Pawn shops and silver coins.

Discussion in 'Coin Chat' started by WpnsExpert78, Aug 21, 2012.

  1. WpnsExpert78

    WpnsExpert78 New Member

    I was disappointed to learn that a pawn shop near my home no longer sells the silver coins. I wad told they ship all coins with their scrap gold, the manager told me that this is because it offsets their cost of smelting their gold. So the way I took that is they send the coins in so they can covert their cost of smelting. I tried everything to buy the whole box of coins yesterday and was told there was no way. So after leaving that shop and thinking about it for few minutes I called and spoke with the manager (which is who I had spoke to while there) and said "I understand that you cant sale the ones you have right now but in the future would you be interested in trading my gold for your silver coins" to my relief he agreed.

    I know it may sound stupid but if they are melting them in volume to save money that means my kids might never see some of the awesome coins of the past. Just wondering how everyone else feels.
     
  2. Avatar

    Guest User Guest



    to hide this ad.
  3. coleguy

    coleguy Coin Collector

    I don't think your kids have anything to worry about. There are far more coins in collector hands that will never be melted than coins in investor hands that might.
    Guy
     
  4. enochian

    enochian silver eater

    isent that illegle
     
  5. sjlund

    sjlund Member

    I don't think so, but the above "quote" is a crime.
     
  6. dsmith23

    dsmith23 Gotta get 'em all

    What, melting silver?

    No.
     
  7. enochian

    enochian silver eater

    didnt think you were alliowed to melt american currency i know for a fact you cant do it to a penny
     
  8. WpnsExpert78

    WpnsExpert78 New Member

    No its not illegal to melt silver coins. Its only illegal to alter, deface, etc. them. I understand there are coins in collectors hands but when you know that boxes of good coins and some that maybe rare are being thrown to the fire it makes you (atleast me) kind of sick. As for pennies and nickels I am not sure but I do believe it is a crime to melt them. I am ONLY speaking of silver coins. After all at one time the goverment was the one wanting them back and melting them right?

    Section 331 of Title 18 of the United States code provides criminal penalties for anyone who fraudulently alters, defaces, mutilates impairs, diminishes, falsifies, scales, or lightens any of the coins coined at the Mints of the United States. This statute means that you may be violating the law if you change the appearance of the coin and fraudulently represent it to be other than the altered coin that it is. As a matter of policy, the Mint does not promote coloring, plating or altering U.S. coinage: however, there are no sanctions against such activity absent fraudulent intent.
     
  9. coleguy

    coleguy Coin Collector

    I doubt there are any rare pieces in those melt boxes, as collectors pretty much have all those pieces in-hand. But I agree, I always hate to see silver and gold coins melted down to ugly, lifeless bars. It doesn't happen as much as people think, but a small percentage does meet it's end each year.
    Guy
     
  10. Lon Chaney

    Lon Chaney Well-Known Member

    The ban is currently on cents and nickels only.
     
  11. enochian

    enochian silver eater

  12. dsmith23

    dsmith23 Gotta get 'em all

  13. enochian

    enochian silver eater

    Yeah i realized that thankyou
     
  14. Pilkenton

    Pilkenton almost uncirculated

    I sold a few graded common Franklin proofs to my local coin store. He cracked them open and threw them in his melt bucket.
     
  15. MrCheeks

    MrCheeks Active Member

    I have to say stuff like that bothers me.
     
  16. WpnsExpert78

    WpnsExpert78 New Member

    Yeah it bothers me that a collector or dealer would melt them down. But I guess sometimes you have to do what you have to do.
     
  17. -jeffB

    -jeffB Greshams LEO Supporter

    Sure, and those collectors hang onto those good pieces. Until they die, or they have their house burglarized, or their uninformed child/spouse/parent raids the collection for spending money.

    It's all part of the numismatic Circle of Life. In fact, it's probably the same for most forms of collecting. If the things you collect also have a mundane use, sooner or later they may fall into the hands of someone who just wants to use them.
     
  18. WpnsExpert78

    WpnsExpert78 New Member

    I was going to say something similar earlier but couldn't find the words but you nailed it right on the head. But the truth of it is there are a lot of coins that are stolen, your family member needs a fix, etc. that are in pawn shops from collections that are not meant to be there.
     
  19. JCB1983

    JCB1983 Learning

    I've seen many ASE's and raw Franklins/Morgans go down the tubes at my time in the pawnshop. We had our own melting equipment and it would all get melted down with the jewelry at the same time. All into 10 oz bars.
     
  20. WpnsExpert78

    WpnsExpert78 New Member

    Thats a shame but at the same time pawn shops are all about the money.
     
  21. MrCheeks

    MrCheeks Active Member

    Most places are about the money and don't care about the collector value. And to agree with the post earlier about uninformed heirs and such, it's so true. I'm the only grandchild or child in my family that is into collecting and carrying on my Grandfather's and Great-Grandmother's collection. Their collections together total a large amount of money, however I see it for it's history and numismatic value. There is some stuff that I would want to pass to my children, but I'm sure there will be a large argument about selling it, because most people only see dollar signs and don't care about anything else.
     
Draft saved Draft deleted

Share This Page