Posted on 03/23/2009 4:39:33 PM PDT by ml/nj
I would like to buy several ($1000) bags of junk silver coins. I'm concerned about how to securely make the exchange of my paper money for these coins. Does anyone have any experience and/or advice.
ML/NJ
I took a bunch of 1950s and earlier Jefferson nickels to a local coin dealer last week. He said they’re not worth anything beyond face value, but then proceeded to ask if I’d take 5 cents each for them. LOL. I figure they have to be worth a little more than current nickels, due to silver content during that time.
Are sales of gold and silver registered?
They are what used to be referred to as "lawful money." The legal definition of a dollar is a coin containing a specific amount of fine silver. When I was growing up (until 1964) the coins minted by the United States values at 10 cents and about each contained the amount of silver proportional to their value. The word "junk" is used to distinguish them from coins which have some numismatic value.
ML/NJ
There used to be a futures contract on $1000 face-value bags of coins on the old NYMEX (before NYMEX bought COMEX, whose members killed the contract).
See all the useless 'knowledge' one accumulates over 36 years of trading?
;^)
I think gold has to be. Have to be careful if you do this stuff out in public. Remember Tom Noe? He had a bunch of coins in his car and then dropped his kids off and in the five minutes he was gone, thieves broke into his car and stole hundreds of thousands of dollars worth of coins (they basically followed him around all day, hoping he'd stop, and that the car would be left unattended, even just for five minutes).
ML/NJ
bump
Nickels were never silver. They were nickle. Hence the name “nickle”.
Not true. Silver was used to make five cent pieces during World War II. I don't know just how much silver was used, but apparently the nickel was needed for the war effort.
ML/NJ
Seems to sell for several dollars an ounce over spot prices.
Consider buying Canadian Maple Leafs@ 3.99 over spot, or Buffalo rounds @ 1.29 over spot at APMex.com.
Forget the castings & other unrecognizable stuff. Also, we are still in a deflationary period. Yes the fed is monitizing, but there is no mechanism to inflate the economy. This will not cause wages and prices to increase (if you think it will try finding a new job). Not yet. There will be a better window to buy both silver and gold (unless there is a war).
Yeah yeah. And they made steel pennies too. So what. The fact still remains that the metal content of nickels is practically zip. You won’t be cashing them in like silver dimes and quarters.
The wartime alloy nickels have larger mintmarks above the dome of Monticello on the reverse.
Coin collector checking in:
1942-1945 nickels do contain silver. They were 35% silver, 56% copper, and 9% something else; I cannot recall exactly what right now. Pre and post 1942-1945 nickels contain 75% copper 25% nickel content.
If you insist on buying junk silver, try not to buy dimes. Quarters, halves & dollares are much better. The dimes are typically worn and have lost up to about 8% of their weight in wear.
Consider that Roosevelt forced everyone to turn in their gold at $22or $23 an oz. Then he devalued the dollar to 35 an oz. The kleptocrats will work it one way or another to strip our assets when Mr. Mierda meets Mr. Fan. Make sure you can eat and protect your family imho.
People buy and sell silver dimes by the pound, not per coin...or so I’m told.
Believe me, I haven't forgotten. This is one of the reasons why I'm looking to silver for the time being.
ML/NJ
Wartime Nickel=0.05626 oz
Silver dime=0.07234 oz
Silver Quarters=0.18084 oz
Silver Half Dollars=0.36169 oz
Silver Clad Halfs (1965-1970)=0.14792 oz
Silver Dollars=0.777344 oz
Take the price of Silver (around $13.60/oz) times the content to get the value.
But dealers will never give you 100% of value or else they wouldn't make any $$$$$.
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