there are still people out there like this

I took a little drive yesterday and hit up a few antique shops along my drive when I came across a slightly large one. I stopped in and asked if she had any silver coinage US or foreign and she told me that all of the silver coins that are brought to her goes into a melting pot she has. I said REALLY! She said yes, I told her that some coins are worth more than melt and she replied that she wasn't interested in all that she just melts it and moves on. How in the world can you be an antique dealer and not research what you are selling considering coins are antiques. I was heart broken at the thought of the possibility of all the nice coins that may have been melted down....sigh

 

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Did you ask what she was doing with them after melting? If sold for the silver content content they would have to be assayed to be fair to the buyer, so maybe she would allow you to see the next batch and maybe buy for melt + premium -smelter costs. If you don't want the wholes batch, sell off the rest. They may not know coins, but they usually have a idea of a good deal.

 

I don't buy it. She has a smelter in the back room? And what's she going to do with a .900 silver bar?
Maybe she sells them off in bulk at melt (prices).

 

I told her that the next time she gets a batch in to give me a call and that I was interested in buying bulk and I would give her fair spot value she said she'd keep me in mind the next time she gets a bunch in.

 

Assuming every coin is 90% - arent some Canadian coins 80%? and some foriegn coins 92.5%, or 93%. Seems there will be more $ spent screwing around with melting them than just selling in bulk bags of silver coinage.

 

I'm assuming that's what she does, or maybe she makes jewelry. I once knew an old man that did that. What ever she does with it its stupid just to throw it ALL in a melting pot without knowing what you have.

 

I thought that as well but I wouldn't think all of it would be stolen, but maybe she melts it all because of that possibility. The theft problem is bad in eastern ky so it's possible she does it just in case. I asked why she melted it all she just simply said she wasn't interested in coins just the silver value so I didn't press the issue.

 

Won't be the first time -

http://abcnews.go.com/Business/pawn-stars-pawn-shop-melted-stolen-coins/story?id=22851656

 

That's true too. I'm guessing she just didn't really care to explain the process well.
Or maybe she was just working the counter and doesn't really know.

 

It is unfortunate, but some antique dealers don't care enough to buy even a Red Book. I personally like browsing antique stores for great finds they don't recognize (one of the only advantages), but there was this antique store I went to one day that had WAY overpriced coins. A 1943 cent in about G-4 condition costs (apparently) $50. Seriously. I am not going back there

 

I was under the impression that most dealers don't "melt" the coins themselves, but send them off to a third party.

You could point out to her that she could accumulate $1000 worth and send them off to Provident, who will pay her a significant premium over the silver value.

I wonder, though, if this is actually part of a sales tactic? "Yeah, I was gonna melt these -- but I can let you have them for 20x face..."

 

Most antique dealers in my area are big into jewelry, both vintage, antique and new, but not coins. She may be using melted silver to do vintage/antique repairs on jewelry, silverware, silver plate, re-sizing rings, etc. No reason to just assume it's stolen.

 

"contained such rarities as a 1903 St. Gaudens $20 gold piece". That's pretty rare indeed. So much for fact checking.

 

Fact checkers are even rarer. Rarier even.

 

Hope she's not trying to pass it as sterling, given that it's only 90% silver rather than 92.5%...

 

What's next, a worn-down 1921 Morgan for $1000?

 

I am sure there are many people that look at silver coins and just think "silver value", like my wife, who does not get coins at all. She has sort of started to get it when I tell her how much some sell for. Most people out there, of course, are not members of Cointalk, and never think about coins, unless they are buying something.

 

I feel sorry for those people. But that's true indeed. My wife's the same way. The funny thing is, I was the same way 5 years ago. No one ever taught me about coins (my gramps gave some though), so I learned from selling off heirlooms that coins are valuable and some have silver in them! That was enough to get me interested and then hooked. It makes me wonder if more people were exposed to the hobby, but when I try and explain something they look at me like a weirdo. Oh well

 

I got a message on my answering machine when I got home today she said she just got a few WLHD's she didnt say dates. I'll give her a call and see if its worth the drive if not i'll tell her to save them until its worth the drive or to just melt them lol.