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Vikingdad 05-08-2012 05:54 AM

Coins
 
OK, I have some coins that I inherited and I am learning something about silver coins. I hear all of this stuff about silver coins and buying silver but they are worth more for numismatic value than the are for the silver in many cases. For instance the Roosevelt dime is worth $2.00 in silver but $2.50 numismatic value minimum and as much as $16 and up to $75 for a rare coin. That is a wide range in value.

I looked up the Morgan Dollar as well (wish I found one of those!) and they are worth $23 in silver but a minimum of $30 and up to thousands of dollars in numismatic value.

Anyhow, I wonder how anybody can reconcile buying silver coins for the silver value when the numismatic value can be much higher in many cases?

Are there silver coins that have no numismatic value that are worth exactly what the silver content is? I would rather have those coins than the collectible coins because when the SHTF there will not be any collectors buying the old Morgan dollars at high prices.

bkt 05-08-2012 10:29 AM

I collect coins and I buy silver bullion. You're right that older coins in reasonable to excellent condition are generally worth significantly more than the content of precious metal. However, there are plenty of pre-1964 dimes, quarters, halves and dollars that are in poor condition that are referred to as "junk silver" because they have no numismatic value. Silver content for these coins is 90%, they are sovereign coins as opposed to no-name bullion round stamps, and they are recognizable as currency. Many people prefer junk silver to bullion silver.

It would be worth your while to go to a coin store and purchase a book or two on coin prices so you can get some idea what your coins are worth. If you're not interested in collecting and these coins don't have sentimental value, you might consider trading them in for a higher quantity of junk or bullion silver.

If you decide to buy bullion rounds or bars, they should always have the weight and purity stamped on them. Don't buy anything that lacks those marks. Give a shout if you want more info.

c3shooter 05-08-2012 11:50 AM

As BKT said. Its not just coins. A minty Remington #4 .22 rifle is a collectors item. Not because it is old- because it is scarce. In perfect condition. On the other hand, a Glenfield 60 is a shooter. Nothing wrong with it, decent shooter- but if they had made any more of them, they would pile them up to form windbreaks. Not scarce.

With coins, it is CONDITION and SCARCITY. Yes, Peace dollars are collectible- BUT- heavily worn, common dates, etc- and you have a Glenfield 60.

Advantage of common coins over bullion- more readily divided. I do not know who put the assay mark on that bar of silver, but I know the silver value of a 1950 quarter.

A little time back, I did set some money aside in US silver coins. Not going to corner the market by any means, but picked up a couple of grand in junk silver coinage. Some are a bit above junk. Paid spot price for them. Spot price is now double what I paid.

As people buy junk silver (aka slicks) for melting, value of coins for collecting goes up. Remember scarcity?

Here is what silver value (not collector's value) runs- http://www.coinflation.com/silver_coin_values.html

The coins I acquired will not be melted while I own them. They are in the back of the safe- insurance if I ever REALLY need them. Once in a while, a grandkid gets one for a present. If we ever reach the point of the 1920s Germanywhen a wheelbarrow of paper money could not pay for a loaf of bread, a few thousand in silver coins could be useful. I may trade some with the Mongol invaders who want them to decorate their rifle slings.

Simply being old does not in and of itself make something valuable- or I'd be PRICELESS! :p

mountainman13 05-08-2012 01:20 PM

I recently took some coins in to sell for $ for a gun. I had a lot of supposedly valuable coins. The guy had no interest in buffalo nickels etc. He paid me for 3 silver dimes which had a collector value of about $.35 each (sad). He bought them at melt value which was about 3 times what the collector value was. He also showed interest in a Disney dollar. That was what excited him the most. Unfortunately it wasn't a spiderman one so he chose not to purchase it.
Bottom line is highly numismatic value or not American currency is sh#tting the bed and nobody wants it.
Hold onto your silver and nickel.
Stock up on lead and brass.

winds-of-change 05-08-2012 01:24 PM

I have a large amount of silver coins given to me by my Dad. Most are in pretty bad condition. I don't know what to do with them. I don't know the value of any of them and I'm not even sure of what all I have.

Axxe55 05-08-2012 01:48 PM

i have some silver coins passed on to me from my grandfather many from the late 1800's to the very early 1900's. they have much sentimental value to me, but i know of the condition they are in, from a coin collectors viewpoint, they would be worth more for the amount of silver they amount to.

bkt 05-08-2012 01:48 PM

Quote:

Originally Posted by mountainman13 (Post 793897)
I recently took some coins in to sell for $ for a gun. I had a lot of supposedly valuable coins. The guy had no interest in buffalo nickels etc. He paid me for 3 silver dimes which had a collector value of about $.35 each (sad). He bought them at melt value which was about 3 times what the collector value was. He also showed interest in a Disney dollar. That was what excited him the most. Unfortunately it wasn't a spiderman one so he chose not to purchase it.
Bottom line is highly numismatic value or not American currency is sh#tting the bed and nobody wants it.
Hold onto your silver and nickel.
Stock up on lead and brass.

Unfortunately, coin collecting for the pleasure of trading rare coins in good condition is slowing WAY down in the U.S. It's a nice pass-time but usually an expensive one, and our economy these days doesn't permit very many people to indulge.

As a rule, if you have silver or gold and you don't desperately need cash, hold onto the metal.

bkt 05-08-2012 01:53 PM

Quote:

Originally Posted by axxe55 (Post 793911)
i have some silver coins passed on to me from my grandfather many from the late 1800's to the very early 1900's. they have much sentimental value to me, but i know of the condition they are in, from a coin collectors viewpoint, they would be worth more for the amount of silver they amount to.

Coins are always worth at least bullion melt value. You will never find a coin where the numismatic value is less than the melt value. Anyone telling you otherwise is up to no good.

There are printed guides and guides online to teach you how to grade coins. And there are printed guides that give you an idea of coin value. It might be worth a few bucks and a little bit of time to figure out what you've got; you never know.

Vikingdad 05-08-2012 03:56 PM

Thanks for the input folks. I am in the process of figuring out the melt value (more than I expected) and will select ones in better condition to bring in to a few coin stores to see what they say and how they compare (the stores I mean). I have been using the website that C3 mentioned and that is where I have gotten most of my information. The difficult part for me is determining the condition. There are some coins that are valuable even in poor condition (a 1943 copper penny for instance) but even then value is relative. Also, again as C3 mentioned, I am well aware of what happened in Germany in the early 1900's as my grandmother came to the USA from Germany in 1917 and would tell us how bad things were getting before she left (we have this all on tape from a weekend in 1979).
One of the interesting things is that of all the different coins the nickel is generally worth just that, a nickel. There are some notable exceptions (wartime coins) but in general that is true. The container of nickels will be the last to be sorted.

Oh, Winds, do not clean the coins. You will diminish their value if you do. I was considering running them through the ultrasonic cleaner but found out that would be a bad thing before I did.

downsouth 05-08-2012 04:02 PM

Quote:

Originally Posted by winds-of-change
I have a large amount of silver coins given to me by my Dad. Most are in pretty bad condition. I don't know what to do with them. I don't know the value of any of them and I'm not even sure of what all I have.

Keep them, they cost you nothing to obtain nor to keep. They have silver value. Also you will be honoring your father by keeping them until you truely need their value. If you never do need them, pass them to the next generation with the understanding of their value, both monetary and sentimental. imho ds


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