We get asked quite often by customers what the value of their gold and silver coins and bars are worth. Many times people have acquired silver dollars from family members over the years that have passed them down. Because they were not purchased by the customer, they often times have no idea what they are worth, thus the reason for the question of this article, “how much is my silver dollar worth.”
Silver dollars were minted in the U.S. to be used as currency from 1795 to 1935. As such there are many types of silver dollars that were minted over the years. The most popular has to be the Morgan silver dollar. It is the most widely collected silver dollar in the U.S. today.
Any silver dollar’s value is determined by its date and its quality. If it is neither rare nor of high quality then its value will be very close to the value of its silver content. For example a Morgan silver dollar is .7735 ounces of silver, if the Morgan is a 1921 – which is the most common year – and it has a dull and worn look then it will be worth close to its silver value. The spot price of silver today is $34.01; therefore the value today of this particular silver dollar would be $26.30.
That same Morgan silver dollar of high quality, let’s say mint state 65, which means that it is an above average coin that is brilliant in shine and has only a few contact marks, that coin would be worth around $110 (for more on the grading scale). This example shows that depending on quality the value of even a common coin can vary greatly. If the coin is a mint state 65 but was a rarer date like an 1883S it could be worth in excess of $42,000. So you can see that quality is important but rarity is king. That same 1883S in poor condition is only worth around $40, but because it is so rare in MS65 its value skyrockets.
If you are curious as to the value of your silver dollar and it looks to be in excellent condition, it may be worth your time to have it graded by PCGS or NGC as it could be worth many times its silver value. If you believe that your silver dollar may be rare, it is important to get a few expert opinions on its quality and rarity. Visit a reputable local coin shop to get one opinion. You can also call us and we can give you an idea based on the date and mint mark as to if the coin is worth getting it graded.
For reference here are some images of the most common silver dollars:
Morgan Silver Dollar Peace Silver DollarGoogle+