Has anyone actually seen coins being melted... recently?

291fifth

We often speculate on how many coins are presently being melted due to the current high bullion prices. Has anyone actually seen coins being melted recently? What were they? Where were they being melted?

tightbudget

Not me. My dealer melts only scrap.

ahooka454

I didnt see it personally but I read and heard about someone melting lots of commem gold. 700+ Jamestown MS pieces.

ricko

My company produces a large amount of 'scrap' metal due to the fabrication process... which we sell to metals reclamation. I had the opportunity to ask the gentleman who runs this business this question. He said he had been running this facility for 23 years, and had never had coins come in to be melted. This is a very large operation. Cheers, RickO

FLBuffaloHunter

According to a front page article in the March 10th Coin World, SilverTowne president David Hendrickson stated as of Februrary 19th, between 5,000 and 7,000 Martha Washington and Abigail Adams First Spouse Uncirculated and Proof coins combined have been melted by them. They have also melted an undetermined number of Thomas Jefferson and Dolley Madison First Spouse coins.

He also stated SilverTowne has also melted between 2,000 and 3,000 of the 2006-W San Francisco Old Mint gold $5 half eagles combined in Proof and Uncirculated versions and roughly 5,000 to 7,000 2007-W Jamestown commemoratives.

cmerlo1

I was at the B&M here today, and they were getting ready to take a load of scrap and coins to the smelter today...

bronze6827

I've personally melted many thousands of tons of steel, nickel, cobalt, and bronzes, even confiscated firearms for the local sherif, but never any precious metals. There is almost no use for silver or gold as minor alloying elements in most commercial alloys. Precious metal melters usually have a very clean, organized, and detailed operation, let alone many that actually have armed security on site. There are a LOT of security checks using weights, etc. in these places.

cladking

The best bet is to start paying more attention to these businesses and watch for hiring and stuff.

Their agregate capacity was probably in the 150 million ounce per year in 1979 and has probably fallen 25%+
since then. My understanding is a little silverwas going abroad in 1980 since US refineries were backed up.

I intend to pay more attention.

percyb

<< <i>I was at the B&M here today, and they were getting ready to take a load of scrap and coins to the smelter today... >>



Are the smelters listed in the Yellow pages?

BECOKA

<< <i>According to a front page article in the March 10th Coin World, SilverTowne president David Hendrickson stated as of Februrary 19th, between 5,000 and 7,000 Martha Washington and Abigail Adams First Spouse Uncirculated and Proof coins combined have been melted by them. They have also melted an undetermined number of Thomas Jefferson and Dolley Madison First Spouse coins.

He also stated SilverTowne has also melted between 2,000 and 3,000 of the 2006-W San Francisco Old Mint gold $5 half eagles combined in Proof and Uncirculated versions and roughly 5,000 to 7,000 2007-W Jamestown commemoratives. >>



I bet they have an additional horde so they can capture the market when people realize there are far fewer than what was minted.

Bear

I am not sure about melting, but money

seems to evaporate from my pockets. It

could be sublimation.

pb2y

Jewelers melt gold from anything that is gold.
They pay a good price for junk gold and why not.
They turn a tremendous profit on gold wedding
bands, ect, ect. Its called free enterprise.