Sunday, November 7, 2010

One Thin Dime


WOW!

Silver is at $27.70!!

Here's a project that is probably better suited for 6 months ago than it is today... You know, don't you, that pre-'65 dimes are 90% silver, right? You can "order" $100 or more of dimes at your local bank and search through them for silver dimes. One silver dime, at this moment, is worth $1.93. In my short experience there is one silver dime per $100 of dimes. But there is no real "investment" and you can turn the coins back in and go to another branch and get more.

At first I was expecting to have to look at the date on each one, but it's actually much easier than that. If you unroll the paper slowly, you can see the side of each dime (when they're still resting in the paper, mostly unrolled) With a careful scan you will see if any are silver. Most dimes are all copper-colored or half silver, half copper-colored. The REAL silver ones just jump out at you and you can't miss 'em! The only other thing to watch out for is a really grimy one. These seem to be from the '80s but one was from the '50s, so I would double-check those.

You can also do this for half-dollars, which have a much greater value. They are also pre '65 and also 90% silver. Most $.50 pieces are worth $9.68 each (at today's silver prices) but some more modern ones ('65-'70) are worth $4.02 (at today's prices). My bank requires a minimum $500 order for half dollars. If you order $600, they will order two boxes of half dollars and you can come trade $400 in and get the other $400 to work through. I haven't done this yet, but my brother does really well with this technique. Recently he worked through $3000 and found 24 silver pieces.

I bank at two different banks in the same parking lot. You can really work them with your invested amount by knowing
  1. what day do they order coins?
  2. will they take back unrolled coins?
  3. what is the waiting period for coins to come in?
  4. what is the waiting time for coins to be counted?
  5. is there a minimum amount?
Check out NIA's "coin melt" chart that tells you the value of coins- the face value and the real metal value. Woo, an eye-opener.

Here's an unrelated (well, it's about financial/economics) article:

Upcoming G20: China says NO. In the first official comment by a senior Chinese official on the subject. “If you look at the global economy, there are many issues that merit more attention – for example, the question of quantitative easing.”


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