After seeing KJG selling $10 silver coins yesterday, so that you have silver content (0.5947oz) and face value ($10) to fall back on if silver tanks, just wondering... if anyone has tried cashing in non-fiat coins at face value and was it successful ?? Is this type of fall back plan a sensible one ?? I am sure that I have a couple of non PM $5 coins stashed away and wondering if they can be taken to the bank and swapped for Fiat. I would be surprised if your local supermarket would accept them, but what about banks ... aren't they MEANT to accept all forms of legal tender ??
I have returned $5 coins to the local bank and got nice new crispy $5 notes in exchange - no problems at all. malachii
Years ago when I was a bank teller I was always exchanging gold $200 coins for face value. If only I was into precious metals way back then.
I ask myself the same thing .. why didnt I buy ounces of gold when it was $300 per oz instead of buying tech stocks. Oh well, you can't change the past ...
Because you were buying what the rest of the herd was buying. People get rich by getting onto something before everyone else does and sitting on it. While we can say the PMs are not in a bubble in relation to global debt, PMs do get occasional coverage in the wider press. I wonder if there is not an opportunity out there now that only the very observant can see will be the next big thing in 10 years time...
Of course you can, there'd be no shortage of stackers willing to pay $10 for $10 state coins and $200 for $200 gold coins.
hi I am not sure if this is been covered. In sydney you can goto the reserve bank in martin place to cash in your unwanted coins. for example 1c and 2c pieces along with any modern issue coins like the $10 state series or your 1988 $5 coins, if your drunk and like to cash in your predecimal coins you can do it there also they pay you 2 times face value :/ . You local banks might not take them in as it cost them money to send it back to the reserve bank. hope this helps James
I reckon that with the astronomical price rises in things like projectiles (ie. copper, lead, brass) it'd be worthwhile holding onto any caches of copper coins... Even though they're fairly bulky to store, they are only ever going to go up in value and you can always cash them in for "face" later on down the track if your desperate...
whats the price of copper these days ?? ... and are pennys and half pennys pure copper ?? ... what about our good old 1c and 2c pieces ??
My local bank, who saves round 50c for me, had an old lady come in with a big stack of round 50's wanting to cash them in. Unfortunately the young girl at the counter hadn't seen them before and turned her away.
You can do that in quite a few countries but others have a cut off point after which they will not accept the old currency, Germany will take Deutsch Marks forever apparently, in the UK can can only take your old coins to the Bank of England in London and France and Greece will no longer accept their old currencies, even the notes. You are stuck with them and they are worthless! Of course Australia could do really well and the 1cent may be worth US$100 in the near future so there would be no need to melt them down
The advantage of $10 silver coins is the fall back of face value So if silver tanks tomorrow to $10oz ,what's your 1oz $1 coin worth Do your own research & figure it out
The only coins I stack that are worth more than face value are copper pennies and pure nickel canadian nickels.
spend able 1 buck ? ouch! but 925 with $10 is a better bet for silver to drop big time again and stay there. and will depend on one's location when that event occur.
