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Is it Illegal To Melt Silver And Gold Coins? How Do Coin Dealers Do It?

CoinHELPu 22 views

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My coin shop website portsmouthcoinshopcom/
Comment from : @CoinHELPu

I see 7 oz of silver dollars on eBay wtf wouldn’t I just melt those and sell them for 18 as a slag
Comment from : @Waluigi164

Thank you sirbr@Corbin Bingham
Comment from : @TheCaydon

ALSO GREAT VIDEO!
Comment from : @EAGLEHORDER

I LIVE IN OHIO AND THE DEALERS AROUND ME DONT CHARGE TAX FOR BUYING BULLION OR CONST IM CONFUSED WHAT YOU ARE TAXING FOR? WHAT TAXES ARE YOU CHARGING FOR?
Comment from : @EAGLEHORDER

I read an article that says the nickel is the only American coin with “hard money” status in the sense that the metal value is a little below the face value
Comment from : @blake7587

Glad you are feeling better
Comment from : @EdMorleyTube

Never knew it wasn't legal to melt down copper cents I have some rolls that my friend had from when her husband collected pennies and had this idea of making an ingot out of a roll she could have, but had never gotten around to actually doing it lol Just thought a bar of copper made from pennies her late husband had saved would be a nice keepsake for her
Comment from : @Redvines69

1964 quarters will be rare someday
Comment from : @johnmarks227

True,hope you are having a good day
Comment from : @kaynefryday4720

When melting 90 silver coin does the Premium price go up due to the coin becomes more rare
Comment from : @kaboomwinn4026

Couple weeks old, but I just found this video, and found it extemely informative Earned my sub Thank you!
Comment from : @RoundBoy304

This leads to an interesting question If dealers are melting stuff down, how does anyone know how many morgan dollars are left? or even how many 1930 (random year example) Mercury dimes are left? brbrbrAlso, will melting coins down cause the remaining coins that are in good shape go up in value? Perhaps there is hope yet for my 1964 Jefferson nickle in EF-40 !!!!
Comment from : @Project2013B

💯👍✔
Comment from : @italiandragon3208

Very informative, good video as alwaysDaniel Malone is the Neil deGrasse Tyson of Numismatics lol
Comment from : @Marinesniprx

I buy silver Roosevelts and Washingtons all the timefor the bullion Keep 'em in a big cloth bag Edit: but I don't buy them individually, I get 'em by the roll, or the troy pound :-)
Comment from : @douglaswilliams6834

The new pennies burn
Comment from : @russcrawford3310

When I was 14 (1974) I once got a dime change and it was a mercury dime Oh God they are works of art!!! Now? They are so bland!!!
Comment from : @dodgeman4360

So coin dealers are the reason coins are being melted, cause they are greedy, and instead of curating history are destroying it for a buck
Comment from : @hauskins9516

Melting coins gives the same result as farmers dumping milk rather than sell it, it keeps the value of the remaining stock up, if not over inflate it
Comment from : @sphinxrising1129

Dont melt ill buy those coins
Comment from : @lucky61967

A coin that has no numismatic value today may have numismatic value tomorrow Lots of wonderful old coin have been melted in days of old In Russia, a rouble of Peter the Great under VF grande was junk metal until quite recently Now such coins in F-VF are worth $400 and up
Comment from : @genghiskhan3504

Mr Daniel I could send you two pictures of coins that I have that I think are errors
Comment from : @JoseRamos-qh4gj

Buy Silver on 3/20!!!!! Make the biggest impact you can!!!!
Comment from : @j-is-meas-you-see3210

Canadian coin's would be illegal
Comment from : @johnhayes6414

I still collect Washington and Roosevelt coins Hate to see melting😟
Comment from : @ShellyMay28

I can think of several reasons why someone may melt a collectable coinbrPopulation control is one reasonbrI know someone who has destroyed examples of known varieties in an effort to reduce the populationbrHaving four known varieties graded by TPGs and acquiring all four only to melt down the other three creates a unique examplebrbrThanks for sharing
Comment from : @clashact1646

I definitely don't agree with melting coins, regardless of state of coin Like you mentioned, it's melting a piece of history If they were all readily available I might have a different opinion, but there is no guarantee that you aren't gonna get some very valuable coin thrown in there too Very sad to me
Comment from : @CoinHunterChris

We have a local place that buys scrap silver and coins and they melt it down and make bars out of it
Comment from : @TRAVIS-L

Hope to visit ur shop someday:)
Comment from : @willlinke2849

Why is it illegal to melt pennies and nickels?
Comment from : @willlinke2849

as far as melting nickels goes, what about war nickels?
Comment from : @shrek_428

What does Nothing mean?
Comment from : @jameswinter9246

How many ounces of 90 silver do you estimate your shop takes to the refinery each year I've always been curious about how many coins are getting melted down over time
Comment from : @agwillie2790

GREAT business info Thanks
Comment from : @richardwhite6353

Could you pleasssse perhaps make A video on the pros and cons of saving copper coins and or copper in general? Thanks anyway if not for your wisdom, sir!brbrbrbrbrTO
Comment from : @timson3489

Makes perfect sense to me!
Comment from : @MidwestCoinHunter

To factor in the issues of Ohio sales taxes, can't you split the difference of your costs? brbr7 percent sales tax Split the difference With your $1,000 example, make your upcharge of the gold-silver coin set $35-$40 instead of the full $70 of sales taxes You eat less of the cost, the buyer still has a quality deal at $1,035-$1,040, and you can still make an above-melt profitbrbrServices like APMEX have three different cost options: direct from bank account, Bitcoin/Paypal and credit card Doesn't seem to me that you would have to eat the entire cost of sales tax Just my thoughts
Comment from : @mrhick01

Yeah man I totally agree with you People don’t understand the value of precious metals in the fluctuations Silver was up to 20 bucks around November, it dropped all the way down to 16 early this month If you offer somebody silver value for stuff, do you have a really good chance of losing money Now, people either don’t know that or don’t care because you’re an evil business owner out to scam the little guy LOL
Comment from : @samgardner4667

I've seen a lot of "junk" legacy coins destroyed for various reasons I like the rings myself But, it reminds me of the idea that there's so many out there, who cares Which was the same attitude during the original Christmas Counts for birds Now, you can read the early explorer journals of flocks of Canadian Geese so thick they'd block out the sun or Buffalo herds that you couldn't see the edges of Just, I would ask just to keep in mind that monetary value isn't the only thing that makes these coins worth collection But, gotta keep the coin shops in biz to So, if you care about the hobby, buy a cool slabbed coin from time to time from your coin shop And spend some big money on something YOU really think is cool My 2 cents 👍
Comment from : @TreasureByMeasure

You say your web site to fast and I just can’t get it how about a sign so I can copy it I’m sure more would like it
Comment from : @MrStudmouse

Thanks for Sharing with us!!! Rock on brother
Comment from : @6malvado6soldado6

Do or would u ever sell coins for spot or a few bucks over without the paypal fees? instead of taking them in to get melted
Comment from : @pank524

It is illegal to melt apAmerican coins
Comment from : @karlpresler7342

Wow that was extremely informative Thanks for your videos There really shouldn't be sales tax on investment grade bullion For example Michigan does not, but as you point out Ohio does
Comment from : @Pyrolonn

If you live in U S can you legally melt Canadian copper or nickel coins
Comment from : @cylentkills

Before watching video I'm gonna say, because it's easier to liquidate a silver ingot than a bag of loose coins
Comment from : @cylentkills

😎👍🏼❤️
Comment from : @melvinthompson4323

I will personally buy Roosevelt dimes and Washington quarters When it comes to stuff like that for me I'm just going for silver content Thank you for another great video
Comment from : @josepchwill1304

The fact that you cant do with your own currency what you desire gives credence to the old saying "give unto Caesar"
Comment from : @vacuumandgaspressurecoexisting

You are lucky, I understand it is illegal to melt down any Australian coins
Comment from : @Gumardee_coins_and_banknotes

I think melting any constitutional silver or gold should be illegal
Comment from : @darthsilversith667

I definitely understand why dealers do I understand slicks but any gold coins or silver with dates and mint marks as you said should be saved I know no one can sit on them very long Wish I could buy it all! Hopefully they repeal the Ohio tax but unfortunately that takes money out of there pocket and it seems once they get it, it's next to impossible to take it away Doesn't change how much I stack or collect Just ups my cost per ounce If I really like/ want the coin I'll pay it Thanks for the information
Comment from : @badbutch5352

How do you sell coins with adding sales tax Why would customers buy coins for investment and pay sales tax?
Comment from : @VamboRules2

And you were rightsilver off a dollar from yesterday or about 5 Very volital
Comment from : @paulbegansky5650

Don't melt the sovereigns! Dan, Save the Queen! 😃
Comment from : @antoniusbritannia8217

Questionif I send a valuable coin to get gradedhow can I trust them to send me back my original coin??
Comment from : @frankiechi6638

Do any one of us have a PRICELESS piece that no matter whatyour heart knows better ( hopefully) we all have a ❤ that that piece is PRICELESS Ya knowlike your one of my teacher's MrMaloneI wouldn't trade or melt you if you had an error or dent or scratch on you I am an American So proud that I love appreciating the little things in life THANK YOU MRMALONE ❤
Comment from : @margaretstoner4701

I may be wronghowever copper and nickel
Comment from : @margaretstoner4701

You should try going live and doing Auctions Not only will you get superchats but you will realize higher prices Dont be shy, go live!
Comment from : @MrThe1234guy

Putting a sales tax on money is just wrong
Comment from : @billv4072

do you think they are melting 5 reichsmark coins ?
Comment from : @stephenw1529

Great info
Comment from : @mickgreedy457

Under the new socialist government coming our way under Sanders, coin collecting may become "regulated"
Comment from : @jamesgossweiler1349

I am with you completely on the sticks and no date's!
Comment from : @silverstanger1103

I think I'll pick up (2) 1983 sovereign proof coin Just PayPal you
Comment from : @bladesilver7190

Actually, it is a federal offense to intentionally mar or destroy American currency
Comment from : @edpaleosapien7832

Its great to live in Oregon no dam taxes, I cant imagine paying taxes on gold and silver
Comment from : @oregonstacker2878

Thank you for the follow up discussion The only issue is how many of key dates were melted or how are the populations affected
Comment from : @paulbegansky5650

I stack Rosie's And Washington silver
Comment from : @johnross5909

Thank you Daniel for explaining that you can't melt down copper cents! And I didn't know that it was legal to melt down silver coins! This is something new that I learned today! Love your videos Daniel!
Comment from : @ronschneider1870

I was under the impression that you can legally melt copper cents but under certain circumstances, (ie art, education, science)
Comment from : @Ceedubious

To see pre-33 gold melted is heartbreaking
Comment from : @thesailjunkie

Had to show me that half sovern I was looking to get one because the gold weight is 11 grams usually can get one for the price of a tenth ounce like foreign silver foreign gold is not that bad of a price
Comment from : @bill4572

I live in Ohio and I have accepted the fact that I now have to pay sales tax on coins and bullion You should try adding sales tax to the total and if the customer has an issue ask them if they think Wal-Mart will waive the sales tax there Paying sales tax on coins and bullion sucks but people just need to accept it and move on
Comment from : @johnm1008

I would disagree with you I love Washington quarters and rosy dimes because they have usually more weight to them I feel in the next few years (decades) it will be on a weight scale vs perbr face value I’m always looking for a good deal on quarters and dimes so if you have some message me back Keep stackin!
Comment from : @mursemetals7202

Thats why states that tax things Is a complete joke Im glad i live in a state with no tax sales Cuz when i buy a bag of chips for a 150 I want to pay that 150 Not 165 or what ever itd be All states need to stop sales tax!
Comment from : @Cutlass7687

I sincerely hope somehow the precious metals tax will be ousted Its maddening how state governments want to get their hands into every little place they can and make our lives more troublesome b/c of it
Comment from : @leebrewer1190

What do you suggest to do with silver war nickels?
Comment from : @jameswinter9246

I got a ring made out of one of my Morgan that was not worth anything but melt I buy constitutional at my LCS and here in Texas they do not charge tax Thanks for sharing your thoughts
Comment from : @PapaKryptoss

You just went and cashed in the common coin's that you have probably been saving for a price point that you had (Margin)brNeed to get paid to
Comment from : @claytonmcdonald9520

I've always received conflicting info about melting coins Glad you cleared it up for me But why is it illegal to melt pennies?
Comment from : @shepirate4651

Many YouTubers melt coins just for the 'scientific' purpose People seems to like it Everybody is curious how much pure silver you will get from them
Comment from : @NandiCollector

Well that makes sense And $ is $ But still said Save what u can I will be
Comment from : @timothyloyd3802

Thanks for saving the 1917 SLQ
Comment from : @Car1Sagan

If you don't want you Roosevelts and Washington quarters you can give me to me I'll appreciate it 😂😂
Comment from : @christiancampbell8252

save the roosevelts and washingtons,, great video,, be blessed and safe
Comment from : @russsherwood5978

Thank you for explaining this Many people don't understand coin dealers sometimes have thousands of one type of coin1960-1964 dimes and quartersso hold onto it and spend months trying to make a 5-10 premium over melt That makes no senseto the smelter it goes
Comment from : @RealLifeFinance

why is it illegal to melt pennies and nickels yet not dimes and quarters and such?brIn my opinion once you own something you can do with it what you want brI consider the WORST defacers of old coinage the idiots who polish them shiny new and glue them to some historical cardboard as wall artthat makes me sickbut that is there choice So I feel we can't knock anybody who melts or turns stuff into jewelry
Comment from : @RealLifeFinance

I had never thought of coins being melted or saved from being melted until I watched your previous video I didn't know you couldn't melt copper etc and nickels Very interesting Thank you
Comment from : @rickichristian5603

Very informative, Thanks
Comment from : @justaseeker4558

Morning Daniel!!🍵 Thanks!! That goes a long way in helping us understand! We consumers have our share of responsibility in that we unload silver coins rather than save them!!😞
Comment from : @georgematthews2877