The value of a silver dollar coin depends on several key factors:
- Silver Content and Melt Value:
– Most older US silver dollars (Seated Liberty, Morgan, Peace Dollars) minted before 1965 are 90% silver, containing approximately 0.7734 troy ounces of silver. With the current silver price at $38.41 per ounce, their melt value is around $29.21.
– Eisenhower dollars minted between 1971 and 1976 can be either cupronickel (face value only) or 40% silver, [according to Hero Bullion] . The 40% silver Eisenhower dollars contain 0.3161 troy ounces of silver, with a melt value of about $11.94.
– Modern 1 oz American Silver Eagle coins (minted since 1986) are 99.9% fine silver and their value is primarily based on the current spot price of silver, which is around $37.95 today. These coins currently cost between $43.64 and $49.26, depending on the year of mintage.
- Rarity and Errors:
– Certain silver dollars are extremely rare and can be worth significantly more than their melt value.
– Examples include:
– 1794 Flowing Hair Dollars, with one selling for $10,016,875 in 2013.
– 1893-S Morgan Silver Dollars, which can exceed $1,000 in circulated condition and reach up to $735,000 in top-grade specimens.
– Error coins, which are coins with mistakes made during the minting process, can also fetch high prices, sometimes even millions of dollars.
- Condition (Grade):
– The condition, or grade, of a silver dollar significantly impacts its value.
– Coins in near-perfect condition (uncirculated) are generally much more valuable than those in poor or worn condition. For example, an uncirculated 1776-1976 S SILVER Eisenhower Dollar is worth $7,000, while a circulated one is only worth $12.50 to $13.75.
– A common-date Morgan dollar in average condition typically sells for $25-$50.
- Identify the type of silver dollar: Is it a Seated Liberty, Morgan, Peace, Eisenhower, or American Silver Eagle?
- Check the mintmark and year: This information can help determine rarity.
- Assess the condition (grade): Examine the coin for wear, scratches, and other imperfections.
- Consult coin value guides or get an appraisal: For rare or valuable coins, it’s recommended to consult a professional coin appraiser to determine its exact value.
In summary, while all genuine silver dollars hold some value due to their silver content, the true worth of a particular coin is determined by a combination of its silver content, rarity, and condition.
