Silver just broke $17, hear the screams..

shorecoll · January 31, 2008 3:13AM

of all the low-grade mercs, roosies and washingtons... "I'm melting, melting." Won't this be bad for the lower tier/entry-level collectors?

291fifth · January 31, 2008 3:14AM

Clearing the low grade and damaged junk from the market will be very positive.

Coinsponge · January 31, 2008 3:16AM

I still don't see the need for wide spread melting unless they were to be used for something else. Most people just buy and sell the coins as 90% silver.

robkool · January 31, 2008 3:17AM

Can't wait to see it at $20 bucks per ounce... Then, I will scream with joy.

BlindedByEgo · January 31, 2008 3:17AM

Maybe in the short term, but if it stays relatively high, expectations adjust with time.

It's good for those who already own, however

ElKevvo · January 31, 2008 3:24AM

Just how much of this stuff is sent to smelters vs. just being traded and retraded? Does anyone who is a dealer send stuff to a smelter or when PM's heat up like they are starting to does the 90% coins just get resold?

Just curious...

K

renman95 · January 31, 2008 3:27AM

Yippie!

That means the 1968D Half I found yesterday is worth $2.51 in silver or $3.04 face.

Ren

Boom · January 31, 2008 3:32AM

Dealer cherrypicks or has someone that works for him/ her, cherrypick and the rest hit the pot.

Several years back, the US Mint declared their silver stockpile Officially depleted.

These new Silver Eagles etc have to come from somewhere.

At 99.9% Pure a Troy Ounce, I'm holding and plan to keep on holding, till I feel like cashing in a few chips here and there.

ttown · January 31, 2008 3:35AM

I've got mixed emotions on this:

Sure it will clear out the lower grades if silver continues to rise and unlike 1980 where it prices were a blip it could wipe out almost all the circulated grades in the future rather it be franklins, washingtons, merc's, walkers, or Kenndy halves. But this kills the need for most of us collecting the whole series and people in the entry market wanting to build new sets so they may fall the way of the past coins and only be collected as a "type" killing the demand. I think prices will rise on these at first but could drop off due to demand.

If it doesn't these few low grade coins that people didn't sell may increase in value since they aren't out there in number anymore. It's anyones guess what may happen in the future if this metals boom last years. I think this will bring in investors in the ETF's and indeed they will be melted since these companies require physical bars. Flip a coin it could be good for some and bad for the hobby which is getting more and more expensive, which may really kill the classic hobby by the masses in the end.

If one looks at the 19th century coins many of these PO1/FR2/AG3's actually bring big bucks because they aren't out there anymore.

percyb · January 31, 2008 3:39AM

I didn't see spot at 17 yet. Are you looking at the futures market?

BECOKA · January 31, 2008 3:41AM

<< Clearing the low grade and damaged junk from the market will be very positive. >>

I agree.

Coinsponge · January 31, 2008 3:41AM

Flip a coin it could be good for some and bad for the hobby which is getting more and more expensive, which may really kill the classic hobby by the masses in the end.

If one looks at the 19th century coins many of these PO1/FR2/AG3's actually bring big bucks because they aren't out there anymore. >>

If they do indeed get melted in high quantities then you may loose some low end collectors but probably gain more "big money" collectors which would be a net gain for the business side of collecting. It could create a bubble effect like the stock and real estate markets. I frankly think the "kid collector" of low grade coins is diminishing anyway no matter what the price of coins are.

Bochiman · January 31, 2008 3:43AM

I have an "unopened" roll of silver roosies from ebay...bought at melt a few months ago. I don't think it was "unopened". I do believe all inside to be BU but since they are later year silver Roosies, the premium to spot is not much of anything

I think I will ebay (or locally) sell them...they may get melted or they may not.
I haven't decided if I will open them to check them all or just sell as is....

BECOKA · January 31, 2008 3:43AM

<< I've got mixed emotions on this:

Sure it will clear out the lower grades if silver continues to rise and unlike 1980 where it prices were a blip it could wipe out almost all the circulated grades in the future rather it be franklins, washingtons, merc's, walkers, or Kenndy halves. But this kills the need for most of us collecting the whole series and people in the entry market wanting to build new sets so they may fall the way of the past coins and only be collected as a "type" killing the demand. I think prices will rise on these at first but could drop off due to demand.

If it doesn't these few low grade coins that people didn't sell may increase in value since they aren't out there in number anymore. It's anyones guess what may happen in the future if this metals boom last years. I think this will bring in investors in the ETF's and indeed they will be melted since these companies require physical bars. Flip a coin it could be good for some and bad for the hobby which is getting more and more expensive, which may really kill the classic hobby by the masses in the end.

If one looks at the 19th century coins many of these PO1/FR2/AG3's actually bring big bucks because they aren't out there anymore. >>

There were so many billions of these minted that even if a few billion get melted there will be plenty of low grade album fillers around, they just might cost a bit more and become an investment as well.

HonoluluDude · January 31, 2008 3:44AM

<< I didn't see spot at 17 yet. Are you looking at the futures market? >>

It briefly went above 17 and then back down.

BECOKA · January 31, 2008 3:44AM

<< 

<< I didn't see spot at 17 yet. Are you looking at the futures market? >>

It briefly went above 17 and then back down.

>>

I look earlier and saw 17, it must have been right at that blip. right now it's 16.92.

TwoSides2aCoin · January 31, 2008 3:48AM

Maybe the local buyer will offer more than 7 times face now

StampAlarm · January 31, 2008 3:52AM

When This Happens For Silver you can flip right out of
your ever loving gourds! I know I will. I keep hoping that these short lift offs are people with
inside knowledge. And then wake up one morning and see silver hanging 25-30 just for the
psycological lift.

Jerry

eddyemack · January 31, 2008 4:07AM

This is great news. How long till silver breaks $20.00 an oz?

eddye mack

MacCrimmon · January 31, 2008 4:10AM

<< Maybe the local buyer will offer more than 7 times face now

>>

Such generosity has it's just rewards.

ttown · January 31, 2008 4:15AM

I just sold $100 face of washington quarter in the 30's and 40's in VG to fine and got the normal rate with no problems.

The way these market usually work is it's a up and down for awhile and then one day it just takes off. I'm really wanting the surge to wait at least another year and a half so I can get my 401k loan paid off which I used to buy gold and silver. I wanted to take some money off the table in the stock market. If it only waits I can have this as all profit and a little nest egg in case I get laid off due to bad times.

PerryHall · January 31, 2008 4:15AM

<< Maybe the local buyer will offer more than 7 times face now

>>

What are dealers paying now for junk silver coins?

MoneyLA · January 31, 2008 4:15AM

I doubt junk silver will be metled at these prices. you need a higher premium to cover refining costs.

HonoluluDude · January 31, 2008 4:15AM

<< This is great news. How long till silver breaks $20.00 an oz? eddye mack >>

Silver has been "acting" well lately-- I think $20 is do-able sometime this year.

GritsMan · January 31, 2008 4:16AM

Thought I'd see if rising silver has affected the local rolls of Kennedys today, and bought $100 worth from my credit union. Found 4 40% halves in the rolls--the best I've ever done in town. Included was my first 1965, which I needed for the collection I've been building from scratch (from rolls) since last year. It would be a shame if future beginning collectors couldn't find the occasional clad half in bank rolls.

ttown · January 31, 2008 4:20AM

<< 

<< Maybe the local buyer will offer more than 7 times face now

>>

What are dealers paying now for junk silver coins? >>

The best I found was 11 times face but silver has gone up about fifty cents since then.

BlindedByEgo · January 31, 2008 4:24AM

<< 

<< Maybe the local buyer will offer more than 7 times face now

>>

What are dealers paying now for junk silver coins? >>

Here's what AJPM is paying.

BigRed · January 31, 2008 4:25AM

I went to the cincinatti show Sunday and all the dealers were getting 12 times face. I found a little handful for 11.3 face and that was it.

Deadhorse · January 31, 2008 4:30AM

<< I doubt junk silver will be melted at these prices. you need a higher premium to cover refining costs. >>

You are correct. The only 90% silver coins being melted down right now are damaged and worn slugs.

I just checked a few local B&M shops and they are all out of silver, either it's been bought up or people have been trading gold for it.

The trading gold part surprised me, but it was consistent from store to store. To me the ratio isn't right for that trade, but perhaps people are betting on a silver rise quickly, outstripping any upcoming gold rises.

I think they are both going to rise, but $20 silver would not surprise me at all and it could happen at any time. That's just the nature of silver, when she moves, she often moves in large jumps.

One problem that was consistent as well is that everybody is low on cash flow. That's holding down the melt silver buy prices around Houston.

I found a spread of 10.5 to 10.9 X face across four shops just a few minutes ago.

Seems like the numismatics are taking a back seat to precious metals currently, as far as churning cash flow.

YaHa · January 31, 2008 4:31AM

I remember back when Alantic City Casinos opened up, I hit 3 or 4 800 coin jackpots that were worth $400 cash on the .50cent half dollar machine. Most were all silver kennedys and some were old frankies. Just think if I had the buckets of silver halves now!! Cha Ching, ring a Ding. Say $400 face worth of silver halves then, today melt value at least $6,000.00. I can remember my grandma always telling me to put the silver coins away. I miss you granny, should of listened.

jmski52 · January 31, 2008 4:44AM

Clearing the low grade and damaged junk from the market will be very positive.

Nobody's getting my junk silver. What would I do with the cash? Invest in stocks? Nah.

ttown · January 31, 2008 4:56AM

Well it's moving up again in after hours trading. Platinum is the real king right now up $46 due to supply concerns.

jhusman · January 31, 2008 5:43AM

I think it's great - I know that I "cherry pick" all of my bulk 90% and pull out the better looking stuff. Believe you me, when I sell, everything that goes will be nothing that anyone will want in the future - and that "common" stuff that I retained in better than poor shape will go up in value as a result of the created scarcity - either way you win with 90%.

I don't understand the constant "hobby will die" refrain- the hobby will evolve, and people will always collect shiny stuff. If you look at it as a market, then you are wrong headed. Coins will continue to be made of precious metals, and people will buy the good ones.

TwoSides2aCoin · January 31, 2008 5:55AM

<< Well it's moving up again in after hours trading. Platinum is the real king right now up $46 due to supply concerns. >>

Yup, it actually got me looking seriously at that 10th Anniversary set, but ... I'm resisting certain temptations. It's not a moral issue..., it's an economic one. This set is looking better, though

StampAlarm · January 31, 2008 5:58AM

<< I doubt junk silver will be metled at these prices. you need a higher premium to cover refining costs. >>

90% junk silver...price isn't high enough. But is high enough for silver used in
photography to be recycled?

Some people believe that photography is a big 'disappearance' user. It's not.

boucharda · January 31, 2008 6:06AM

High today was actually $17.06

CoinHusker · January 31, 2008 6:08AM

In the 2/4/08 issue of CW (pgs 5 & 42) there was an article about SilverTowne buying silver and gold to melt at the FUN show. It said that More than 100 five gallon buckets of silver coins, ingots and rounds were trucked back to Indiana to be melted from FUN.

BBN · January 31, 2008 7:02AM

so what is value of 90% silver now? Is it up to 11.5 or 12x?

robkool · January 31, 2008 7:11AM

I would'nt be too surprised to see 12x face on silver coinage by next week...

JJM · January 31, 2008 7:11AM

<< I would'nt be too surprised to see 12x face on silver coinage by next week... >>

works for me

cladking · January 31, 2008 7:12AM

<< 

<< I doubt junk silver will be melted at these prices. you need a higher premium to cover refining costs. >>

You are correct. The only 90% silver coins being melted down right now are damaged and worn slugs.

I just checked a few local B&M shops and they are all out of silver, either it's been bought up or people have been trading gold for it.

The trading gold part surprised me, but it was consistent from store to store. To me the ratio isn't right for that trade, but perhaps people are betting on a silver rise quickly, outstripping any upcoming gold rises.

I think they are both going to rise, but $20 silver would not surprise me at all and it could happen at any time. That's just the nature of silver, when she moves, she often moves in large jumps.

One problem that was consistent as well is that everybody is low on cash flow. That's holding down the melt silver buy prices around Houston.

I found a spread of 10.5 to 10.9 X face across four shops just a few minutes ago.

Seems like the numismatics are taking a back seat to precious metals currently, as far as churning cash flow. >>

If people are trading gold for silver in even small quantities, watch out!!!

MacCrimmon · January 31, 2008 7:31AM

<< so what is value of 90% silver now? Is it up to 11.5 or 12x? >>

APMEX was buying 90% junk at 11.634x when Ag spot was $16.94.

BBN · January 31, 2008 7:38AM

Thanks Mac. I'm sitting on $29.35 on face (mostly halves and 6 Morgans) and thinking of going the ebay route or just doing the BST.

HonoluluDude · February 11, 2008 1:41AM

Silver's rockin' n rollin' today, possible breakout. Next stop $20?

ahooka454 · February 11, 2008 1:42AM

Where can I buy some silver at spot right now? Thanks in advance...

HonoluluDude · February 11, 2008 1:44AM

<< Where can I buy some silver at spot right now? Thanks in advance... >>

Dunno, if you find out let me know. Most dealers put a premium on top of the spot price.

fc · February 11, 2008 1:51AM

What are dealers paying now for junk silver coins?

11 times face easy. working its way up to 11.5 and maybe even 12 soon.

jmski52 · February 11, 2008 1:57AM

Where can I buy some silver at spot right now? Thanks in advance...

In a fast rising market, those premiums will be unavoidable. But, I'd check with Tulving if I were buying now.....

ahooka454 · February 11, 2008 2:07AM

Last week I was able to snatch 2 ase's for just under spot. No such luck since. Im still trying to figure out if I want more silver or gold now.

BlindedByEgo · February 11, 2008 2:21AM

11.8X spot less shipping costs right now.

DJCoinz · February 11, 2008 5:06AM

When it hits $20 I'm gonna sell my junk silver.

Silver just broke $17, hear the screams..

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