They are now throwing modern silver proof quarters in the melt bucket.

Discussion in 'What's it Worth' started by bhp3rd, Oct 25, 2009.

  1. bhp3rd

    bhp3rd Die varieties, Gems

    They are now throwing modern silver proof quarters in the melt bucket.
    I remember that in spring of 08 they did the same thing but I forgot about it. One guy was really throwing somebody elses proof silver in the melt bucket.
    Yesterday I had a group of about 15 to 20 modern silver proof sets (2003, 04, and 05) and silver quarter sets of same and that's what they based the price on for the quarters was dead melt. I was doing a favor trying to sell them for a friend and he said he would take $800 for the group and that was quite a bit lower than he paid of course - the best offer I got was $350, the best and he did not want them.
    Ah the true value of many modern mint products - as time goes on I see that most of this stuff is the very worst investment there is in the coin world.

    By the way yesterday's show was much better than months past and buying selling was brisk for gold and silver. Some of the moms and pops were back buying coins to fill sets though so there is some hope again as we get near the holidays.
    As stated above the modern mint and proof sets best bid was 15 back and the worst was more than 20 back with the seller offering hoping they would not even have to buy them for any price.
    No one had any 09 mint sets yet and hard to believe but world coins and tokens were being bought and sold more.
    Seemed to be a lot of GSA dollars on dealers tables and though BU they are dogs, no quality left in those boxes - the ones that have been nice have went home to plastic and I get that all right.
    2009 Lincoln rolls are dead as well they should be we will be pouring through them for the next 10 years at face value, (I dread it already)!
    Some people talking about the unavailibilty of 2009 nickles, dimes (as they have on here) but they to will be propping open doors soon at about the time everyone will want 2010 stuff most likley.
    You never know!
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  3. silvrluvr

    silvrluvr Senior Member

    I would think that the silver statehood proof quarters would do better than melt if in good shape. Were they hazy or ugly or anything? There's still a pretty brisk market on eBay for the earlier ones...maybe they made too many of the later ones? I have the 1999-2009 silver proof sets, but I'm only interested in the quarters, so I have quite a few of the rest of the proof coins that really aren't worth anything to me, except for the different nickels, pres dollars and 2009 proof lincolns.
  4. bhp3rd

    bhp3rd Die varieties, Gems

    They were breaking open the sets containing perfect coins

    They were breaking open the sets containing perfect coins and dumping them in a bucket.
  5. mralexanderb

    mralexanderb Coin Collector

    I buy the modern silver and clad proof sets because I the coins are beautiful. I'm not really thinking of the profit potential as I'll probably never sell them. I think the market for the gold and silver coins will be there because the public knows that precious metals are going up in price, worldwide. As far as the Lincoln cent rolls for '09, IMO they'll be worth the fifty cents they're truly are worth.

  6. chip

    chip Novice collector

    I am a bit surprised at this news, is it a local phenomenom? Around here the new silver proof set was priced at a premium over the original mint price. I have not seen anyone buying them, in fact I usually see more people selling than buying.
  7. JJK78

    JJK78 Member

    They should be dragged into the streets and stoned to death with slabbed morgan dollars... :) :hammer:

    Seriously that is just crazy!
  8. clembo

    clembo A closed mind is no mind

    No it's not if you look at it from a dealer's point of view. As bhp3rd pointed out dealers are paying anywhere from 15-20% back of Greysheet bid. Where I work it's 20% back because we have no use for them plain and simple.
    We probably have at least 50 of each of the 2003, o4 and 05 sets and NOBODY is buying them. Bid on a 2003 set is about $18 so take 20% from that and it's $14.40. Melt on the silver is higher. Plain and simple.

    It's up to the seller to know and realize what the better deal is at this point. If a dealer offers you $15.50 and his "junk silver" price is higher go for the "junk" price. If you don't get it leave.

    Just so happens that I have about 15 of the 2003 sets. Man! Did they dog. It happens. I've already told my boss if silver gets high enough I'll sell them as "junk silver". If he offers me bid less 20% I'll crack them out and scratch them up for "junk".
    Yep, some beautiful proof coins that I have already lost on and not worth having to most dealers for quite some time because they don't have any buyers.

    Supply is there. Demand is not. Now, if someone were to approach me and say "I'll give you full mint issue price" I'd dump them in a heartbeat and know they probably wouldn't be tossed into melt.
    Fact is this. Right now melt is over bid and it will be a long time before these are ever over issue price. I took a risk on these and lost. May as well get what I can out of them.

    I may hold onto a few for that time but for now I'm watching spot prices. I can dump the silver and still have all of the non silver coins.
  9. scottishmoney

    scottishmoney Buh bye

    Look at the 1980s gold commemoratives, they usually trade for spot now. If the trend continues with the quarters, and people fall on hard times and sell them for spot, you can bet they will get melted and the remainders may become rarities down the road.
  10. bhp3rd

    bhp3rd Die varieties, Gems

    This is the reason exactly.

    This is the reason exactly.
  11. Tater

    Tater Coin Collector

    I remember last year when silver spiked the same thing happened. Maybe its a good time to by a set at spot. Hum now I'm thinking this could be expensive.
  12. donnyb

    donnyb Member

    I flipped the tv over to "The Treasure Hunter" a coin show on DirecTV and Jimmie was selling rolls of Proof State Silver Quaarters, claimed to have gotten them from the mint, but probably got them for melt price and trying to resell them at a HUGE profit.
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