Decent ideas about gold and silver, and easily obtain them.
Posted January 28th, 2008 by MatthewS
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Hey guys. I was just counting up some change I managed to save for a couple years now. I got to thinking to myself that at one time this change had precious metal content. Since we like the idea of having a little gold/silver around these days and since change passes through our hands on a regular basis perhaps we can save a little precious metal this way.
What I am looking to do with this thread is gather ideas and data on the precious metal content of coins that pass through our hands daily and it's weight.
So if I have a 1954 dime, how much silver content and what is the weight? ETC.
The idea is that both I (before I turn in my change) and others can put the valuables aside and know readily what they are worth in the event that we may someday be able to use them as precious metal currency.
Does this sound like a reasonable way to get some of this metal into everyones hands with out going out of our ways to locate and buy it in different forms? I would think we could do some simple math to determine value based on the index. If a dime is say 90% silver and weighs .5oz (this is all just exemplarary) it's silver content is .45oz and we can compare that to the current silver index to obtain that dimes current precious metal value. Make any sense or am I off in the weeds on this?
Who would like to contribute some solid information on these coins?
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Gresham's Law
When the government lowers the commodity value of coinage (like eliminating the silver content) but requires, through legal tender laws or nominal currency designations (like "dollar") that the market treat the new debased coins the same as the old, Gresham's law says the good coins will be skimmed out of the market. That is what happened to the vast majority of pre-1965 coins. Then a few years ago when silver prices jumped, much of the silver coinage that people had horded was sold and melted. Too bad. That is likely to be our only currency when the dollar collapses.
Current Silver Coin Values
This site updates coin values daily.
http://www.coinflation.co...
A gallon of Gas
One pre 1965 quarter will buy you a gallon of gas. Think about that a minute 25cents a gallon gas.
When the money was a standardized like a inch, pound, quart, ect it was stable (not likely to change or fail; firmly established).
We have been had!
Let it not be said that no one cared, that no one objected once it’s
realized that our liberties and wealth are in jeopardy. -Ron Paul 7/10/03
Old US Silver Coins
Matthew, you are a lucky person indeed if you are STILL receiving silver coins in change! Most (virtually all) such coins disappeared from circulation by the late 1960's.
Regarding the silver content of older US coins, the following is the wieght of silver (in troy ounces) contained in them; all are pre-1965 dated coins unless othewise stated:
Dimes: 0.07234
Quarters: 0.18084
Half Dollars: 0.36169
Half Dollars: 0.14792 (1965-1969)
Dollars: 0.77344
Canadian coins from 1967 and before also have silver in them, but as they are only 80% silver instead of the 90% of old US coins, they will have somewhat less silver than their US equivalent (around 5/6 as much).
Thank you..
For the excellent information. When you say pre-65 does that include 1965? I'm trying to figure out the cut-off dates as well. I am about ready to go back through the bags and sort them out. I'll post what I managed to randomly collect over the span of a years pocket change. Maybe that info will help. Thanks!
Matt,
Matt,
No, the cut-off date was 1964 (for the 90% silver coins), so anything dated 1965 and later is junk, except for the half-dollars dated 1965-1969 (40% silver), which many people overlooked, and continue to --- I got three rolls of them from my bank in 2005! Don't worry about silver dollars --- the last ones were minted in 1935.
I am AMAZED that you have been receiving silver coins in change! Where do you live? --- I may have to visit the banks in your area!
Well..
This batch I started saving from pocket change since last year this time. There is over 200.00 in change consisting of all common amounts (1, 5, 10, 25) and I even found a handful of foreign change! (gonna check those exchange rates later ;)
At any rate I noticed a LOT of pre-64 stuff and thats why I figured it was a decent idea and a possible way for each of us to hoard a little silver. What I could use more then anything are numbers on this stuff. You said pre-64 dimes. Does that include 1964? or only prior?
I would like to compile a hard list of what years of each coin I should set aside from this pile and future piles and the weights and percentages of the metals. I know I seen dozens of pre-64 dimes in a lot of 200.00 worth so I know each and every one of us can pull metals from this kind of 'scavenging' activity.
rule of thumb
For junk silver (pre-1965 dimes and quarters) the rule of thumb I use is roughly 15 dimes to an ounce, and about 5 quarters to an ounce. So, a pre-65 dime is worth about 1/15 of spot silver (about $16.50), or a buck after adjusting for its reduced silver content. Value of pre-65 quarters is just under $3 each using the same approach. Make sense?
"All laws which are repugnant to the Constitution are null and void." --Marbury v. Madison, 5 U.S. (2 Cranch) 137 (1803)
Very rarely will you find
Very rarely will you find any silver coins in circulation any more. Most of them have been taken out of circulation by collectors. You can buy junk silver as it is known (dimes, quarters, half dollars, and dollars) online or at local precious metal dealers, coin shops and sometimes pawn shops.
If you find some in circulation by all means hang on to it. Right now i not the best time to buy unless you can afford it as prices are way up.
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If ever a time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin. Samuel Adams
What is it worth.
Among other ways I use to accumulate silver is to purchase collections from private parties. The collections are usually jars of old coins that grandma or grandpa simply dropped change into for years and years. For common dates of pre 1964 US dimes, quarters, halves and dollars I usually pay between 8 and 9 times the face value. I do not normally deal in numismatics, so I do not offer premiums for any rare coins unless it is part of the more common dates I am buying in bulk. I then sell to others who want to purchase for the purpose of holding a hedge against inflation or currency collapse. Others may pay a little more, but I always pay in cash and have had no one call me later to claim I ripped them off.