When Do You Consider Melting a Coin vs Keeping it in the Collection?
59Horsehide
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I know the obvious answer is when melt value is greater than collector value but....what about an AU-55/58 coin? I have almost 50 Kennedy halves (40%) in AU and am trying to decide to melt or keep. I have looked for varieties, none I can see, and most of these have very nice eye appeal. Would you keep such a coin or melt it down when silver prices dictate?
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For me, I sold all of my 40% Kennedys a few years ago, but I doubt that they were 'melted'
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I have sent much better materials than AU Kennedy halfs to the melt bucket when silver was up there years ago. I regret it now. But, at the time, I had LOTS of silver and needed some cash quick.
Circulated 40% Kennedy halfs are of very minimal numismatic significance IMO.
Sorry if I offended some modern collectors and enthusiasts here.
Not only that, I have sent stuff to melt and taken that money to purchase higher quality coins with numismatic value.
To be honest though…. Did it really go to the melt bucket? Who knows?
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What I have seen is even though they say melt or melt bucket some do not all go to the smelter to be melted. But when they do get melted we will never see them again then they are harder to find years from now. So I try not to melt anything if anything I go to them to find stuff to save from the smelter. One man’s junk is another man’s treasure. But that is just me dumb Type2 thinking.
Hoard the keys.
Food for thought 😉
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The ones I find while CRHunting, the ones definitely that are not close to BU, not any decent variety and of course, not any key dates, Even the BU, Kennedys I would have kept, when desperate enough for cash. I would decide to let go. Now, any Franklins or Walkers and esp. Barbers/Standing Liberty coins. I would most probably NOT let go. Dimes, the same as I just mentioned above.
Now, if Silver prices should happened to approach that magic number of $50. All bets are off!
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.Melting coins is fun. I've melted ASE's with my oxy/acetylene torch... fun to watch it turn into a little silver puddle.
To me, I either have it to collect, or as bullion. If i have flagged it as bullion and I want bullion, then I keep it.
As mentioned, many (most?) US silver issues that trade as bullion never actually get melted. Why bother? It's already in a defined and trusted format. It can trade in its current form.
40% as I understand it is less desirable than 90% to hold as bullion, and war nickels are much less desirable than either of them.
I have a small but growing pile of war nickels I have gleaned from roll searching. At some point I'll pull the culls with corrosion or counting machine damage and sell them off to someone else to keep as low grade bullion.
There's a third option. Sell them and use the money to buy something that you want.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
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Sending to a refiner assures they will not be melted as it's against the law to do so, for profit. As a "class experiment" it's legal.
bob
We talk about "melting" silver, but very little of it ever gets melted. Especially at 40%. You'd have to refine it up to sterling or better for it to be useful. It is cost prohibitive to do so.
i thought only pennies and nickels (among US coins) illegal to melt or take in large quantities out of the US.
No, but there is specific laws on pennies and nickels as there was a run on melting them. They are not legal to melt for profit either. Destroying US currency is not allowed. Just as intentional defacing is not allowed but does seem to be tolerated, 'eh?
bob
As an art project, I want to get a bunch of 40% Kennedys and melt them into a small bust of JKF.
I think that would be cool...
It's all about what the people want...
I just keep all the Kennedy halves I get.... I have quite a few rolls I got from the bank... never took them back. I did spend one roll several years ago... as tips. But then just left them in a box with the proof and mint sets. Most are not silver (40 or 90%). Cheers, RickO
Why would you melt the coins before you'd sell them?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
My bad! I did not mean to imply "I" would actually melt my coins. I really meant that I would sell to someone who may melt them. But as others have indicated, I could also dispose of them as bullion. I really did not view 40% silver as bullion.
I have heard about a lot of melts, I have never seen one. . . But I believe this was much more prominent years ago.
If you believe the numismatic value will be higher than the bullion value, then you may consider holding them. If not, don't worry about it and sell them for melt/bullion value.
.
Hmmm. Not true.
You can't deface currency (intentionally making it unsuitable for reissuance - must meet both parts).
You can alter or deface coins as long as it is not for fraudulent purposes.
A separate law prohibits advertising on coins or currency.
A special edict was issued in recent years that prohibits melting cents and nickels.
DISCLAIMER: if you plan to do any of the above, feel free to consult your lawyer or the US Treasury. My review above is my own understanding based on extensive research and consideration of various precedents.
P.S. - most penny crushing machines I've seen have the relevant section of the US code posted to let people know they aren't breaking the law.
Some day your heirs (or executor, or landlord, or...) is going to wonder why you have $17000 in post-1970 Kennedy halves...