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<p>[QUOTE=&quot;Marshall, post: 938691, member: 21705&quot;]Silver is currently $17.87/oz.</p><p><br /></p><p>Silver Value in a Morgan $ is therefore $13.82.</p><p><br /></p><p>Melt Value is some significant fraction of Silver Value so the costs of acquisition and refinement can be recovered.</p><p><br /></p><p>I&#039;ve heard both of these called bullion value.</p><p><br /></p><p>Any Morgan is therefore valued at about $13.50 melt and anything over that is a numismatic premium. If a coin in AG sells for $1,000 for whatever reason, it is due to a significant numismatic premium and melt, even at AG is irrelevant. If a Morgan in MS63 sells for $30, then the bullion value represents almost half it&#039;s value, even in the high grade. </p><p><br /></p><p>It is the commodity investor that drives the Melt Value. It is the collector that drives the premium up for higher grades until market investors get into the mix. Now perhaps we should consider that as a function of price, rather than Grade, but absent special circumstances of rarity, they are pretty similar.</p><p><br /></p><p>Anyway, this is my last post since it&#039;s getting redundant.[/QUOTE]</p><p><br /></p>

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