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- - "Junk" silver (http://goldismoney.info/forums/showthread.php?t=9974)

FoundingFathers | 04-19-2004 03:31 PM
"Junk" silver Good info from this site... Junk silver bags are a safe, private way to invest in modest amounts of precious metals. They are an internationally recognized unit of commerce comprising $1000 face value of old US silver coins. Called 'junk silver' by coin dealers, and valued only for their silver content, these bags are about the size of a bowling ball and weigh about 55 pounds on a bathroom scale. Junk silver is always and everywhere recognizable and tradable in large or small amounts. For commercial use these coins must be converted by refining. 90% Silver Bags contain 900 fine dimes, quarters,and halves dated 1964 and earlier, swept up from circulation after the change to clad coinage in 1965. When minted, these coins contained 723.4 Troy ounces of silver per $1000 face value. Silver Bags, with coins worn in circulation, are commonly held to contain 715 Troy ounces of silver. However this is only a trading convention and a refiner looking to 'melt' the coins may prefer to ignore the face value and go by measured weight. From a numismatic standpoint the coins are 'junk' with any values long ago searched out. Original mintage of these coins was approximately $2.5 billion. Perhaps half were melted and exported surreptitiously in the late 1960's, in response to a Treasury Department ban on the same. With many more refined in the US to fill the Hunt brothers' 1980 short squeeze, perhaps as much as $500 million remains. 40% Silver Bags consist of 400 fine Kennedy halves dated 1965 to 1970, which when minted contained 296 Troy ounces of silver per $1000 face value. Since these coins circulated for only a short time before they were swept up, no allowance is made for wear. Original mintage of these coins was about $400 million. Junk silver bags of all halves, or all 'Mercury' dimes, or all 'Walker' halves are available for premium prices. But again, a refiner looking to melt the coins will go by weight in which case the older, more worn coins will actually carry a penalty. Silver Dollars, also available in $1000 bags, are in a category of their own - never lumped with 'junk silver' http://geocities.com/porfiry2000/silverbags/index.html

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