withdrawn

jclovescoins

re-posted

Aspie_Rocco

What is the purpose of these bars?

PerryHall

@Aspie_Rocco said:
What is the purpose of these bars?

People were converting their silver certificates paper money to silver and the treasury gave out unmarked silver bars for these silver certificates. I remember seeing on the TV news long lines of people at the Treasury building waiting to convert their paper to silver before the deadline when the Treasury would no longer allow conversion.

Namvet69

FYI on these boat anchors!
During the 1960s circulating silver certificates could be exchanged at US Assay offices for their value in physical silver bars, with the two offices being located in San Francisco and New York.

It became mandated that by 1968 all silver certificates should be exchanged for physical silver. For those exchanging small amounts, they received individual bags of silver granules with each $1 certificate being exchanged for 0.773 troy oz of granuals, (the weight of silver in a US dollar at the time.)

For those exchanging larger volumes of certificates, silver bars were offer. Demand for the exchange scheme was such that these poured silver bars had to be produced quickly and in volume. Though few very early bars bore assay office marks, the vast majority had nothing more than their weight in troy ounces written in grease pencil. The latter ultimately resulted in these bars being referred to as grease bars. Peace Roy

jclovescoins

Thank you! Anyone want these?

KISHU1

My father took me to nyc and We waited on line for the grease bars I believe it was in 1968
I still have one and the grease mark is very faint but still legible
Good luck selling them
Frank D

Aspie_Rocco

Fascinating piece of history!

jclovescoins

6600 firm for all three. Will withdraw offer next week

thefinn

They are 90% silver - melted coins.

jclovescoins

6600

mustanggt

"They are 90% silver - melted coins"

Finn, several sources I checked say .996 to .999. I would like to get it right, what was your source?

Thanks

WilliamF

Thats roughly $22.60/oz, a great price normally but with silver prices where they're at right now I just can't justify it, a couple dealers I talked to the other day are buying silver @ under $18/oz tops... If silver was still higher I might consider it, the grease bars are interesting pieces with a neat history though. Good luck.

Relaxn

@thefinn said:
They are 90% silver - melted coins.

This is incorrect. They are not 90%
These are not melted coins.

These were given in exchange for silver certificates and are higher grade.

jclovescoins

@WilliamF said:
Thats roughly $22.60/oz, a great price normally but with silver prices where they're at right now I just can't justify it, a couple dealers I talked to the other day are buying silver @ under $18/oz tops... If silver was still higher I might consider it, the grease bars are interesting pieces with a neat history though. Good luck.

I understand what you mean. I’m frustrated with this nonsensical drop in silver as well. But, no retail establishment is selling under $20 right now (and probably you could even argue $22 if you look at APMEX and SD Bullion) so as a buyer you won’t be getting anything at $18. These sell for more than spot as well. There’s another one being offered on the precious metals forum at $3000 right now as well.

Relaxn

@jclovescoins said:

@WilliamF said:
Thats roughly $22.60/oz, a great price normally but with silver prices where they're at right now I just can't justify it, a couple dealers I talked to the other day are buying silver @ under $18/oz tops... If silver was still higher I might consider it, the grease bars are interesting pieces with a neat history though. Good luck.

I understand what you mean. I’m frustrated with this nonsensical drop in silver as well. But, no retail establishment is selling under $20 right now (and probably you could even argue $22 if you look at APMEX and SD Bullion) so as a buyer you won’t be getting anything at $18. These sell for more than spot as well. There’s another one being offered on the precious metals forum at $3000 right now as well.

Absolutely comparing these to spot is absurd! The historical intrinsic value is off the charts. I would have already bought them but just had to buy cars.
Love this... want them!

WilliamF

@Relaxn said:

Absolutely, comparing these to spot is absurd! The historical intrinsic value is off the charts. I would have already bought them but just had to buy cars.
Love this... want them!

I guess I'm absurd then Everybody is entitled to different opinions and reasoning tho...

jclovescoins

@WilliamF said:

@Relaxn said:

Absolutely, comparing these to spot is absurd! The historical intrinsic value is off the charts. I would have already bought them but just had to buy cars.
Love this... want them!

I guess I'm absurd then Everybody is entitled to different opinions and reasoning tho...

You’re not absurd, but you’re not going to be buying these for $18/oz anywhere 🙂

Soldi

I'd buy them, but $6600 is too rich for me.

I have a conscious and my mind is a prison. So, soon enough I'll regret this too.

moursund

For what it's worth, I read somewhere that the grease bars were between .900 and .999 fine, but the total troy ounces of silver is always written on the bar. So presumably if you believe the grease marks, you could weigh it and find out the purity.

jclovescoins

Still 6600 if anyone is interested 🙂
Or 2225 each

jclovescoins

silver up over $1.50/oz since this post and same price....6600 shipped or 2225 each

jclovescoins

Silver up again and still the same price. This is a true bargain.