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?
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.
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.
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.
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.
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.
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)
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.
Here’s a site if it hasn’t been mentioned already
http://www.apmex.com/Category/161/Bulk_Silver_Dollars_1878_1935.aspx
Do what Jet Jaguar said.
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
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.
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.
They are definitely worth more as collectibles than for their silver.
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.
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
Morgan and Peace dollars are NOT 1 oz silver, but .75% silver.
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.
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