Atlanta Gold & Coin regularly met with customers holding many kinds of silver coins, and the original article said one frequent question was whether coins were bought for metal value or collector value. The answer, it explained, was “yes” in both respects: age, mintage, and condition can make some coins more valuable as coins, while others trade strictly for silver content and are commonly called “junk silver” coins. For people new to selling silver coins, it may not be clear which coins command a premium and which are traded only for silver. The article identified coins that should not be sold for silver content and coins that generally should, with the aim of supporting an informed choice at the time of sale.
Don’t
The original article listed these coins as ones not to sell strictly for their silver value, except where noted:
- At the time of original publication, the article described the following: Morgan & Peace Silver Dollars – Morgan and Peace dollars are U.S.-minted 90% silver coins produced from 1878 – 1935. When this article was written, silver’s spot price was $14.89, placing the coins’ approximate silver value at $11.50. Unless a dollar was holed, defaced, damaged, or otherwise impaired, the article said it should not be sold merely for silver. It stated that these coins were worth more as coins, including higher-production examples such as 1921 Morgan dollars and 1922 and 1923 Peace dollars. At publication, readers were directed to the Rare Coin Guide resource on the website homepage to identify low-mintage or rare coins that might bring an additional premium.
- At the time of original publication, the article described the following: Type Silver Coins – Type coins generally mean U.S. coins minted from 1792 – 1916. The article explained that, apart from worn or damaged examples, most silver coins from that period sell above their silver value. Earlier type coins usually bring a higher premium than later type coins, but mintage and condition are the most important pricing considerations. Even a common-date type coin can be quite valuable in high-end condition. Morgan and Peace dollars fall within type coins, although many other U.S. silver type coins were also produced over the years.
- Lower-Mintage Silver Eagles – The article explained that American silver eagles were not all made equal. A few lower-mintage issues brought additional premiums because of production totals and collector demand. The four higher-demand dates identified were 1986, 1994, 1995, and 1996, though only the 1996 issue was said to bring a premium below uncirculated condition. For readers interested in additional information on better-date silver eagles, the original article pointed to this article.
- At the time of original publication, the article described the following: Proof Silver Coins – Although there are exceptions, the article said proof silver coins commonly sell above their underlying silver value. It cited proof American silver eagles, which it said could sell for two to three times silver value, along with modern U.S. proof silver dollars and proof silver coins minted in 1964 and earlier. It noted that this did not necessarily extend to modern silver proof dimes, quarters, and half dollars minted from 1992 through the article’s publication date, since their production quantities might or might not support a premium.
Do
Although many silver coins should not be sold for metal content alone, the original article said a number of silver coins trade chiefly on silver value. It provided this partial list of coins that should be sold for their silver value:
- Pre-1965 Silver Coins – U.S. dimes, quarters, and half dollars minted in 1964 and earlier contain 90% silver and are commonly called “junk silver.” This excludes type coins and low-mintage or uncirculated coins, but most common-date circulated coins minted from 1916 – 1964 trade strictly for their silver content. The article said demand had varied over time and tended to be strongest when silver prices were depressed, as it reported was true at publication. Regardless of silver’s prevailing price, it described these as among the industry’s most commonly traded silver coins.
- At the time of original publication, the article described the following: 40% Half Dollars – Half dollars dated 1965 – 1970 contain 40% silver and are also called “junk silver,”. The article said demand was lower than for their 90% counterparts because of the reduced silver content. As a result, it said sellers should expect a relatively lower payout. Many people did not realize that half dollars from this period contain silver, and the article noted they could occasionally still turn up in circulation.
- Common-Date American Silver Eagles – The article had identified several silver eagles that often brought premiums, but said eagles dated 2001 through 2015 were common-date coins that generally traded near silver value. At publication, Atlanta Gold & Coin reported offering a small premium over the coins’ silver value when buying them, while noting that their value mostly came from underlying silver. The original article also reported fairly strong demand for silver eagles at that time, which could mean a somewhat higher-than-normal purchase premium.
- Foreign Silver Coins – Most foreign-country silver coins trade close to silver value, the article explained, while acknowledging exceptions. It listed Canadian silver maple leafs, UK silver britannias, Mexican silver onzas, and Australian koalas and kookaburras as examples that trade near underlying silver content. When this article was originally published, it reported extremely high Chinese demand for gold and silver coins, so many back-date Chinese silver pandas sold for additional premiums. It also noted that, as with key-date silver eagles, some countries made lower numbers of silver coins in particular years; readers were encouraged at publication to research such coins before selling.
Summary
In summary, the original article distinguished silver coins with collectible or numismatic value beyond silver content from coins that trade mainly for metal value. It said Morgan and Peace dollars, plus type coins in average or better condition, should ordinarily receive a premium when sold. It also identified four American silver eagles that typically brought additional premiums, as well as some proof silver coins. Coins described as generally trading on underlying silver value included 90% silver coins, common-date American silver eagles, 40% half dollars, and foreign-issued silver coins. The article expressed hope that this information would help readers maximize payout when they later sold silver coins.
