How to Determine the Value of Old Silver Dollars
Silver dollars were first struck by the U.S. Mint in 1794. Over time, the design of the coin and metal content has changed. Whereas silver was once the primary material used to manufacture coins, this has changed over the years due to the rising price of precious metals. At present, copper and nickel are the primary metals used in the manufacturing of coins. Having said that, old silver dollars are rarer than ever and there is a high demand for them amongst coin collectors, coin investors, and coin dealers alike. Consider reading the following article before you buy or sell old silver dollars:
Try to determine the grade of the coin
The overall worth and value of old silver dollars is contingent on many factors. One of these factors is the grade of the coin. The grade of a coin is determined by the wear and tear of the coin or the extent to which it has been circulated. The coin is graded on a scale of 0 to 70. As you would expect, higher grade silver dollars are more valuable. In order for a silver dollar to be considered uncirculated or mint condition, it needs to appear virtually flawless to the naked eye. A silver dollar in this condition is worth substantially more than silver dollars that have been in circulation.
Consult with a professional coin dealer or coin expert
Professional coin dealers or coin experts that have years of experience with different types of coins will be able to help you determine the value of your old silver dollars. You can also opt to have them graded by a third party grading company for a fee, such as the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC). Once the professional grading process has been completed, you will have a good idea of the approximate market value of your coin.
Identify low mintage or rare coins
As mentioned earlier, the overall value of your coin is dependent on several factors. Aside from the grade of your silver dollars, their rarity or the number minted is another factor that comes into play. Some silver dollars that come from particular mints tend to be higher valued coins. For instance, Morgan silver dollars that were struck in Carson City typically sell at higher prices than coins produced at other mints.
Whether you’ve recently inherited a collection of silver dollars or have been collecting coins for a while, it’s a good idea to be familiar with their estimated value in the event you choose to sell silver dollars in the future. First, try to determine the grade of the coin. Next, head to a professional coin dealer or coin expert to have your coins assessed or send them to a third party grading company. Lastly, identify a list of rare coins to see if your coin is a rare or low mintage coin.
Submitted by Guest Blogger:
Atlanta Gold and Coin Buyers
2013-05-01 06:45:28
Source: http://finerarecoins.blogspot.com/2013/05/how-to-determine-value-of-old-silver.html
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