Melting nice UNCs!
Windycity
Posts: 3,548 ✭✭✭✭✭
I think with the price of silver at $34, many nice rolls of UNC silver will go to melt. I have a few nice common date Washingtons, Franklins, and Rosies (MS and Proof) which I have been selling slowly to collectors at melt or just above. Now it's a lot easier to simply sell with other circulated silver at melt when silver prices are so high. Same holds true for common silver proof sets. For a long time you could buy well below bid, now melt is over bid.
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<< <i>I think with the price of silver at $34, many nice rolls of UNC silver will go to melt. I have a few nice common date Washingtons, Franklins, and Rosies (MS and Proof) which I have been selling slowly to collectors at melt or just above. Now it's a lot easier to simply sell with other circulated silver at melt when silver prices are so high. Same holds true for common silver proof sets. For a long time you could buy well below bid, now melt is over bid. >>
There will be many items destroyed leaving too few for future demand.
People need to be thinking about what to save for the intermediate and long term.
It's not just altruism or even practicalities but opportunity to divest oneself of metals
risk and obtain coins that will retain value in the event metals decrease. There's al-
so a profit consideration if you choose wisely.
That being said, however, if silver remains at or above current levels, you could see some winners come out of the woodwork.
<< <i>My opinion is that if an UNC silver coin (say Morgan dollar) was worth $30 before the runup, it will still be worth that IF silver drops back down. >>
Saw a dealer at a show pulling a lot of flipped barber coinage out of his boxes to sell to a buyer that was offering a good buy price slightly over melt. The dealer said he had marked prices a few years ago and nobody bought them but now he could unload it all so anything marked close to that current buy offer was sold.
I was thinking similar to what you said above. Even if silver drops those coins were worth close to the current silver price as coins, more so than the true junk silver. That would make them a better deal for anyone that wants to buy and hold, less risk with numismatic plus silver value and the price was about the same as junk silver.