Silver And Other Precious Metals

4 Apr

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I keep this container on my dresser and I put my pocket change into it every night. When it gets full I take it to a Coinstar machine and cash them in. I was taking them to my local bank where they had a machine that would cash in coins for no fee to bank customers, but when they started charging a 6% fee I switched to Coinstar. They also charge a fee if you take cash, but if you take a gift certificate to places such as Home Depot, TGIFriday’s, Sears etc. you get the full amount without the cash-in fee. Before I cash in, I go through and search the coins just in case. I still occasionally find a wheat penny or on old buffalo nickel. And very rarely, you might find a silver coin.

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I found a silver dime, cool! That’s worth about $2 in silver.

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I also found a 1942 silver war nickel. During WWII, the nickel was needed for the war effort so the content of the coin was changed to 35% silver plus copper and manganese, no actual nickel. This coin has a melt vale of $1.14 today. As I write this the spot price of silver has been hovering around $20 for a good while, it might be a good time to add some to your stash. Now, I am not saying take all of your money out of the bank and convert it to precious metals like some people recommend. I guess I have been sipping the Kool-aid too long, I just can’t make that leap. Even though I fear the dollar will collapse some day, I am not going to go whole hog in that direction. For one thing, I feel that if the dollar collapses and gets replaced, the Fed will make holding precious metals, especially coins, illegal. Then you will be stuck trying to use something that could get you arrested and believe me if you start flashing the silver around in that situation someone will turn you in for a reward. But I see nothing wrong in having a little on hand “just in case”. Keep prepping everyone!

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