Deal with coin shops, not pawn shops! please!?

[SilverForBrains]

Most of you are aware of this, but some are not so here I go. WHEN YOU SELL YOUR COINS TO PAWN AND GOLD/SILVER SHOPS THEY MELT THEM!

So why should you care? well, other than the fact that you will get way less under spot than a coin shop or on ebay (plus you get no numismatic value), you are completely removing the coins from what I like to call the "Circle of Silver". In this model, silver coins are a renewable resource. Silver coins are in circulation in sparing amounts. This is a short term reservoir, with high fluxes in and out. The fluxes in are from silver cashed in at face value from dead relatives, old estates, stolen collections, etc. The flux out is due to CRH. Silver in the possession of a person is a long-term reservoir. They may have the coins 50, 80 years. When they die, maybe the collection goes to someone else and stays in the long-term reservoir, but maybe it gets cashed in at face. The point is, as long as silver coins remain in the possession of people, there will always be a flux into the short-term circulation reservoir, which is what you and I as CRHs want. If you take these coins and have them melted, you are removing the # of coins in existence, and the amount of silver in circulation will continue to decrease. it's as simple as that. This effects YOU as a CRH. Sell your coins to a coin shop. Who knows, you may find the same ones again in circulation someday!

 

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[Sleazyj]

Not all, I saw a shop with them for sale at below spot, when I asked why they don't melt them he said they get more cash selling them as-is.

 

[Generic_Lad]

Depends on the coin shop or pawn shop.

I know pawn shops that sell coins rather than melt them (an individual pays more than a refiner)

On the other hand I know coin shops that melt down silver with no numismatic value (40%ers, '64 quarters, Roosevelt dimes, etc.) because they get so much and its better to have instant profit than have a few thousand in face value just sitting around.

 

[namster]

My local coin shop sell 40%ers to the refiners when they amass enough to ship out.

 

[SilverForBrains]

Interesting, I should've realized there are some exceptions. Still, can we agree that on average your silver coins are more likely to be melted at a pawn than a coin shop? Is there any merit to my theory?

 

[PhattyB]

Interesting, I should've realized there are some exceptions. Still, can we agree that on average your silver coins are more likely to be melted at a pawn than a coin shop? Is there any merit to my theory?

No, I don't think there is any merit in this theory. My two local coin shops both ship silver off to refine when they amass enough "junk". Most pawn shops around me don't really buy coins, and the few that do, sell them in the shop, not refine.

 

[MrSchulz]

Stopped by a pawn shop today run by some kids probably 23 or 25 (im 15) thinking they wouldn't know squat about coins. Later to find out, they didnt offer me anything because they dont "take pennies" only silver. I had a bunch of wheats in rolls, and was trying for quick flip since I had with me and was drivingin around with my dad.

 

[SilverForBrains]

No, I don't think there is any merit in this theory. My two local coin shops both ship silver off to refine when they amass enough "junk". Most pawn shops around me don't really buy coins, and the few that do, sell them in the shop, not refine.

oh well, looks like I was wrong about the coin vs. pawn shop thing! the general paradigm about the flow of silver though I think is a useful concept

 

[fistfulladirt]

Interesting, I should've realized there are some exceptions. Still, can we agree that on average your silver coins are more likely to be melted at a pawn than a coin shop? Is there any merit to my theory?

Yes, there is merit. Pawn shops are more likely to take in "hot" coins, shipping them to the smelter as soon as possible. Coin shops around me take a photo and ID when buying. My local dealer can't keep 90% around long, as he sells to those willing to pay more than melt.

 

[jeff of pa]

I have to respectfully disagree with the "Don't Melt silver coins" idea

The more that get melted, the less are out there.

Yes eventually silver may hit the point where a 1964 good condition Dime will be worth $300.00 on silver content
& $2.00 in the red book.

however If 99.9% of all 1964 roosies have been melted,
and the only ones known are in hands of collectors,
& a new collector wants one it may sell for $3000.

I know pretty much dreaming, but hopefully my point of Melting silver coins
may have its Pros,

& all collector prices will outweigh Silver Value

 

[SilverForBrains]

I have to respectfully disagree with the "Don't Melt silver coins" idea

The more that get melted, the less are out there.

Yes eventually silver may hit the point where a 1964 good condition Dime will be worth $300.00 on silver content
& $2.00 in the red book.

however If 99.9% of all 1964 roosies have been melted,
and the only ones known are in hands of collectors,
& a new collector wants one it may sell for $3000.

I know pretty much dreaming, but hopefully my point of Melting silver coins
may have its Pros,

& all collector prices will outweigh Silver Value

Jeff thanks for the input, it's good to hear others opinions on this. I have a similar theory on marking coins, which will eventually make unc. clad coins have a premium (who knows who long it will take but it may happen), but I haven't extended this to silver coins. On one hand I would like to find more silver, on the other hand I would like my silver coins to be worth more. Sounds like maybe they balance out over time and it makes the effort to find them always worth it

 

[SilverForBrains]

An issue though I think, and once again I would like to hear your opinion on this, is that all numismatically valuable silver coins are valued based on their mintages. even though it is common knowledge that only a fraction of these exist due to the melting in the 80's and the more recent melting, the mintages are the only numbers to go on and therefore determine the coins value. In some cases, the most common coins are now the most rare, as people would selectively send out high mintages to be melted. What kind of effort would it take to reassess the existing population of each date and mint mark?

 

[jeff of pa]

An issue though I think, and once again I would like to hear your opinion on this, is that all numismatically valuable silver coins are valued based on their mintages. even though it is common knowledge that only a fraction of these exist due to the melting in the 80's and the more recent melting, the mintages are the only numbers to go on and therefore determine the coins value. In some cases, the most common coins are now the most rare, as people would selectively send out high mintages to be melted. What kind of effort would it take to reassess the existing population of each date and mint mark?

There are several discussions on this here somewhere.

in all Honesty right now there is no population report.

I Think the Coin Graders keep a running total of graded coins,
so that would probably be the only way to get a population report.

of course untill all or most un graded coins get melted or disappear
& People start paying $50.00 to get a $3.00 dime graded
nobody will sit up and say hmmm where are all those dimes ?

 

[PhattyB]

Simple supply and demand will take hold in the case of common becoming rare. It be a bit challenging to be quick on the uptake, but eventually all silver coins will carry a premium. It's only a matter of time, and several iPhone generations away. Technology will keep melting coins until the point where it's not monetarily feasible.

 

[canaboy123]

When ever i get $100 face of silver i send it right to a refiner.

 

[kfs]

If your purpose is to maintain coins in circulation with the ultimate goal of possibly find them again, even if the odds are not good or that some other coin roll hunters will get the chance then sell them on Ebay. It is full of fools case in point

Unsearched Roll Half Dollars 90% 40% Junk Silver Coins Possible Kennedy Franklin | eBay

People pay over face value for rolls of coins all the time, This guy paid $30 + shipping for one roll of fifty cent peices. Clearly if this guy found anything I am sure he would have used it at the store with in a month or two. There are people buying coins on ebay that I am sure are going to just dump them as time goes on into the normal stream on commerce. So if you want better than Spot price for the silver and the chance to someday finding that same coin again put it up for sale on Ebay

 

[boristhespider88]

If your purpose is to maintain coins in circulation with the ultimate goal of possibly find them again, even if the odds are not good or that some other coin roll hunters will get the chance then sell them on Ebay. It is full of fools case in point

Unsearched Roll Half Dollars 90% 40% Junk Silver Coins Possible Kennedy Franklin | eBay

People pay over face value for rolls of coins all the time, This guy paid $30 + shipping for one roll of fifty cent peices. Clearly if this guy found anything I am sure he would have used it at the store with in a month or two. There are people buying coins on ebay that I am sure are going to just dump them as time goes on into the normal stream on commerce. So if you want better than Spot price for the silver and the chance to someday finding that same coin again put it up for sale on Ebay

I think people selling them on eBay like this are fishy to me... I mean you could weigh the roll and compare with a roll full of clad and sell the skunk rolls for a tidy profit margin...

 

[boristhespider88]

But, to add my input to this thread, I don't like the melting of coins, but that's just me and my opinion. I am chill about it.

 

[kfs]

I think people selling them on eBay like this are fishy to me... I mean you could weigh the roll and compare with a roll full of clad and sell the skunk rolls for a tidy profit margin...

This was my very first thought. Weight the roll keep any that are questionable as to containing silver halfs and sell the rest.

I actually found a guy who paid $56.00 for a roll of unsearch halfs on ebay. I could not find that auction for my link but I was blown away when I first saw it. Talk about getting caught up in the heat of the auction. It is not like there were not 20 others ending the same time that he could have gotten the coins for $20.00.

 

[boristhespider88]

This was my very first thought. Weight the roll keep any that are questionable as to containing silver halfs and sell the rest.

I actually found a guy who paid $56.00 for a roll of unsearch halfs on ebay. I could not find the auction. Talk about getting caught up in the heat of the auction. It is not like there were not 20 others ending the same time that he could have gotten the coins for $20.00.

Or could've drove to the local banks and found $10...