i cannot melt down my bulk coins correct? Coins not worth collecting except for their bullion value? We cannot destroy legal tender? We can only trade in its value? That's what I think, anyway. So I have a good deal of middling silver. What use is it? Selling bulk for a prized piece maybe? Any direction would be appreciated. Thank you.
I do not know if you can or not, but it is legal. It is, however, illegal to melt cents. eBay only lists 10,000 coin rings http://www.ebay.com/sch/i.html?_from=R40&_trksid=p2060353.m570.l1313&_nkw="coin+ring"&_sacat=0. Everyone has been defaced.
Why go to all that trouble to melt it? Why not take it to a coin show, shop around for the best price, and simply sell it?
Wow. How strange. One cannot melt down cents? But one can melt down bullion? Ok. As for why melt it down, I am staring at six hundred quarters, two hundred plus half dollars, more than a hundred dimes, one hundred morgan and liberty dollars, and picking through it. I even have a recognizable 1820 Large Cent. NEAT! I'm having a hell of a time enjoying my father's "collection" but it is really picking through a mass of material for needles in a haystack. I am really learning to love the process of discovery and collection, but I do not want to just sell it willy nilly. He spent years collecting this stuff and I will honor that, my siblings be darned. I guess I could sell at a coin show and upgrade coins from the bulk, which is what I am hearing, that is the way to go. Pick a series and pursue it. I also have a box of 400 hundred indian pennies. Geez. Not to mention the silver certificates. 1's, 2's and 5's as early as the 1920's. Okay, as of this posting I think I have my work cut out for me. Too much fun applies here and I appreciate your feedback!
If you are really going to sell it, go to a coin show or a reliable dealer. I don't know where you are, so I cannot say much more. However, the first thing you should do is learn what you have and what you are looking for. A good rough start is The Red Book. But do not expect their prices. They are only good for a comparison. I cannot emphasize enough to know what you are doing before you do it.
That's the fun. I will sit on all of this until I know what it is. I think my big question is what a collector does when they have a lot of coins that are below collector value. It sounds like it gets liquidated at a coin show. From what I have learned, an LCS will undervalue as much as possible. One's relationship with the proprietor can affect this price. If I go to a "chop shop" I will get the least bang for the silver.
It's not an issue of undervaluing or cherry-picking. To simplify your life, do a 2-stage process. First, pick out all the worn and common-date silver that will NEVER be worth more than bullion, and those would logically be the first things to sell, although I personally would not sell so close to the bottom of the market. What's your hurry? Second, if 25% of the coins are left, that's where you can focus, piece by piece. Put icons for Coinflation, Apmex, Kitco, eBay, and a few others on your desktop. You want a free appraisal? See what coins like yours SOLD for on eBay (NOT what they're listed for). After allowing for fees and postage, sellers should NET 85% to 90% of the high bid. That's your competition in the marketplace.
Not necessarily. Granted, there are many stores only out to maximize their profits. My guess is most are not around for long. There are also many honest dealers out there. If nothing else, you can look at APMEX to get the going price for bulk silver. If you cannot get something similar to their price, do not sell it.
David, one problem you might encounter if you melt down all of your junk US silver is that a prospective buyer has no way of knowing if your bars or ingots are pure silver, 90% silver or whatever, and they might consider offering you much less because of it. If you keep the original coins, at least the buyers will know the true composition. Chris
Since you have discovered the cognoscenti on CoinTalk, after you have reached a certain number of postings, you could offer the best of what you have right here in the "For Sale" forum, and even the rest as bulk silver. Check the Red Book to see which of each category is worth more than bulk, search for them, and then check realized prices on e-bay to see what they might sell for.
Thank you for the direction. I see the Red Book is the preferred reference. I do believe the majority is bulk silver of course, but it is still silver...
Try to banish the term "bulk silver" out of your vocabulary. With respect to 90% silver, there's some worth keeping and trying to get a premium price out of; there's some that's borderline; and there's some that's JUNK, like worn-out 1943-44-45 Washington Quarters. In three months, you'll know at a glance which is which. Send the junk on its way so you can concentrate on the good coins.
A simple observation is, wow, there were a lot of Washington quarters minted. Curious why from '43 to only '45 then, such coins are Junk. All Washington quarters until '64 are .9 silver, so at least they are worth their silver content. Unless a quarter during this time is in exceptional condition, or unless I can find a 1943S Double die Obv. for instance, then it is worth its weight in silver. Okaaay.
Also, I have quarters that have a uniform "patina" to them. They are rare, like one per roll. They are definitely different from the others that have a distinct "shine" vs. darkness around the contours. Any idea as to the reason for this? Does it indicate value for some collectors?
They might have come from the same area. Unless the patina is attractive or colorful it usually doesn't add to the value. A lot of people like toned coins though and will pay more for them. This is an extreme example but coins like this.
This "patina" or toning is the subject of endless debate. If it is attractive, it might add to the value, if crusty, some people like it but not in general.
I just picked 1943-44-45 as a random example. There's dozens more dates that, if worn, will always be worth silver's spot price, but no numismatic value. They will never enter into your calculations, except that they're worth $X.
