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Yes, many coin dealers and jewelery store owners will buy silver coins close to their silver melt prices, they will then either resell them to an investor at more than they paid for them, or sell them to a refiner who will take the coins, melt it down, take out the 10% copper and sell the silver bars either to investors or to industry which uses some of silver's unique capabilities to conduct electricity to make many electronic goods.
What else can I help you with?
Is it legal to melt down US coins?
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 to investors than paying someone to refine the silver.
Why did coins change after 1964?
The value of silver had been rising over the years and finally it was becoming close to being worth more than the coins containing it. In order to avoid minting coins that would just be melted for the silver content, the Treasury department changed the composition of all silver coins.
How many pages does The Melted Coins have?
The Melted Coins has 180 pages.
How would a silver company convert your jewelry into silver coins?
Basically when silver is converted into coins it is melted down and poured into a mold in the coin of choice. This process takes little over five minutes to complete if done right.
When was The Melted Coins created?
The Melted Coins was created on 1944-02-01.
How many Morgan Silver Dollar coins were melted down by the U S government between 1917 and 1920?
The provisions of the Pittman Act of 1918 resulted in 270,232,722 silver dollars of unknown dates and mintmarks to have been melted.
Why was silver removed from US coins?
Simple answer: The price of silver on the international market got so high that the coins were worth more than face value.
The Melted Coins summary by Franklin W Dixon?
the melted coins summary by franklin w. dixon
What is the melted silver value of 1960 silver dollar?
No US dollar coins dated 1960 the last one was 1935, look at the coin again and post new question.
What is scrap silver?
Scrap silver refers to any silver items that are no longer wanted or useful in their current form, such as broken jewelry, silverware, or silver coins. This silver can be sold to refiners or jewelers to be melted down and reused to create new silver items.
Are coins made of recycled metal?
All coins returned to the Mint for any reason, and any coins that are minted surplus to requirements, are melted down and the metals reused. This has been a very long standing practice, especially in the days of gold and silver coins.
Why are coins in this country no longer made in silver?
In the 1960's, the US stopped making silver coins because of the value of the metal. For example, a silver dime's silver value is worth $2 and a silver quarter is $6. Silver dollars are worth $30. The U.S. was wasting a lot of money in silver coins and the silver value was rapidly increasing, so they had to stop. Another reason would be that people took the coins, melted it and sold it to a cash-for-gold type company. Also, they would ship or smuggle them to foreign countries which is illegal.
