Turning commems in for silver spot

Bochiman · April 21, 2011 5:37PM

Going through some stuff tonight, to clear things out, make some room, and lock in a little cash....

Found a bunch of commems just sitting there that I bought when I got back into things. First Flight, Franklin Commem, Marine Corps, West Point Military Academy, etc.....
Most are silver dollars and some are the clad halves.....why oh why did I buy the clad halves?

Anyway, I am keeping some of the commems (USMA-West Point, Marine Corps, and the Founding Father for the Franklin). The rest (about 18 or so) I think are going to be tried at a local coin shop this weekend...assuming silver stays up.

Anyone else doing this? Cleaning out the silver commems? If so, are you keeping any?
Preferring UNC over Proof if only keeping 1 of a design (UNCs generally have a lower mintage......for instance, West Point (USMA) has a mintage of 103,201 for the UNC and 288,293 for the proof)

I like the design for a couple (Founding Father) and have some attachment to the USMA and Marine Corps. The rest...well, not really. I forget what I paid for them, and probably didn't make that much over the length of time I have held them, but what's done is done.

Kind of sad, and I could be shooting myself, or my son, in the foot later down the line as the First Flights have "low" mintage (53,333 for the silver dollar unc and 190,240 for the proof, so the unc appears low), but I just don't see them increasing and the design does nothing for either one of us.

melvin289 · April 21, 2011 5:44PM

Oh, my heart, it's the "Big One" Elizabeth. The thought of Commems (even Modern Commems) being melted for silver. I won't be able to sleep in the morning.

Ron

RedHerring · April 21, 2011 6:13PM

With commem S$1 melting at almost $36? I'm sure many are cashing in.

I will when they melt at $50.

Steve27 · April 21, 2011 9:41PM

I've bought a few small groups of commemoratives, pulled-out the ones I've wanted to keep, and sold the rest for melt. It's kind of sad, but like classic commemoratives, most don't seem to have much appeal.

illini420 · April 21, 2011 9:57PM

I've sold some to collectors here on the forums at basically junk silver prices. But I'd never want to be the one responsible for getting them melted... seems like a huge waste. There are plenty of collectors that would rather have nice silver commems that would grade 68/69 instead of the typical junk silver that gets traded and those collectors are definitely willing to pay the same price and usually a bit more more than the local coin shop for the coins.

ambro51 · April 21, 2011 10:50PM

BURN HER SHES A WITCH

keyman64 · April 21, 2011 11:46PM

Sad but you gotta do what you gotta do. This is a rare opportunity to "Get Out" of the modern commens people have bought from the mint over the years. It seems that buying stuff from the mint is a way to lose money 99 times out of a hundred. I stopped buying stuff from the mint years ago.

If the design isn't beautiful AND the number produced isn't low, then a melting you must go.

The markets are closed here in the US today but overnight Silver was bid up a little in Asia and Europe showing current pricing supports so if you want to sell this weekend, you should be able to.

pmac · April 22, 2011 12:08AM

Maybe I'm a dreamer, but could they end up in a bag that goes from wholesaler to wholesaler to investor and so on and not to the smelter?

Hawgstick · April 22, 2011 12:30AM

Put them on the BST.

PerryHall · April 22, 2011 12:38AM

<< Put them on the BST. >>

Agree. They should bring a little more than melt.

ElKevvo · April 22, 2011 12:51AM

Agree with putting them on the BST for a good price since your gonna get melt anyway......I am missing a few in my collection and if folks are going to melt them possibly would rather sell them. Still got the MC and the FF?

K

ambro51 · April 22, 2011 1:34AM

Youre kidding yourself if you think anyone is buying late silver commems on the BST to keep them and idolize them in their Dansco album as numismatic treasures praising some glorious and just cause.

bull**** they are going right to the furnace as fast as the BST buyer scoops them up.

notwilight · April 22, 2011 2:00AM

<< 

<< Put them on the BST. >>

Agree. They should bring a little more than melt. >>

I'm paying slightly back of melt, just like common 90%. I have picked up a few hundred of them lately. It will be interesting to see what is offered at the local coin shops. I have a friend putting together a commem collection out of my bullion purchases so I could probably save them from melting but not at a premium price.

--Jerry

penny4yourthoughts · April 22, 2011 2:05AM

16DMERC · April 22, 2011 2:06AM

<< Maybe I'm a dreamer, but could they end up in a bag that goes from wholesaler to wholesaler to investor and so on and not to the smelter? >>

most silver is doing just that....going from person to person and not hitting the smelter...again I said "most", not all.

as far as moderns go...sell them for melt

kiyote · April 22, 2011 2:10AM

This high price of silver sort of does with the "100% survivability" myth of moderns-- people assumed that melting coins was a thing of the past. I wonder how many "common" First Spouse gold coins of 2007-2008 ended up getting melted.

That's a hard decision with your commems! I'm frusterated by high silver prices as well. I'm 60% done with my CH-BU Franklin half set in a Capital Plastics holder and I dunno if I should sell what I have or finish the set at these high prices.

Kove · April 22, 2011 2:15AM

You could probably get melt, or maybe 5% back of melt on the BST. There may be a couple designs that folks would pick up for a tiny premium over melt, especially if they have the original packaging. Most B&M stores are paying 10-25% back of melt for stuff like this. If you get a B&M offer, I'd like to know what it is.

If/when melt on these hits $50-$60, I think enough will have gone to the melting pot to possibly make some of these worth owning in the future. The only way these will ever be worth more than melt is if 3/4 or more of the existing population gets turned into bars, and then silver drops again so people can afford a small premium. Sad, but the supply of these greatly exceeds demand.

Kove · April 22, 2011 2:19AM

<< 

<< Maybe I'm a dreamer, but could they end up in a bag that goes from wholesaler to wholesaler to investor and so on and not to the smelter? >>

most silver is doing just that....going from person to person and not hitting the smelter...again I said "most", not all.

as far as moderns go...sell them for melt >>

There's a smelter in my town that is ramping up to double melting capacity in the next several months. They actually are melting this stuff down.

Although photographic demand is going down, industrial demand for silver for solar panels and anti-microbial uses is growing steadily. They actually do need the silver from these coins for other purposes, so many more are starting to hit the melting pot.

roadrunner · April 22, 2011 2:23AM

The XF/AU Columbian halves from 1892/1893 are probably meltable now as well. Not long ago you could pick them up for $8 to $12 quite easily.

rodarunner

yellowkid · April 22, 2011 2:23AM

I guess they do have some numismatic value, but I would be in the "melt" camp

Then use the money to buy some classic typecommems.

Flatwoods · April 22, 2011 2:25AM

My local dealer groans when he sees them come in the door.
He has tons of them and really doesn't want anymore.
He will buy them but at a discount.

COALPORTER · April 22, 2011 2:28AM

<< Maybe I'm a dreamer, but could they end up in a bag that goes from wholesaler to wholesaler to investor and so on and not to the smelter? >>

That is my thought too. Just because someone thinks they are selling for melt does not mean the coin will ever be melted. There are people wanting to buy silver now too, so the dealer could just mark them up an resell without wasting time to send them to a smelter in New York . Personally, Im waiting for a little more run before selling more.

DIMEMAN · April 22, 2011 3:08AM

My Silver Proof State Quarters are getting ready to go!

RedHerring · April 22, 2011 3:32AM

Won't you guys regret selling now when silver hits $75 this fall?

Zrider · April 22, 2011 4:29AM

I will sell some at $104.

2manycoins2fewfunds · April 22, 2011 5:48AM

This is first time most of those commemoratives were worth any premium over melt.

I think a lot are going to smelter as boxes and COA don't influence price.

questor54 · April 22, 2011 5:54AM

For those interested in holding gold and/or silver, a collection (not an accumulation) of modern commemoratives is not a bad way to do it. Tubes of ASEs and AGEs are great, but a little variety is fun.

TWQG · April 22, 2011 6:02AM

A lot of modern commems have sold for less than issue price for so long that this is a good opportunity to get out from under them.

illini420 · April 22, 2011 7:18AM

<< For those interested in holding gold and/or silver, a collection (not an accumulation) of modern commemoratives is not a bad way to do it. Tubes of ASEs and AGEs are great, but a little variety is fun. >>

Agreed, and I've bought quite a few modern commems off the BST in the past few weeks and NONE are getting melted.

If I'm buying junk silver as an investment, I'd rather have something cool I guess. I'd much rather have a roll of 20 moderns that grade 68/69 vs. another boring roll of circulated Morgans at the same price. Especially when many of the commems I've bought at melt prices were already certified by PCGS/NGC... hard to beat that!

IrishMikey · April 22, 2011 7:19AM

I was told by a B&M coin dealer last week that he didn't want any more silver Proof sets.
He didn't want to insult me with a lowball price -- we have known each other for years --
so he just passed. I thought that was an interesting response.

On the other hand, if I had a 5000 ounce deal that he could go straight to the smelter with,
I don't think it would have been a problem. The time it takes to crack modern stuff out of
the plastic might be the biggest problem for a dealer. If you want to sell a hundred modern
commems or something similar, you might want to contact the dealer first and see how he
wants them packaged (if at all).

Type2 · April 22, 2011 7:19AM

I'll buy all your 2001 Buffalos for melt + $20.00 over.

Turning commems in for silver spot

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