| Author |
 Topic  |
|
cesario
Penny Pincher Member
129 Posts |
 Posted - 01/05/2010 : 22:42:49
|
quote:
Originally posted by CuproNickle
Same with Silver. I'm willing to bet that 75% or more of the people on this forum did NOT purchase ANY silver when it was UNDER $5.00 an ounce.
*raises hand with head down in shame* guilty. |
 |
|
|
AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 01/05/2010 : 23:21:16
|
| In my defense, I was still in college drinking beer and pretending to read books when silver was that low. I think I started getting into it when it was in the high single digits and 8-12 range. |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
|
|
|
El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 01/06/2010 : 10:25:29
|
From 1965 on, Gramps would pull any 90% he found, then sort them by denomination and store them in a large trunk in his attic. He showed Grandma how to edge check change so she could do the same thing.
In 2002 or so, Grandma wanted to convert it to cash, and asked me to sell it for her. Silver was about $4.60 at the time; she was very happy with the $5,000 cash I got for her. She felt it was safer in the bank. Old people.
Of course, I should have bought them, but didn't. *raises hand with head down in shame* Young people.
|
Trust the government? Ask an Indian. |
|
|
|
Investin Cents
Penny Pincher Member
USA
129 Posts |
Posted - 01/06/2010 : 10:34:40
|
I bought a few AG 1 oz bar bars back in March-April 2004 for just under $7/oz. Kept a few silver coins I found in change before that. But lately as the PM's took off made me realize that they could be solid investments, not just a curious novelty. Nothing like a slap in the face to wake you up! Better a little late than never.
Most folks STILL do not realize what is going on - not one-single-clue! I think "the fan" has just been cranked up on "high" and I see a 100-ton dump truck backing-up with a gigantic load of manure ready to unload! Look out!!!!  |
Most recent book I've read: "Meltdown" by Thomas E. Woods Jr. Current book: "I.O.U.: Why Everyone Owes Everyone & No One Can Pay" by John Lanchester |
|
|
|
Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 01/06/2010 : 12:01:58
|
grand parents had some 64's that they cashed in a few years later for a vacation or something.
i was collecting coins in 80-82 and i remember the local bank paying a premium for pennies at one point. as for holding the pre-82's, i seem to recall that by the time they changed the metal content the value of copper had fallen back such that the pennies were worth less than a cent. it stayed that way for quite a while. so you would have had to really have some patience for that to have worked.
silver - i bought some ASE's in 04 or 05. i agonized over whether to pay an 89 cent per ounce premium for generics or 1.89 for ASE's at the time. i went with ASE's and probably paid 8.99 all in. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
|
|
|
|
GA-Silver
Penny Pincher Member
USA
238 Posts |
Posted - 01/06/2010 : 18:22:18
|
Before Y2K, my friend and I bought a tube of ASEs for like $9.00 each. Looking back at what silver was bringing at the time, we paid too much for them, but the prices they are worth now has made that 11 year old invest profitable.....Oh, after the Y2K scare went away, I bought the friend's share of the ASEs.
I just hope in 10 years we can look back with satisfaction and say, "Yeap. I was saving copper pennies before they became worth more than $.10 each!". |
|
|
|
misteroman
Administrator
USA
2565 Posts |
Posted - 01/06/2010 : 22:35:59
|
| My buddy bought $975 Face of 90% and Buffs for $1,050 in the 90's. Pulled a 16-D dime and a 37 3 legged buff among some smaller stuff |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
|
|
|
Nickelless
Administrator
USA
5580 Posts |
|
|
rainsonme
Penny Pincher Member
USA
183 Posts |
Posted - 01/07/2010 : 01:11:08
|
| I was a kid in 1965, but I collected up several 100 dollars at face value of coins, then lost interest. But I have been dragging that heavy box with me everywhere I have moved since. I just started looking at coins again 2 years ago, and I opened the box to see what was there. I am pleased that most were quarters and dimes, with few halfs, as I accumulated a few halfs since. The dimes were almost 50-50 mercury and roosevelt, I can't remember why. And although some of the quarters were from the 30's, none of great value. No standing liberties. When the silver certificates were eliminated, I asked my dad to take me to the bank and exchange them for silver while I still could. He said I was nuts. We called the clad coins "funny-money" in 1965. |
|
|
|
cecropia_moth
Penny Pincher Member
USA
222 Posts |
Posted - 01/07/2010 : 01:45:05
|
Great story rainsonme. My great uncle, who was more like a grandfather to me died with hundreds & hundreds face value of those silver certificates. When my mom was very young (ages 18-24) she was a bank teller. This was 1964-1970. People would bring these certificates into the bank (they were using them as face value money) and she would accumulate them and he would purchase them from her. He never converted them into physical silver. Sad to think what he could have had. Also sad to know that my mom, while working on the frontline so to speak with coin everyday never even had an inkling to set some silver aside.
BTW - Does anyone know the approximate date by which the silver certs had to be exchanged to get physical silver? The year 1968 (??) seems about right to me.
Jeff |
Edited by - cecropia_moth on 01/07/2010 01:46:47 |
|
|
|
rainsonme
Penny Pincher Member
USA
183 Posts |
Posted - 01/07/2010 : 09:01:38
|
In accordance with an Act of Congress, dated February 28, 1878, the Department of the Treasury issued to the public Silver Certificates which could be exchanged for silver dollars. On March 25, 1964, the Secretary of the Treasury announced that Silver Certificates would no longer be redeemable for silver dollars. Subsequently, another act of Congress dated June 24, 1967, provided that Silver Certificates could be exchanged for silver bullion for a period of one year, until June 24,1968. Even though Silver Certificates are no longer printed, those which remain outstanding are still legal tender and can be spent just like a Federal Reserve Note.
You must be logged in to see this link.
My father told me that to exchange the silver certificates during this time (prior to 1967), they would just give me silver quarters ---- which was OK by me, but which he thought not worth the effort. I am not sure if he was correct.
|
|
|
|
CajunCoin
Penny Sorter Member
USA
26 Posts |
Posted - 01/07/2010 : 19:20:58
|
was a youngster but Dad drove a truck for A&P food stores (he had a lucrative contract) and he saw that small coinage was disappearing in 1963 and had us kids run to the bank for a roll of quarters and halves every chance we could and he had the checkout girls on the lookout for Silver Dollars which occasionally showed up in Memphis, TN. Mom being Cajun owned a Seafood company and she had boucoup silver in sacks she brought home and stored in the safe. Tons of Half Dollars (so it seemed) was put up and later divided amongoust the kids (later).
Most folks watched their change and me too after 1964 since most folks wanted only the silver and tried to refuse the clad stuff at first. There was a coin shortage and it was blamed on "Coin Collectors and Hoarders" and propaganda on how the new coins would circulate alongside silver since with the demand for silver reduced due to coinage not being made of silver. WTF? A lunch lady at school would only accept silver if you had both types in your change, she extorted my brother to give her a silver quarter and silver dime for lunch (.35) at the time and my parents raised holy hell when they found out and she was chewed out for her actions (My brother got a silver dime and quarter back from her and that little charade ended at school lunch quickly, a new lunch lady was picking up the money the next day!!!! Mom had a stack of old ratty Silver Certificates in 1968 before the June deadline and she was given silver dollars especially sent in for that purpose to the banks to redeem silver certificates. After July 1968, they were only paper. Wheat pennies and war nickels were also saved, everything old diappeared, I remember my mother getting an 1859 dime in change which everything circulated before the Gresham swap.
Moms family in Louisiana only saved the dimes and but when the mess caught fire in 1970 with the rise in silver and appearance of clads, everyone was on to the hunt and silver was hoarded. A cousin at the bank would call the family when a new shipment of coins came in with silver and she would hold it until someone could get there, even as late as 1980, wehn she quit, I would stop by the bank and get $25 to $50 worth since she could only keep it so long, I was the family Numismatic, L'collectete d'argent so I would look through the family hoard seeing if any thing valuable was there, found a few key coins!!!!
Silver was gone out by 1980 since the rise of the price thanks to Mr. Hunt had made silver coins very valuable and everybody was selling but after the price drop, most folks just held on to their stashes and hoped the price would rise.
I have bought several hoards but most folks think they are sitting on a fortune even with 1963 dimes!!
On a note, most anyone I knew was holding on to Silver
coins like a religion, the people holding on to Silver Certificates I will never understand, the ratty one my mother hurried up and got silver dollars for them as soon as the swap was announced, she did not want to hold paper. Dad was pulling some serious money in the late 60's and he would turn his petty cahs reciepts into Silver Coin at the A&P Stores, he knew the head checkout ladies and he got Silver Certificates by the dozens, even 5 and 10s, the buckets of Silver Dollars are still in the family, we have decided to sell only amongst ourselves, my brother sold his share of the hoard since his then wife liked CASH (Shades of JG WENTWORTH) so the family hoard is stored safe in the Safety Deposit Boxes and the finer Silver Certs were kept but Silver money was kept and dad really socked away the halves, he filled up 2 five gallon water bottles and when he died, my stepmom sold her share to me and my siblings did not want to count it so off I took it to be stored away.
You bet we kept our silver.
|
Real Money Rings True. |
|
|
|
thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 01/07/2010 : 20:41:26
|
That was a great post Cajun. I just felt like as if came out of 1960-70's Louisiana.
You're very good writer. |
Come to the new and improved realcent: http://realcent.org
|
Edited by - thogey on 01/07/2010 20:49:18 |
|
|
|
CajunCoin
Penny Sorter Member
USA
26 Posts |
Posted - 01/08/2010 : 09:52:56
|
quote:
Originally posted by thogey
That was a great post Cajun. I just felt like as if came out of 1960-70's Louisiana.
You're very good writer.
Thank you,
As an older person, 1965 to 1970 was a tumultous time with the Hippie thing, Vietnam War protests, Love and Sexual Revolution so coin collecting almost died in favor of just grab the coins. Everybody was saving their change and nobody was cutting loose of any coins if they did not have to. Bank Tellers had to be forced to make change and stores tried to get you to round up your purchases to the next dollar. Nickles and Pennies came into play with people getting change in Nickles and trying to pawn off their Nickles as soon as they could. Mom had a jar of Nickles and she used that at her store as much as she could, silver coins she hated to let go but sometimes you had to use them when you had nothing else. There were a few people and businesses that were buying coins but the premimun was only $1 = $1.10 at most, and there wasn't a big market for silver since you could not smelt the silver so most folks just held on to their silver. Silver Dollars never did circulate (who wanted a big size coin anyhow) but on dad's trips out west Silver Dollars were obtainable since they were more prevelent out west than here in the mid south. I remember dad giving a lady a 10 in Nevada and getting back 3 silver dollars!!!!
We went to Canada in 1969 and the silver craze had hit up there due to the removal of silver in 1968 out of Canadian Coinage, found a lot old coinage, mom saved her l'argent just as any good canadienne whould.
In the middle 70's I worked in a Grocery Store and got some silver there but it was getting scarce after 1973 when silver ran up to 3 times face.
40% Halfs were still only worth 55 cents and nobody was buying but dad racked them up and I have a ton, dad sold some of the 40s when Bunkie Hunt was on the prowl, dad payed off saving the 40s.
We still have the hoard and will increase it as we need to. |
Real Money Rings True. |
|
|
|
thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 01/08/2010 : 21:04:11
|
Hey Cajun,
What do you think. How does this penny situation compare to those times? |
Come to the new and improved realcent: http://realcent.org
|
|
|
|
CajunCoin
Penny Sorter Member
USA
26 Posts |
Posted - 01/09/2010 : 11:12:35
|
| The Penny situation is nothing like the silver debacle, the price of copper from 1983 to 2005 was below face/melt and there was no impetus to remove the copper. Most folks don't know about the change over in 1982 and there is no apparent difference in the coins as there is with the clads. I usually find about 20% of the pennies in circulation are before 1982 so there is no active movement to pull coins on a massive scale, infact I find a few rolls of old stuff, thinking the brinks and the big boys might have started pulling them but since there is no market, it is a dud, you can not sell for melt and few folks are buying bulk, what are you going to do with coins you can not melt. Nickles I expect to see the composition change in the next few years if the copper and nickle prices rise. But both are still plentiful, I have a bunch of boxes of coppers and my attic is full of pennies in 25 dollar boxes. Sorting is a good pastime, not a profit maker. |
Real Money Rings True. |
|
|
|
JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 01/11/2010 : 14:21:48
|
quote:
Originally posted by Nickelmeister
quote:
Originally posted by JobIII
I often wondered what it would have been like to buy silver coins at fv in the 70's but there were recessions leading up to now, so I probably would have sold it off by the 90's if not during the 80's spike.
It would be amazing to actually witness a seemingly worthless item spike in value during your life and be able to make a profit on it...but that's what speculation is.
Isn't that exactly why you hoard pennies!?!
You'd think so. I actually don't believe the US will be hitting the hard times a lot of people here feel it will. So i'm selling as soon as i'm able. So i'm not actually hoarding pennies. In the end i'll probably earn less than many of the members here when the selling really takes off. But with current trends of % find on Cu. I'll be able to make sales for a while before the Cu is gone. |
Selling Copper cents. $0 FV available at 1.4xFV. Also interested in trading for wheat pennies and other coins Please pm me for requests or inquiries.
|
|
|
|
Topic |
|
1964 Coin buying
Forum Locked
