Tougher still, it is nearly impossible to get an accurate approximation of how much a specific coin is worth without going into a coin dealer and having it appraised.  Then, the problem becomes trusting that dealer, who may be undercutting the true value of the coin in the hope that you will sell it to him.  So, how is the amateur collector of silver dollars to know precisely what his coins are worth?  Here are a few places you can start your search.

How to Determine the Condition of Your Coin

There is a consensus among appraisers of silver dollars as to what constitutes a condition scale for coins.  The scale ranges from 1 to 70, with 1 being the lowest, worst condition and 70 being completely unworn and premium.  The highest possible score for a worn coin, one that has been put into circulation, is 59, and it can drop as low as 1.  Generally, any coin that was put into circulation must be immaculate to be scored in the 50s on the scale, and these coins are rare, given the amount of time that has transpired since their minting.

How to Determine the Mint That Produced the Coin

Where silver dollars were minted is nearly as important as the coins’ condition in determining value.  This is because different mints circulated a wildly varying number of coins from year to year.  For example, the Carson City Mint may have only minted 750,000 silver dollars in 1871, but in 1872, they minted nearly three times that number.  This goes a long way toward increasing the value of the 1871 Carson City dollar, and makes the 1872 worth much less.  The mintmark appears on the back of the coin, beneath the tail feathers of the eagle, between the “D” and the “O” in the word “DOLLAR.”

CC – Carson City
D – Denver
O – New Orleans
S – San Francisco
No Mark – Philadelphia

For coins that bear no mintmark at all, these were minted in the Philadelphia Mint.

An Overview of the Rare Years

The rarest years for the production and circulation of silver dollars are:

1795
1796
1801
1854
1871 – Carson City
1872 – San Francisco
1881 – Carson City
1886 – San Francisco
1893 – San Francisco
1921
1928
1934 – San Francisco

This is just an example of some of the rarest years, and is by no means a comprehensive list.  For a good place to start on your search for the rare years of your silver dollars, find one of the many reputable online sites that cater to collectors and traders.  These will give you the best information possible and help you start that collection.

Silver dollars are no longer produced as circuiting currency simply because the price of silver makes this impractical. In fact, the cost of copper has even climbed to the point that the US Treasury no longer makes pennies out of the pure metal. Where silver is concerned, the value of the bullion in a 1 ounce coin is presently around 20x the $1 face value of the coin itself. That $1 denomination, however, is not really intended to be taken literally. It’s assigned to the coin for economic reasons but they’re not the sort of economic reasons that really affect collectors. What a collector needs to know is the value of the bullion and of the coin itself to collectors.

Silver dollars were, for a very long time, used in the United States. Today, the US still produces some of the most popular bullion coins in the world. Silver $1 denomination coins are certainly among those popular offerings. The new US silver bullion coins are the American Silver Eagle series. These have been a big hit with investors and, because the silver market has been very impressive lately, the Treasury has seen record demand for these coins in recent years. Some of the artwork on these coins is very distinctively American and provides insight into the coin grading system.

In most cases, silver dollars with a more well-preserved face will fare better on the market than those that have been scratched or damaged in another way. If you buy a historical coin, you may be tempted to wipe away any tarnish you see on the coin. Don’t. This tarnishing process—called “toning” by numismatists—isn’t nearly as detrimental to the value of the coin as is the damage caused by cleaning it. Cleaners will leave scratches and wear away the surface, which is where the coin obtains its value.

Silver dollars are excellent long-term investments. While they are easily sold whenever it becomes necessary, they are less convenient to cash than is drawing money out of your savings account. This encouragement to hold onto the money is exactly what a lot of people need to keep themselves on track. Silver has a natural beautify to it that makes it easy to love, as well, and this can be further discouragement to cash in the coins at the earliest possible time. Some of these coins will certainly increase in value given enough time!

How, exactly, can having silver dollar holdings protect a portfolio or nest egg against all of the turmoil in the broader economy?  There are many different ways that a silver dollar offers security.  Read on to find out more about the major safety nets that hold up wealth when you hold silver.

Disconnected From Stock Volatility

One major safety net of the silver dollar that is making headlines right now is volatility immunity.  While regular stock investments are subject to the horrors of one-day point swings of up to 1,000 points, silver dollars don’t have that kind of price movements.  In fact, silver dollar values are not even necessarily tied to the price movements of silver itself.

Silver dollar holdings, after all, are valued on more than one element of construction.  There is the underlying value of the silver used to create the coin, which prevents silver from ever swinging to a non-existent value.  Then there is also the numismatic value of the coin.  This assigns value based on minting dates, design features, and other points of stylistic and historical significance.  Having multiple valuation points cuts down on volatility and works to moderate price movements.

Immutable Inherent Silver Dollar Value

Along with the volatility shield, a safety net is also provided by the immutable inherent value of silver dollar holdings.  Silver dollars do have a base value as a tradable metal, ensuring that they will never be worth nothing.  Worthless stocks aren’t fit for toilet paper, while silver dollars, even on a bad day, could still be converted to base metal and used for dozens of industrial, medical, and decorative purposes.

What Beats Physical Possession of Assets?

Silver dollar holdings also provide a safety net to investors because most silver dollars are physically held by their owners.  Whether they are stored in a desk drawer or a high-end security vault, silver dollars can be seen and touched.  Derivatives, mortgage backed securities, and government bonds?  Not so much.

When times are tough and uncertain, there is little that can trump the physical possession of an item of value.  It is a safety net for your portfolio that protects against closed markets, absent brokers, and even global unrest, since you will always be able to put a hand on your silver dollar collection.

Sleep Soundly At Night

With all the anxiety roaming the world stage at the moment, you want to be able to sleep soundly at night knowing your wealth is safe.  With silver dollar holdings, you can sleep like a baby.  Your investment is upheld by multiple safety nets, ensuring that you can rest easy no matter what is going on in the stock markets.

When you need to find the right rare silver coin dealer, there are a few specific things that a buyer can look for.  Reputation can be a large indicator of how well a company will be able to perform for you.  Ideally, going online and finding a company with years of experience dealing only in rare coins is going to be the best choice that you can make.  By using the Internet, you can also check to ensure that the company is a member of the most important numismatic guilds and that they work with only the best dealers and companies around the world.

Whenever you select the right rare silver coin dealer, you will find that they are able to access not only their own inventory, but those of other trusted dealers as well.  You will be able to obtain a personal representative who can seek out specific rare coins to help complete your collection.  When the specific coins you are looking for are truly important to you, finding the best dealer to help you find them is crucial.  While there are many coin dealers on the Internet, only a select few offer the expertise, selection, and connections that you need.  Even fewer have the experience and reputation that can give you the confidence you deserve.

Buying from dealers who are not established and proven in the industry is very dangerous.  Not only do you take the risk of buying counterfeit coins, but there are many dealers and sellers out there who are dealing in stolen coins.  This could spell not only a major financial loss if you purchase them, but even potential criminal problems.  Always take the time to learn more about a dealer before you initiate even a small transaction to help eliminate these risks.

Buying from a trusted and respected company offers you more than simple peace of mind, it offers you protection.  When you choose a company that is trusted by and a member of the world’s finest coin dealing groups, you can be certain that all purchases are fully guaranteed for authenticity and that the condition stated for any coin will have been determined by a leading third party grading company.  Whether you collect for hobby or investment purposes, you deserve to get what you pay for.  Finding the right dealer is always the way to make sure that every rare silver coin offers just what you were expecting.

For one thing, the dollar comes in a wide variety of years, mintmarks, and varieties. This makes it a truly interesting coin to learn about. There are actually entire books dedicated to just the Morgan, which has a long, rich history. The coin, which was minted out of necessity, became associated with many different mints and was minted for many years. It comes in interesting colors, due to the way the silver has worn over the years.

In addition, Morgans make really interesting and unique collections if you want to go for a coherent group of coins. Many people will collect every year from a particular mint or every mint from a particular year. Some will try to get all of the varieties of the coin showing mint-made errors. Others will collect coins in different colorations. All these types of collections can present a challenge to collectors, since getting every coin for a coherent group that fits a certain grade can be difficult.

Morgans also come in a variety of price ranges. Some of these coins are fairly common, especially in high grades, so they aren’t that expensive. This means that beginning and amateur collectors can easily add a Morgan to their collections. On the other hand, because of coin destruction over the years, some Morgans are quite rare and are, therefore, incredibly expensive. Many of the rarest Morgans available today will sell at auction for close to half a million dollars, though a few hundred thousand is a more common going price for them.

Plus, these coins are quite popular because it’s easy to find high-grade specimens. Because they were so unpopular with Americans, many of the coins were never circulated. Some were only passed from bank to bank in bags or were used for major business. For this reason, many of the coins are in excellent shape. This means that only the best grades of the coins are overly expensive, and you can get many middle to high grades for a low prices.

For all these reasons, Morgan silver dollars are among the most coveted of collectors’ coins minted in America. Starting a collection of Morgans is simple, but you just need to ensure that you do your research before investing. Crafting a collection of Morgans takes some time and though, but it can be a fun hobby.