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Re: old silver dollars

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Posted by JeffK on March 18, 2009 at 20:08:11:

In Reply to: old silver dollars posted by Emma on March 18, 2009 at 17:06:23:

I'm asked that question pretty frequently, and it's surprising how often people aren't aware of the price of precious metals. Silver is selling for something like 10x per ounce what it was when the coins were minted, so ANY silver coin is going to be worth a good bit more than face value, just as scrap metal. For example, a number of jewelers and metal dealers in my area are paying 8 times face value for silver coins. (The differential is their profit margin.)

BUT - - instead of running off the local "We Buy Gold and Silver" store, you need to do some homework. The scrap price is just the _minimum_ for any collectible; you need to be aware of their collector value as well as their scrap value.

In the case of U.S. coins you need to know 3 basic factors for starters: The coin's condition (how worn it is), its date, and where it was minted. Silver dollars minted from 1878 to 1921 can have a small letter above the DO in the word DOLLAR; no letter means it came from Philadelphia, S = San Francisco, CC = Carson City, O = New Orleans, and D = Denver (1921 only). Dollars with the word PEACE on the back may have no mint mark, or a D or S near the word ONE.

Once you've got that information in front of you, you can look at some price guides to get a ballpark idea of what the coins' retail values might be. As you're not familiar with coin grading, etc. any numbers you come up with will be pretty rough, so I'd recommend against trying to sell the coins on eBay because you may under- or over-price them. Depending on how many you have, you might shop them around to a couple of dealers or check your newspaper to see if there are any coin shows in your area. Someone may be interested in a bulk purchase. Expect to be offered maybe 65-70% of retail; after all, these guys have to make a profit or go out of business. It's just my opinion but despite the lower price, it still may be a better deal than paying someone to grade them and going through the hassle of selling them online.

: I have quiet a few silver dollars some dated in the 1800s.
: Just for the sake of knowing are they worth much or just a silver dollar???
: I sure could use some money and I was just wondering.

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: I'm asked that question pretty frequently, and it's surprising how often people aren't aware of the price of precious metals. Silver is selling for something like 10x per ounce what it was when the coins were minted, so ANY silver coin is going to be worth a good bit more than face value, just as scrap metal. For example, a number of jewelers and metal dealers in my area are paying 8 times face value for silver coins. (The differential is their profit margin.)

: BUT - - instead of running off the local "We Buy Gold and Silver" store, you need to do some homework. The scrap price is just the _minimum_ for any collectible; you need to be aware of their collector value as well as their scrap value.

: In the case of U.S. coins you need to know 3 basic factors for starters: The coin's condition (how worn it is), its date, and where it was minted. Silver dollars minted from 1878 to 1921 can have a small letter above the DO in the word DOLLAR; no letter means it came from Philadelphia, S = San Francisco, CC = Carson City, O = New Orleans, and D = Denver (1921 only). Dollars with the word PEACE on the back may have no mint mark, or a D or S near the word ONE.

: Once you've got that information in front of you, you can look at some price guides to get a ballpark idea of what the coins' retail values might be. As you're not familiar with coin grading, etc. any numbers you come up with will be pretty rough, so I'd recommend against trying to sell the coins on eBay because you may under- or over-price them. Depending on how many you have, you might shop them around to a couple of dealers or check your newspaper to see if there are any coin shows in your area. Someone may be interested in a bulk purchase. Expect to be offered maybe 65-70% of retail; after all, these guys have to make a profit or go out of business. It's just my opinion but despite the lower price, it still may be a better deal than paying someone to grade them and going through the hassle of selling them online.

:
: : I have quiet a few silver dollars some dated in the 1800s.
: : Just for the sake of knowing are they worth much or just a silver dollar???
: : I sure could use some money and I was just wondering.

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