Do you have a quarter, a silver dollar or another coin that you would like to have made into a ring?
If so, you can quickly find a company that will refashion your coin into a ring, just by searching online. It seems that lots of people are starting businesses that do it. They only have to spend a few hundred dollars on equipment (a ring mandrel, a lever-operated punch, a small propane torch) and they can set up a small business in the corner of a garage and start making money converting coins into rings.
But the question remains, is it a good idea to convert an old coin into a ring that you can wear on your finger? Here are some considerations and questions to ask.
Who Will Own the Silver or Other Metal that Is Left Over?
You see, the process of converting a coin into a ring begins with punching a hole in the middle of a coin, and that produces a small disk of metal that will not be used in the ring. That metal that is left over belongs to you if you send a ring to a company that will make your coin into a ring, but chances are that the company will toss it into a scrap pile that contains the little disks that are left behind when other people’s rings are punched.
This might not make much difference to you if you are having a silver coin made into a ring. After all, that little disk is only going to be worth a few cents. Its value means more to the company that is making your ring; if they are making hundreds of rings from coins every day, they will be amassing a quantity of silver with a value that can add up.
What Will My New Ring Look Like?
Two basic varieties of rings can be made from coins. One kind is a plan, unadorned ring that has no markings inside or outside. Another kind - which is more attractive - is a ring that retains some of the markings that could be seen on the original coin. If a quarter, a half dollar, or a silver dollar has a nice grooved edge, for example, producing a ring using this method will preserve that stylish edge on the final ring.
You might prefer one style of ring over the other. But the bottom line is, be sure to ask what kind of ring you will be getting before you send your coin to be processed.
You’re Not Thinking of Having a Gold Coin Made into a Ring, Are You?
Granted, you might end up with a really attractive-looking gold ring after your coin is processed. But you are also losing at least half of the gold that the ring contained. (Unless you ask the ring-making company to return the unused portion of gold to you.)
And then there is the question, why are you doing it? If you have a beautiful old gold coin, why not just display it on a chain that you can wear around your neck? Why mutilate it? And that leads us logically to the next question.
Are You Destroying a Precious, Collectible Coin?
Old silver and gold coins have two separate values. The first is found in the value of the metal that they contain. The second, often greater value, is their collectible value. If you have a valuable, collectible old gold coin made into a ring, chances are pretty good that you will be destroying a collectible - and losing a good chunk of money in the process.
But that observation doesn’t pertain only to gold coins. If you have certain old silver dollars and other coins made into rings, you will be losing their collectible worth too. And our advice to you is, don’t do it unless you speak with us first.
Call Us Before You Call a Ring-Making Company
Concerting a beautiful old coin into a ring is a risky thing to do - something that could cost you more money than you realize. So before you move ahead with your plans, call Specialty Metals Smelters and Refiners at 800-426-2344 to speak with one of our precious metal consultants. Tell us about your coin or coins, we will explain their worth, and you can then make an informed decision about your best course of action.
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