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Classic gold coins to the melting pot?

relicsncoinsrelicsncoins Posts: 7,909 ✭✭✭✭✭
in U.S. Coin Forum

Do you think classic common date gold coins could end up in the melting pot with the run up on gold prices?

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Comments

  • MICHAELDIXONMICHAELDIXON Posts: 6,505 ✭✭✭✭✭

    I have seen many classic common date gold coins go to the melting pot whenever gold prices have been high.

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  • relicsncoinsrelicsncoins Posts: 7,909 ✭✭✭✭✭

    @MICHAELDIXON said:
    I have seen many classic common date gold coins go to the melting pot whenever gold prices have been high.

    Maybe the survivors will no longer be common.

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  • DelawareDoonsDelawareDoons Posts: 3,413 ✭✭✭✭✭
    edited May 17, 2024 8:07PM

    Yes they are being melted, even right now. There's a LOT of wrecked pre-33 gold right now that nobody wants.

    "It's like God, Family, Country, except Sticker, Plastic, Coin."

  • RelaxnRelaxn Posts: 993 ✭✭✭✭✭

    Yes,
    Pre -33 coinage is being melted now... with some regularity.

    1893 10$ the Fairmont Hoard had a MASSIVE quantity of these... seen a few of theae melted this past week.

  • GoldFinger1969GoldFinger1969 Posts: 1,787 ✭✭✭✭✭

    Why wouldn't they just SELL the coins, graded or raw ? Why melt ?

  • TomBTomB Posts: 21,254 ✭✭✭✭✭

    Heck, in 2012 Canada sold 30,000 mint state $5 and $10 gold coins minted from 1912-1914 that had been kept in their original, tagged burlap bags for nearly a century. The remaining 215,000 pieces were melted in 2015 and the resultant gold sold.

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  • olympicsosolympicsos Posts: 778 ✭✭✭✭

    @TomB said:
    Heck, in 2012 Canada sold 30,000 mint state $5 and $10 gold coins minted from 1912-1914 that had been kept in their original, tagged burlap bags for nearly a century. The remaining 215,000 pieces were melted in 2015 and the resultant gold sold.

    I would've loved to see the entire 215,000 pieces kept and sold. It's more interesting than a maple leaf.

  • Walkerguy21DWalkerguy21D Posts: 11,445 ✭✭✭✭✭

    @TomB said:
    Heck, in 2012 Canada sold 30,000 mint state $5 and $10 gold coins minted from 1912-1914 that had been kept in their original, tagged burlap bags for nearly a century. The remaining 215,000 pieces were melted in 2015 and the resultant gold sold.

    This makes me almost want to cry 😢

    I recall those coming out and hitting the market back then, but had no idea so many wound up melted!

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  • jmlanzafjmlanzaf Posts: 34,249 ✭✭✭✭✭
    edited May 18, 2024 5:45AM

    @Walkerguy21D said:

    @TomB said:
    Heck, in 2012 Canada sold 30,000 mint state $5 and $10 gold coins minted from 1912-1914 that had been kept in their original, tagged burlap bags for nearly a century. The remaining 215,000 pieces were melted in 2015 and the resultant gold sold.

    This makes me almost want to cry 😢

    I recall those coming out and hitting the market back then, but had no idea so many wound up melted!

    They still sell for melt...or less. About 6 weeks ago I bought a $10 at Heritage in 63 for $975 all-in. Melt at the time was $1050.

  • GoldFinger1969GoldFinger1969 Posts: 1,787 ✭✭✭✭✭

    @Relaxn said:
    Yes, Pre -33 coinage is being melted now... with some regularity.
    1893 10$ the Fairmont Hoard had a MASSIVE quantity of these... seen a few of theae melted this past week.

    Again...why melt down any coin and lose any future possible numismatic premium ? Why even go to the work if they are 100% bullion ?

  • johnny9434johnny9434 Posts: 28,339 ✭✭✭✭✭

    yes, i wish i had a crystal ball to know the figure

  • skier07skier07 Posts: 3,974 ✭✭✭✭✭

    @GoldFinger1969 said:

    @Relaxn said:
    Yes, Pre -33 coinage is being melted now... with some regularity.
    1893 10$ the Fairmont Hoard had a MASSIVE quantity of these... seen a few of theae melted this past week.

    Again...why melt down any coin and lose any future possible numismatic premium ? Why even go to the work if they are 100% bullion ?

    I’m only speculating but if someone has a large hoard with hundreds or thousands of coins it might be easier to sell to a refinery than individually sell each coin. Money would be left on the table but for the seller it probably isn’t cost or time effective.

  • FrankHFrankH Posts: 945 ✭✭✭✭✭

    Judging from my observation of public interest, it wouldn't surprise me....too much... to see lots of coins going to the refiners. :|

  • P0CKETCHANGEP0CKETCHANGE Posts: 2,560 ✭✭✭✭✭

    Yes, almost certainly. The Asian central banks don’t want hoards of Libs or Saints, and the market for them has been dead in the US. Perfect conditions to fire up the furnaces, as much as I personally hate to see it.

    Nothing is as expensive as free money.

  • lkeneficlkenefic Posts: 8,160 ✭✭✭✭✭

    OK... so what does this do for the value of common date Saints for those that collect if the US market is essentially "dead"?

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  • jmlanzafjmlanzaf Posts: 34,249 ✭✭✭✭✭

    @lkenefic said:
    OK... so what does this do for the value of common date Saints for those that collect if the US market is essentially "dead"?

    They trade as bullion... only cheaper than AGEs.

  • SaorAlbaSaorAlba Posts: 7,541 ✭✭✭✭✭

    @jmlanzaf said:

    @lkenefic said:
    OK... so what does this do for the value of common date Saints for those that collect if the US market is essentially "dead"?

    They trade as bullion... only cheaper than AGEs.

    Back in ca. 2005 I bought up rolls of Saints and Libs for 2-3% over spot. I've sat on them while they have quadrupled in melt value.

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