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Cerulean
Penny Hoarding Member
USA
993 Posts |
 Posted - 10/16/2007 : 13:47:17
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Since 1993, Mexico has been the only nation with silver in circulation. The 20peso coin contains 1/4 ounce of silver, the 50peso and 100 peso coins have half an ounce, all of 92.5% purity. From 1992-1996, the 10peso coin contained 1/6 ounce of silver, but has been discontinued since 1997.
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So, could one buy rolls of 20peso coins from a bank or exchange office? It would pay off. Four 20peso coins contains 1 ounce of silver. So for 4 coins you buy, you're getting an ounce of the real thing. This will cost you 80 pesos, approximately USD$7.25. Add in an assumed 20% transaction fee, and you're still paying USD$8.73 an ounce for silver, far less than the $13-$13 per ounce that silver's been at lately. You'll have 92.5% pure silver in a verifiable and easy-to-spend form. This also assumes that such a transaction is not restricted by import/export laws.
As a bonus, the Mexican peso is strengthening against the US dollar, too.
If you can find a better deal on silver coinage, I'd like to hear about it.
RUNNING TOTAL
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3501 zincs (1982-2007) 75.4%
1106 coppers (1959-1982) 23.8%
31 wheats (1920-1958)
7 Canadian (1968-1995)
1 dime (2004)
Wanna take money away from the Fed? Spend dollar coins!
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 10/16/2007 : 15:08:30
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Sounds to good to be true. It seems like if that were true all the silver coins in Mexico would have been hoarded/exported/melted by now. However, I'll try to look into it when I get a chance.
Thanks for the info. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 10/16/2007 : 15:47:59
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I think somebody needs to update wikipedia.
The site that I found is showing that that 20 and 50 nuevo pesos are no longer being made. Which makes sense if it took more silver too make them than what they are worth. Only the 100 peso is still being made with silver in it.
It would have been nice to hoard some 20 and 50's but I bet they are all gone now. The Mexicans are pretty savvy when it comes to not trusting their government or currency. They have all lived through massive inflation and currency devaluations and you can bet that they know the real score...more so than us Americans.
Let's see the 100 Nuevo Peso is worth $9.23 at todays exchange rate and contains $6.75 worth of silver. 73% silver backed...not to shabby...I would hold it over a dollar bill any day.
Currently Manufactured Coins
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"Value" on Non Current Coins
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Note that in 1995 the nuevo peso came out and old pesos were exchange 1000 for 1! So imagine the the scrap value vs currency value on a pre 1995 5 centavo coin. A pre 1995 5 centavo coin has a current currency value of 1/2,000 of a US cent. I don't know the melt value, but lets say 1/2 of a cent just for grins. That gives a melt premium of 1000%. Now that is some coinflation! |
Edited by - horgad on 10/16/2007 15:51:56 |
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fiatboy
Administrator
912 Posts |
Posted - 10/17/2007 : 12:17:50
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I have no personal, first-hand knowledge of these coins myself, but I've been told by Mexican coin collectors that although these coins are still in circulation, they're extremely difficult to find in the wild.
Now, is that just the general perception, like the perception among Americans that half dollars are rare? Or are Mexican silver coins genuinely rare?
I'd like to know more.
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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Mexico - Land of the Silver Deal
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