Question by Omar Bravo fan # 1: silver coins question?
i wanted to melt some 90% silver coins, but then was told i would end up with a lump of junk silver, silver and would be hard to sell, and it has more face value...etc.
i want to invest in silver but don't have much money to invest and don't want to get in the stock market right now which is why i wanted to melt the coins and sell the silver and continue from there.
my question is would it be a good idea to sell the coins to a dealer and buy .999 silver bars with the money from the coins?
do you think the price of silver will be increasing or decreasing?
and do banks still give half dollars if asked? so if i were to go and withdraw some money from my account would they give me kennedy half dollars if i asked or do they not give those coins anymore.
Best answer:
Answer by Daniel S
bad idea to melt coins.
Also a bad idea to sell or buy anything from a dealer; they make their money by scamming people who don't understand the markets into paying to high a price and selling to for too low (they make the difference, of course).
the historical ratio of silver:gold is 12:1. It is currently 65:1 so unless gold goes to 0/oz its a very good idea to buy silver.
banks dont give .50 pieces. At least they don't have to and I doubt they would if you asked. Besides they are not an investment, no one buys them for their silver.
That said you have 2 options:
1) buy stocks. I know you say you don't want to but if you buy SLV it tracks just the price of silver. Nothing else. So the only risk is if silver goes down in price. I would STRONGLY suggest this route.
2) buy physical silver. Either a bar or old coins. This requires a significant investment (K+) usually though, which is why I recommend the former, you can do stocks with only 0. Also when you sell your silver coins you will pay art tax on the sales price (30%!!!) so it takes alot just to break even.
Give your answer to this question below!
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Originally posted 2010-07-13 16:06:16. Republished by Blog Post Promoter
Other Junk Silver Coins Of Interest:
- Where Would Be the Best Source to Get Silver Coins Pre 1964 at the Best Price Value?
- Old Money question…?
- Where Do Junk Silver Coins Come From?
- Where Can I Sale Silver Coins for the Value of Silver?
- What Is the Best Company to Purchase Junk Silver Coins From? I Am New to This Field and Want a Good Price.?
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If you have old silver coins, you are already invested in silver! The silver in US silver coins is currently worth over 11 times face value, but a coin dealer will only pay 7 to 8 times face value right now. That same coin dealer would charge you about 110% silver value or more for silver bars, so why change now?
In my experience, many banks do not keep Kennedy Half Dollars, but there are a few banks that do. You could ask for some rolls at your bank and keep trying until you find some. The US Mint sells newly minted $20 rolls for about $35 on their website. I hope all that helps.
hope these two links help you investing
http://2bnamed.blogspot.com/2010/01/gold-investing-strategy.html
http://2bnamed.blogspot.com/2010/02/investing-in-gold-beginners-guide.html
well, i would buy the physical silver, and not the stock. this is what i did, and it’s nice having the actual possession of coins, then if you need the money you could sell a couple on ebay or something. and still have a nice stash. i only buy morgan dollars, early 1900′s and late 1800′s, they have 3 types of value 1. historical 2. weight in silver (90% silver) and 3. currency! – and btw you dont have to pay 30% tax when you sell, actually you pay 0. ebay doesnt have tax and when you sell them to a coin shop they dont tax you. so the other day, i bought like 15 2010 silver dollars that are ounce each. i got them for 20 bucks a piece. go look on ebay right now, they sell for more and alway will, same with the morgan dollars, go look on ebay – they are a hot commodity! people are always going to buy and sell them, they are hot. and they are a great investment to sit on and put in your safe at home over the next 30 -40 years, with no tax or worries
and best of all no paper trails 
you cant go wrong, go buy silver dollars!