The Royal Canadian Mint (RCM)’s decision to “pause” accepting scrap silver for refining has the Canadian Association of Numismatic Dealers (CAND) concerned about the potential financial hardship on dealers and collectors. “It’s going to pose some waves through the industry because the Mint was very quick in processing scrap silver shipments and coming up with a silver assay, by which they would know how many fine ounces of silver they would pay out against, and they would do it in three to five days, which is fairly quick, especially for a large shipment,” explains CAND president Michael Findlay. With the pause starting July 1, dealers may have to wait weeks for payment and possibly receive fewer funds due to exchange rates, customs and shipping if they are forced to use refineries in the United States. Continue reading →
Scrap silver is reclaimed silver in the form of coins, jewellery. silverware, etc.
