Help Needed on Silver Dollar Trades

[ChrisBarnes]

I have some items for sale here and there. Someone just sent me an e-mail on an item and asked if I would take some silver dollars in trade. I know NOTHING about silver dollars. Yes in this state of our Union I should know these things but I admit I know nothing. Any help on this as if where can I see pricing, should I take them on as trade, or just have the person sell them and pay me cold hard cash.

Any thoughts or help would be GREAT.

 

[churchmouse]

Take the cash..........JMHO

 

[rockhopper46038]

There's some pretty avid silver folks on here that will give you a better understanding, but basically, spot price on silver is about $27 as of Friday, so if the silver dollars are 40% silver they are worth about $8.60 at melt value. If the silver dollars are higher silver content, they are worth more. Right now they are less liquid than cash, of course. If our currency blows up, they could be much more valuable than paper money.

 

[ChrisBarnes]

Churchmouse you know I value your input..thanks!

p.s. How are you and the Misses?

 

[Sainte]

I have some items for sale here and there. Someone just sent me an e-mail on an item and asked if I would take some silver dollars in trade. I know NOTHING about silver dollars. Yes in this state of our Union I should know these things but I admit I know nothing. Any help on this as if where can I see pricing, should I take them on as trade, or just have the person sell them and pay me cold hard cash.

Any thoughts or help would be GREAT.

a silver dollar isnt pure silver and is not a full ounce.

it is something like 80% silver and 8/10 of an ounce if i remember correctly. (pre 1964. 65-71 they are like 10% silver content)

for silver value, google something called "silver spot" price. it usually hovers around the $30/oz mark.

silver coins usually have whats called a "mint" value which could make the individual coin much more valuable than the actual silver content. a lot of things will factor into this such as where the coin was minted, the year, the condition etc....

if you want to make the trade, i advise:

1. finding current silver spot price, then minus 10-15% off that

2. you can also deal with what's called "melt value." this is the value of the metal in a particular coin after it is melted down. the coin is destroyed in the process and i feel this is a travesty as i think each coin holds a little piece of history.

3. only deal with silver spot pr melt value price, do NOT allow the buyer to convince you to give him mint value. there are WAAAY too many variables in coin valuation to put an accurate value on a coin. about the only way to get an accurate value for a coin's mint value is if it is a PCGS graded coin and in the plastic rectangle casing. accept no other grading or casing as official. also visit the PCGS website to see what their casings look like. MS70 is the highest rating a coin can get i believe. again, mint value is subjective and good luck gettign anyone to give you that for your coin.

i am really, REALLY picky when dealing with sales involving coins. i have to physically see and handle each coin. you can get really screwed, really fast in these deals if you dont know what youre looking. i know just enough to get myself in trouble!

 

[BogWalker]

Wait, are they older silver dollars such as Morgan silver dollars, or are they silver eagles? Silver eagles do have one ounce of silver plus additional collectors value.

 

[Colts]

Cash is probably best, see link for an idea on values:

Silver Coin Prices | Silver Content US Coins

 

[churchmouse]

Churchmouse you know I value your input..thanks!

p.s. How are you and the Misses?

I had possibly the same gentlemen approach me on a gun I had in the classifieds. I looked at the deal but way to many variables and a lot of work on your end.
Take the cash. Easier on you. Let the buyer do the trading. JMHO as always.

The Misses is in the hospital recovering from surgery. I will keep you apprised.

 

[Sfrandolph]

If you are selling something say worth $250, take 250 silver dollars. Would work for me.

 

[XtremeVel]

I have some items for sale here and there. Someone just sent me an e-mail on an item and asked if I would take some silver dollars in trade. I know NOTHING about silver dollars. Yes in this state of our Union I should know these things but I admit I know nothing. Any help on this as if where can I see pricing, should I take them on as trade, or just have the person sell them and pay me cold hard cash.

Any thoughts or help would be GREAT.

Unless you happen to want what the person is offering, I'd pass on them. Even if you do want them, make sure they are priced fairly...

Wait, are they older silver dollars such as Morgan silver dollars, or are they silver eagles? Silver eagles do have one ounce of silver plus additional collectors value.

Good point.... The American Silver Eagles are a full ounce and would be dated 1986 to the present, some years commanding a very nice premium...

The older Morgan dollars (1878-1921) and Peace type (1921-1928 & 34-35) dollars are only 90% and only contain about .773 oz silver. They also will bring a numismatic premium. Currently, most places around here they are bringing more than a full oz, regardless of date or mint mark.

 

[Sainte]

Unless you happen to want what the person is offering, I'd pass on them. Even if you do want them, make sure they are priced fairly...




Good point.... The American Silver Eagles are a full ounce and would be dated 1986 to the present, some years commanding a very nice premium...

The older Morgan dollars (1878-1921) and Peace type (1921-1928 & 34-35) dollars are only 90% and only contain about .773 oz silver. They also will bring a numismatic premium. Currently, most places around here they are bringing more than a full oz, regardless of date or mint mark.

thnx, i couldnt remember the exact % and weight of silver in the older coins.