Thinking caps on please.

[coolpix9]

Several months ago I remember reading here about a deal somebody had latched onto. The idea was to send these guys 1000 40% halves. In turn they would send you back a 100 ounce bar of silver and $500. At this mornings price of silver, that makes the deal worth $1842 or $1.82 per coin. Do any of you remember who was willing to make this trade or was I just dreaming. I did a search and couldn't hit paydirt.

At today's silver price,1000 40% halves melt value is $1922.

Guys and gals ? any thoughts on this deal.

Next question, anyone know how much a small smelter would cost ? If you could do your own, you could get the copper and nickel also. Thanks, Jim

 

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[scotto]

I get 1,000 40% at today's value would be $1985.00.

So a 100 OZ. bar is $1,342 at spot, + $500.00 = $1,842. Not bad. It would put the 40% at $1.84 per coin, and I don't know of any dealer that would pay that much apiece.

I've never heard of that deal, sounds sweet. As far a buying a smelter, I wouldn't let anyone know if you are going to be doing it if you get one, it's illegal.

 

[fiatboy]

Why is it illegal?

 

[scotto]

From a CNN site:

Now, as of today, or as of -- it might be today, this week, the U.S. Mint is going to make it illegal to melt coins for their metal value. Up until now it's been illegal to deface or destroy coins for fraudulent uses. You can squish them at souvenir parks and things like that. That's OK. They stop being currency.

But now you can't melt coins for currency value. Apparently, people were actually calling the Mint and saying, are we allowed to do this? The other thing you can't do is ship coins overseas in bigger than bunches of $100 so that people are not buying them overseas and doing this.

 

[fiatboy]

Isn't that just for the nickels and pennies? Is it now illegal to melt for silver? Any links?

 

[scotto]

Isn't that just for the nickels and pennies? Is it now illegal to melt for silver? Any links?

Sorry, maybe it is just pennies and nickels, but I thought it was for all coins and currency.

 

[fiatboy]

Coolpix,

I remember that deal, too. And like you, I can't find it now. If the price is right, trade up the 40% for either 90%, sterling, or pure. As a general rule of thumb, any time anyone quotes you a buying price for precious metals, assume that it's only for that day and will change in the future. I guess that's just common sense, though. I have no idea how much a smelter would cost. It's something I've been interested in for awhile but never pursued. Metals in general interest me, and I'd like to do some of my own smelting and refining and whatnot, but only on a small scale. If you find out anything, let me know.

Scotto,

I think the belt ban only applies to pennies and nickels, but I could be wrong. I haven't been following the story too closely.

 

[Wes_]

The melt ban only applies to pennies and nickels. It is perfectly legal to melt silver coins.

http://a257.g.akamaitech.net/7/257/2422/01jan20071800/edocket.access.gpo.gov/2007/pdf/E7-7088.pdf

 

[TEXMAN]

http://www.usmint.gov/pressroom/ind...MELT COINS&formBool=AND&formYear=2007&group=1

http://www.backyardmetalcasting.com/

 

[snappy]

Several months ago I remember reading here about a deal somebody had latched onto. The idea was to send these guys 1000 40% halves. In turn they would send you back a 100 ounce bar of silver and $500. At this mornings price of silver, that makes the deal worth $1842 or $1.82 per coin. Do any of you remember who was willing to make this trade or was I just dreaming. I did a search and couldn't hit paydirt.

At today's silver price,1000 40% halves melt value is $1922.

Guys and gals ? any thoughts on this deal.

Next question, anyone know how much a small smelter would cost ? If you could do your own, you could get the copper and nickel also. Thanks, Jim

I remember the post but I could not find it. I did book mark the site he said he used it linked to here it is.

http://www.midwestrefineries.com/silver.htm

 

[fiatboy]

Thanks for the post, Snappy.

 

[coolpix9]

Thanks Snappy

I knew one of the forum gurus would have kept that info on hand. I was a wee bit disappointed when I read that they don't touch 40% silver coins. I am sitting on a bunch. Maybe I will bury them and dig them up when silver spikes upwards. Thanks, Jim

 

[fiatboy]

Don't worry. There are plenty of reputable dealers that buy 40%ers.

 

[thudson]

Who else besides Kitco buys 40 % halves?

 

[fiatboy]

Most coin dealers buy 40% halves. Check www.coinflation.com before you sell, to make sure you're not getting ripped off. Don't expect full price all the time, but most run-of-the-mill coin shops should pay pretty close to their sell price. Unless you live in Columbus or Dayton (or Reykjavik---seriously, Reykjavik's coin market is wild! They buy SBA dollars and Sacs for above face!---but alas, that's a story for another time...); basically unless you live in Ohio, I can't personally recommend any specific dealers. Calling around ahead of time really helps. Don't settle for something bad if they try to lowball you. Regarding online buyers? I have never sold online, so I don't know. Kitco isn't exactly highly regarded among metals dealers, but that's only because they know what they're doing and it's impossible to get a bargain from them. They won't rip you off, but you probably won't get the best offer. Also, I should add, how many halves you're selling is quite important. The more halves you're selling, the easier it will be to get rid of them. Good luck.