The purpose of this post is to explain how to sell silver dollar coins at the best possible prices. Several factors go into determining the value of silver dollars, which is why it is to your benefit to become familiar with the details that influence the price of silver dollars.
What Are Silver Dollars?
Before we go further, the first step is to define what we mean by silver dollars. The U.S. Mint produced silver dollars that contained 90% silver up until 1935. The most common silver dollars are Morgan and Peace dollars. Silver dollars minted from 1878 to 1921 are commonly referred to as Morgan silver dollars, while silver dollars minted from 1922 through 1935 are known as Peace silver dollars. There was also a limited run of high-relief Peace silver dollars produced in 1921. Trade silver dollars, Seated Liberty silver dollars, Draped Bust silver dollars, and Flowing Hair silver dollars preceded the aforementioned coins and are all premium value coins, even if they are higher mintage coins in average condition.
What Influences the Value of Silver Dollars?
On the surface, the age of your silver dollars appears to be the primary factor affecting the price when you sell silver dollars, but this isn’t necessarily the case. The most important factor affecting the value of your silver dollars is the number of coins minted. While most Morgan and Peace silver dollars are high mintage coins, there are several that sell for a premium above and beyond the silver content in the coins.
A few of the higher-priced Morgan silver dollars are the 1893-S, 1889-CC, 1894-P, 1894-P, 1895-S, and 1893-CC, while the king of the Morgan silver dollars is the 1895-P. The 1895-P Morgan dollar was only released as a proof version and has a mintage of under 1,000 coins. With respect to Peace silver dollars, the most valuable varieties are the 1921-P and the 1928-P. These coins, especially in high-end condition, can sell for hundreds of dollars, so it’s important to have a general idea of the value of your items prior to selling silver dollar coins.
The Coin’s Condition and Survivorship
As alluded to above, the condition of your silver dollars is also a primary factor in determining the value of your coins. Morgan and Peace silver dollars in uncirculated condition, even in high mintage coins, will sell for a premium. Additionally, some high mintage silver dollars are extremely difficult to find in high-end condition, so you may have what appears to be a common date silver dollar in circulated condition, but a very rare and valuable silver dollar in uncirculated condition. This is most common with respect to San Francisco-issued coins. For example, the 1884-S, 1892-S, and 1896-S Morgan silver dollars are fairly common coins but sell in excess of $1,000 in uncirculated condition.
The third factor affecting the value when you sell silver dollar coins is the survivorship of the coins. Many silver dollars were initially high mintage coins; however, some silver dollars were melted down in bulk to mint silver coins in subsequent years and in response to the passage of the Pittman Act of 1918. It’s possible that you could have a coin that was originally a high mintage coin but is a more valuable coin due to the number remaining.
The Age of the Silver Dollar
The last factor affecting the value of your silver dollars is their age. While it’s not uncommon for older silver dollars to be lower mintage coins, some coins contain such historical value that they’re highly valued by collectors. An example is the Flowing Hair silver dollar, which was first minted in 1794. Rumor has it that George Washington’s silverware set was melted down and used to help produce some of the first silver dollars in the United States. These coins, even in relatively poor condition, are typically sold for a premium due to the demand for such a unique piece of American history.
It’s not only important to become familiar with your coins, but you should also select a reputable coin dealer to whom you can sell silver dollar coins or various forms of silver bullion. Properly evaluate the coin dealer, which includes verifying the coin dealer’s status with third-party organizations, such as the American Numismatic Association and the Better Business Bureau. We also recommend doing an online search to confirm that the coin dealer you’ve selected has a solid reputation. Be sure to also read reviews from previous customers to get an idea of how they conduct their business.
We hope that you found the above information helpful and welcome you to contact Atlanta Gold & Coin Buyers at 404-236-9744 or via email at email@example.com for all of your coin buying and selling needs.
Image courtesy of GImike523 via Wikimedia Commons.