Posted on 04/05/2011 5:34:33 PM PDT by DeaconBenjamin
That is the scam with the pre—65 silver; when you try to sell it you get a “melt price” instead of the “spot price” you get with regular .999 bars (or coins). This crap is a hoax to screw the less-knowledgeable “investor”.
If something sounds too good to be true, it is; the US had to ditch the Gold Eagle for a Gold Buffalo because of the same issue; China, Canada, and Australia were selling pure gold coins, while we were selling second-rate, “melt-price” stuff; now we also sell a new, pure gold coin.
A relative just gave me a small sack of silver coins. First thing I thought of course, was how much are they worth. Then when and where can I cash them in.
Excellent photos! Thank you!
Do you trade in post-1965 silver proof quarters?
It might be fun for those who brag online about good purchases, but the fun ends when word gets out, and there is a gun against your wife’s head in a home invasion.
Also, I doubt many people “trade” in these coins, and most more likely accumulate a quantity as an “insurance” type investment to hold (and use as handy money in the event of a currency collapse).
Do you trade in post-1965 silver proof quarters?
I think your claims of “hoax” and “scam” are unfounded.
Gold Eagles have always had a full ounce of gold, plus some alloying metals to greatly increase hardness.
Pre-65 coins have never claimed to have an even ounce of silver, although their content has always been consistent and well known.
Get a few quotes from people and avoid any dealer who starts the conversation “ So...how much do you want “.
The words “hoax” and “scam” were not related to the metal content; they were related to the fact that the peddlers pushing those products will be to first to about-face on the value when someone is selling it to THEM. The US didn’t recently start making a 24 carat gold coin for the hell of it; they did it because gold investors were sick of hearing the words “melt price” whenever they sought to cash out (and were buying Australian, Canadian, or Chinese coins instead to prevent that from happening again).
The pre-1965 silver had nothing to do with an even ounce of anything; people who bought that instead of bars or coins faced the same problems when they wanted to cash out.
My issue is with the merchants involved with buying & selling, not the producers of those products.
“Melt price” has nothing to do with the added alloying metals. An Eagle has a full ounce of gold.
“Melt price” is the term used to justify lowering the bid because the coin must be melted to separate the ounce of gold from the other metals; it isn’t used with the 24 carat coins (or bars).
A Krugerrand has a full ounce of gold as well, but is almost the color of a penny because of the amount of added metals; that is why it is the least expensive of the 1 oz. gold coins.
“Melt price” is the term used to justify lowering the bid because the coin must be melted to separate the ounce of gold from the other metals; it isn’t used with the 24 carat coins (or bars).
You’re also wrong about the Krugerrand. Explain why there is only a $2 (0.14%) price difference between Krugerrands and Maple Leafs when there is a 8% difference in gold purity.
I concede you’re more knowledgeable about this; it must all be my imagination. I’ve never lost with metals, and never bought pre-1965 silver, either.
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