A 1934-s ms62 Peace dollar sold for 27.00 as scrap and I.....
NumbersUsacom
Posts: 1,457 ✭
I visited a small B&M store yesterday and asked to see their scrap ship out bucket.
He put roughly 12 lbs of items, a big mix of coins. One was a MS probably MS62 1934-s Peace dollar.
I held it, looked it over and noted that I don't see 1934 peace dollars too often but I passed.
He said he was shipping it out wednesday for melt. (he sells items at the store for 2.50 over spot)
I got home last night and looked in my redbook and....... its roughly a $3,000.00 Coin UHhhhhh !!
Well of course I decided to pay another visit, was told shipped all of it out one day early. I'sn't that the way it always seems to go. Hopefully the smelter looks them over but I doubt it.
So there goes another highly collectible Coin to the smelter. You would not believe the stuff that gets melted everday, its really sad to see.
This is probably why the old pour and minted Bars and Rounds have been getting much pricier. Those that know, know roughly how much of this
stuff has been melted through the years, and still being melted daily, and are willing to pay the big bucks when an already collectible piece comes to market. Every day accross America this stuff is being melted for scrap @ spot.
He put roughly 12 lbs of items, a big mix of coins. One was a MS probably MS62 1934-s Peace dollar.
I held it, looked it over and noted that I don't see 1934 peace dollars too often but I passed.
He said he was shipping it out wednesday for melt. (he sells items at the store for 2.50 over spot)
I got home last night and looked in my redbook and....... its roughly a $3,000.00 Coin UHhhhhh !!
Well of course I decided to pay another visit, was told shipped all of it out one day early. I'sn't that the way it always seems to go. Hopefully the smelter looks them over but I doubt it.
So there goes another highly collectible Coin to the smelter. You would not believe the stuff that gets melted everday, its really sad to see.
This is probably why the old pour and minted Bars and Rounds have been getting much pricier. Those that know, know roughly how much of this
stuff has been melted through the years, and still being melted daily, and are willing to pay the big bucks when an already collectible piece comes to market. Every day accross America this stuff is being melted for scrap @ spot.
NumbersUsa, FairUs, Alipac, CapsWeb, and TeamAmericaPac
0
Comments
<< <i>I visited a small B&M store yesterday and asked to see their scrap ship out bucket.
He put roughly 12 lbs of items, a big mix of coins. One was a MS probably MS62 1934-s Peace dollar.
I held it, looked it over and noted that I don't see 1934 peace dollars too often but I passed.
He said he was shipping it out wednesday for melt. (he sells items at the store for 2.50 over spot)
I got home last night and looked in my redbook and....... its roughly a $3,000.00 Coin UHhhhhh !!
Well of course I decided to pay another visit, was told shipped all of it out one day early. I'sn't that the way it always seems to go. Hopefully the smelter looks them over but I doubt it.
So there goes another highly collectible Coin to the smelter. You would not believe the stuff that gets melted everday, its really sad to see.
This is probably why the old pour and minted Bars and Rounds have been getting much pricier. Those that know, know roughly how much of this
stuff has been melted through the years, and still being melted daily, and are willing to pay the big bucks when an already collectible piece comes to market. Every day accross America this stuff is being melted for scrap @ spot. >>
###########
Makes a body want to puke. And that is to say nothing about old equipment parts, etc, being sold for scrap.
Sign of decline?
Knowledge is the enemy of fear
It was in a flip along with many many others in flips. It was a huge mixture of foreign and U.S.
Yes I've been kicking myself around for it ever since, but also the fact that so much of this stuff was highly collectible. He says he only gets 2 other customers who actually want to look through the items he gets in before shipping to melt. The man who bought the lot for the store took some grievance from the other two employees because it had a lot of foreign in it and that a few pieces were not silver.
<< <i>Yes it was a 1934-s and I knew I hadn't seen 34's too often and thought this was the last year for the series but I just figured it must be a common date and passed.
It was in a flip along with many many others in flips. It was a huge mixture of foreign and U.S.
Yes I've been kicking myself around for it ever since, but also the fact that so much of this stuff was highly collectible. He says he only gets 2 other customers who actually want to look through the items he gets in before shipping to melt. The man who bought the lot for the store took some grievance from the other two employees because it had a lot of foreign in it and that a few pieces were not silver. >>
Heck, for all we know, it could have been a Chinese Counterfeit. It's highly unlikely, that any MS 34-S, would end up in the scrap bin.
Familiarize yourself with key dates of every denomination, maybe even make a list and carry it with you in your wallet or something. The list will not be terribly long, so it's not it's going to be a chore to create. Find one coin and it'll make it worth the while it took you create the list. Assure yourself this will never happen again.
<< <i>May I offer you some friendly advice, and I'm honestly not being a smart arse.
Familiarize yourself with key dates of every denomination, maybe even make a list and carry it with you in your wallet or something. The list will not be terribly long, so it's not it's going to be a chore to create. Find one coin and it'll make it worth the while it took you create the list. Assure yourself this will never happen again. >>
Great advice ! This one would have made the chore a multi thousand dollar pay off.
If he sold at spot I would have bought a lot more and most likely that one. They charge $2.50 over spot which isn't terrible, and especialy for a 1934-S Peace in MS condition.
<< <i>I'll bet you that he knew what he was doing and realized that it was fake, but was scrapping it for the silver content. That particular coin has just recently been written up as a convincing fake from China. That is if you are talking about a B&M coin shop and NOT a Cash for gold place. If that was the case, I would have gotten on my smart phone once I left the shop and made sure I was not passing up a good deal. -Dan >>
As the saying goes: "If it seems too good to be true, it probably is"
<< <i>
<< <i>I'll bet you that he knew what he was doing and realized that it was fake, but was scrapping it for the silver content. That particular coin has just recently been written up as a convincing fake from China. That is if you are talking about a B&M coin shop and NOT a Cash for gold place. If that was the case, I would have gotten on my smart phone once I left the shop and made sure I was not passing up a good deal. -Dan >>
As the saying goes: "If it seems too good to be true, it probably is" >>
It was a cash for gold and two of the three don't deal with the coins and the very young man that assumed that chore is.... well learning the trade, but the main focus is move the product fast.
It sure didn't look fake in any way I could see and all the other stuff was real, I bought four pieces both foreign and U.S.
I know this is unusual and thats why I thought I would mention my experience because it was a VERY unlikely happening.
Your quote: "I visited a small B&M store yesterday and asked to see their scrap ship out bucket."
<< <i>Usually one does not refer to a cash for gold operation as a B&M and there lies the confusion in your thread:
Your quote: "I visited a small B&M store yesterday and asked to see their scrap ship out bucket." >>
Sorry to confuse, I was just trying to distinguish it was not an internet purchase or site I visited. And they don't keep things very long and display maybe 1/8 of what they take in but they try to ship every ten days or less and much of the items never get seen by people who walk in asking to buy instead of sale. They are mainly in it to buy PM's and sale it to their melt man.
I think its an overwhelming burden to them to actually sort through thouroghly each item that comes in espeacially a larger lot like this one was and a lot of it being foreign.
No smart phone Dan. I had to wait and look it up in my trusty little RedBook latter that evening.
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
<< <i>hmmmmm some facts aren't adding up right!! >>
Gentleman,
I have given the story as it happend, and it is factual. Now, I have no intentions nor the desire to defend my experience further. It was a real corker for me, and a let down when I discoverd my oversight, and thought it might be interesting to share. If you found it insightful- great, hilarious -great, a bummer- great, you deserved that- great, or if you believe it to be a poorly spun yarn filled with inconsistencies, falsehoods, the backtracking nonsense of a senile old bird, then thats great too!
I appreciate the stories I have read on the forum that other fellow members have shared with us. I don't share to often in these lost and found areas, but this one was a real self inflicted corker, and a kick myself experience that I felt like sharing with each of you.
Please Vote!! Our Country needs YOU !