# Selling silver dollars **URL:** \ **Category:** In My Humble Opinion\ **Created:** [January 5, 2016, 12:19am UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188 "2016-01-05T00:19:32Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![Daylate](https://avatars.discourse-cdn.com/v4/letter/d/9dc877/32.png) [@Daylate](https://boards.straightdope.com/u/Daylate)\ **Post date:** [January 6, 2016, 2:59am UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/21 "2016-01-06T02:59:00Z")
I think my CC dollar was “very fine”. I checked several places on the Internet and got a retail price for this sort of thing at around $1,300, so I didn’t think $1,000 was an unfair price for wholesale. ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [January 6, 2016, 3:46pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/22 "2016-01-06T15:46:28Z")
> [@kopek](#): > > The way he worded it, “and several of the CC dollars were in there”, my first thought was they could have been some of the GSA/Nixon CC dollars. > > (Personally I like my little collection of GSA/Carson City dollars that are just not far from gems but not even Carson City. You see any of those cross your desk, shoot me an PM.) I have a friend who has 30 of the GSA dollars that he bought many years ago as part of a bank promotion (deposit so much money and get one at a cheap price). I told him I’d buy one from him, but he wants to give them to his kids, the bastard. ---
**Author:** ![TriPolar](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/tripolar/32/3008_2.png) [@TriPolar](https://boards.straightdope.com/u/TriPolar)\ **Post date:** [January 6, 2016, 3:56pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/23 "2016-01-06T15:56:43Z")
I’ll advise that you don’t take less than one dollar a piece for them. ---
**Author:** ![panache45](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/panache45/32/64_2.png) [@panache45](https://boards.straightdope.com/u/panache45)\ **Post date:** [January 6, 2016, 4:16pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/24 "2016-01-06T16:16:48Z")
> [@TriPolar](#): > > I’ll advise that you don’t take less than one dollar a piece for them. When I was a kid, my father had some old (19th century) silver dollars in a box on his dresser. One day I took them and spent them, at face value. When he found out, I couldn’t sit down for a month. ---
**Author:** ![panache45](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/panache45/32/64_2.png) [@panache45](https://boards.straightdope.com/u/panache45)\ **Post date:** [January 6, 2016, 4:21pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/25 "2016-01-06T16:21:18Z")
If any of the coins have real numismatic value, I suggest they be certified by a reputable company (I use PCGS). Each coin will be encapsulated and accurately graded. Then, when it’s time to sell it, there won’t be any disagreement about its actual grade and value. If you peruse the coin section of eBay, the coins of significant numismatic value are all certified. ---
**Author:** ![Charlie\_Wayne](https://avatars.discourse-cdn.com/v4/letter/c/4bbf92/32.png) [@Charlie\_Wayne](https://boards.straightdope.com/u/Charlie_Wayne)\ **Post date:** [February 11, 2016, 4:53pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/26 "2016-02-11T16:53:10Z")
I’m extremely surprised that no one has posted to this thread recently (like during the past few days). I had thought that some of the people who had previously posted in this thread were interested in watching the prices of precious metals. At the very least, the recent activity is probably noteworthy. Around the first of this month (Feb. 1, 2016), silver was trading around $14 per ounce. In the past ten days, it has shot up to $16 per ounce. That is a price rise of approx 14 percent in ten days and that has to be one of the highest price gains for silver in living memory. Why has this happened and what does it portend for the short-term future? For the medium-term future? For the long-term future? Life rarely presents these kinds of … well … I’m not sure whether to call it an “opportunity” or a “danger” or just what to call it. But it sure is a unique event and it surely could be worth investigating. ---
**Author:** ![Charlie\_Wayne](https://avatars.discourse-cdn.com/v4/letter/c/4bbf92/32.png) [@Charlie\_Wayne](https://boards.straightdope.com/u/Charlie_Wayne)\ **Post date:** [February 11, 2016, 5:07pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/27 "2016-02-11T17:07:50Z")
NM. ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [February 11, 2016, 5:07pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/28 "2016-02-11T17:07:55Z")
> [@panache45](#): > > If any of the coins have real numismatic value, I suggest they be certified by a reputable company (I use PCGS). Each coin will be encapsulated and accurately graded. _Then, when it’s time to sell it, there won’t be any disagreement about its actual grade and value._ If you peruse the coin section of eBay, the coins of significant numismatic value are all certified. Not always true, I’m afraid. I bought a slabbed $10 gold Indian on ebay for about $500. According to the grade on the slab, I got a steal on the coin, which cataloged for about $900. I hung onto it for many years, and when I went in to sell my collection at a local coin shop, I was surprised to see that the dealer gave it a value of about what I paid for it. I brought it to his attention that the coin was slabbed at (for sake of argument) AU. He said that in his opinion, the front of the coin was indeed AU, but the back was not. ---
**Author:** ![Kimballkid](https://avatars.discourse-cdn.com/v4/letter/k/b5a626/32.png) [@Kimballkid](https://boards.straightdope.com/u/Kimballkid)\ **Post date:** [February 11, 2016, 5:22pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/29 "2016-02-11T17:22:32Z")
I’ve bought slabbed coins at coin shows for less than what it cost to get them slabbed. ---
**Author:** ![Charlie\_Wayne](https://avatars.discourse-cdn.com/v4/letter/c/4bbf92/32.png) [@Charlie\_Wayne](https://boards.straightdope.com/u/Charlie_Wayne)\ **Post date:** [February 11, 2016, 6:05pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/30 "2016-02-11T18:05:57Z")
I had never previously heard the term “slabbed coins”. So I searched the net to see if there was anything that might explain what it means and I found the following: > **[This is the Best Way to Protect Your Coins](https://www.thesprucecrafts.com/slabbed-coins-offer-the-best-protection-768297)** > > Looking for the best coin holder to store your coin? Look no further than the third-party grading services to provide the ultimate in protection. I figured maybe some other people might like to see this and I hope this may prove interesting and/or informative to some of you. ---
**Author:** ![ftg](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ftg/32/2801_2.png) [@ftg](https://boards.straightdope.com/u/ftg)\ **Post date:** [February 11, 2016, 6:24pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/31 "2016-02-11T18:24:54Z")
> [@Charlie\_Wayne](#): > > In the past ten days, it has shot up to $16 per ounce. That is a price rise of approx 14 percent in ten days and that has to be one of the highest price gains for silver in living memory. > > Why has this happened and what does it portend for the short-term future? For the medium-term future? For the long-term future? > > Life rarely presents these kinds of … well … I’m not sure whether to call it an “opportunity” or a “danger” or just what to call it. > > But it sure is a unique event and it surely could be worth investigating. _Far_ from unique. There were some pretty [wild swings](https://en.wikipedia.org/wiki/Silver_Thursday) back when the Hunt brothers tried to corner the silver market. I hope your definition of “living memory” goes back to 1979. There is a set of somewhat separate things going on affecting the markets and making things a tad uncertain, and precious metal prices usually (but not always) go up in these situations. The future? No one ever knows the future of financial markets. Either the worst is over and we’re about go up, or things have a bit more to go before we hit bottom, or we’re beginning a huge market drop. Pick one, doesn’t matter, chances are you’ll be wrong. ---
**Author:** ![Charlie\_Wayne](https://avatars.discourse-cdn.com/v4/letter/c/4bbf92/32.png) [@Charlie\_Wayne](https://boards.straightdope.com/u/Charlie_Wayne)\ **Post date:** [February 11, 2016, 6:47pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/32 "2016-02-11T18:47:40Z")
> [@ftg](#): > > There is a set of somewhat separate things going on affecting the markets and making things a tad uncertain, and precious metal prices usually (but not always) go up in these situations. The future? No one ever knows the future of financial markets. Either the worst is over and we’re about go up, or things have a bit more to go before we hit bottom, or we’re beginning a huge market drop. Pick one, doesn’t matter, chances are you’ll be wrong. I can’t disagree and that’s for sure. As far as “living memory” goes, I probably should have just said that it was a huge increase and the kind of increase that is extremely rare. That probably would have been a lot easier to accept. Coupled with your last paragraph, it is almost certainly a significant opportunity for someone. You are certainly correct about “chances are you’ll be wrong.” But, by the same token, someone else is almost certainly going to be right. I sense there will be some large windfalls available in the near future - one way or the other (meaning either to the upside or downside). ---
**Author:** ![DrDeth](https://avatars.discourse-cdn.com/v4/letter/d/b487fb/32.png) [@DrDeth](https://boards.straightdope.com/u/DrDeth)\ **Post date:** [February 11, 2016, 7:02pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/33 "2016-02-11T19:02:15Z")
> [@Charlie\_Wayne](#): > > In post #8 above, Aeschines made an extremely important point for anyone considering the sale of silver coins. When talking about the value of silver coins, there are two types of silver coins - those that have numismatic value and those that do not. > > Numismatic value means the coins are worth more than just their silver content. They are in demand by collectors because they are somewhat rare and their condition is better than coins that have been circulated in the public’s hands. > > The odds that your coins have any numismatic value is very low. Why? Because if they did have any numismatic value, it is highly likely that someone would likely have separated them from the rest of the coins and wrapped them in plastic or stored them in some other way so they would not have suffered any further “wear and tear”. But you never can tell. There is always a chance that no one did see the coins had some numismatic value and gave them or sold them to you without realizing their full value. > > It may help you to recognize coins that have numismatic value because they will almost certainly be stored in some kind of “air tight” container or wrapped in plastic or in some other way to prevent them from suffering wear & tear" - to keep them in their current condition and prevent them from suffering any further wear & tear. > > Silver coins that do not have any numismatic value are sometimes called “junk silver”. That name may sound insulting. But it is not intended to insult anyone. It just means the value of those coins is limited to the value of the silver that would be obtained if they were melted down and the silver was extracted from the melt and the price would then be based on the price of silver at the time you sell them. > > In post #10 above, SamClem refers to the “melt value” of the coins. That means if you were to melt the coins and you were able to extract or separate the silver content from the rest of the melt, the value of that silver is what is called the “melt value”. > It is highly unlikely that any of your coins have any numismatic value or else someone would have been likely separated them from the rest of the coins and sold them to some coin dealers or just kept them in anticipation their value will increase. > > . All good points, but the coins could very well have numismatic value if they have not been sorted or looked at in decades, like if the “hoard” dates from PreWWII. Aslo, coin dealers do not often actually "melt’ silver coins as they are quite sellable as is. ---
**Author:** ![Charlie\_Wayne](https://avatars.discourse-cdn.com/v4/letter/c/4bbf92/32.png) [@Charlie\_Wayne](https://boards.straightdope.com/u/Charlie_Wayne)\ **Post date:** [February 11, 2016, 7:54pm UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/34 "2016-02-11T19:54:35Z")
> [@DrDeth](#): > > All good points, but the coins could very well have numismatic value if they have not been sorted or looked at in decades, like if the “hoard” dates from PreWWII. > > Aslo, coin dealers do not often actually "melt’ silver coins as they are quite sellable as is. Indeed. I referred to a common “trick” upthread that coin dealers (or anyone who is buying coins) tries to use on a seller to make them think the coins they are selling are worth much less than they really are. The trick is to tell the seller that they have to melt down the coins and extract the silver and that is a lot of work and a big expense. The truth is (I’m partly guessing here using common sense) that coins are usually only melted down by a large company or someone who is doing a great many at one time which means the cost will be much lower. Much lower if you melt one thousand coins than if you melt ten coins. That is exactly what you are saying. Coins are only actually melted when someone has a large number and knows exactly what they are doing. It just doesn’t make much financial sense for a small time dealer to melt a small number of coins at a time. Of course, this is all just my opinion. But I think it’s just common sense. So … for anyone who is selling a small number (less than 100) of coins, don’t let the buyer trick you into thinking your coins are worth significantly less than their silver content because there is a large expense involved in melting them down. That is just irrelevant. ---
**Author:** ![Daylate](https://avatars.discourse-cdn.com/v4/letter/d/9dc877/32.png) [@Daylate](https://boards.straightdope.com/u/Daylate)\ **Post date:** [February 12, 2016, 12:35am UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/35 "2016-02-12T00:35:42Z")
> [@](#): > > When I was a kid, my father had some old (19th century) silver dollars in a box on his dresser. One day I took them and spent them, at face value. When he found out, I couldn’t sit down for a month. IMHO, your father went very easy on you. ---
**Author:** ![panache45](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/panache45/32/64_2.png) [@panache45](https://boards.straightdope.com/u/panache45)\ **Post date:** [February 12, 2016, 12:55am UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/36 "2016-02-12T00:55:58Z")
> [@Charlie\_Wayne](#): > > . . . that has to be one of the highest price gains for silver in living memory. > > But it sure is a unique event . . . Your “living memory” is a lot shorter than mine. ---
**Author:** ![samclem](https://avatars.discourse-cdn.com/v4/letter/s/a9a28c/32.png) [@samclem](https://boards.straightdope.com/u/samclem)\ **Post date:** [February 12, 2016, 1:09am UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/37 "2016-02-12T01:09:29Z")
> [@Charlie\_Wayne](#): > > Around the first of this month (Feb. 1, 2016), silver was trading around $14 per ounce. > > In the past ten days, it has shot up to $16 per ounce. That is a price rise of approx 14 percent in ten days and that has to be one of the highest price gains for silver in living memory. Not even close. 2008 Sept 11th silver=$10.66/ Sept. 18th=$12.93 2009 Aug 27th=$14.20/ Sept 8th=$16.75 2013 Aug 12=$20.83/Aug 28th=$24.74 2015 Jan 5th=$15.88/Jan 21st=$18.22 But more impressive are the PRICE DROPS IN A MATTER OF DAYS 2013 April 12th=$27.40/April 15=$23.54 2011 April 28=$48.70/May 6th=$34.20 :eek: > [@Charlie Wayne](#): > > Why has this happened and what does it portend for the short-term future? For the medium-term future? For the long-term future? It represents a blip. Nothing more. ---
**Author:** ![samclem](https://avatars.discourse-cdn.com/v4/letter/s/a9a28c/32.png) [@samclem](https://boards.straightdope.com/u/samclem)\ **Post date:** [February 12, 2016, 1:15am UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/38 "2016-02-12T01:15:55Z")
> [@DrDeth](#): > > All good points, but the coins could very well have numismatic value if they have not been sorted or looked at in decades, like if the “hoard” dates from PreWWII. > > Aslo, coin dealers do not often actually "melt’ silver coins as they are quite sellable as is. > [@Charlie\_Wayne](#): > > Indeed. I referred to a common “trick” upthread that coin dealers (or anyone who is buying coins) tries to use on a seller to make them think the coins they are selling are worth much less than they really are. > > The trick is to tell the seller that they have to melt down the coins and extract the silver and that is a lot of work and a big expense. > > The truth is (I’m partly guessing here using common sense) that coins are usually only melted down by a large company or someone who is doing a great many at one time which means the cost will be much lower. Much lower if you melt one thousand coins than if you melt ten coins. > > That is exactly what you are saying. Coins are only actually melted when someone has a large number and knows exactly what they are doing. It just doesn’t make much financial sense for a small time dealer to melt a small number of coins at a time. > > Of course, this is all just my opinion. But I think it’s just common sense. > > So … for anyone who is selling a small number (less than 100) of coins, don’t let the buyer trick you into thinking your coins are worth significantly less than their silver content because there is a large expense involved in melting them down. That is just irrelevant. **Charlie**. Your opinions are just that and they are wrong. Coins are melted when the supply exceeds the demand. Period. When silver is between $5/ounce and $20/ounce, no coins get melted because there is a big demand from people who think the price is low and will go higher. When silver went up to $48./ounce, 99% of all dimes, quarters and halves got melted. Supply exceeded demand. Period. ---
**Author:** ![DrDeth](https://avatars.discourse-cdn.com/v4/letter/d/b487fb/32.png) [@DrDeth](https://boards.straightdope.com/u/DrDeth)\ **Post date:** [February 12, 2016, 2:19am UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/39 "2016-02-12T02:19:03Z")
> [@samclem](#): > > **Charlie**. Your opinions are just that and they are wrong. > > Coins are melted when the supply exceeds the demand. Period. > > When silver is between $5/ounce and $20/ounce, no coins get melted because there is a big demand from people who think the price is low and will go higher. > > When silver went up to $48./ounce, 99% of all dimes, quarters and halves got melted. Supply exceeded demand. Period. Why would they melt them? Silver coins are fine on their own, people buy them for the silver value. In fact you can buy them now and they sell for more than the silver in them: [https://www.golddealer.com/product/90-silver-bag/https://bullion.nwtmint.com/silver\_peace\_dollars.php](https://www.golddealer.com/product/90-silver-bag/https://bullion.nwtmint.com/silver_peace_dollars.php) $1000 face contains 715 troy oz of silver, selling @ $11,289.85. The bag sells for $13,391.95 or $18.73 a Troy oz. Silver bars sell for $16.50 a oz for a 100oz bar. You’d lose almost $2000 melting down 1000 silver dollars. The first site even sez “If a 90% Silver Bag were melted it would contain about 715 ounces of pure silver \*but this is seldom done because US silver coins are worth a small premium. \*All US silver coins struck in 1964 or before are 90% pure silver so bags will move up or down in value following the daily price changes in the silver market. A handy way to approximate bag price changes figure a commercial 90% Silver Bag will move $7.00 for every one cent change in the daily silver market.” italics mine. ---
**Author:** ![silenus](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/silenus/32/166_2.png) [@silenus](https://boards.straightdope.com/u/silenus)\ **Post date:** [February 12, 2016, 2:37am UTC](https://boards.straightdope.com/t/selling-silver-dollars/742188/40 "2016-02-12T02:37:43Z")
Silver on 10/28/10 was going for $23.86. 6 months later it was at $48.48. Going up $2 isn’t worth commenting on. [Previous page](https://boards.straightdope.com/t/selling-silver-dollars/742188.md?page=1) [Next page](https://boards.straightdope.com/t/selling-silver-dollars/742188.md?page=3)