Scrap worth more then Silver ?

Originally Posted by unknownk

I can see paying under spot for scrap silver (tea sets, silverware, silver pre 1964 coins) but you won't get bullion coins that way (nothing legally obtained anyway).

Anybody here ever have an issue selling bulk gold/silver bullion at a shop and getting a visit from the IRS wondering where you got it? They seem very interested in getting your information in case its stolen and they most likely report large transactions to the IRS. If you purchased gold at $400 and sold at $1800 there would be capital gains to report.

There are some things to watch out for:



1: You have to be careful about buying bullion because it's much easier to counterfeit than coin.

2: A dollar face isn't necessarily a dollar face. The Mercury dimes wore out a lot quicker than the pre-64 Kennedy halves. Ten of those dimes would have less silver than two halves in good condition.

3: Don't let them use the coin counter ! ( Oldest trick in the book. )

4: It gets weird with the IRS. See ... organized crime likes to use bullion and coins for their higher end transactions. Paper money is easy to track with all of the electronic gizmos that they've hidden in the paper. It's not so with bullion.

The other thing is that at some point the government may tell you that you HAVE to turn in all of your gold and silver in exchange for paper money. It seems unthinkable but it happened during the Roosevelt administration. If you buy / sell at a coin shop your name is on the receipt they know just where to look. As last i knew it was still legal to use a fake name but the law may have changed since them. It's been awhile ........

Originally Posted by Copper Head

A time ago maybe yes many turned in there gold / silver that was a different generation of hope
confidence , trust.

No way to conventionally get a Silver /Gold hoard from us now . But cause such economic disaster people sell all to survive .

It is a different age. The problem is that everything is computerized. Once your name is in the data base they know where to look for people who might have a stash of silver or gold. It wasn't like that back in the day. They could pass a law like that but there was no real way of enforcing it. They had to rely on people voluntarily cooperating with the rules they made.

< maybe a bit of thread drift here > There's a concern here about a SHTF scenario lately. It's not likely ... at least not in the way one would think.

If you study history great empires have risen and fallen. They have their day in the sun and then they die just like people do. The two most recent global superpowers to fall were the British empire and the USSR. Most often ..... they go out with a whimper and not a bang. There's just a long slow steady economic decline.

It's a slipping down life for people in that age.