What is “Constitutional Silver”?

Discussion in 'Bullion Investing' started by Gam3rBlake, Jan 16, 2021.

  1. Mkm5

    Mkm5 Well-Known Member

    My LCS doesn't label those bins with any name (constitutional, junk, etc) just separated by denomination. Right now they're about 18x face.

    SD Bullion refers to them as Constitutional, Junk, 90 percent, or pre-65. All priced the same, around 19x right now.

    I also buy from a local small jewelry shop where people trade these in for cash, and he sells them to a melter. He isn't interested in the coins at all.

    I got a whole roll of AU and UNC Peace and Morgan dollars he was just ready to scrap. He refers to these coins as "Melt," and I'm only too happy to buy all he gets!
     
    Heavymetal likes this.
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  3. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    Yes! Some of us are old enough to remember that. Used car salesmen started calling them "pre-owned cars" because it sounded more expensive.
     
  4. Mkm5

    Mkm5 Well-Known Member

    Price is the same, regardless of the name, has been my experience.
     
  5. TheFinn

    TheFinn Well-Known Member

    It's like when people say they want, "Legal Tender" Gold. Do you care from which country it comes from?
     
  6. masterswimmer

    masterswimmer Well-Known Member

    No different than putting lipstick on a pig. ;)
     
  7. DaveisCrazy

    DaveisCrazy Member

    HI Paddy, here is a link to Daniel's web store. https://portsmouthcoinshop.com/
    I have watched some of his YouTube channel CoinHelpU and he seems to be pretty honest in his tutorials explaining the things most newbs are not aware of in the coin business. Like me...:)
     
    runninghorse1, Idoono and paddyman98 like this.
  8. Heavymetal

    Heavymetal Supporter! Supporter

    I’d have a path worn to his door
     
    Mkm5 likes this.
  9. DaveisCrazy

    DaveisCrazy Member

    OH man! Lucky you! What a deal!
     
  10. scottishmoney

    scottishmoney Scots Half Lion 1553 Supporter

    "Taking a constitutional" is also a polite way of saying "gotta go take a dump":eek:
     
    Kentucky and Mkm5 like this.
  11. runninghorse1

    runninghorse1 Member

    I think "Junk Silver" is a way of describing common date U.S. silver coins that are of very little numismatic value above their silver content value. For many common coins that are plentiful in MS grades at inexpensive prices, there really is not much of a collector's market for coins of the same type/year/mint that happen to have experienced more wear/use during their time in circulation. For example, a 1964 Washington quarter dollar coin in Fine condition is NOT likely going to end up in a collector's album when the same date in BU is very easy to obtain for not much more money. Therefore the "Fine" example is relegated to the "junk silver" bucket at the LCS and sold to stackers like me for a fair value over "melt." I'll store the "Fine" example in a coin tube and the BU example of the same coin in a cardboard flip to keep it as nice as it was when I obtained it. Synonymous terms: "constitutional silver," "junk silver" and "90 percent silver."
     
    Mkm5 likes this.
  12. FryDaddyJr

    FryDaddyJr Junior Member


    Roosevelts can be confused with non silver coins. this is obvious. Mercs are also prettier
     
    John Skelton likes this.
  13. Kentucky

    Kentucky Supporter! Supporter

    Would you pay more if they were Barbers, Seated Libs, Busties...
     
  14. Kentucky

    Kentucky Supporter! Supporter

    "This way to the Egress"
     
  15. rte

    rte Well-Known Member

    Silver is silver by weight...
    Rovevelt's and Kennedy's tend to have less wear (more silver weight remaining)
    More bang for your stacker dollar.
    The Mercury's and Walker's are more desired as collector pieces (tend to have more wear from circulating age)
     
  16. capthank

    capthank Well-Known Member

    Label inflation!
     
    Randy Abercrombie likes this.
  17. The Eidolon

    The Eidolon Well-Known Member

    True, but the wear is generally a couple percent or less for all but the most severely worn coins. (Well, modern coins. Older coins were actively clipped). I might be willing to pay a 1-2% over weight premium for older types, with a chance of a few of them having a significant numismatic premium. Particularly if silver prices ever fall, coins that are now available at the same melt price may diverge in value at a lower silver price. If they are the same price now, I'd rather have the older type with a higher numismatic "floor" price.

    And just to have some photos, two of my clipped coins below.
    Prague Grossi, Wencezlaus II (R, clipped) and Karl IV (L, normal)
    ob copy.jpg rev copy.jpg

    2 reales, Seville (R, clipped) and Chile (L, normal)
    ob copy 2.jpg Rev copy 2.jpg
     
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