These days many folks are taking advantage of the high price of silver and making the decision to sell silver dollars. When selling silver dollars, it’s important that you understand that some silver dollars will sell for more than others and that there are relatively easy ways to identify which silver coins should be sold for a premium.
Before we go further, it’s important to identify how we define silver dollars. For our purposes, we’re referring to U.S. silver dollars minted in 1935 or earlier. Silver dollars minted from 1878 – 1921 are commonly referred to as Morgan silver dollars, while those minted from 1922 – 1935 are known as Peace silver dollars.
For the most part, millions of silver dollars were minted from the respective mints for most years; however, some mints are known for producing a lower number of silver dollars. In other cases, a mint that has a reputation for minting a large quantity of silver dollars, for one reason or another, may have minted a lower quantity of silver dollars for a particular year.
It’s important to understand that the number of coins minted affects the price when you sell silver dollars. As you would expect, the lower the mintage, the higher the price. The Carson City mint was known for producing a lower number of coins than the other mints, so all Morgan silver dollars minted by the Carson City mint, identified as “CC” on the reverse of the coin, sell for a premium over standard silver dollar rates.
While the Pennsylvania mint was known for their large mintage of silver dollars, in 1895 they only produced proof coins and minted a relatively small number of these coins. As such, these coins are extremely difficult to find and sell at a high premium. In fact, they are the most valuable Morgan silver dollar coins in existence and can sell for up to six figures in uncirculated condition.
If you don’t happen to have coin resource guides at your disposal, don’t hesitate to ask the silver coin dealer that you’re working with to share with you how they arrived at their prices. They should be willing to share with you the prices in the most recent Blue Book published by Whitman Books so that you can feel confident that you’re receiving a fair price when selling silver dollars.
In summary, it’s important to remember that not all silver dollars were created equally, so when it comes time to sell silver dollars, make sure that you do your due diligence or identify a reputable coin dealer who will take the time to discuss how they arrived at their quoted prices. If in Atlanta, don’t sell silver coins until you’ve had an opportunity to speak with Atlanta Gold and Coin Buyers, one of the nation’s leading buyers of silver coins.