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Author: RetiredVermonter Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: Coin Silver Date: 3/26/2011 7:24 PM
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I'm sure I'm way to late to even think of this, but has anyone taken to going to the bank and (temporarily) buying rolls of silver coins (dimes, quarters, half dollars) to scour them for OLD silver ones? The idea obviously would be to sell any old ones (worn beyond numistmatic vakue) to coin dealers for cash, before replacing them with newer ones and returning the coins to the bank for even exchange.

With silver at $37.00 or more per ounce, it's an intriguing, if maybe goofy, idea.

Has anyone tried it? If you find even a couple of silver coins in any roll before returning them to the bank, it might be worth it.

Obvious problem: You need to find OLD, worn coins more than 35 years old....

Just wondering!

Vermonter
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Author: JLC Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68714 of 75340
Subject: Re: Coin Silver Date: 3/26/2011 8:15 PM
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Chances are slim and none about finding anything of significant value. Not worth the drive/hassle/time/etc. unless your are very desperate for something to do. Long ago, other people and other bank tellers have been looking for the odd coin.

JLC

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Author: Crosenfield Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68716 of 75340
Subject: Re: Coin Silver Date: 3/26/2011 8:28 PM
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Lotsa luck!

Before I retired in 2008, I was a regular customer of vending machines at work. One machine made change. You could put in a $5 bill and get 20 quarters, then use the quarters to buy something from the other machines.

In several years of doing this regularly I picked up all of the state quarters up to the time I retired, but nary a single silver one.

People have looked for them long before you!

Best wishes, Chris

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Author: cabinsmama Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68719 of 75340
Subject: Re: Coin Silver Date: 3/26/2011 11:15 PM
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This takes me back...when I was in elementary school, every afternoon the sixth grade kids would operate an ice cream snack "shack"-Popsicles and the like, during a 15 minute break. This was in the mid-sixties. On the days it was my turn, Mom would send me off with the "new" dimes and quarters to trade for any solid silver coins coming through.

We asked for a lot of change in "change" at the store, too. I think she started hoarding solid silver coins the day the copper-centered ones were announced.

She loved her stocks, but always had a weakness for precious metals...and apparently it's genetic.

cm,
likes shiny things

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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68721 of 75340
Subject: Re: Coin Silver Date: 3/26/2011 11:35 PM
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RetiredVermonter: "I'm sure I'm way to late to even think of this, but has anyone taken to going to the bank and (temporarily) buying rolls of silver coins (dimes, quarters, half dollars) to scour them for OLD silver ones? The idea obviously would be to sell any old ones (worn beyond numistmatic vakue) to coin dealers for cash, before replacing them with newer ones and returning the coins to the bank for even exchange."

You are about 4 decades too late.

Coinage changed in 1964-1965 and Gresham's law sent the vast majority of the pre-1965 coins out of ciruclation before the 1960's ended.

I cannot remember the last time a saw a an old U.S Silver coin in circulation.

Darrell Sheets - Storage Wars - bought a locker last year that contained seveal hundred dollars in face value of old US silver coins. Melee in the Maze, IIRC.

Regards, JAFO

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Author: op456op Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68723 of 75340
Subject: Re: Coin Silver Date: 3/27/2011 12:18 AM
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I agree that most silver coins are out of circulation. But I also don't think there's much numismatic value in silver coins versus the weight value.

I found a bunch of old silver coins my father had stashed away about a year ago. When I looked into it at the time that was the consensus.

There might be some numismatic value in the very rare, excellent condition odd coin, but generally they go for their weight.

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Author: wrjohnston91283 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68725 of 75340
Subject: Re: Coin Silver Date: 3/27/2011 12:00 PM
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I agree that most silver coins are out of circulation. But I also don't think there's much numismatic value in silver coins versus the weight value.



Because silver tarnishes, while the clad alloy used in new coins does not, silver coins were spotted in change and removed years ago.

However, I did get a bunch of Ben Franklin half dollars in a couple of rolls of 50 cent pieces from the local bank. Perhaps because 50 cent pieces are less used, the rolls could have been sitting in the banks value for years, or perhaps in someone's desk or office forgotten.

WRJ

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Author: RetiredVermonter Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68730 of 75340
Subject: Re: Coin Silver Date: 3/27/2011 2:18 PM
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I also don't think there's much numismatic value in silver coins versus the weight value.

Nor do I.

My whole point post was about searching for otherwise useless old coins(worn beyond having numismatic value) for turn-in as coin silver for their weight.

I guess maybe it IS time to look through some of the old, worn silver coins I have, though, and see if it's time to sell 'em to a local dealer.

Vermonter

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Author: MarinBMWZ4 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68733 of 75340
Subject: Re: Coin Silver Date: 3/27/2011 4:56 PM
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I sold all my old silver coins on eBay in $2 face value rolls. If I recall I ended up getting about $0.20 each coin. Most, if not all, had been collected over the years from change. I did pull out the "steelies" (war time) nickles and sold them separately.

I did the same for my wheat pennies. Got around a nickle apiece.

First thing I did tho' was follow some sales on eBay to see if it was worthwhile and what they were selling for. Then I selected out any fine quality and researched their prices.

I also sold for silver value foreign coins I had been collecting. I simply found out the silver content (including US coins), determined the current spot price and then sold them at that rate. Early Swiss coins have a fair amount of silver and are generally good quality. Unless they had any sentimental value of specific collector interest I simply went for spot value.

I decided to do this after I realized I had $100's of dollars in face value that I really didn't need.

MZ4

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Author: MarinBMWZ4 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68734 of 75340
Subject: Re: Coin Silver Date: 3/27/2011 4:59 PM
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Don't bother with a dealer. They will give you face value, if that. They are in the business and need to resell the coins. EBay is your best option.

MZ4

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Author: RetiredVermonter Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68736 of 75340
Subject: Re: Coin Silver Date: 3/27/2011 5:31 PM
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I trust my local dealer more than Ebay, thanks. He pays a fair price, in cash, and no need to trust an online deal. Thanks, anyway.

Vermonter

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Author: foolazis Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68751 of 75340
Subject: Re: Coin Silver Date: 3/28/2011 4:17 PM
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Silver coins have been stripped from circulation for the last 45 years. I find maybe 1 silver dime per year, and it has been 20 years since I have found any silver quarters. You can always try, but you may have to be willing to search through thousands of rolls, so I doubt it would be worth the time and effort involved. Many of the silver coins disappered in the early 80s when the Hunts tried to corner the silver market.

90% silver coins have not been made since 1964. 40% silver half dollars were made until 1967. Any coins after that have no silver in them at all.

For your information, the current price of silver translates to about 30 times face value, so expect to be able to sell them for 20 to 25 times face value, so a silver dime would be worth about $2.00, and a quarter worth about $6 dollars. Remember that you would not be able to sell them at the spot price for silver.

foolazis

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Author: foolazis Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68752 of 75340
Subject: Re: Coin Silver Date: 3/28/2011 4:19 PM
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Before I retired in 2008, I was a regular customer of vending machines at work. One machine made change. You could put in a $5 bill and get 20 quarters, then use the quarters to buy something from the other machines.

In several years of doing this regularly I picked up all of the state quarters up to the time I retired, but nary a single silver one.


I don't think modern vending machines would even take a silver quarter now. Their magnetic signature is totally different from a clad quarter.

foolazis

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Author: sheilaoliver Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68754 of 75340
Subject: Re: Coin Silver Date: 3/28/2011 5:22 PM
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Hello foolazis: This seems a good place to pose this question: a face value ($1,000) bag of 90% silver coins (all pre 1964) weighing 56 pounds would contain how many ounces of silver? Would that be troy ounces or other? Just asking a foolish question.

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Author: RetiredVermonter Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68755 of 75340
Subject: Re: Coin Silver Date: 3/28/2011 5:45 PM
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I found the following quotes for coin face values vs silver values:

1916-1945 Mercury Dime $0.10 $2.6881
1946-1964 Roosevelt Dime $0.10 $2.6881
1916-1930 Standing Liberty Quarter $0.25 $6.7203
1932-1964 Washington Quarter $0.25 $6.7203
1916-1947 Walking Liberty Half Dollar $0.50 $13.4406
1948-1963 Franklin Half Dollar $0.50 $13.4406
1964 Kennedy Half Dollar $0.50 $13.4406
1965-1970 Half Dollar (40% silver) $0.50 $5.4957

Regardless, it sounds as if my "idea" is decades late!

Vermonter

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Author: foolazis Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68762 of 75340
Subject: Re: Coin Silver Date: 3/28/2011 8:28 PM
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Hello foolazis: This seems a good place to pose this question: a face value ($1,000) bag of 90% silver coins (all pre 1964) weighing 56 pounds would contain how many ounces of silver? Would that be troy ounces or other? Just asking a foolish question.

56 pounds of 90% silver coins would contain about 50 pounds of silver - roughly 730 troy ounces. Here is a link to a pounds to troy ounces conversion table

http://www.metric-conversions.org/weight/pounds-to-troy-ounc...

1 troy ounce = 1.09714 ounces

foolazis

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Author: sheilaoliver Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68768 of 75340
Subject: Re: Coin Silver Date: 3/29/2011 9:43 AM
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Foolazis: Thank you very much for your answers and direction! Perfect!!

Going further into Wonderland, at "today's prices," what might a buyer expect to pay a coin broker for a bag of 90%ers? If one were the seller of such a bog to a dealer or broker who must make a profit, what might be received? I know it's all speculation but......

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Author: ziggy29 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68769 of 75340
Subject: Re: Coin Silver Date: 3/29/2011 10:49 AM
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>> Going further into Wonderland, at "today's prices," what might a buyer expect to pay a coin broker for a bag of 90%ers? If one were the seller of such a bog to a dealer or broker who must make a profit, what might be received? I know it's all speculation but...... <<

Except for silver dollars (which have more silver per dollar of face value), 90% silver US coinage has about 0.72 ounces of silver. So you can multiply the current silver price by 0.72 to get a good idea of the value.

With silver at $37 per ounce that means a dollar of silver coins (except silver dollars again) would have about $27 in silver value. A typical bid/ask spread might be something like $25 to buy and $29 to sell, give or take a little. Large brokers doing a very high volume might have somewhat tighter spreads than a typical dealer, though -- it's the old saying "we make up for it in volume"...

#29

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Author: foolazis Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68770 of 75340
Subject: Re: Coin Silver Date: 3/29/2011 1:45 PM
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Going further into Wonderland, at "today's prices," what might a buyer expect to pay a coin broker for a bag of 90%ers? If one were the seller of such a bog to a dealer or broker who must make a profit, what might be received?

This would be the question to ask when you are shopping around for a place to sell. It will usually be a certain percentage less than the spot price. You want to find the place that skims the least off the spot price. Sometimes, the price will be quoted as a multiple of the face value, such as 20x face. You want to find the place with the highest multiple of the face value. Call around if you are in the market to sell common date coins. You may want to make sure that you don't have any rare dates or high condition coins in the lot first - these can carry significant premiums over the bullion value.

foolazis

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Author: sheilaoliver Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68775 of 75340
Subject: Re: Coin Silver Date: 3/30/2011 9:18 AM
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Z & f: Many more thanks for your further elucidations!! When in unfamiliar territory, any knowledge arms one a bit. I feel way more comfortable now having the information you have shared!

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Author: CWKnob2 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68777 of 75340
Subject: Re: Coin Silver Date: 3/30/2011 10:14 AM
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Just to add to this story ...

They used to trade $1,000 (face value) bags of 90% silver coins in New York. My old boss told a story about a client who exercised his right to take delivery on 2 bags of coins. his idea was to cull them for coins with numismatic value above their weight in silver.

Longer story short .. he got 2 bags of dimes worth their weight in silver. Period.

This story was told to me in the 80's as an old story. Though they still traded bags of silver coins in the 80's, I think they have pretty much gone by the wayside even though some dealers still market them looking for some sucker to pay the premium.

There's one born every minute.

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Author: 0x6a74 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68780 of 75340
Subject: Re: Coin Silver Date: 3/30/2011 5:29 PM
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There's one born every minute.




far as i can tell..

that phrase was coined in the 1850s

about 1 million births per year in the US in the 1850s

now about 4 million per year



so actually about 4 per minute now


...and if you take into account the decrease in infant mortality, many Many more reach the age of consent


(>p

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