Information on Bars for redeeming silver certificates
I was asked to look through a collection today, and the highlight was a large silver bar, which was received by the owner's father when he redeemed silver certificates for silver before such a redemption was no longer allowed (does anyone know when that was)?
Anyhoo, the bar is a crude one, and well tarnished (I wouldn't dare call it toned
). On it, in permanent marker, were two numbers, 103.3 and 121. My assumption is that translates to 103.3oz., and the purchase price of $121 in silver certificates. Does anyone have any information about the redemption process, or the quality of silver used? The owner is considering selling, and as I understand, his mother still has quite a few more of the bars. Since there's no traceable provenance, I'm assuming the bar is worth just silver value, and doesn't have any collector value.
Thanks,
Jeremy
Anyhoo, the bar is a crude one, and well tarnished (I wouldn't dare call it toned
![image](https://us.v-cdn.net/6027503/uploads/expressions/face-icon-small-wink.gif)
Thanks,
Jeremy
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I was also thinking it was going to get assayed one way or another... but it is nice to know what to expect going in, plus it is a fascinating piece of history. I hope someone here can relate some personal experiences.
So as mentioned above it is probably not a mint product.
In honor of the memory of Cpl. Michael E. Thompson
Silver Cert exchange..
In 1968 the Treasury sold a million oz of .996-.998 and another million of .897 to .900
They were melt product and I believe either could be got for silver certs including some in shot form.
They are oooogly things. They WILL be discounted by buyers as the only market is for either coin or .999+
Even Sterling at .925 is easier to sell.
Call around. Dillon Gage probably buys them.
Until 1968, you could buy aproximately 1,000 ounce silver bars for $1300 in SC or bags of loose silver granules for as little as $1.
Silver granules and maybe the bars were only available in San Francisco and New York. No mail orders accepted although you might have been able to hire American Express as an agent.
Or you could get bars for a reasonable premium from Sam Sloat of Conn.
Another dealer sold souvenir sets of a SC paper dollar, a silver dollar and encapsulated silver granules. He was short changing you on the silver granules.
I remember silver certificates being worth $1.70 on the dollar.
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
<< <i>Actually if I am correct, when you exchanged the silver certs and got bars, the bars were unlabeled and look like generic old pour bars and just had in black marker the weight like 102.10, etc. I saw one before and it didn't have any logo or anything. Just a plain silver bar with no marks except black marker on it. >>
These are the ingots that were exchanged by the Treasury Bureau. They were purposely made without a Mint or Treasury hallmark/seal to prevent the establishment of a black market for them. Reputable refiners that have been around long enough know exactly what they are and will usually buy them at fair market.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com
If a person had one and they didn't tell you the history of the bar, you'd assume is some generic old pour bar without any name and weight except some numbers written on it on a sharpie.
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
Silver is up pretty good so even if she got like 2 bucks back an oz, she already made a lot of money considering she only pay 100+ silver certs back in the day.
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
Recon I just learned something. I remember the stinking magic markers~toxic smell!
<< <i>Wow, they had Sharpie's in the 1960's
Why, yes, in fact they were introduced in 1964
He used to whine to me that he had almost 15 years on the job and at 15 years his pension would be vested. He expected to be let go before his 15 years were up. He was. This about scared me to death, but suddenly the 15 years was shortened considerably and I was grandfathered in already. I never expected to be let go at 32 years plus, but I was. I think my group wanted to get rid of my medical bills, which they did. They transferred them to corporate. Then corporate sold me and my bills (and the whole division) to another company and terminated me (laid off/retired as I was). Who would have thought it was possible? I never thought about health insurance in the old days, but consider myself very lucky to have it.
<< <i>
<< <i>Wow, they had Sharpie's in the 1960's
Why, yes, in fact they were introduced in 1964
I can remember when felt tipped pens came out BEFORE the Sharpies...those were the sniff-able ones, ever see a six year old loopy from a marker?
"Keep your malarkey filter in good operating order" -Walter Breen
Public Law 90-29, S-1352, section II, stated: "Silver certificates shall be exchangable for silver bullion for one year following the enactment of this Act. Thereafter they shall no longer be redeemable in silver but shall be redeemable from any moneys in the general fund of the Treasury not otherwise appropriated".
Regrettably, the war in Vietnam took up most of the news of the day and few people were even aware of the deadline for such exchanges.
Toward the end, I was looking for silver certificates, but they were hard to find, as people knew they were worth a premium over Federal Reserve notes. I still have a few of them; a few produced in 1957 (the last year $1 dollar silver certificates were made), and a blue seal, 1934 $5 silver certificate.
Speaking of old currency, from when I was a child in the 50s to this day, I have never seen an oversize note in circulation.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>Wow, they had Sharpie's in the 1960's
These
<< <i>
<< <i>Wow, they had Sharpie's in the 1960's
These
Yep. Remember those well. Greatest thing since sliced bread ! ! !
Also remember dealers paying big premiums for Silver Certificates.
HH
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
luckily, when I was in 6th grade and the first $1 FRNs were issued, my Uncle said to me to start saving the silver certificates, because they would be phased out soon.
back then savings accounts in banks paid, if I remember correctly, 3% so savings the silver certs was easy to do instead of going to the bank for a "christmas club account" that paid zero interest.
anyway, when only a few days were left before the redemption deadline, the coin stores in Manhattan were paying $1.25 for every $1 bill. on the last redemption day, they paid $2 for each $1. we were bummed that we lost out on so much "profit."
I knew the certs were redeemable for silver, but at the time the articles in the NY Times talked about getting an envelope of silver granules for each dollar-- nothing about bars unless you were a big redeemer.
so reading about this bar that the OP wrote about is interesting and new to me.
by the way some of the silver certs I sold were $5 bills and I think I had one $10 bill.
www.AlanBestBuys.com
www.VegasBestBuys.com
The OP's number and assumptions check out. 103.3 x .900 x $1.29293 = $120.204.
I don't remember the small bars. Does anybody else have info on them?