Sales of 5-Ounce American Silver Coins Delayed, U.S. Mint Says

business week ^ | 12/8/10 | Pham-Duy Nguyen

[Nachum]

The launch of 5-ounce America the Beautiful silver coins has been delayed while the U.S. Mint investigates consumer concerns over price premiums, the agency said. The U.S. Mint was slated to sell the coins yesterday. On Dec. 5, in a memo to authorized dealers, the agency said it would delay the program to “evaluate” consumer complaints about “the high prices and premiums being charged in the market.” Silver futures in New York, up 67 percent this year, touched a 30-year high of $30.75 an ounce on Dec. 7.

[cvq3842]

US money that actually has intrinsic value? What a concept!

[E. Pluribus Unum]

Sounds like they're running interference for JP Morgan and their short-sale squeeze.

[JRandomFreeper]

I bought the walking liberty that's in my pocket in 4Q 1998. One ounce. I think I paid somewhere around $7 for it, because I only bought 10 and they were charging a hefty premium then.

If the spot silver value is around $30, I need someone to look at/give me a quote on the silver 3 ruble pieces (one ounce) that I got for MUCH cheaper. And yes, they do have a slightly higher than normal radiation profile.

/johnny

[Robe]

Someone please tell me why we have to pay a private company a “Premium” to own silver coins struck by the US Mint with taxpayers $$$$$

[GonzoGOP]

And yes, they do have a slightly higher than normal radiation profile.

The Russians are cutting their silver with Uranium? What is the story with the radiation?

[JRandomFreeper]

A dealer once explained it to me by telling me that if I wanted a better price, I should qualify to buy directly from the Mint, and take a chance on buying thousands of dollars worth at a whack.

I don't begrudge them their cut, as they have investment/opportunity costs, transport, handling, storage, and marketing costs.

If they get stupid with it, fergetaboutit. I'll find a vendor that charges less of a premium.

/johnny

[JRandomFreeper]

I have no idea what the real story is. I do know that for grins and giggles, pre-Y2K, friends and I were playing with a geiger counter and there was a slight uptick with the ruski silver.

I have heard a rumor that some russian silver was stored in a mountain with radioactive materials. I have no clue whether that is true or not.

They are beautiful pieces, though.

I just pulled one out of the (metal) box I keep them in and the mint date on it is 1994.

/johnny

[Zakeet]

This delay might also be due to the requirement for the U.S. Mint to only use silver mined in the U.S. and the fact that all such silver is already about to be used up in their extraordinary production run of Silver Eagles.

[Atlas Sneezed]

If the spot silver value is around $30, I need someone to look at/give me a quote on the silver 3 ruble pieces (one ounce) that I got for MUCH cheaper.

http://shop.ebay.com/i.html?_nkw=silver+ruble&_armrs=1&_from=&_ipg=

[Eye of Unk]

I don’t know much about mint coins but I have several 3 gallon water bottles full of older pennies, nickels and dimes.

I hear especially the older pennies are worth more as copper than face value and then the all silver dimes much much more.

Time for me to do a little research on the best way for working with heat and ingots.

[MrB]

A couple of points, and free advice worth every penny :).

http://www.coinflation.com will tell you how much your coins are worth for their metal value.

Example:

1909-1982 Cent (95% copper) is worth $0.0269871
1946-1964 Roosevelt Dime is worth $2.0486
(1916-45 Mercury dime has same silver content)

Now, my biggest, most important point regarding your old coins!

DON’T MELT THEM.

Imagine this scenario. The dollar is worthless. No currency is worth anything.
You want to buy something. You have an “ingot” of silver which you created from melting your dimes. How much is it worth? How much silver is in it? Neither you nor the guy you’re trying to buy stuff from has much of an idea.

Now, you have a roll of dimes. You and the guy you’re buying from know that a 1964 roosevelt dime is worth one loaf of bread because it has a known quantity of silver in it.

[panaxanax]

There was a scare in the early 60’s about gold/silver jewelry being radioactive. Supposedly the gold/silver was recycled from old military electronic equipment.

I remember my father bringing a Geiger Counter home from the base and checking ours and all the neighbor’s jewelry.

[Nachum]

The pure silver dimes and quarters have a value that exceeds their weight in precious metal. I would check with coin dealers.

[panaxanax]

“DON’T MELT THEM.”

Right on all points. Right now there is 6 cents worth of nickel in a ‘Nickel’. For every $2.00 roll of nickels you buy from the bank you’re making 40 cents!

SAVE YOUR NICKELS!

[MrB]

1942-1945 Nickel $1.5933
1946-2010 Nickel $0.0638592

[panaxanax]

20% return on your money! How could you go wrong? You’d be surprised how many of the “War Nickels” I’m finding lately.