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COIN VALUES


DEMONIK
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i'm just wondering what gives a coin its value in true form. i have people in my shop everyday wanting to sell coins they have either collected or been given or left as a gift. this week alone i recieved over 50 1800's american coins many of them morgan dollars, the thing is because of the price of silver being so high i decided to scrap most of them. i looked at prices in the numesmatic standard edition catalogue and ebay and found they were worth less as a coin than for thier silver value ( which i think is sad ) but i have a business to run ! the thing i'm looking at is if these coins are being melted down at a rate which they are in 10yrs how many will be left ? i can honestly say i hate the fact that i send hundreds of various silver and gold coins away each week to be melted down thinking that in 10yrs from now thier value will be huge (if people will still be interested in collecting of course) would be nice for you guys to discuss your thoughts on this and how you feel about melting down coins in general. :-)

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We have had several peaks in silver value and each time some have been melted. When it hit over $50 I am sure a sizable amount were melted. But who knows? As to looking at a catalog anything what is printed is out of date by the time its printed. I would suggest looking at ebay or other auctions. Also if you don't look carefully at the coins you may be throwing away money. Double dies, or other errors can bring a fair premium. The morgans I would definitely look at Vamworld before doing anything.

 

As to melting down. There is a market for most any coin. A coin someone may consider scrap may be an entry level coin for someone else. And I hate to see them go.

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It depends on the kind of coin, I guess. I always hate to see old coins go to the melting pot, but I guess you gotta do what you gotta do. It seems like a shame for a coin to be melted after spending 100+ years in a collection simply because silver prices are temporarily high.

 

On the other hand, if it was legal for me to do it, I would be melting '82 pennies and '64 nickels by the bucket...

 

Speaking of, is there any sort of reliable market for pre-'83 pennies as copper rounds/bullion?

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Most people that melt coins are rather dim witted or actual idiots. There are so many things about coins that make them worth more than what you see in many price guides. For example in Cents (pennies) there are numerous types that are worth so much and people just don't now about them. For example in Cents there are the 22 Plain, 55 and 72 and 95 obverse Double Die, the 83 reverse Double Die, the 84 Double Ear and on and on and on with pennies worth hundreds of dollars. I wonder how many 1942/41 and 42D/41 and 45 Micro S Mercury Dimes idiots melt. AND there are many more strange coins worth a real lot. There are specialized collectors for error and misstriked coins too. For Example in the Famous Red Book, pages 404 and up there is a list of all the different types of errors that are worth money and a lot more than melt. People just don't know.

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