2006-08-29 12:13:04 · 8 answers · asked by dizzido2 1 in Business & Finance ➔ Investing
Yes, but that would be foolish, as they're always worth more as rare coins than you'd get for their weight as lumps of raw silver. Check eBay.
2006-08-29 12:21:40 · answer #1 · answered by Steve H 5 · 1⤊ 1⤋
Most worthless coins are kept as coins just because it is an easy way for small investors to buy silver. There has always been a lot of numismatically worthless coins sold "for melt", meaning that you only get paid 80-90% of the value of the silver in them, (the other being dealer profit and refining fees), but the dirty secret is that very few of these are actually melted, most of the time they are just resold to someone else at silver value, with the dealer keeping the "refining" charges. There is nothing wrong with the dealer making a profit, I just wish they would stop telling people the reason they get less than the silver price is because of refining.
By the way, if you buy bags of "junk" silver, expect lots of roosevelt dimes and washington quarters, but if you go to sell half dollars or mercury dimes, expect to just be offered melt price. This is another way dealers profit, buying better coins for "melt", but then selling for a premium. You used to be able to buy walking liberty halves and mercury dimes for melt, but no longer.
By the way, it is not illegal to melt the coins for metal value. It is illegal to deface coins or currency with the intent to deceive, but you can burn or melt coins that you own at will. They are your private property.
2006-09-01 12:01:23 · answer #2 · answered by medoraman 3 · 0⤊ 0⤋
Yes you can do that but cost you more for a few coins to melt then the actually value of the melted silver.
2006-08-29 19:55:31 · answer #3 · answered by ? 5 · 0⤊ 0⤋
Like Joe said, check out ebay. The "useless" coins you speak of are probably worth at least 10X the face value of the coin. Silver is worth much more in today's dollars than it was worth when the coin was minted. That is the beauty of our fabulous Federal Reserve. In case you don't understand inflation, do a search to find out what it really is. Precious metals have been increasing in value for the past several years. Precious metals tend to act as a hedge against inflation. The Federal Reserve is concerned about inflation, so it stands to say that precious metals still have some growing room until inflation is under control. I would guess that we have a couple more years of inflation in front of us. If you bought that silver in 2001, you would stand to nearly double your money by selling it today. If you wait until next year, I would guess that you will triple your money. But research it for yourself. I tend to have less faith in the bankers that run our Federal Reserve than the general public.
2006-08-29 20:12:01 · answer #4 · answered by smlevesque_6 2 · 1⤊ 0⤋
It is illegal to melt the coins. The value of the coins is typically much greater than the price of silver
2006-08-29 19:25:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
People actually buy those "useless" silver coins. It's called "junk silver," but people buy them, usually for more than the cost of their silver content.
2006-08-29 19:30:15 · answer #6 · answered by Anonymous · 3⤊ 0⤋
yes, but finding someone to melt it and then selling it could be another story. it would probably be better just to sell them as coins. because if you get them melted, chances are that you'll have to pay for it, and that kinda defeats the purpose huh?
2006-08-29 19:21:10 · answer #7 · answered by Jaycie 3 · 0⤊ 1⤋
Yes.
2006-08-31 03:35:36 · answer #8 · answered by Anonymous · 0⤊ 1⤋