When I was roll hunting back in the late 1970’s the Hunt brothers were buying all the silver they could. They manipulated the price into the high $40 mark. 40% halves were not that desirable because of their lower purity and refining costs. Later when the Hunts were busted and the silver market crashed, 40% silvers held little value over face for almost 30 years.
Back around 2007 market fears brought the silver price back into action once again, and we saw silver rise back towards the high $40 mark. This time however, 40% halves became more popular with stackers and could now command a decent price. I’m not sure why, but I don’t think they go to the smelter. I believe they are now just being hoarded and if sold, only changing hands. I’ve sold hundreds in the past, but with low prices nowadays I’ve been keeping all that I find.