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- - Refiner does not take 40% (http://goldismoney.info/forums/showthread.php?t=82023)

Nuggethunter | 11-11-2006 09:37 PM
Refiner does not take 40% Midwest Refineries does not accept silver-plated material or clad silver coinage (1965 to present). We do not accept silver electrical contacts still attached to bus bars or connectors of copper or non precious metals. Contacts must be shipped separated. Midwest Refineries does not accept 800 Silver, Nickels, or any Silver brazing wire. We do not accept any foreign coinage. Wow , thats news to me? YOU? http://www.midwestrefineries.com/silver.htm

Too Broke | 11-11-2006 09:48 PM
Re: Refiner does not take 40% I am actually quite surprised as to the amount of investors who buy coins for melt in the future.If SHTF, the govt of the time could easily pass a law forbidding the melt of it's currency, and Whala-your'e gone.It is illegal to melt currency in most countries now anyway, so it could be a risky investment. When I asked at the perth Mint, they thought I was on drugs, apprently no one buys coinage to melt.AsI keep saying, buy bullion young man!!!

Horn | 11-11-2006 09:52 PM
Re: Refiner does not take 40% When the price goes thru the roof they'll most likely change their rules. I'm sure you'll find someone who will take it off your hands. I'll always go for 90% before 40%.

Ardent Listener | 11-11-2006 09:57 PM
Re: Refiner does not take 40% Quote:
Originally Posted by Too Broke (Post 414147) I am actually quite surprised as to the amount of investors who buy coins for melt in the future.If SHTF, the govt of the time could easily pass a law forbidding the melt of it's currency, and Whala-your'e gone.It is illegal to melt currency in most countries now anyway, so it could be a risky investment. When I asked at the perth Mint, they thought I was on drugs, apprently no one buys coinage to melt.AsI keep saying, buy bullion young man!!!
If anyone is worried about that they can always have Midwest refine their 90% for them now.

Nuggethunter | 11-11-2006 10:08 PM
Re: Refiner does not take 40% Who besides a Comercial entity would want or need to smelt down 90%? If you wanted 100 oz bars? One could just sell it for the same amount ormore? I could see smelting down flatware you want out of?

Horn | 11-11-2006 10:36 PM
Re: Refiner does not take 40% Whos decision was it to make it 40%? Why not 50%?:D

Ardent Listener | 11-11-2006 10:57 PM
Re: Refiner does not take 40% Quote:
Originally Posted by AuAgHorn (Post 414177) Whos decision was it to make it 40%? Why not 50%?:D
Did you see Copperheads LBJ coinage thread? I guess they (the goverment) didn't think it would only take a few years for the 40% to be worth more than face value too.

Bullionaire | 11-12-2006 12:15 AM
Re: Refiner does not take 40% It was hard to find a refiner for low grade stuff in the early 80's.. 40% warnicks, etc....stay away from that stuff...the new environmental rules will make it tuff to find a willing refiner period....even if it goes thru the moon...you will be heavily discounted. It may appear to be a bargain, but there is a reason. glta

65gt350 | 11-12-2006 01:02 AM
Re: Refiner does not take 40% Quote:
Originally Posted by Bullionaire (Post 414224) It was hard to find a refiner for low grade stuff in the early 80's.. 40% warnicks, etc....stay away from that stuff...the new environmental rules will make it tuff to find a willing refiner period....even if it goes thru the moon...you will be heavily discounted. It may appear to be a bargain, but there is a reason. glta
Bullionaire, How did the 40% sell to the public in the 80's? I would think the built in floor and US money would be a big selling point to the new speculators. I can see that the refiners are not going to want to deal with the 40%. However, I get the feeling that bags will still trade better than .925. In the past when the buy on 90% was .50 behind spot the buy on 40% would be .80 behind. 65GT350

RiverRat | 11-12-2006 08:28 AM
Re: Refiner does not take 40% :cool1: I agree this could change quite quickly if the price of silver goes ballistic... 90% is a better choice anyday.I only have a few coins that are 40%. The biggest threat is whipping out a ban against melting 90% coinage for silver content.They can do it...nothing the refiners can do except comply with the law. I reduced my 90% holdings to 10% overall and flipped the proceeds to Engelhard and JM rounds and bars...that way a ban would not hinder cashing out in a roaring bull market. Not saying TPTB would ban 90% from melting....but I don't trust them as far as I can spit. There is also the remote possibility they could call in all US silver coinage and make it illegal to own it or trade it...just because they can. Nope...I'll stick with .999 bars and rounds...and Mexican Onzas...it would be hard for them to ban foreign coinage from melt...since it's not legal US currency. I just flat out do not trust TPTB.They have the power to ban or destroy everything that could become a threat to fiat. Time to reevaluate your holdings in US gold and silver coinage...I dumped mine to be on the safe side...anything could happen. :cool1: :cool1:

j-son | 11-12-2006 09:46 AM
Re: Refiner does not take 40% i sold some of my scrap jewelery (broken stuff mostly) to midwest refineries back in june. they paid quickly and paid nicely. i was happy using them. and i was happy to receive a $700 check from them the next week.

latemetal | 11-12-2006 01:05 PM
Re: Refiner does not take 40% I looked up several refineries on the net and will call their 1-800 #'s during the next week to try and find out who will take 40% Kennedy's, 35% war nickles and other types of non-standard silver coins. My question is; do any of you have a Silver Refinery that you use? and why?:chat:

latecomer | 11-12-2006 02:14 PM
Re: Refiner does not take 40% Here in the Czech Rep. any refinery will gladly accept any form of silver you bring, but the buying price is a function of the purity: from 85% spot for 90% coins down to 65% for 50% coins. E.g. http://www.vitaro.cz/?pg=vykupMinci2&m=vykupMinci Quote:
Originally Posted by latemetal (Post 414439) My question is; do any of you have a Silver Refinery that you use? and why?:chat:
Yes I buy silver from them! Until very recently, this was the only way I could buy decent amounts. There are 2 big coin shops in the country capital and over a period of one year, they were able to supply me with (don't laugh!) 175 OZ of silver at near spot prices. In a city of a million. Tons more are available, just not at close to spot prices (yet). One of these days the first bullion dealership here will add silver bars (Argor Heraeus) to their product range: http://www.gold4you.cz They included silver coins just 2 weeks ago! One more thought on the motives that might lead a refiner to rejecting 40%: Such a low grade is a huge drain on acids that get wasted plus the resulting copper solutions are a toxic waste that must be disposed of properly. So, in a situation where a refiner has sufficient supply of say sterling and coin silver to run at or near capacity I would understand them rejecting the (real) junk. That would mean either people are positioning themselves in the way RiverRat suggested or the big melt has already begun!

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