One thing to keep in mind is that just because someone turns in a $200 "for melt" doesn't mean they will be melted down and gone. Many buyers just turn around and sell the bullion (since they are buying it under spot). APMEX is a good example (they are currently buying $10 strikes for $20.37 according to their web site, they also claim $10s have .64 tr oz of silver too). They have 23 $200s for sale (way over $500 each, have been sitting there for months). They bought them "for melt" but are not melting them down, they are re-selling them. Just a guess, but I would think about half of $200s sold for bullion value are not melted, maybe even more than that. They are worth more than silver value un-melted. I think only if they are sold to a refiner or maybe a mint, that's a pretty certain guarantee they will be melted. Coin shops, bullion dealers, etc are probably resold as $200s.

See here: http://www.apmex.com/Category/188/Gaming_Tokens.aspx

Dave.