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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 them as artistic material for sculpture, etc.
As the Mint does not produce silver coins anymore, they have no interest in those coins. Bullion producers buy them and melt them by the ton.
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Is it legal to melt down 1964 Kennedy 50 cents coins for scrap silver?
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.
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.
Is it illegal to melt silver and gold coins?
No, all denominations of US coins are legal to melt, except for pennies and nickels. However, most US gold carries a high premium over melt value and it is generally more economical to sell silver coins to a coin dealer because most of them are running out of inventory and will pay a lot of money for them and you won't have to worry about refiner fees.
Is it illegal to melt silver that is not coins?
No it's not illegal to do this.
What temperature do silver coins melt?
The melting point of silver is 1,763°F.
Where can you melt down coins?
In most countries, melting down of legal tender is illegal.
What is the value of 22 pounds of silver coins on today's market?
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 make sure, though, that there aren't any rarities in there, or that they're not just coloredsilver. The dates are also important; a "silver dollar" minted after 1964 is, at best, 40% silver (unless it's an American Silver Eagle), and could be cupro-nickel clad.
What is the melt value of Longines Symphonette sterling coins?
1.3 oz of silver, if silver is 40.00 a oz, the medal is worth 53.20
Has the value of old US silver coins increased proportionately or significantly higher this year due to the higher price of silver Do you expect this to continue as the silver price rises?
Common date silver coins follow the spot silver value. A dollars worth of 90% silver coins contains about .72 troy ounces of silver, so .72 X Spot is the "melt value." Dealers will usually buy for about 90% of melt and sell for 110%. Numismatic values of scarcer coins will increase with the spot price, too, but not proportionally. When silver prices hit $50, many coins with a small collector value disappeared because they were worth more to melt, and those worth a significant premium hit new highs, too.
How do you melt silver from Canadian coins?
You don't. That is against the law. It is a violation of both the Currency Act and The Canadian Criminal Code to deface or destroy a Canadian coin. The law states: ''no person shall melt down, break up or use otherwise than as currency any coin that is legal tender in Canada.'' By the way, if you mutilate the coins, they cannot be used any longer. The Mint won't take damaged coins. They will with bills, but not coins.
What is the melt value of Canadian coins?
In US dollars it has a melt value of $1.37. It is illegal to melt these coins for the metal they contain.
Is there a market for melted silver coins?
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.
