Coin noob with questions on value
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13 posts in this topic

6 posts

So I came into a small, or large, depending on how you look at it, collection of silver coins recently. Most, in fact, almost all, are in what I think are at the least very good or fine based on the examples I see on some of the coin websites, and others are probably very fine. I don't think any, or maybe one or two, are in mint condition.

My question is whether or not I can expect to only get melt, or below melt, for these coins from a coin dealer or whether the coins themselves warrant a dealer being likely to offer more because they are likely to be inclined to piece these out to buyers?

The coins I have are as follows:

29 silver dollars from 1923.
31 silver dollars from 1922
32 silver dollars from 1921
1 silver dollar from 1885
2 silver dollars from 1925
1 silver dollar from 1926
5 silver dollars from 1897
1 silver dollar from 1886
1 silver dollar from 1892
1 silver dollar from 1899
1 silver dollar from 1894
1 silver dollar from 1896
109 silver half dollars from 1964-1967
One each of silver half dollars from 1951, 1958, 1960, 1962 and 1963
6 silver 1937 buffalo nickels (Five are severely worn. One is is fairly good condition)
1776-1976 Bicentenial 24k gold plated dollar

 

 

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That's a lot of silver.

All Peace and Morgan dollars will get at least some premium over melt, and you shouldn't take melt for them. 1921 Morgans, being plentiful, probably get the least. A look at the Peace and Morgan listings on Numismedia (easy to find) will show you which tend to trade at premiums--some are uncommon or rare.

The Franks and Kennedys will mostly trade around melt, with a few exceptions. Remember that 1965-70 Kennedys are about 40% Ag, unlike the 1964s which are 90%. 1937 Buffs are common, but all Buffs with visible dates get at least some minor premium.

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Yes, as JKK said.....

The only chance for a real winner you have is with the Morgan dollars. If the 1885 has a 'CC' mintmark, for example.

You didn't post any mintmarks in your list, so perhaps you aren't familiar with them.

Do a bit of research and you'll be all set.......

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Thanks for the replies guys. I appreciate it. So you are right, as I said, "coin noob". I've done SOME preliminary research into what I might expect to find these worth but obviously I have no real idea nor do I have any idea what to look for that might make one coin more valuable than another in these particular coins.

I don't see a CC mint mark below the olive branches or whatever those are. LOL. Again, no experience with coins other than spending them. Given the list I posted, any rough, general idea what I might expect for a coin dealer to legitimately be expected to offer on this, at the low end at least. I'd like to have at least some idea when I walk into a local dealer so I know if they're trying to pump me dry or not. I do plan to go to at least two places to see what they would offer, maybe three, so if I have an idea off the bat that I can "C'mon, let's be serious" or just walk away. I don't want to insult a dealer with a genuine, worthwhile offer either by thinking I have more than I do.

Preliminary, coin noob estimate I came up with for the whole lot was probably something like 1600.00 melt value based on about 12.50 each for the silver dollars and 2.41 each for the half dollars. Looking at the silver prices for today, that might actually be a bit lower than the reality for the melt price. If one of you could maybe get me in the ballpark, I would very much appreciate it. Thank you.

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17 minutes ago, Darkbreeze said:

Thanks for the replies guys. I appreciate it. So you are right, as I said, "coin noob". I've done SOME preliminary research into what I might expect to find these worth but obviously I have no real idea nor do I have any idea what to look for that might make one coin more valuable than another in these particular coins.

I don't see a CC mint mark below the olive branches or whatever those are. LOL. Again, no experience with coins other than spending them. Given the list I posted, any rough, general idea what I might expect for a coin dealer to legitimately be expected to offer on this, at the low end at least. I'd like to have at least some idea when I walk into a local dealer so I know if they're trying to pump me dry or not. I do plan to go to at least two places to see what they would offer, maybe three, so if I have an idea off the bat that I can "C'mon, let's be serious" or just walk away. I don't want to insult a dealer with a genuine, worthwhile offer either by thinking I have more than I do.

Preliminary, coin noob estimate I came up with for the whole lot was probably something like 1600.00 melt value based on about 12.50 each for the silver dollars and 2.41 each for the half dollars. Looking at the silver prices for today, that might actually be a bit lower than the reality for the melt price. If one of you could maybe get me in the ballpark, I would very much appreciate it. Thank you.

$15-16 is more reasonable for the silver dollars. Dealers sell them for $21-25, depending. However, I would sort them out (MM is bottom reverse of Morgans; bear in mind that MMs on 1921 Morgans are tiny dinky little things; on Peaces it's at about 8:00 on reverse, above the tail tip) and make sure that none of them are rare issues.

The dealer will give you slightly less than melt for the more recent and common halves. Between that and the above it should give you a rough idea what you might realize. Any that are rare, of course, you would expect a better offer.

If you have not gone to Coinflation to get current melt values, that would help you a lot. Figure a quarter each for the Buffs, maybe less, a dime or less if dateless. I'll let you do the arithmetic.

If you want a good way to decide which dealer to deal with, don't take the whole *spoon*aree in at once. Bring three coins and ask the dealer for an offer. Take the same coins to a couple others. Don't tell them there's a pile of silver waiting in the wings. Three is enough that they won't consider they invested a bunch of time and resent you if you don't sell right away, or try to charge you a fee if you don't sell (one local dealer charges by the hour unless people sell). See how you are treated. Also see how much junk silver the dealer has out for display. A dealer with less loose stuff on display may be willing to make slightly better offers; can't sell what he doesn't have, and there are regular and ready customers for junk silver (investors, prepper types, most of whom do not even believe their own philosophies). Anyway, whoever treats you best on the three coins may well be your choice for the rest of it.

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At this time,most dealers SHOULD be paying around 10 times face value on common silver 10, 25 and 50's........

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19 hours ago, Darkbreeze said:

So you're talking about the half dollars, not the dollars, correct?

Yes, thebeav is. He specifically excluded the dollars because he understands that there is always at least some premium for Morgans and Peaces just for showing up. An offer of melt for these is lousy and should not be accepted.

They won't quite pay melt, of course, for the common silver halves and below. They'll pay slightly less, and sell them for slightly more. While it might seem that no one can make a living on such margins, this is an important part of dealers' business. Here in Oregon, where the weed guys can't really have bank accounts, many live in silver. If they need money, they sell some; if they have money, they buy some. Most prefer ingots and pure bullion, but may also buy 90% US stuff. The market risk of bullion prices is just a hazard of their business. But they don't buy Morgans and Peaces, because they are buying what they can buy at or near melt, and they can't get the cartwheel silver dollars for that.

Edited by JKK

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7 hours ago, JKK said:

If it all went for some consistent premium above melt, it stands to reason that the dollars would cost exactly twice what the halves cost.

Not they still wouldn't because silver dollars contain MORE than twice the amount of silver than 50 cent pieces.  This is a holdover from the coinage act of 1853 when the weights of the half dime through half dollar were redeuced but the weight of the silver dollar was left unchanged.  Even after the weights of the fractional coins was increased in 1873 the silver dollar still weighed more than a dollars worth of the fractional coins.

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Hard to tell from the photos, but if one of your 1921 silver dollars is a Peace dollar, that should rate a premium, also I think 1894 is a better date Morgan which should also be worth a premium (especially if a philly issue).  Best of luck!

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