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Question Regarding Silver Dollars

Posted on 03/04/2010 7:00:08 PM PST by hsmomx3

We've got approximately two dozen silver dollars that have been in a plastic bag for several years ranging in age from 1880 to 1924. They have never been cleaned but look kind of dirty and the earlier ones do not appear to be Morgan silver dollars.

I have been told that I might get a few dollars for each.

I know nothing how this works so I am asking here.

Is it best to take these to a coin dealer or would I get more money where one is looking to buy silver and I get paid for its weight?


TOPICS: Hobbies
KEYWORDS: coins; silver

1 posted on 03/04/2010 7:00:09 PM PST by hsmomx3
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To: hsmomx3

Take them to many dealers a don’t sell until all your homework is done.


2 posted on 03/04/2010 7:02:27 PM PST by al baby (Hi Mom sarc ;))
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To: hsmomx3

I would get them appraised by a qualified appraisal firm first off...several could be fairly valuable to a collector.

be carefull going to a collector, they may undervalue significantly so as to buy them from you cheap.

best luck,


3 posted on 03/04/2010 7:02:44 PM PST by b cool
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To: hsmomx3
I'm not into coins, but you may want to try advertising in Craigslist or check out ebay. You'll get more money from a collector than someone who is paying flat silver value. You might at least get a market value idea from those 2 sources.
4 posted on 03/04/2010 7:02:52 PM PST by highlander_UW (Obama has lost or not saved over 4 million jobs!)
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To: hsmomx3

You can auction them on eBay or take a look and see what they sale for. Usually they for around $15 each; unless you have a rare Carson City one which then goes for multiple of that.


5 posted on 03/04/2010 7:03:38 PM PST by C19fan
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To: hsmomx3

Hold them. Do not sell them until you have them appraised.

A coin dealer will rip you off.


6 posted on 03/04/2010 7:04:02 PM PST by Jet Jaguar
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To: hsmomx3

Don’t clean them - you will lower their value.


7 posted on 03/04/2010 7:04:57 PM PST by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: hsmomx3

You have more than “a few dollars,” my friend. Don’t rush to clean them. There are specific techniques. To get some idea what you are sitting on click here:

http://ecom.uscoins.com/category.aspx?categoryid=358&startpage=0


8 posted on 03/04/2010 7:06:57 PM PST by FormerACLUmember (The urge to save humanity is almost always a false front for the urge to rule. - H. L. Menken.)
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To: hsmomx3
I started buying silver coins about a month ago. There are different websites that will help evaluate how much they are worth. Unless they are rare ones, which I can't tell, they go for around $15.00 to about $20.00 or so each on ebay. Some of the rare ones can be worth lots.

Here is one good place that might give you an idea of the worth of the ones you have. Link to silver dollar

Personally, unless I needed the money, I'd hold on to them. If the dollar tanks, the silver and gold might be the only currency worth anything. And if that never happens, you have something to hand down to your kids or grandkids.

9 posted on 03/04/2010 7:07:10 PM PST by MsLady (If you died tonight, where would you go? Salvation, don't leave earth without it!)
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To: hsmomx3

They are worth more than their weight depending on condition. Have an appraiser look at them.


10 posted on 03/04/2010 7:07:41 PM PST by Jet Jaguar
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To: hsmomx3

Your best bet is to have them appraised. You will most certainly get more money from E-bay or some other direct selling method than from a coin shop and for goodness sake, don’t just sell them for their silver content.


11 posted on 03/04/2010 7:08:10 PM PST by Anitius Severinus Boethius
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To: hsmomx3

don’t clean them

just saying


12 posted on 03/04/2010 7:08:12 PM PST by GeronL (I Own Me (yep, boiled down to 6 letters))
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To: hsmomx3

A dealer will try to get them from you cheap, so they can make the real gravy when they sell them again. You are better off doing some research on the web first. Knowledge is power. By the way, the communist chinese have a rampent US Morgan silver dollar faking industry going at like 1000 miles per hour. Pretty good fakes that can fool alot of people, even halfway knowledgeable coin collectors. Beware, its scary out there!


13 posted on 03/04/2010 7:09:00 PM PST by Lockbar (March toward the sound of the guns.)
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To: hsmomx3

Coinage is almost always more valuable than mere silver by weight. Take them to a qualified appraiser, even a decent coin shop. Don’t give them a conflict of interest. If you make it clear that you’re not wanting to sell them now, you just want to find out if any of them are particularly valuable, they’ll probably give you good advice.


14 posted on 03/04/2010 7:09:21 PM PST by Ramius (Personally, I give us... one chance in three. More tea?)
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To: 2banana

don’t sell but keep for future. dollar will lose all value soon and gold and silver will be the only currency.


15 posted on 03/04/2010 7:09:27 PM PST by manonCANAL
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To: hsmomx3

A dealer will try to get them from you cheap, so they can make the real gravy when they sell them again. You are better off doing some research on the web first. Knowledge is power. By the way, the communist chinese have a rampent US Morgan silver dollar faking industry going at like 1000 miles per hour. Pretty good fakes that can fool alot of people, even halfway knowledgeable coin collectors. Beware, its scary out there!


16 posted on 03/04/2010 7:10:01 PM PST by Lockbar (March toward the sound of the guns.)
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To: hsmomx3
I used to (way back in the day) collect coins. I still have a leather bag full of the odd coins I've picked up over the years. Rule #1: don't clean them. You'll foul the grade and collector's price. I'd use the Professional Coin Grading Service online guide to get a ballpark idea of what they might be worth. Depending on the year, grade, type, etc., some might be worth much more than you think; others might only be worth the weight of the precious metal content in them. It can be a time-consuming and obsessive project, but if you're looking to get maximum value out of them and not quick cash, it beats taking them to a pawn shop or coin dealer, especially uninformed.


17 posted on 03/04/2010 7:10:21 PM PST by Viking2002 (Old fishermen never die. They just smell that way.)
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To: hsmomx3
Question Regarding Silver Dollars

Yes, you can melt them down and make siver bullets to kill werewolves. Now I'll go back and read the article.

18 posted on 03/04/2010 7:11:46 PM PST by Grizzled Bear (Does not play well with others.)
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To: hsmomx3

If they are not rare dates then probably not worth much more than the silver content. But who cares, good time to hold real money like that.


19 posted on 03/04/2010 7:12:13 PM PST by Rippin
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To: hsmomx3
DO NOT CLEAN them yourself. In case some of them have collectors value, cleaning them may harm the surface and reduce their value. Morgans started in 1878, Peace dollars in 1921. If you have some that don't seem to fit, they could be commemorative issues, or foreign coins. Most dates for these dollars are not rare, in used condition maybe worth 20 to 40 dollars. But a few are rare and valuable. It would be worth getting a Coin Prices magazine(Probably have it at your local library or buy one at B&N). Just to look them up yourself, a simple process, and see if there are any good ones. There is definitely a market for silver coins, and if the ones you have are common dates in lower grades, a local dealer may give you bullion value or a little better.(Hint, Morgans and Peace dollars have .77 oz silver content).

Good luck.

20 posted on 03/04/2010 7:13:40 PM PST by hinckley buzzard
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To: hsmomx3; 2banana

Silver is North of $15 an ounce, and Silver dollars are one ounce each.

Coins....That is another story. Put them in something that will prevent any further damage, such as a plastic coin holder that you can get at any Coin Dealer.

Do not be in any rush to part with them, and as 2banana said, “DO NOT CLEAN THEM!” The patina of age adds value, and some solvents or brushes can damage the coins.


21 posted on 03/04/2010 7:14:26 PM PST by Mr. Quarterpanel (I am not an actor, but I play one on TV)
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To: hsmomx3

Unless money is critical right now, I’d take them to a dealer, see what they say, then use them for birthday or other gifts. You might save much more then their value in not buying presents.


22 posted on 03/04/2010 7:18:52 PM PST by kingu (Favorite Sticker: Lost hope, and Obama took my change.)
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To: hsmomx3

Buy a copy of the Redbook of Coins, it will cost less than the least of your silver dollars is worth. Maybe your library has one, but make sure it isn’t more that a year or two old. Its a fascinating reference and it will give you a decent idea of each coins possible value. Then take them to some dealers for their appraisal. If you find you have a rarity pay to get the coin graded by ANACS before you sell.


23 posted on 03/04/2010 7:19:38 PM PST by nkycincinnatikid
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To: hsmomx3

Go to Ebay, and search for Same Year Silver Dollars and you can watch the Bids on what they are worth.

One ounce of Silver is worth about 16.00, and you should get more than that for each one, unless they are heavily Circulated. Don’t clean them, leave in the condition you found them for best price.


24 posted on 03/04/2010 7:20:09 PM PST by 4Speed
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To: hsmomx3

Don’t sell them.

And I say this, as I covet your coins.

What you’ve got there is real money. Worth at very least, face value. At best, you’ve got several dollars worth of silver.

Take them and get them appraised, but hang on to them.

Heck, I’ve started hoarding whatever silver I can find. Not only that, but some 1982 and all earlier pennies are worth double their face value, just for their copper content.

Before you sneer at this, check out what 10 lbs of real copper pennies are going for on eBay.

Nickels are starting to break over, too. As of today, every nickel in your pocket is worth 5.5 cents in metal value, and it’s bound to go up. Soon, they’ll have to debase the nickel by making it out of something cheaper, so that they don’t cost more to make than they’re worth. The nickel is the only coin in the US that HASN’T yet been debased, and when it does happen, you’ll quickly see the old nickels disappear due to Gresham’s law.

It already happened in the 60’s. I have some old pre-64 silver quarters that are worth over $3.00 apiece now, and silver dimes that are worth almost a dollar and a quarter. And, older pennies are getting harder to find, too.

People may look at you funny if they know what you’re doing, but what other investment can you get started in with zero risk of going in the hole?

Pretty soon, silver, copper and nickel might well be the only currency that’s still worth anything. You won’t lose anything by putting those back, except maybe the space of a couple of five gallon buckets in which to store them.


25 posted on 03/04/2010 7:23:02 PM PST by FLAMING DEATH (Are you better off than you were $4 trillion ago?)
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To: hsmomx3
Don't sell them until you fully understand what you have. Coins are graded by their condition, so if possible, handle them as little as possible. Wear, tear, dents and dings all lower their value. Best to keep them in tubes or individual containers.

If you have them appraised, get as many opinions as you can, but also do your own research. There are many, many online dealers you might find helpful.

I've had good luck with American Precious Metals Exchange (APMEX). (Personal disclaimer: I am not in any way affiliated nor benefit from APMEX)

26 posted on 03/04/2010 7:26:00 PM PST by revo evom
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To: hsmomx3
1) DO NOT CLEAN, POLISH, OR OTHERWISE CHANGE THE CONDITION OR FINISH OF THE COINS.

2) Go to any bookstore and buy a copy of The Official Red Book Guide Book of United States Coins

3) Carefully read the descriptions contained therein as to how to judge the condition of the coins.

4) Look up the approximate value of each coin. You're generally looking at around $25 per Morgan Silver Dollar coin unless you have a rare year or mint.

27 posted on 03/04/2010 7:26:47 PM PST by Yo-Yo (Is the /sarc tag really necessary?)
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To: hsmomx3

Here’s a site if it hasn’t been mentioned already

http://www.apmex.com/Category/161/Bulk_Silver_Dollars_1878_1935.aspx


28 posted on 03/04/2010 7:28:43 PM PST by Hypo
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To: hsmomx3; Jet Jaguar

Do what Jet Jaguar said.


29 posted on 03/04/2010 7:32:51 PM PST by texanyankee
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To: hsmomx3

Good advise from all above. Most 4 most important things to do:

1. Don’t clean coins. They can lose up to 50% of value due to incorrect cleaning.

2. Use internet to get a base price idea. You can’t compare quality with a picture on web, but can get a idea of prices.

3. Go to several coin shops in your area and get appraisals. As mentioned above let them know that you are not looking to sell, only for values. Most shops will give you estimates and let you know if their is any value in cleaning the coins.

4. If you are going to sell find someone you are comfortable with to either buy from you or assist you in selling. Average coins can be sold online for max value, but a good coin shop or auction will be needed to get best dollar for rarer/higher value coins. Good coin shop owners have contacts nationwide that they can tap to sell a coin and it may be well worth their fees to find the right buyer.

If you have any questions feel free to contact me.AWB


30 posted on 03/04/2010 7:35:38 PM PST by Americanwolfsbrother (2010 - Throw every incumbent in Washington out on their asses!!!)
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To: hsmomx3
Whatever you do DO NOT trade those valuable (intrinsic) silver dollars for any almost totally worthless paper Federal Reserve Notes (FRN).

The silver alone will continue to go up in value, whereas the FRN will continue to decline.

When the inevitable crash comes, the FRN will be as worthless as the German Deutschmark did at the end of WWI.

31 posted on 03/04/2010 7:41:07 PM PST by Mikey (He that refuses to know and exert his rights, doesn't deserve them.)
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To: hsmomx3

KEep them for now, it’s all going to go up, imo. Deinsdustrialization, mines shutting and fiat currency is going to make this stuff vital.


32 posted on 03/04/2010 7:43:49 PM PST by JudgemAll (control freaks, their world & their problem with my gun and my protecting my private party)
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To: hsmomx3
Trust only reputable precious-metal experts....


33 posted on 03/04/2010 7:51:38 PM PST by mikrofon (Gold!)
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To: hsmomx3

They are definitely worth more as collectibles than for their silver.


34 posted on 03/04/2010 8:03:18 PM PST by devere
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To: hsmomx3

You have to do research on the dollars you have, get an idea of what various ranges of worth they could be in, find a honest appraiser and maybe go to more than one, one that is a certified numismatist guild member. Being older dollars, they will be worth more by their age and rarity than merely by weight.


35 posted on 03/04/2010 8:07:12 PM PST by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: hsmomx3

Don’t clean them.
Appraise them yourself, find comps on eBay, Craigslist.....
Get an appraisal.
Potential buyers are eliminated as appraisers.
I like eBay for retail sales of this sort.
Good luck.

Steve


36 posted on 03/04/2010 8:13:33 PM PST by ha maker (Sanity for lurkers)
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To: Mr. Quarterpanel

Morgan and Peace dollars are NOT 1 oz silver, but .75% silver.


37 posted on 03/04/2010 8:14:04 PM PST by BooBoo1000
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To: hsmomx3
I'm certainly no expert but I'd take them to at least several reputable coin dealers/appraisers.You never know what you might have there.
38 posted on 03/04/2010 8:14:18 PM PST by Gay State Conservative (Host The Beer Summit-->Win The Nobel Peace Prize!)
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To: hsmomx3

Go to realcent and ask on the silver boards.

try here:

http://realcent.forumco.com/


39 posted on 03/04/2010 8:29:47 PM PST by jimpick
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To: BooBoo1000

No, they are 90 per cent silver, and the rest copper, but .77 of an ounce (when new). Jus’ sayin’.

I like the morgan dollars, at least the “S” mint ones mostly, from the 1880s that have nice strikes. The New Orleans mint had hand-me-down dies or worn out, so even uncirculated coins look mushy and weak. The cotton balls in the babes hair are the high point on the coin, if you can see dimples the coin is in pretty good shape. The one thing I learned about silver, nobody ever went very far very fast if they robbed a bank of that stuff. Ever see a movie where they robbed a bank and then took off at a gallop on their horses? Uh-uh.. no way.


40 posted on 03/04/2010 8:31:27 PM PST by Freedom4US
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To: hsmomx3

Don’t clean them.


41 posted on 03/04/2010 8:32:46 PM PST by chemicalman
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To: hsmomx3

Several here have suggested that you hang on to silver dollars against the disaster scenario where modern currency and credit arrangements break down.

If you agree (and BTW I do), that is good reason to have your stash appraised; there could be coins in there that have substantial numismatic value. If the S ever really HTF, numismatic values will greatly complicate attempts to trade with those coins; in my view, a stash should have no significant numismatic value.

Therefore, take any numismatic value out of your stash by trading it for additional “junk” silver.


42 posted on 03/04/2010 8:57:58 PM PST by Erasmus ("Ah, Albion. Perfidious Albion!")
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To: hsmomx3

By the way...

Your best strategery depends on your estimation of the chances of if, or when, the SHTF.

If you think we have a few years left, it’s not a bad idea to hold coins with numismatic value. As long as there’s some kind of functioning market, numismatics will do well.

The problem is when to get out of numismatics and into junk. If things really GTHIAHB and you still have your numismatics, you’ll regret not having the extra silver they could have been traded for beforehand.

A form of diversification within your precious metals portfolio is to have some numismatics and some junk. After the appraisal of your present stash, you may even decide that the mix is fine. But the closer you sense that we are to doomsday, the better junk will look compared to numismatics.


43 posted on 03/04/2010 9:06:10 PM PST by Erasmus ("Ah, Albion. Perfidious Albion!")
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To: hsmomx3
Check out PCGS.
44 posted on 03/04/2010 9:33:44 PM PST by chemicalman
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To: Lockbar

To tell if they are fake, use a magnet on them. If the magnet sticks, their fake...Have son’s that have been collectors since their teens...depends on spot what they are worth just for the silver content...


45 posted on 03/04/2010 11:38:50 PM PST by goat granny
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Unless you think the price of silver will go down, why sell now?

FWIW, dollars which aren’t in good enough condition or sufficiently rare to have true numismatic value, will only be worth the spot price, less the dealer margin in today’s market. This is because the price of silver is higher than the ‘basic’ numismatic value of the coins [other than truly exceptional coins].

If you decide to sell, please verify first that you don’t have something more valuable than coins valued by weight, plus a slight premium.

Dealers sell them for spot, plus a premium. If you wanted to sell on your own, you could price somewhere between what you’d get from a dealer and what the dealer sales price would be to the buyer. Both sides would come out slightly ahead.


46 posted on 03/05/2010 1:20:55 AM PST by FreeStateYank (I want my country and constitution back, now!)
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To: hsmomx3

With that many coins you are almost bound to have one or two that may or may not be sufficiently rare enough to warrant grading. I would take them to a trusted dealer or grader and get them checked, and if need be get that double checked. If you have ones that are graded 60+ with either a S or CC mark you could be looking at a nice financial bump and a nice thing to hold on too for future savings. As far as I can tell prices have been down trending for a while. I have been having my stash of fifty cent pieces looked at lately and most of them are only worth the spot price for silver so I am holding on to them but perhaps you have some rare CC stamp that is 64+ and could buy you a new car or something. Good luck.


47 posted on 03/05/2010 6:31:51 AM PST by aft_lizard (Barack Obama is Hugo Chavez's poodle.)
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To: goat granny

These were given to my husband by his lawyer grandfather in the 50’s so I know they are real. Thanks.


48 posted on 03/10/2010 7:15:03 PM PST by hsmomx3 (HERE WE GO STEELERS, HERE WE GO..........)
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