knowledge and preparation to accomplish without a number of potential disastrous accidents, and is best left to the pros who supply the bullion, jewelry and industrial usage market. Just a caution. Otherwise, there's some great advice in here. Enjoy...

 

Alright thanks guys, just got out of a movie but before that I picked up $20 in dimes, I didn't find any silver, figures. So, if I buy a $1 junk silver bag for around $13 is it worth it for melt value?

 

You are paying a premium of about $1.25 over melt which is also called the "spot Price" (currently $16.43). $1.25 is not bad but look around for a better deal.

 

I would not waste any time looking for silver in dime or quarter rolls. It may happen but you time is more valuable. If you are going to search then stick will halves, but your return is still likely to be low unless you dedicate hours and can find a good source. If you want junk silver then just buy it at the going rate. Time is money.

 

If you have the time to put in, you might consider buying a roll of 90% Silver Washington Quarters 1964 or as big a lot in number of coins as you can afford. Experience taught me that the bigger the lot, the less it has been scrutinized, especially when it is an entire roll from a volume dealer. This is one case where eBay seems to actually be a preferred market, as you can see how many sales the seller has, and if that is in the thousands, it's more likely a better and more reputable seller, that and a 99% + positive feedback will give you more confidence in who you're buying from. Also, the big dealers that have many rolls available, you can see how many are /were available and how many left, the more they have sold increase (at least in my experience) the chances that they just buy low and sell high and that there are likely to be some nice finds date, mint mark and grade wise to make it worth it. Pick those out, sell off the common stuff at melt and do it again. This at least used to work for me. It's kinda fun, too.

 

Thanks for the information.

(To all) Would it be worth it to be sterling silver and melt it down? I would obviously only buy it if it was worth the money for the melt value, but there is 90% something in sterling silver? What other metals is in it? How much is sterling silver going for right now? (If there is a specific price for sterling silver).

 

Sterling is 92.5% by weight.
Melting it yourself requires great skill and can be dangerous. See my previous reply.

 

Multiply the per ounce .9999 spot price by .0925. That times the weight of your sterling piece. Note. TROY ounces. NOT our English 16 ounces to a pound. That's a whole nother subject.
https://www.govmint.com/coin-authority/post/troy-ounces-vs-avoirdupois-ounces/

 

Please, "DO NOT ATTEMPT TO MELT ANY METALS"
You sell them as is.

 

Also, don't be fooled by people selling a dollar face value of 90% silver US coin(s) at the current silver spot price. It's a sleazy way of playing on our impulse buy, gullibility and inexperience into MISTAKENLY concluding we're getting an ounce of silver for our 16 bucks and change (as of today's spot price 8/8/2017. For example, the melt value of a Morgan Silver Dollar is only 12 bucks and change, as it is only contains .77 troy oz of silver. These advertisements are common on eBay and while not illegal, they are sleazy.

 

It's really hard to make a profit from CRH. CRH is just for fun.