I realize this response is five years too late, but may be of interest to some. Selmer did. in fact, make some very fine coin silver flutes in the 1930's and early 1940's. Among those of special interest are its Model 82 and Model 83. The Model 82 was a "Louis Lot copy" with soldered tone holes, inline-G French (open hole), pointed arm keys beautifully assembled and finished to the highest commercial standards of the day -- every bit as nice as a Haynes or Powell of the era. The Model 83 is even more remarkable. It was a full-blown Louis Lot Replica, advertised as replicating a genuine Louis Lot owned by Charles Selmer to within .0001 inch -- hand made to custom order.
Early Selmer flutes have suffered from an unfairly "less than sterling" reputation due to the manufacturer's later concentration on its lines of "band" or student instruments. Incidentally, Armstrong has suffered the same fate. Besides my superb Selmer Model 82, I own an original Armstrong Heritage, open hole, pointed key arm flute from the Jack Moore/Bickford Brannen/Tom Green era. It is fitted with an upgraded Armstrong P4 cut headjoint (I admit, the stock headjoint sucked) and I believe it would perform respectfully against pretty much anything made today. Its designer, Emerson DeFord, reportedly once declared that there was not a better flute made in America. Admittedly, his view was prejudiced by parenthood, but he may have been right.