Refiners, Melters, Smelters?

[TxTim]

Does anyone know the names and locations of the places that coin dealers ship junk silver?

 

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[Nick A]

I don't think bags of coin are actually melted much these days. They are traded/sold as bags of coin. Most dealers would buy until they had a full bag of $1000 and then sell it as a bag. I imagine some damaged coins and jewelry gets the melt though. There is one refiner that I think someone on here used. Maybe called Midwest? I think they were in Michigan.

 

[TxTim]

I don't think bags of coin are actually melted much these days. They are traded/sold as bags of coin. Most dealers would buy until they had a full bag of $1000 and then sell it as a bag. I imagine some damaged coins and jewelry gets the melt though. There is one refiner that I think someone on here used. Maybe called Midwest? I think they were in Michigan.

I've gotten quotes from dealers who tell me that it costs them a % for shipping. I may be naive but every dealer I've talked to has said this and assume they send it off.
I am also aware of Kitco and Midwest who cater more to the individual and pay a relatively low rate based on spot prices - I really don't think a dealer would sell to them. I believe there have to be a couple major refiners where most dealers ship junk silver coins.

 

[65gt350]

I have not been able to get the name of the refiner or buyer that my local dealer uses. He is funny that way. Here is a link to a Kodak document from 2002 listing some refiners

http://www.kodak.com/global/en/corp/environment/kes/pubs/pdfs/KES59.pdf

I think the lot charge makes it hard to justify a small player (3-5 bags) using a refiner. I think most people want to drop the bags off and walk away with cash and not deal with the paperwork a refiner will require.

Have you tried APMEX, CNI or even Franklin Sanders?

65GT350

 

[Ascholten]

Midwest refineries will take your coins.

some people complain that the prices are low but when you look at your stature, .vs. someone who is sending thousands of dollars of face value coins, the volume drives the better prices.

Have to remember assay fees, and all that. Yes some places you might get 96 percent face value but you better have 1000 ounces to start with, and then there are all the hidden fees, the assay fee, the in processing fee, the 'lot fee' the, inbound shipment fee, the 'chemical fee'.... etc etc.

I have a coin dealer who I deal with marked gold and bullion etc, he pays me 97 percent of spot... stuff I aint sure, like my recoveries from circuit boards, cat precips etc, I just send into the refiner, overall it's just easier.

For what it's worth, I use Midwest refineries. Overall they seem to have the less BS to deal with out of all of them.

Aaron

 

[65gt350]

TXTim,

I assume that you want to get rid of 40% based on your YTD totals. Midwest will not take the 40% coins they only take 90%.

You could also try Bullion Direct in Austin (Nucleo Exchange) .Right now they have a bid for 3.53x face. I have used them once. I think they will accept in person deliveries.

Best of luck
65GT350

 

[Dimeman]

Does anyone know the names and locations of the places that coin dealers ship junk silver?

Tim,
Looking in the Yellow pages it has a listing for Houston Precious Metals 607 Chenevert

The ad shows precious metals refining...& "We specialize in gold and platinum scrap"
I know that in the silver boom of late 79 and the early 80's a few of the coins shops that were in Houston, at that time, sent their stuff there to get it melted down.

 

[Emperor Findus Cladius]

You might try looking at www.goldmasterusa.com. They are purchasing $1000 bags for $3339.02 at a spot price of $13.01. That is better than 3X face.

 

[fiatboy]

They do melt bags of 90%. Quite frequently, too. Here's the place I work with. http://www.opm-llc.com/home.html

 

[TxTim]

Midwest refineries will take your coins.

some people complain that the prices are low but when you look at your stature, .vs. someone who is sending thousands of dollars of face value coins, the volume drives the better prices.

Have to remember assay fees, and all that. Yes some places you might get 96 percent face value but you better have 1000 ounces to start with, and then there are all the hidden fees, the assay fee, the in processing fee, the 'lot fee' the, inbound shipment fee, the 'chemical fee'.... etc etc.

I have a coin dealer who I deal with marked gold and bullion etc, he pays me 97 percent of spot... stuff I aint sure, like my recoveries from circuit boards, cat precips etc, I just send into the refiner, overall it's just easier.

For what it's worth, I use Midwest refineries. Overall they seem to have the less BS to deal with out of all of them.

Aaron

Thanks Aaron - they are way low compared to dealers here not to mention freight - I also know 2 MDr's who got burned on jewelry they sent there to sell.

TXTim,

I assume that you want to get rid of 40% based on your YTD totals. Midwest will not take the 40% coins they only take 90%.

You could also try Bullion Direct in Austin (Nucleo Exchange) .Right now they have a bid for 3.53x face. I have used them once. I think they will accept in person deliveries.

Best of luck
65GT350

Thanks GT-
I may call the Austin outfit.

Does anyone know the names and locations of the places that coin dealers ship junk silver?

Tim,
Looking in the Yellow pages it has a listing for Houston Precious Metals 607 Chenevert

The ad shows precious metals refining...& "We specialize in gold and platinum scrap"
I know that in the silver boom of late 79 and the early 80's a few of the coins shops that were in Houston, at that time, sent their stuff there to get it melted down.

Hey Robbie-

Thanks - I have talked with them and they have always had the best quote locally- their quote is good for one coin or ten thousand.

You might try looking at www.goldmasterusa.com. They are purchasing $1000 bags for $3339.02 at a spot price of $13.01. That is better than 3X face.

Thanks Waye - I'll look into them.

They do melt bags of 90%. Quite frequently, too. Here's the place I work with. http://www.opm-llc.com/home.html

You are working at the coin dealer aren't you?
That is the type of place I'm wondering about. How does your shop go about the transaction and how do they ship their bulk coins?

 

[fiatboy]

You are working at the coin dealer aren't you?
That is the type of place I'm wondering about. How does your shop go about the transaction and how do they ship their bulk coins?

Yes.
We have a contract with them. Almost all coins and scrap are shipped via the U.S. Post Office. I don't know much about the details of the deal, except that they pay quite well for large orders. 90% silver and scrap gold are what we send them most often. They assay it, send us a report of what we sent them (purity, weight, etc.), we agree with the assay, and then we get a check for the metal less the fees. I don't know all the minutiae of how this stuff works---for some reason, the people who buy/sell metal make it seem mysterious---but this is the gist of it.