Will there still be junk silver coins in the years ahead?
Michigan
Posts: 4,942 ✭
Or will most of it be melted down with all of the silver selling going on with the general public how much is still out there in desk drawers etc.? Will dealers have less to buy in the future?
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"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." – Thomas Jefferson
The only reason so much silver survived 1980 was that the smelters didn't
have the capacity to melt everything available. There was also substantial
demand for 90% silver coin.
More silver may have been melted in '68/9 when the FED removed the last
of the circulating silver.
<< <i>If it survived 1980, why wouldn't some of it survive now? >>
Maybe more people suffering from financial hardship in 2008 compared to 1980 being forced to sell. Just a guess anyway.
Obviously not everything is going to be sold but I have to think that a great many dresser drawers have been emptied in
the past few weeks.
Widgets.
I have a Few in my desk draw
Exactly what I was thinking.
The demand for 90% isn't as great as it was in the cold war era when people
were concerned for what to spend after armegeddon. In those days the run
up in silver prices was a flash in the pan and exceedingly brief. The premium
of 999 to coin was not great because the Hunts were accepting coin in fullfill-
ment of contracts because the refineries were backed up.
The trend lines are crossing. These are trend lines that have been in existence
for many thousands of years.
Of course if silver doesn't go up a lot then there's little incentive to ship your
BU roll of '54-S dimes off to the smelter. But what if it suddenly goes up dra-
matically? How many people will keep their junk silver and even if they do who
would possibly want it. Assembling a circ Washington quarter set would be very
expensive so why not just go for an unc set? There just won't be as much de-
mand for a lot of coins when the cost of the basic set goes up a lot.
Most of the junk would be gone in only a few years and most of the rest in a gen-
erration. As time goes on more stuff will be considered junk until eventually de-
mand again increases enough to drive the price above melt.
People talk about the price not being high enough now to bring out the silver
like it did in '80. Actually the silver was sold in '80 and for the main part has not
been replaced. People can't take to the coin shop what was already sold long
ago. Talk to the people selling. Most of the silver being sold now was stuff they
had back then but didn't sell. It's not stuff they've acquired since.
The silver is gone. Now coin is going to get melted to keep industry running.
<< <i>No, the junk gets melted or "culled". The other stuff gets dumped on ebay and gets a new nomenclature:
Widgets. >>
Uh, not at all.
The new nomenclature is L@@K!!!!
If there was any way we could smelt the L@@K and NOT the 90% silver coins themselves?????
The money (and the silver) will go where the demand is. If that's 1,000 oz bars, then everything will get melted this time.
--Severian the Lame
<< <i>If it survived 1980, why wouldn't some of it survive now? >>
beat me to that one
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