Silver ... way off topic

[doctorj]

Hi all.

In to my possession has come a significant number of old round australian 50c pieces. I have paid face value for the coins with the intention of selling them for their silver content. Based on my calculations (assuming 13.28g per coin @ 80% silver @ about USD$7 per ounce) each coin is worth approx USD$2.60.

Many of the coins aren't in collector quality condition so I don't believe it possible to sell them above smelt value.

I've seen many coins in comparable condition sell on ebay for about AUD$3, but they are far too numerous for me to be bothered with that.

Has anyone had experience with this or shall I put it in the too hard basket and take them to the bank?

[mime]

Are you sure they have silver in them?

Who is going to buy the silver?

How are you going to remove the impurities from them?

[doctorj]

1. Yes
2. That's my question
3. I'm not

[mime]

" (assuming 13.28g per coin @ 80% silver @ about USD$7 per ounce) each coin is worth approx USD$2.60. "

That can't be right or everyone would be melting down their coins.

[doctorj]

That's exactly why they stopped using them.

The new 50c pieces (someone correct me if I'm wrong) began post 1966 and contain mostly copper and nickel - no silver whatsoever.

[wayneL]

" (assuming 13.28g per coin @ 80% silver @ about USD$7 per ounce) each coin is worth approx USD$2.60. "

That can't be right or everyone would be melting down their coins.

it's the same way with Australian nugget gold coins. The 1 ounce coin is legal tender and has a face value of $100, yet has a bullion vlue of ~ $600