Many silver collectors are now creating their own silver bars and ignots at home in an attempt to create marketable and sellable pieces of silver. This is something that is possible due to the low cost of the equipment needed to melt down and mold both silver and gold. While this is true, you may want to sell your unwanted silver directly to a dealer if you want to see any sort of return on your investment. Keep reading to learn about a few different reasons why this is ideal.
You Cannot Verify Purity
If you decide to create your own silver bars or round ignots, then this is typically quite apparent. While most people will try to retain a consistent purity and stamp the purity on each bar, there is no real way from buyers to verify this purity. This places the buyer at a risk of losing money by purchasing from an unknown dealer. While silver weight can be used to determine the value, this is only possible if you are using a standard mold size and shape. You will also need to fill this mold correctly to determine weight and value that translates to a sale where you and the buyer are on the same page.
Also, if you have a number of junk coins in your possession, then you may intend on creating a silver bar with a relatively low purity. Unfortunately, there is very little market for silver with a low purity level. This means that your old silver coins may be worth more as junk coins than as part of a silver bar. This may also be true of any silver jewelry you own as sterling silver is a low purity since it need to retain its strength.
It Is Illegal
Junk silver coins are usually inexpensive and easy to find. Many people have these coins and have no idea what to do with them. This is one reason why you may use them to create silver bars. However, it is actually illegal to melt down coins. In fact, you may face a $10,000 fine and up to 5 years in prison for such an offense. This law is specifically intended to keep coins in ciculation. However, the US Mint is serious about the matter or destroying coins, so it is best to keep uncirculated ones from finding their way into your ignot.
It is much better to find yourself on the right side of the law by selling your silver and other items instead of finding yourself in trouble for melting them down.Share