As a rule of thumb, educating yourself before entering into any transaction; especially when dealing with valuables, such as silver dollars, is a wise decision. At the moment, silver dollars are some of the most actively bought, sold and traded silver coins in the industry. Individuals that have been sitting on these coins for a while, or that have received the coins through an inheritance or from an estate would be well advised to ask three essential questions before selling silver dollars. In this article, we’ll share with you the questions that you should ask and the type of response you should receive before entering into a transaction with a silver coin dealer.
First and foremost, we recommend that you ask if you’re going to be paid by the weight or by the coin. Individuals who throw your coins on a scale and offer to pay a percentage of the weight of the coins are merely purchasing the coins for scrap value, which is an ill-advised way to sell silver dollars. Rather, because silver dollars have some collectible value in addition to the silver value, they should be sold on an individual basis.
Once you’ve identified a coin dealer that is willing to make an offer on an individual coin basis, the next question to ask is if the condition of the coin(s) affects their offer price. Some silver dollars, such as 1921 Morgan silver dollars and 1922 and 1923 Peace silver dollars are commonly found in high end condition due to the number of coins minted; however, many other silver dollars are difficult to find in high end condition. A good rule of thumb is if you have an uncirculated coin in your collection, whether a common date coin or not, it should sell at a premium above the standard silver dollar rate. The reason is that it has more collectible value, and therefore, coin collectors are willing to pay a premium for these coins.
Assuming that you’ve been successful in identifying a coin dealer that is willing to pay you on an individual coin basis and a premium for uncirculated silver dollars, the final question that should be asked is if they pay a premium for rare or key date coins. Rare or key date silver dollars are coins that were produced in lower quantities than most other silver dollars. While there’s not a hard and fast number that signifies a key date versus a common date silver dollar, typically speaking, coins that have a mintage of 1,000,000 or less are typically classified as semi-key or key date coins.
Should you happen to have key date silver dollars in your collection, it’s advisable to ask how the mintage translates into a dollar value. The condition of a key date coin is the primary factor affecting its value, so as you would expect, coins in higher end condition sell at a higher premium than their counterparts. The most reputable silver coin dealers will discuss with you how they arrived at their offer and will share with you the resources and price guides that they use to arrive at their quote.
In summary, we recommend that you ask three essential questions when selling silver dollars. First and foremost, determine if the coin dealer’s offer price will be based on the weight of the coins or if they quote on an individual coin basis. Secondly, remember that condition does matter. Uncirculated silver dollars, even those that are common date, should garner a higher offer than circulated condition coins. Lastly, determine if the silver dollar buyer is willing to pay you for the rarity of your coin, and don’t hesitate to ask how they arrived at their price.