Should I melt down my silver coins?

Should I melt down my silver coins?

Almost all silver coins are worth more than their face value because the price of silver has increased more rapidly than the value of the dollar. Called collectible or numismatic coins, these are coins collectors will pay extra for due to their rarity or age. Melting them down would be a waste of money.

Can you make money melting silver coins?

It is illegal to sell the melted-down metal for profit, but coin pressing and creative endeavors such as jewelry making are legal. Gold and silver coins are circulated less than pennies and nickels, and the demand for them is low.

Can you make money melting coins?

It is not illegal to melt, form, destroy, or otherwise modify US coins, including pennies, unless the objective is fraudulent or with the intent of selling the raw materials of the coins for profit. Projects that use coins as materials are entirely legal in the United States.

Does removing tarnish from silver coins affect value?

Tarnish does not affect the metal content of your silver product, but it can have a modest impact on the resale Value. Dealers and other buyers will often pay a bit less if the silver does not have its original luster. So older US coins for sale sell for less, but still give you the same amount of silver as new ones.

Who should I sell my silver coins to?

Local Coin Dealers Local coin dealers are the way to go if you live near one. These shops are a fast and convenient way to sell your silver coins. You can expect a decent price for your silver depending on how honest the shop owner is.

Is it illegal to melt old silver coins?

Despite rumors to the contrary, it is not illegal to melt U.S. silver coinage for its metal value. Since then, it is legal to melt silver coinage, as there is little, if any, in circulation.

What coins are illegal to own?

Currently, with the exception of the one sold on July 30, 2002, 1933 double eagle coins cannot be the legal possession of any member of the public, as they were never issued and hence remain the property of the United States government.

Can I sell silver coins for melt value?

You can sell your silver coins for melt value by taking them to a coin dealer or bullion broker who is offering to buy silver coins. BOTTOM LINE: Coin dealers and bullion brokers will pay the best price for your junk silver coins.

How do you calculate the value of silver coins?

How to calculate the current intrinsic value of a silver coin. The intrinsic value (also known as melt value) of a silver coin can be determined by multiplying the ASW (actual silver weight) for the coin times the current spot price of silver.

How to calculate the value of a silver coin?

To calculate the value of silver in a coin, multiply the silver weight in troy ounces (not the coin weight) by the silver spot price . For example, A junk silver quarter has a silver content of 0.1808 troy oz.

When did they stop making silver dollars?

But by 1959, some silver coin shortages began to cause the Federal Reserve to ration coin allocations to its member banks. The USA’s 90% silver circulated coins were phased out from being struck by President Lyndon Johnson’s July 23rd signing of the Coinage Act of 1965.

Is it illegal to melt U.S. coins?

It is not illegal to melt, form, destroy, or otherwise modify US coins, including pennies, unless the objective is fraudulent or with the intent of selling the raw materials of the coins for profit. Projects that use coins as materials are entirely legal in the United States.