2006-06-24 03:47:29 · 8 answers · asked by thebumpers 1 in Business & Finance ➔ Investing
Supposedly it's illegal though (I'm giving away my age)...I remember when there was a big rush up in the price of silver to $50+ per ounce and coin dealers and antique shops were all rusing material to smelters (technical term for those who melt/refine metals). Nobody was ever arrested for it that I'm aware of. Numismatic value is determined by the date, mint, and condition of the coin so I'd check the Redbook at the library to see if the coin is worth more than melt (melt is currently at around 6x face for silver).
2006-06-24 06:30:07 · answer #1 · answered by thebigm57 7 · 0⤊ 0⤋
Chances are you want to melt down a silver coin to sell it for the value of the silver. Is it possible that you would get just as much or more from a coin dealer if the silver coin was intact? All in all though, if you melt down a silver coin who is going to know it was once a coin? It could have been anything.
2006-06-24 03:58:52 · answer #2 · answered by Bags 5 · 0⤊ 0⤋
Regulations (rules) have the force of law as most actual laws specify that the governed agency has the authority to promulgate such regulations. I know of at least 2 specific cases which have affected me directly in which the governed agency's authority to regulate has the force of law. I THINK you're correct that one can do with coins (or bills/bank notes, for that matter) as one desires, as long as there is no fraudulent intent. Considering the price of silver and gold, any of those coins likely have more value as scrap than face value. However, they likely have more numismatic value than scrap value, so melting them for scrap is likely a foolish undertaking....
2016-03-27 02:59:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It is illegal to deface any US currency and melting it down for the metal certainly falls under this category
this includes writing on bills and punching holes in coins
2006-06-24 03:52:31 · answer #4 · answered by Celestial Dragon 3 · 0⤊ 0⤋
Technically yes it is a crime but you won't be prosecuted for it. Defacing US Currency is a crime.
2006-06-24 03:51:10 · answer #5 · answered by James 3 · 0⤊ 0⤋
it is pathetic if it is illegal...do it anyway, it is your hard earned coin!
2006-06-24 03:51:18 · answer #6 · answered by Cap'n Donna 7 · 0⤊ 0⤋
it's got to be illegal...you're destroying currency...
2006-06-24 03:52:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
no,, it used to be,,but no longer
2006-06-24 03:50:39 · answer #8 · answered by Anonymous · 0⤊ 1⤋