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nokozan
Penny Sorter Member
35 Posts |
 Posted - 08/11/2010 : 12:17:12
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at my register the last 3 days I have been getting a silver in one of my rolls every day i usually don't see that many. i wonder how much silver in face value is still left in the wild?
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 08/11/2010 : 17:57:12
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According to the book that several forum members are reading right now, "The Big Silver Melt," as much as 75% of common dated silver coins circulating in 1968-1969 were melted down at that time. Further speculation suggests that another 75% of the remaining 90% and 40% still in existence was melted down in 1979-1980 during the Hunt silver price spike. Figure 5 - 10% of silver coins were socked away in storage or coin vaults of dealers... that means that of the remaining possible 90% ever minted only 5.625% wasn't melted (75 percent of 75 percent of 90 percent), leaving 10 to 15% of the amount originally minted (not counting silver dollars). That doesn't mean it's actually circulating though, just that it still exists. And coin dealers are constantly sending in culls and further common date silver into smelters each month. I spoke with one large Midwest dealer who says he sends in ten million face value per month (that's seven million ounces a month being melted even now). What's left is disappearing fast!! Most of the frequently quoted figure of 300 to 500 million ounces still remaining above ground is probably in the form of rounds and bars. Those coins you have socked away? They are a heck of alot scarcer than anyone can imagine.  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 08/11/2010 : 19:07:42
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| still time to stock up from the wild |
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coinwolf
Penny Collector Member
USA
277 Posts |
Posted - 08/11/2010 : 21:44:41
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| I'm rich I'm rich I tell you |
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Nickelmeister
Penny Hoarding Member
Canada
588 Posts |
Posted - 08/11/2010 : 22:03:37
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quote:
Originally posted by beauanderos
According to the book that several forum members are reading right now, "The Big Silver Melt," as much as 75% of common dated silver coins circulating in 1968-1969 were melted down at that time. Further speculation suggests that another 75% of the remaining 90% and 40% still in existence was melted down in 1979-1980 during the Hunt silver price spike. Figure 5 - 10% of silver coins were socked away in storage or coin vaults of dealers... that means that of the remaining possible 90% ever minted only 5.625% wasn't melted (75 percent of 75 percent of 90 percent), leaving 10 to 15% of the amount originally minted (not counting silver dollars). That doesn't mean it's actually circulating though, just that it still exists. And coin dealers are constantly sending in culls and further common date silver into smelters each month. I spoke with one large Midwest dealer who says he sends in ten million face value per month (that's seven million ounces a month being melted even now). What's left is disappearing fast!! Most of the frequently quoted figure of 300 to 500 million ounces still remaining above ground is probably in the form of rounds and bars. Those coins you have socked away? They are a heck of alot scarcer than anyone can imagine.
I'm sorry, but I find that statement pretty hard to believe. He puts out ~$1.56 BILLION dollars annually for junk silver? C'mon now... |
www.WinnipegGoldBuyer.com
Standing offer for sale of quality, second-hand solid gold jewellery:
<$100 USD worth - spot +25%, plus actual shipping
$101-500 worth - spot +20%, plus actual shipping
$501-1,000 worth - spot +15%, plus actual shipping
$1,001+ worth - spot +10%, plus actual shipping |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 08/12/2010 : 21:00:18
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quote:
Originally posted by Nickelmeister
quote:
Originally posted by beauanderos
According to the book that several forum members are reading right now, "The Big Silver Melt," as much as 75% of common dated silver coins circulating in 1968-1969 were melted down at that time. Further speculation suggests that another 75% of the remaining 90% and 40% still in existence was melted down in 1979-1980 during the Hunt silver price spike. Figure 5 - 10% of silver coins were socked away in storage or coin vaults of dealers... that means that of the remaining possible 90% ever minted only 5.625% wasn't melted (75 percent of 75 percent of 90 percent), leaving 10 to 15% of the amount originally minted (not counting silver dollars). That doesn't mean it's actually circulating though, just that it still exists. And coin dealers are constantly sending in culls and further common date silver into smelters each month. I spoke with one large Midwest dealer who says he sends in ten million face value per month (that's seven million ounces a month being melted even now). What's left is disappearing fast!! Most of the frequently quoted figure of 300 to 500 million ounces still remaining above ground is probably in the form of rounds and bars. Those coins you have socked away? They are a heck of alot scarcer than anyone can imagine.
I'm sorry, but I find that statement pretty hard to believe. He puts out ~$1.56 BILLION dollars annually for junk silver? C'mon now...
I meant to say $10 million a month worth of silver, not face (so $120 million a year, still alot... 714,000 ounces a month) Then again, maybe he was boasting or he was talking of a particularly heavy month. He told me he was the largest dealer in the Chicago area, and that other dealers were melting a bunch too. I had bought ten ounces of gold from him and asked how much silver he had on hand. He then said they don't hold silver buys for resale, they just ship it off and take the margin, although they do cherry pick the lots. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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Sheikh_yer_BuTay
Penny Pincher Member
USA
232 Posts |
Posted - 08/13/2010 : 06:55:12
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quote:
Originally posted by beauanderos
According to the book that several forum members are reading right now, "The Big Silver Melt," as much as 75% of common dated silver coins circulating in 1968-1969 were melted down at that time. Further speculation suggests that another 75% of the remaining 90% and 40% still in existence was melted down in 1979-1980 during the Hunt silver price spike. Figure 5 - 10% of silver coins were socked away in storage or coin vaults of dealers... that means that of the remaining possible 90% ever minted only 5.625% wasn't melted (75 percent of 75 percent of 90 percent), leaving 10 to 15% of the amount originally minted (not counting silver dollars). That doesn't mean it's actually circulating though, just that it still exists. And coin dealers are constantly sending in culls and further common date silver into smelters each month. I spoke with one large Midwest dealer who says he sends in ten million face value per month (that's seven million ounces a month being melted even now). What's left is disappearing fast!! Most of the frequently quoted figure of 300 to 500 million ounces still remaining above ground is probably in the form of rounds and bars. Those coins you have socked away? They are a heck of alot scarcer than anyone can imagine.
I was not aware it was legal to melt down 90% silver coin. Can we do that legally?
And you are right, the last of it is disappearing fast. Every bank teller I talk to says many people now ask for silver halves. |
"The most fiscally irresponsible government in American history."
Mort Zuckerman, liberal columnist and former Obama speech writer |
Edited by - Sheikh_yer_BuTay on 08/13/2010 07:43:04 |
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fb101
Administrator
USA
2856 Posts |
Posted - 08/13/2010 : 08:15:52
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| I think we can melt anything but nickels and pennies right now. |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 08/13/2010 : 08:49:33
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| I know that you get the most for your money if you buy circulated junk silver, but I have to fight a constant battle not to spend a bit more (if the premium isn't too great) and buy rolls of BU silver. When the world finally does wake up to the scarcity of silver, the prices will skyrocket for BU... as the circulated coins will be the first to be sold to the smelters, and consequently, down the road, all that remains will be the BU that wily old codgers tucked away. And Sheik? Yeah, it's legal for silver to be melted. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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Sheikh_yer_BuTay
Penny Pincher Member
USA
232 Posts |
Posted - 08/13/2010 : 15:57:54
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quote:
Originally posted by beauanderos
I know that you get the most for your money if you buy circulated junk silver, but I have to fight a constant battle not to spend a bit more (if the premium isn't too great) and buy rolls of BU silver. When the world finally does wake up to the scarcity of silver, the prices will skyrocket for BU... as the circulated coins will be the first to be sold to the smelters, and consequently, down the road, all that remains will be the BU that wily old codgers tucked away. And Sheik? Yeah, it's legal for silver to be melted.
How things have changed since I was a young coin bug back in the day. If I wasn't such an old fart... it would actually embarrass me for being sooooo much a newbie! |
"The most fiscally irresponsible government in American history."
Mort Zuckerman, liberal columnist and former Obama speech writer |
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Aristobolus
Penny Sorter Member
76 Posts |
Posted - 08/13/2010 : 22:02:22
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quote:
Originally posted by beauanderos
According to the book that several forum members are reading right now, "The Big Silver Melt," as much as 75% of common dated silver coins circulating in 1968-1969 were melted down at that time. Further speculation suggests that another 75% of the remaining 90% and 40% still in existence was melted down in 1979-1980 during the Hunt silver price spike. Figure 5 - 10% of silver coins were socked away in storage or coin vaults of dealers... that means that of the remaining possible 90% ever minted only 5.625% wasn't melted (75 percent of 75 percent of 90 percent), leaving 10 to 15% of the amount originally minted (not counting silver dollars). That doesn't mean it's actually circulating though, just that it still exists. And coin dealers are constantly sending in culls and further common date silver into smelters each month. I spoke with one large Midwest dealer who says he sends in ten million face value per month (that's seven million ounces a month being melted even now). What's left is disappearing fast!! Most of the frequently quoted figure of 300 to 500 million ounces still remaining above ground is probably in the form of rounds and bars. Those coins you have socked away? They are a heck of alot scarcer than anyone can imagine.
Man, forget silver for a moment; check out what the book "The Big Silver Melt" is going for on EBAY now:
You must be logged in to see this link. |
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Aristobolus
Penny Sorter Member
76 Posts |
Posted - 08/13/2010 : 22:05:27
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quote:
Originally posted by Aristobolus
quote:
Originally posted by beauanderos
According to the book that several forum members are reading right now, "The Big Silver Melt," as much as 75% of common dated silver coins circulating in 1968-1969 were melted down at that time. Further speculation suggests that another 75% of the remaining 90% and 40% still in existence was melted down in 1979-1980 during the Hunt silver price spike. Figure 5 - 10% of silver coins were socked away in storage or coin vaults of dealers... that means that of the remaining possible 90% ever minted only 5.625% wasn't melted (75 percent of 75 percent of 90 percent), leaving 10 to 15% of the amount originally minted (not counting silver dollars). That doesn't mean it's actually circulating though, just that it still exists. And coin dealers are constantly sending in culls and further common date silver into smelters each month. I spoke with one large Midwest dealer who says he sends in ten million face value per month (that's seven million ounces a month being melted even now). What's left is disappearing fast!! Most of the frequently quoted figure of 300 to 500 million ounces still remaining above ground is probably in the form of rounds and bars. Those coins you have socked away? They are a heck of alot scarcer than anyone can imagine.
Man, forget silver for a moment; check out what the book "The Big Silver Melt" is going for on EBAY now:
You must be logged in to see this link.
But Amazon has some at more sane prices:
You must be logged in to see this link. |
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totalcount
Penny Sorter Member
USA
77 Posts |
Posted - 08/14/2010 : 08:17:17
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quote:
Originally posted by fb101
I think we can melt anything but nickels and pennies right now.
Although most people don't realize it, it is legal to melt war nickels. Good luck finding a way to do it profitably, or finding someone willing to do it.
(d) The prohibition contained in
§ 82.1 against the exportation, melting,
or treatment of 5-cent coins shall not
apply to 5-cent coins inscribed with the
years 1942, 1943, 1944, or 1945 that are
composed of an alloy comprising
copper, silver and manganese.
You must be logged in to see this link. |
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still alot of silver in circulation.
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