Is melting silver coins legal?
In the US, yes. Bullion dealers do it all the time, to the tune of several million ounces in 1979 and 1980 alone (during the big silver rush) http://coins.about.com/b/2008/03/12/coin-dealer-ethics-melting-coins-for-profit.htm . There's speculation the government would in fact prefer the coins go away, to increase sales of mint produced bullion coins. The bullion value of silver coins is referred to as their "melt" value--what the silver and copper will be worth once it's melted down.
It's not worth doing unless you're a recognized producer with a known hallmark, otherwise you're going to have a coin silver ingot--90% silver, 10% copper--as opposed to fine silver --.999 fine--and any bar you produce will have to have a paid appraisal before it can be sold. Also, the 1979-1980 melt alone made a lot of fairly common type coins rare. They weren't deemed special enough to worry about, and now they're much harder to find. This has impacted on collectors.
Unless you have some specific art project in mind, you're better off leaving them intact. Bullion dealers recognize them and have "bid" and "ask" rates on them. You can still buy them in "face" bags, with the face value of the coin listed (Usually $100, $250, $500 and $1000 face), but sold at current silver plus ask price.
There is a recent law that prohibits the melting of pennies and nickels for their bullion value--they currently contain more metal value than face price. You may still use them for artistic material for projects, but you may not melt them for salvage.
i am pretty sure it is illegeal in Canada
Since 2006, it has been illegal to melt U.S. pennies or nickels. The penalties include upwards of 5 years in prison, a $10,000 fine, and confiscation of all metals and equipment used in melting. However, the melting of silver and gold coins IS legal.
The melting point of silver is 1,763°F.
If you are asking about melting silver coins in the US, it is not illegal. I think Canada may have laws against it as do many other countries but as of today the USA does not deem it illegal. There is a recent law (regulation by the Mint) that prohibits melting pennies and nickels for their metal value, as the value of the metal exceeds the face value of the coin. You may still use… Read More
Silver U.S. coins dated 1964 or earlier are still legal tender at face value.
In most countries, melting down of legal tender is illegal.
Yes, all British Two Pound coins are legal tender, including the silver Britannia bullion coins (though they are silver and collector value far exceeds 2 Pounds). The pre-1997 commemorative Two Pound coins are also legal tender.
Circulating coins are no longer made of silver anywhere because the price of silver changes every day. If coins contained silver people would "game" the price changes by alternately buying and melting the coins, skimming the difference as profit. However many countries make silver, gold, and other precious-metal coins for collectors and investors. These coins are priced according to the amount of metal they contain and aren't designed to be spent.
Yes, it is legal to melt down silver coins for scrap. Many coin dealers and jewelry stores will buy them from you at melt prices along with refiners. The only coins illegal currently to melt down in the US are pennies and nickels. Silver coins were illegal to melt down before a lot of copper-nickel coinage was circulating but it is legal now.
Silver coins ceased to be legal tender since 1931. Silver coins for commemorative purposes however, are still minted by the Mexican government; the most important would be the Plata Libertad coin, which has 1 oz of 99.9% pure silver.
Yes it is legal to sell any silver coins to a scrap buyer. But first call around to the buyers in your area for the best price.
There has been no silver in any British general circulation coin since 1946. Silver is used in some Non-Circulating Legal Tender coins and some Proof coins. Silver is far too expensive to be making coins from. A Penny made from pure silver would be worth a few Pounds.
In most countries it is illegal to deliberately damage, deface or destroy money.
There would be many companies and individuals melting down old coins to recover the precious metals. It should be noted that they do it to make money for themselves, not for the benefit of a quick buck to the owner of the coin. If you have such a coin, you may find you will get more for it if you take it to a coin dealer, or a coin collector if you know of one… Read More
The melting down of "coins of the realm" to recover the metal, or by any other means or reason to destroy the coin, is illegal in most countries, and is definitely illegal in Britain.
Is it legal to sell old coin for their metal contents such as old pennies which are in very poor condition and are useless to collectors?
If you refer to predecimal coins that are no longer in circulation, it is not illegal. Melting down for the metal value is the fate of many old coins however, you might like to make certain that you are not melting down any little treasures. Melting down coins currently in circulation would be illegal in most countries. Many people sell coins all the time, and whatever the buyer of the coin does with it, is… Read More
No British decimal general circulation coin has any gold or silver content. Since the Great Recoinage Law of 1816, all gold coins including the Five Pound, Two Pound, Sovereign and Half-Sovereign coins were made to a fineness of 22 carat or 91.67% gold. Since decimal currency was introduced, these gold coins are non-circulating legal tender made for collectors and investors. Silver coins were traditionally 92.5% (0.925 fineness) silver until the end of the First World… Read More
Because if it has a face value, it is allowed to be considered legal tender. Legal tender coins generally have little to no sales tax and very few import restrictions. Had it simply been a silver medal or round, more jurisdictions could tax the sale of them and it would be harder to import them into other countries.
No country currently mints silver coins for circulation. The price of silver is determined by the free market and changes daily. It would be impossible to put a denomination on a circulating silver coin because its value in silver could exceed its face value*. However many, many countries mint special bullion coins that contain silver. These coins are sold to collectors and investors at prices that depend on the current price of silver metal. A… Read More
The three properties that make metals suitable for coins are non-corrosion, malleability and high melting point. The three most common metals used in coinage are copper, gold and silver.
The melting point of silver is 961.78o C or 1,763.2o F.
Predecimal Australian coins up to 1936 were 92% silver coins after that were 50% silver to 1963 except for the 1966 50cent it was 80% silver Not including The mint relases of 100% silver coins Hope this helps. U.S. coins from that time were 90% silver, 10% copper.
No, once it is currency, It's property of the Treasury and to only be use as legal tender. Most, if not all coins, are worth / cost more than face value (pennies cost 1 to 1.5 cents in materials).
The melting point of silver is 961.93 degrees Celsius and 1763.474 Fahrenheit.
When buying antique silver coins you should be looking for silver dimes, quarters, half dollars and silver dollars. These silver coins are reported to be worth many times their face value today. Each of these coins are heavy with 90% silver.
In the US, it is illegal to melt down nickels ( and technically half dimes, but the collector value of half dimes exceed their melt value) and pennies. All other denominations can be melted, though, in the current market, the only legal to melt coins that would bring a profit if melted down would be the silver coins which can easily be resold on the open market for a higher profit just selling the coins… Read More
Selling silver coins by the pound will net you little more than melt value, or the raw value of the silver. Legal tender silver coins minted before 1964 are roughly 90% silver. See the Related Link "Current precious metal values" for the current spot price of silver. Multiply that by 316.8 (the total number of ounces of silver you have, assuming they're all 90% silver coins) to get the melt value. You might want to… Read More
There were proof sets made in 1974 and 1975 where all 8 of the coins were silver, and proof sets made during those years when none of them were silver. Assuming that your coins are in a set, check the 1 Cent coin - if it looks silver, then all the coins in the set are silver; if it looks bronze, then none of the coins in the set are silver.
Just recently with the advent of bullion coins such as the American Silver Eagle. Coins intended for circulation were never 100% silver because silver is simply too soft of a metal for coinage. They were 90% silver in American coins until 1964 for dimes, quarters and half dollars, but other than bullion coins, no coins are made of 100% silver.
All coins come from a mint. Casino coins are sometimes solid silver.
Prior to 1919/20, all British "silver" coins had 92.50% silver content. From 1919/20 to 1946, all British "silver" coins had 50% silver content. From 1947 onwards, all British "silver" coins had 0% silver content and were made from a copper nickel alloy. Due to the steep rise in the price of silver in 1919/20, the issue of standard .925 silver coins was discontinued and coins of .500 silver were minted. In 1947, silver was needed… Read More
1,763°F melting point of silver 1,984°F melting point of copper the answer is silver
Most Canadian silver coins 10¢ 25¢ 50¢ and Dollar from 1920 to 1966 are 80% silver before 1920 these coins plus the 5¢ coin were 92.5% or sterling silver. In 1967 there were both 80% and 50% silver coins. Most 1968 coins are 100% nickel, but some 50% silver 10¢ and 25¢ coins were also produced. Several of the modern proof and commemorative coins are sterling silver even some 5¢ coins. The 2003 and 2004… Read More
Hard, shiny, silver/grey/black/white colour, some conducts electricity, some doesn't, hard to bend, different melting points, different chemical build up, coins made from copper and silver, insoluble in water.
Dates and denominations are needed. No U.S. coins are 100% silver. But, American Silver Eagle Bullion coins are .999 fine silver.
Legal tender (noun) is variously defined in different jurisdictions. Formally, it is anything which when offered in payment extinguishes the debt. Gold and silver have historically been considered as legal tender, with paper currency being added in modern times. Under the Coinage Act of 1965 (USA) all gold and silver bullion coins are defined as legal tender.
"Pure" silver coins were never minted in Britain. The closest to pure silver used in coins is sterling silver which is 92.5% silver usually alloyed with copper. Sterling silver coins were last issued for general circulation in 1919 and 1920, beyond 1919/1920 the coins were debased to 50% silver. The Royal Mint still produces Proof and bullion coins (not for general circulation) which are made from sterling silver, but this is reflected in the price… Read More
The U.S. Mint has never made a $10 silver coin. If you are asking about NORFED silver rounds, they are not genuine United States Mint bullion coins and they are not legal tender. The value is only for the silver they contain.
Silver coins are still produced for collectors, but the last circulating coins containing silver were minted in 1967.
The only U.S. coins currently made that are silver are American Silver Eagles and other special collectors coins sold by the U.S. Mint. These coins are NOT released for circulation.
No British coin has contained any silver since 1946. From about 1919/1920 to 1946, all British silver coins were minted with 50% silver. Prior to 1919/1920, all British silver coins were made from sterling silver (92.5% silver).
What us coins are stamped 10z silver
He received thirty silver coins.
From 1817 until 1919, the coins' fineness was .925; i.e. 92.5% silver. In 1920 the silver content was reduced to 50%. In 1947, what were silver coins were made from a copper/nickel alloy - no silver at all.
Any pure substance, including silver, at melting temperature can be either liquid, solid, or both. That is the defining characteristic of the melting temperature.
All one dollar coins minted in the USA are legal tender and are available in 2009. However, dollar coins which contain silver are valued at many times their face value and using them for legal tender, while possible, is not wise. The new dollar coins in the Presidential series which are available at varius times during 2009, depending upon their release date, are William Henry Harrison, John Tyler, James K. Polk and Zachary Taylor.
Nothing is 100% PURE silver but like most silver coins it is 99.999% silver
Yes, there are bullion coins, uncirculated coins and proof coins for that year of Silver Eagles.
Of course. And "coin silver" only refers to the US standard of 90% pure silver coins. Most other countries (especially in the British empire) used to use sterling silver. Coins have used many different alloys, for example, post WWI Canadian coins are 80% silver, silver UK coins dated 1920-1946 are 50% silver, some ancient "silver" coins are known as billion coins and they contain very little silver, and Mexico issued a 1 peso coin in… Read More
Are silver coins made by the US Mint. Quarters, Dimes, Half dollars and dollars struck for circulation dated 1964 and prior are 90% silver. Half dollars dated 1965-1970 are 40% silver. All US coins intended for circulation dated 1971 and later are not silver. The US has and does mint silver coins intended for collectors including the American Silver Eagle, since 1992 they have made a silver proof set and there have been many silver… Read More