4 Simple Questions to Ask When Selling Silver Coins to Help Boost Your Returns
Selling silver coins can be an excellent way to raise some money for various reasons. Yet, to get the most for your coins, you need at least a basic understanding of what makes these coins valuable or not. When you sell coins, always ask about the following details. Knowing the answers to these four questions will help you avoid selling your silver for too little.
1. Does the Type of Coin Matter When Selling Silver Coins?
To begin, identify what type of coin it is before selling silver coins. There are many different types, and the type partly determines its value.
You can identify the type by its design, year of mintage, and its silver content. Each type was made under a particular coin program, usually a number of years at a specific time. Each has its own design or series of designs.
Valuable Types of Silver Coins
Some designs are more popular than others, especially if they are exceptionally beautiful. For example, the American Silver Eagle coin, with its Adolph A. Weinman Lady Liberty design, has always been a favorite among many collectors. However, these coins are a part of a relatively recent coin program, so they are fairly common. Therefore, they aren’t as valuable as rarer coins.
Each coin program covered a specific time period. If the type of coin was minted for only a few years, it is likely rarer than other coins. Also, if the coin program was long ago, it’s likely that fewer of the coins still survive.
A good example is the Trade Dollar, which was first produced in 1873. The coin had a face value of $1, but they were trading for less than face value not long after the program began.
As these coins became harder to acquire, the price naturally increased. Now, the most common Trade Dollars are usually worth $75 to $150, depending on the coin dealer or other coin buyers. Rarer examples can sell for thousands of dollars.
The Morgan Silver Dollar is another example of a coin with a popular design. The Morgan Dollar was produced in response to the Bland-Allison Act, which demanded that the Treasury purchase silver to coin into silver dollars.
The program lasted from 1878 to 1904, again in 1921, and finally, an anniversary edition in 2021. It was the first silver coin that bore the designer’s initials. In addition, Morgan Dollars from low-mintage years can go for tens of thousands of dollars. One example is a Morgan dollar marked 1895 from the Philadelphia mint
Numismatic Coins vs Silver Bullion
Another thing to consider about the type of coin is if it’s bullion or not. It matters greatly whether it is a bullion coin or one of the numismatic coins treasured by a coin collector. The value of silver bullion is based on its silver content or price of silver and how many troy ounces it contains.
On the other hand, numismatic silver coins are worth more based on the factors that matter to coin collectors, such as rarity. Silver bullion, including silver coins and silver bars, can be a wise investment. What matters with bullion coins is how many ounces of silver, the spot price, and what purity they contain. However, these coins and bars do not hold the same appeal for collectors as a collectible or rare coin.