Junk silver coins

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hucklejohn's picture
hucklejohn
Status: Gold Member (Offline)
Joined: Dec 13 2008
Posts: 281
Junk silver coins

I have not found a separate forum or thread here specifically on the usefulness (for barter purposes) of having a supply of junk silver coins on hand after the crash.  Opinions I have seen elsewhere range from "absolutely necessary" to "forget coins, bullets are other tradables will be used instead."  I would value your thoughts & opinions on storing up a supply of junk silver coins.    

Reuben Bailey's picture
Reuben Bailey
Status: Silver Member (Offline)
Joined: Mar 17 2008
Posts: 138
Re: Junk silver coins

My guess, and it is just that, a guess, is that it certainly would not hurt to have some.  I doubt that we will have a single currency that is the only medium of exchange after we have had a collapse, so having a variety of tradable items would be a wise choice, in my opinion.

All the best,

Reuben

Dogs_In_A_Pile's picture
Dogs_In_A_Pile
Status: Martenson Brigade Member (Offline)
Joined: Jan 4 2009
Posts: 2606
Re: Junk silver coins

hucklejohn -

How do you define junk?  I think having silver coins for barter is a good idea but you should have a reasonably good idea of the silver content.  We have a bunch of old Morgan Dollars ranging from uncirculated on down to good.  Trying to figure out where the crossover is between numismatic value and the value of the silver.

All in all, having a bunch of pre 64 US halves, quarters and dimes is probably not a bad idea.

Ray Hewitt's picture
Ray Hewitt
Status: Gold Member (Offline)
Joined: Apr 5 2008
Posts: 458
Re: Junk silver coins

Coins minted up to 1964 are 90% silver. It drops to 40% up to 1968. A full bag is a thousand ounces of coins and they are sold in quarter bags (250 oz). Depending on what is available, you can buy them sorted into dimes, quarters and halfs or mixed bags. They have been in circulation so they have no numismatic value, hence "junk." Silver is both an industrial metal and a monetary metal. The artificially low prices for the past 25 years have had the effect of diminishing above-the-ground supplies and production. According to knowledgable sources, supplies of silver have been reduced to 1/5 the gold supply. Hence it is more rare than gold and the market is much smaller. Silver has a far superior appreciation potential than gold. That alone makes it a buy of a lifetime.

It's anybody's guess how bad this will be. In a hyperinflation scenario you might be able to use junk silver for direct purchases. Or, the common person might not know the value of 90% coins, so you would have to exchange with dealers for whatever passes for common currency. In my opinion, junk silver should be first on your list of survival staples. Real money will be in great demand. To have money when no one else does, puts you at an enormous advantage.  Even in Weimer Germany, you could buy food if you had something tangible to trade for it.

Investment Rarities specializes in silver coins.

hucklejohn's picture
hucklejohn
Status: Gold Member (Offline)
Joined: Dec 13 2008
Posts: 281
Re: Junk silver coins

Thanks, Ray, for your description.

vancemaclaren's picture
vancemaclaren
Status: Member (Offline)
Joined: Apr 14 2009
Posts: 1
Re: Junk silver coins

I am in Canada and I am just getting into buying silver but here are some facts that I learned:

Silver bullion coins:

The Canadian 1 oz silver maple leaf is .9999 silver (versus .999 with the US eagle), and they are denominated in $5 Canadian (versus $1 with the US eagle).  In the unlikely event that the bottom magically falls out of silver, I consider $5cdn to be much better to have than $1US (right now $5cdn equals about $4US.  Both dollars are heading toward Weimar mark status, but the US dollar is especially overvalued so it has further to crash.  Besides, I happen to live in Canada).  The maple leafs seem to be a little bit cheaper to buy than the USA eagle and I also think they are prettier.

 

As for junk silver, remember this:

For USA dimes, quarters and half-dollar coins dated 1964 or earlier, $1.40 = 1 ounce of silver.

For Canadian dimes, quarters, half dollars, and dollars dated 1966 or earlier, $1.70 = 1 ounce of silver.

 

As for the others (i.e. USA silver dollars, late 1960s coins, very old coins, foreign money, etc.), you can check www.coinflation.com for the silver content, but remember that someone considering buying these wierdo coins from you would have to look this up too.  Most of them are fancy coins that are worth more to a collector than for their silver value anyway, so things would have to be pretty bad for you to ever resort to spending them!

 

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