Perhaps redbook should start listing all Circulated
silver coins at a minimum of three times their Melt Value,
or we'll eventually loose them all to Melting.
still going on today,
article from 1999 AFTER THE MELTS in 1979 and 1980: WHAT'S LEFT IN SILVER COINS?
Normally, the value of a coin is based on how many were made. In years to come, however, the value of silver United States coins may hinge to a greater extent on how many were lost. Millions have been melted for the recapture of their metal, and the impact on coin collecting -- while still not fully gauged -- is likely to be great as time goes by.
Most of the melting took place in 1979 and 1980, when silver bullion soared to an all-time high of $50 an ounce. At that point, common-date silver coins were worth far more as metal than as money or collectibles. Even scarcer items could be melted at a profit.
Coen estimated that of all the silver coins produced by the United States Mint, only about one-quarter survived the ongoing melts. He confided that he himself sold refiners $400 million worth of fabricated silver, mostly silver coins, during the one-year period from July 1, 1979 to June 30, 1980 -- "and," he commented, "other guys were doing the same thing."
"All the low-end silver stuff got melted," he declared. "Any coins that wouldn't bring 35 bucks an ounce or more at retail -- there was no other point but to melt them.
http://www.pcgs.com/Articles/Detail/496
silver coins at a minimum of three times their Melt Value,
or we'll eventually loose them all to Melting.
still going on today,
article from 1999 AFTER THE MELTS in 1979 and 1980: WHAT'S LEFT IN SILVER COINS?
Normally, the value of a coin is based on how many were made. In years to come, however, the value of silver United States coins may hinge to a greater extent on how many were lost. Millions have been melted for the recapture of their metal, and the impact on coin collecting -- while still not fully gauged -- is likely to be great as time goes by.
Most of the melting took place in 1979 and 1980, when silver bullion soared to an all-time high of $50 an ounce. At that point, common-date silver coins were worth far more as metal than as money or collectibles. Even scarcer items could be melted at a profit.
Coen estimated that of all the silver coins produced by the United States Mint, only about one-quarter survived the ongoing melts. He confided that he himself sold refiners $400 million worth of fabricated silver, mostly silver coins, during the one-year period from July 1, 1979 to June 30, 1980 -- "and," he commented, "other guys were doing the same thing."
"All the low-end silver stuff got melted," he declared. "Any coins that wouldn't bring 35 bucks an ounce or more at retail -- there was no other point but to melt them.
http://www.pcgs.com/Articles/Detail/496
