# Where to cash out silver coins?



## steadfree (Mar 10, 2010)

I keep reading blogs and point of interests related that we should obtain different silver objects to hedge against inflation and possibly to use after a scenairo and use these as items to barter. So I do have an interest to start collecting silver coins pre-1964 which I am told to have a 90% silver value....I guess this is if they are melted down. I also have read about nickels---weigh in at 5 grams but are made of 75% copper and 25% nickel, both precious metals. So I understand that these coins have precious metal value which is greater than their monetary value. 

So how would I extract this value from these coins. Are we talking about having the equipment to melt down certain coins and collect/extract the silver from the melted liquid. Or would it be easy to visit a coin collector or jewelry shop to sell these coins for extra paper currency when it is needed.


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## Ryan NC (Jan 29, 2009)

silver coins are fairly easy to cash out but depending on where you do so you are looking at 0-40% less than spot. It is now illegal to melt US silver coinage as our darling government wants to buy it back at face value. 

Generally you are going to get your best bang for the buck when silver is used person to person and the least for it when taken to a coin shop / I buy x type place. The value is in the precious metal content in a known form & weight, you don't have to extract it you just need to convert it from time to time to paper... A simple ad in craigslist for 10-15% less than spot will get you converted fast enough if needed.


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## TnAndy (Sep 15, 2005)

Ryan NC said:


> It is now illegal to melt US silver coinage as our darling government wants to buy it back at face value.


Minor point of correction to otherwise good advice. The ban on melting silver coinage was dropped decades ago. 

There was a recent one put into place to prohibit the melt of pennies recently when the price of copper went so high, as pre-83 pennies are withdrawn from circulation due to their 95% copper content ( versus the 5% in post 83 pennies ). I believe it also applies to nickles.


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## Ryan NC (Jan 29, 2009)

TnAndy said:


> Minor point of correction to otherwise good advice. The ban on melting silver coinage was dropped decades ago.


It was just reinstated through a piggy back bill last year, I don't recall the bill number as I was forwarded the info in passing by a friend. I'm not 100% sure if it was a passed bill or not but that was my impression... maybe it was the penny thing you speak of tho lol


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## texican (Oct 4, 2003)

If you go to the trouble of acquiring pre-64 silver (and 40% halves), I wouldn't go to the trouble of 'melting' them down. Anyone that knows silver (and if the shtf, this knowledge would shortly be known by everyone) 'knows' what the silver value of a dime, quarter, half, or dollar is. The coins are known sizes.

You go and melt down that known entity, and have a blob of silver, and try and barter with me............. yeah, right, sure that's silver... Prove It! You show me a pre-64 Eisenhower, Mercury, or Standing dime and I know it, a 'blob'... doubtful. Think of the coin as a verifier... a dime is a dime... a blob could be a mixture of whatever, or even tin. I've seen melted tin blobs that look real silvery....


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## motdaugrnds (Jul 3, 2002)

Also be aware that there are many counterfeit coins out there (especially the silver and gold ones). Make sure what you get is authentic before buying.

A lot of the old silver coins actually have a numismatic (collector's) value which can be worth quite a premium over the spot price of silver. Depending on the year, mintmark, grade and collectors' interest some coins can be worth thousands even if they only have less than $40.00 worth of silver in them.

Taking your coins to a coin shop (or 2 or 3) is a good idea ONLY FOR AUTHENTICATION, not to sell. Shop owners make their money buyng as cheeply as they can to sell for as much as they can to their customers. I have read on some coin forum where a person posted about a coin she had worth over $700.00. She took to a couple of coin shops and was offered $20.00 for it at one shop and $100.00 at the other one....... Same thing from another poster who had a complete album set of silver dimes. Some of those dimes were quite rare but still he was only offered silver spot for the entire set....

If you decide to go the route of silver coins I suggest you get the official "RedBook" (found at any book store) to get a good idea of which are the more valuable coins and check out the grading guide in the book too. Your uncirculated coins would carry a better premium than a well worn circulated piece.

Oh and FYI some of the WWII nickels are 35% silver. They are easily recognisable by the large mintmark on the reverse above the dome. BTW the Jefferson WWII nickels are the first US coins to have a "P" mintmark on them.


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## silverbackMP (Dec 4, 2005)

I want to reiterate again; investing (or prepping) in bullion (common pre 64 silver, american eagles, generic silver, canadian maple leafs, krugerans, philharmonics, sovereigns, etc) and investing/collecting numismatics are two different animals. I wouldn't pay retail prices for numismatic coins unless I was a collector--and there is nothing wrong with that if you recognize that it is a collection.


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## mightybooboo (Feb 10, 2004)

I was offered some Numi gold for a debt,wasnt interested,give me a Kruger any day and we *both* KNOW exactly what its worth.

On the numi arquement my Godfather was a coin dealer,he died a very wealthy man...also knew exactly what he was doing,ie full blown expert.

Way OT,he got his buddy,a locksmith,to go full in when Gold ownership was allowed,and he also made a bundle!In fact he only did the locksmithing part time after that,was a gold and jeweler after that play.


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## silverbackMP (Dec 4, 2005)

mightybooboo said:


> I was offered some Numi gold for a debt,wasnt interested,give me a Kruger any day and we *both* KNOW exactly what its worth.
> 
> On the numi arquement my Godfather was a coin dealer,he died a very wealthy man...also knew exactly what he was doing,ie full blown expert.
> 
> Way OT,he got his buddy,a locksmith,to go full in when Gold ownership was allowed,and he also made a bundle!In fact he only did the locksmithing part time after that,was a gold and jeweler after that play.


I agree there is money to made in numis but you do need to know what your doing and hopefully be on the other side of the trade. I.E. Dealer buying and selling to collectors. Even it if it is just part time dealering.


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## Blu3duk (Jun 2, 2002)

As a collector, i try not to pay full retail for an orphan coin to build a set around, and i hardly ever go seeking out "the" coin to have for my collections. //i have dealers who know me and treat me fair and likewise i understand the difference between full blown retail, and dealer prices for numismatics..... and dont expect any dealer to pay full retail if i am selling, though i have gotten near full retail for jumping u 2 or more grades on a coin already...... I know the difference between grey sheet and redbook too... and for reference i tell people to look at the RETAIL weekly average for graded coins on Numismedia but dont expect to get those prices for non-graded coins from a collector and expect to pay out of pocket as much as $50.00 per coin to have one graded with registered insured mail both ways, more if you want to have one day service or higher than a $500 value coin graded. Grading is nothing more than someone's third party opinion as to what quality of coin you have in possession, but it is what is respected among collectors.

Coins are graded to the standards of the ANA by grading companies such as the Numismatic Guaranty Corporation and they have a page about fake coins and holders as well, the Numismedia is the price guide for graded NGC coins, PCGS has their own price guide and population report. ANACS has their own population report too for any given coins. ICG has a great links page for coin related information

For metal content value of any given US, Canadian Coin and coins from other countries Coinflation will set ya straight.

If you check out what a refiner like Kitco pays, you wont be disappointed in what a coin dealer or other buyer offers for your metals when you go to sell them for "scrap" or "junk" which is another reason why i tell folks not to get emotional trying to catch the wave before it curls and leaves ya out before learning a few things about the market.

I offer appraisal service for both selling your collections and insurance purposes, two completely different totals. And i am willing to trade equipment for your silver, gold, and or coins at my estimation of fair market value.

William
Idaho
Digg It Prospecting Supply


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## suitcase_sally (Mar 20, 2006)

Copper and nickel are not precious metals.


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## Plainswalker (Sep 24, 2009)

I have read some good things about these two refineries on some metal detecting forums. 

http://www.aragold.com/index.html

http://www.midwestrefineries.com/

People seem to be slightly more satisfied with American Recyclers Associates but Midwest Refineries has no minimum amount of gold/silver for their orders. They also offer coins or bullion as payment, though I don't know what their mark-up is.

I previously sold my scrap silver to a local reputable jeweler and they gave me ~60% of spot. These places claim to give you 90%. Does anyone have any more info about these companies? I plan on sending in my new silver scrap hoard once I get enough for a new gun. I'll let S&EP know how it goes.


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## suitcase_sally (Mar 20, 2006)

ummm....Midwest is not far from my house.


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