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Seeking Advice re Buying Junk Silver

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


TOPICS: Business/Economy
KEYWORDS: coins; junk; preciousmetals; silver
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To: Abigail Adams

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.


21 posted on 03/23/2009 4:58:28 PM PDT by library user (Rod Blagojevich should have been TIME MAGAZINE'S "Person of the Year.")
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To: ml/nj

Are sales of gold and silver registered?


22 posted on 03/23/2009 4:59:19 PM PDT by samtheman
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To: Eric in the Ozarks
What exactly are “junk silver coins” ?

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

23 posted on 03/23/2009 4:59:59 PM PDT by ml/nj
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To: Eric in the Ozarks
Eric, he means pre-1964 non-collectible coins. Quarters, dimes, a few halves. Usually, their condition ranges from 'good' downwards.

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?

;^)

24 posted on 03/23/2009 5:00:35 PM PDT by SAJ
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To: samtheman
Are sales of gold and silver registered?

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).

25 posted on 03/23/2009 5:02:13 PM PDT by library user (Rod Blagojevich should have been TIME MAGAZINE'S "Person of the Year.")
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To: arthurus
Someone else understands.

ML/NJ

26 posted on 03/23/2009 5:02:59 PM PDT by ml/nj
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To: ml/nj

bump


27 posted on 03/23/2009 5:03:47 PM PDT by Retired Greyhound
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To: library user

Nickels were never silver. They were nickle. Hence the name “nickle”.


28 posted on 03/23/2009 5:05:25 PM PDT by mamelukesabre
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To: mamelukesabre
Nickels were never silver.

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

29 posted on 03/23/2009 5:16:21 PM PDT by ml/nj
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To: Abigail Adams
Every once in a while, I pick up a silver dime in my change but no silver quarters. Halfs haven't circulated in ages but I remember when they were common in returned change.
30 posted on 03/23/2009 5:17:53 PM PDT by Eric in the Ozarks
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To: bert

Seems to sell for several dollars an ounce over spot prices.


31 posted on 03/23/2009 5:18:08 PM PDT by El Sordo
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To: ml/nj

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).


32 posted on 03/23/2009 5:26:17 PM PDT by zek157
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To: ml/nj

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.


33 posted on 03/23/2009 5:26:31 PM PDT by mamelukesabre
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To: ml/nj
What about buying liberty dollars?
34 posted on 03/23/2009 5:27:00 PM PDT by smokingfrog ( Dear Mr. Obama - Please make it rain candy! P.S. I like jelly beans.)
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To: library user
The Wartime Nickels 1942-1945 were 56% copper, 35% silver and 9% Manganese.
The 1942 & 1942D were normal nickels, 75% copper and 25% nickel.
The 1942P and 1942S were wartime alloy.

The wartime alloy nickels have larger mintmarks above the dome of Monticello on the reverse.

35 posted on 03/23/2009 5:30:24 PM PDT by HP8753 (Live Free!!!! .............or don't.)
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To: mamelukesabre; library user

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.


36 posted on 03/23/2009 5:30:49 PM PDT by BattleHymn
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To: ml/nj

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.


37 posted on 03/23/2009 5:34:12 PM PDT by zek157
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To: zek157

People buy and sell silver dimes by the pound, not per coin...or so I’m told.


38 posted on 03/23/2009 5:36:39 PM PDT by mamelukesabre
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To: zek157
Consider that Roosevelt forced everyone to turn in their gold at $22or $23 an oz.

Believe me, I haven't forgotten. This is one of the reasons why I'm looking to silver for the time being.

ML/NJ

39 posted on 03/23/2009 5:48:09 PM PDT by ml/nj
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To: library user
Modern silver containing coins have the following amounts of silver

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 $$$$$.

40 posted on 03/23/2009 5:54:37 PM PDT by HP8753 (Live Free!!!! .............or don't.)
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