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Silver Prices & Melting Coins

RefremaRefrema Posts: 408
in World & Ancient Coins Forum

Maybe I'm crazy, but it really bothers me to send coins to the melting pot.

I am in the Photographic Industry, and have had close contacts with Silver refiners over the years and have visited a few refiners in person. A few years ago, while visiting one of these refiners we were looking at large lots of scrap silver about to be melted. There was a 30 gallon drum of coins which had US coinage in it. We were not allowed to even touch this stuff, but there were Morgans, and a few Barber coins in there with the Walkers & Franklins. It really hurt to see this kind of coinage go to the melting furnace.

After seeing that, I decided to not send my old silver coinage in for melting. Think about all of the young collectors who would like some of the older coinage for their collections. They are not able to afford the higher grades, but want to get started in this great hobby. I have offered some of the young collectors in our local coin club bags of silver coinage to look thru, and purchase for a little below melt. They are happy, and I was able to save a few coins from the melting pot.

I understand melting damaged and very worn coins, but good collectable coins shouldn’t end up being melted.

This must be the real difference between a true coin collector and the coin investor.

This is just my opinion, but I hope I can save at least a few coins for future collectors.

Bob
I like Ikes!! But I especially like Viking Ships, Swedish Plate Money, and all coins Scandinavian.
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Comments

  • IlikeZARcoinsIlikeZARcoins Posts: 901
    Sure - we must look after future collectors but if they were to melt all ZAR gold apart from those in my collection I'd be a very rich man. image

  • shirohniichanshirohniichan Posts: 4,992 ✭✭✭
    I understand melting damaged and very worn coins,

    Like chopmarked trade dollars?
    image
    Obscurum per obscurius
  • DeutscherGeistDeutscherGeist Posts: 2,990 ✭✭✭✭
    Historic silver coins should not be melted even though silver prices are going through the roof. You are right about new collectors need off grade stuff to get started in their collection. I am relatively new myself, I want the off grade stuff. If I was only to buy mint coins, I would not be able to have a lot of variety or quantity of coins in my collection.

    For example, I would like to own a Morgan dollar, but I want to start with the off grade stuff so I can learn first.

    Without off grade stuff, its hard to lure kids and new collectors.
    "So many of our DREAMS at first seem impossible, then they seem improbable, and then, when we SUMMON THE WILL they soon become INEVITABLE "- Christopher Reeve

    BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
  • RefremaRefrema Posts: 408
    chopmarked trade dollars are not damaged, they have character.

    Sometimes even holed or bent coins work for me if they are the only examples you find after searching for a few years.

    Bob
    I like Ikes!! But I especially like Viking Ships, Swedish Plate Money, and all coins Scandinavian.
    imageimageimageimageimage
  • AuldFartteAuldFartte Posts: 4,597 ✭✭✭✭
    I agree with you, Bob. I remember way back when silver was near $50 - You wouldn't believe the good stuff that was melted then image
    image

    My OmniCoin Collection
    My BankNoteBank Collection
    Tom, formerly in Albuquerque, NM.
  • wybritwybrit Posts: 6,972 ✭✭✭
    chopmarked trade dollars are not damaged, they have character

    image


    image

    But you are right about historic pieces.
    Former owner, Cambridge Gate collection.
  • SYRACUSIANSYRACUSIAN Posts: 6,461 ✭✭✭✭


    << <i>I agree with you, Bob. I remember way back when silver was near $50 - You wouldn't believe the good stuff that was melted then image >>






    Pre WW2, when most European silver coins were melted? Man, you're older than I thought. image


    Melting is terrible, the world doesn't seem to learn from its mistakes, the rarity and non availability of many coins ,even in high grades, is the result of these massive meltings back then, I don't think condition was an issue.image
    Dimitri



    myEbay



    DPOTD 3
  • shirohniichanshirohniichan Posts: 4,992 ✭✭✭


    << <i>chopmarked trade dollars are not damaged, they have character.

    Sometimes even holed or bent coins work for me if they are the only examples you find after searching for a few years.

    Bob >>



    I have an 1876 II/II trade dollar that is polished and plugged and a chopmarked 1874 that are worth far more than melt. image
    image
    Obscurum per obscurius
  • DeutscherGeistDeutscherGeist Posts: 2,990 ✭✭✭✭
    what does "plugged" refer to?


    What is "chopmarked"?


    I assume polishing is when you take silver tarnish remover and start rubbing the coin with it.


    "So many of our DREAMS at first seem impossible, then they seem improbable, and then, when we SUMMON THE WILL they soon become INEVITABLE "- Christopher Reeve

    BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
  • DBSTrader2DBSTrader2 Posts: 3,487 ✭✭✭✭
    I'm not young, but I'd still get a kick out of being able to go thru "bags of silver coinage to look thru, and purchase for a little below melt."! Where's your coin club meet?!image

    - - Daveimage
  • BailathaclBailathacl Posts: 1,042 ✭✭✭
    A "plugged" coin is one that had a hole, which was repaired by refilling. Some plugs can be admirably done, some are just fugly, and either way it greatly diminishes the value of a collectible grade coin.

    A "chopmarked" coin is one that has been intentionally marked with an indented symbol, or "chopmark", from a crude commercial assaying. This was most commonly practiced on silver "trade dollar" crowns used in the far east, including such coins as the U.S. and British Trade Dollars, the Japanese Yen, etc.
    "The Internet? Is that thing still around??" - Homer Simpson
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