Silver Dollars Tips
Read these 17 Silver Dollars Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Coin Collecting tips and hundreds of other topics.
The Peace Silver Dollar
A lovely image of Lady Liberty resides on the obverse of the coin while a perched bald eagle resides on the reverse. This coin is the Peace Silver Dollar. After World War I, there was a call for a coin to commemorate the end of the war. The original intention was to issue the Peace Silver Dollar as a commemorative coin. However, it became a circulating coin instead. The Peace Silver Dollar, designed by Anthony de Francisci, came out in 1921. The word “Peace” on the coin's reverse gave the coin its name. However, the actual word is small verbiage on the coin. The phrase “In God We Trust” borrows from the Roman spelling of the word “trust”, using a “V” instead of a “U”. This detail accounts for many owners who believe they have a rare error on their Peace Silver Dollars.
Lafayette Silver Dollar
If you've seen the silver dollar depicting George Washington on the obverse and French nobleman Lafayette on horseback on the reverse, you're looking at the Lafayette Silver Dollar. The Lafayette Silver Dollar is a coin which signifies "firsts" in coin history. This silver dollar, which dates back to 1900, is the first to coin to represent President George Washington. Second, it is also the first coin authorized to bear any US President at all.
Varieties Of The Morgan Silver Dollars
According to Coin Collecting For Dummies, the Morgan Silver Dollars are the most widely collected coin among coin collectors. It's no wonder, with the classic design of the head of Lady Liberty on one side and the outstretched winged eagle on the other. However, not all versions of the Morgan Silver Dollars are the same. Some of the most common varieties include the following:
1878-P: 8 Tail Feathers
1888-O: Doubled Obverse Hot Lips
1901-P: Doubled Reverse
Morgan Silver Dollar Error Coin
The saying goes that mistakes are more valuable than successes. This is doubly true in coin collecting. You possess or want to buy a Morgan Silver Dollar, but something looks slightly off. How can you tell if you have a silver dollar coin error? And what's it worth? Here are some silver dollar tips on some common Morgan Dollar errors:
* Clipped planchets--coins that are incomplete because of improperly cut blanks, can sell for $45 and up according to one dealer
* Off-center strikes, priced at $500-$4000 according to one dealer
* Cracks and "cuds" where part of the design is missing, can sell for $100 and up
* Blank planchets with flat or raised edges, $400+
Collecting The Silver Dollar
The Silver Dollar is high on the list of many coin collectors. Coin collectors prize these pieces for their beauty, history, and value. If you're considering the addition of a Silver Dollar to your coin collection, read these tidbits.
You'll find many of the Peace Silver Dollars, Eisenhower Silver Dollars, and Susan B. Anthony Silver Dollars easily on the market. Rare coins include the 1794 Flowing Hair, Carson City Seated Liberty issues, and the 1884 and 1885 Trade dollars.
A Silver Dollar in fine condition or uncirculated condition can be affordable to exorbitant for coin collectors. For instance, a set of Draped Bust Silver Dollars in fine condition can run you $6,250. However, if you're looking at the Seated Liberty Silver Dollars, you'll pay around $100,000. Peace Dollars will start at $2,500 for an uncirculated version. An uncirculated Flowing Hair or Draped Bust is priced way above reach for the average coin collector.
The First US Silver Dollar
Called the Flowing Hair Dollar, this first US Silver Dollar appeared during 1794. The obverse is a bust of Lady Liberty with free flowing hair and the reverse has a bald eagle encompassed by a wreath. There were only less than 2,000 of these coins created during its debut year. In all, the US Mint created over 160,000 of the first US Silver Dollar. The Flowing Hair Dollar had a short run, as the Draped Bust Dollar replaced it in 1795. Anyone who comes across a Flowing Hair Dollar from 1974 has a rare and valuable coin. However, the 1975 version is much more affordable.
Carson City Morgan Dollars
Yee-haw! We still love the Old West. It's no wonder then that silver dollar collectors and Morgan Silver Dollar collectors like the Carson City Morgan Silver Dollar issued from 1870 to 1893. Rather than coins high as an elephant's eye, the Carson City Mint turned out a limited run, which means a Gold Rush for the collector and Wild West lover.
How do you know if you have a Carson City Morgan Silver Dollar? Trailhand's tip: Look on the reverse. The CC mark will be on the bottom. But are these dollars as valuable as land during a range war? Yup, pardner. Some horse sense reasons why:
* The coins are typically in their original jewel cases and are typically as white as minted.
* The limited run means that most Carson City silver dollars you own or buy will be uncirculated.
* They come in the original box--a plus for Westernophiles.
* The resale value of these coins will always be higher than what you paid for them, especially if you keep varmints away.
The only thing more perfect about Carson City Morgan Silver Dollars would be if Lady Liberty wore a cowboy hat. Chances are if you see one, it's a fake, so leave it alone the way you would a rattler. Even without a cowboy hat, the Carson Ciity Morgan Dollar is perfect for your Old West coin collection.
Rare Morgan Dollars
Morgan dollars are silver dollars of US origin. You can find the first minted pieces from 1878. The Morgan Dollars which are the rarest of the entire series include the 1889-CC, the 1893-S, and the 1895 Proof. The most rare of the three Morgan Dollars is the 1895 Proof coin. Only 880 of these silver dollars remain in existence today. According to the Red Book pricing guide, one 1895 Proof Morgan Dollars is valued at $36,000.
Circulated Silver Dollar Sets
Among coin collectors, uncirculated Liberty silver dollars, Morgan Dollars and American Silver Eagles are golden. But as any Olympic medalist will tell you, getting a medal out of hundreds of competitiors isn't all bad.
Draped Bust silver dollars, such as the 1804 US Mint specimen, are pieces of history. You can't get them in sets--that would be a gold medal feat. But a complete Peace Silver Dollar set (1921-1935) with some uncirculated coins has skyrocketed in price from $10 to $701 on eBay.
Gold Medal Tip: Several individual sellers will typically collect a whole series of silver dollars and resell them as a set. Each silver dollar may or may not be uncirculated. Rarer silver dollars in Extremely Fine or About Uncirculated may be worth a higher price for the whole collection, even if several coins are in About Good condition.
So while you're buying your Olympics commemorative gold medal coins, remember that in coin collecting, circulated silver dollar sets (certified of course) may be as good as a gold medal.
The Susan B. Anthony Dollar
Susan B. Anthony campaigned for the right for women to vote. In 1979, the Susan B. Anthony Dollar replaced the Eisenhower dollar. The head of Susan B. Anthony resides on the obverse and an eagle landing on the moon, borrowed from the Eisenhower Dollar, resides on the reverse. The Susan B. Anthony Dollar is round, but appears to be multi-faceted due to its 11-sided rim. The Susan B. Anthony Dollar is also smaller than the typical silver dollar, making it a piece easily confused with the quarter. The US Mint officials believed the smaller size would assist in the circulation of the coin. However, because of the confusion that the smaller sized Susan B. Anthony Dollar created, it was very unpopular during its release. However, during the late 1990's a sudden demand for this coin depleted the US Mint supply, so in 1999 it was reissued again.
American Silver Eagle Replicas
Remember the old supersition that if you bit into a coin, you'd find out if it was legal tender? You don't think black cats are bad luck, so why would you break your teeth? There's a reason you have coin certification services for silver eagles.
It's not always possible to tell the difference between a replica and a real thing--just ask anyone in Hollywood. Say you have five 1999 proof American Silver Eagles. Your best friend, who swears by horseshoes and four-leaf clovers, says your coins are fake. How do you tell?
Need some silver dollar tips? According to the US Mint, that 1999 silver eagle might be a reproduction if:
* It weighs a half-ounce.
* It's twice the size of the regular silver dollar.
* It contains .999 pure silver--the real American Silver Eagles contain .9993
* The inscription on the reverse reads "One Half Pound Fine Silver .999."
* Look to the right of the eagle's tail--the genuine silver dollar has the designer's initials, "JM".
You can do this test for all American Silver Eagles. It's easier than walking under a ladder on Friday the 13th.
Uncirculated and Proof American Eagle Dollars
Eagle vision is supposed to be the most accurate, and it would take an eagle eye to spot flaws in American Silver Eagles. Luckily for the real eagles, and for you, with merely human vision, most modern American Silver Eagles available today are as stellar as an eagle in flight.
You'll typically find American Silver Eagles in the following conditions:
* Brilliant Uncirculated
* Uncirculated
* Proof
* Like Brilliant Uncirculated
* About Uncirculated
* Proof-like
* Mint State or MS-65 to MS-70
* Choice Brilliant Uncirculated
* Gem Brilliant Uncirculated
It takes an eagle, or an astute collector, to see the difference in these beautiful coins. You might even collect hologram silver eagles, or silver eagles commemorating the heroes of September 11, 2001. Naturally, even an eagle wouldn't see a flaw in protected silver dollar collections.
Pay attention to the following silver dollar tips: Earlier eagle silver dollars will show flaws (and an honest merchant or seller will disclose them) that you can see without having to borrow the national symbol. These older coins can have a value all their own, but if you want to pass the eagle test, you have plenty of flawless silver dollar options.
S Mint Morgan Dollars
Some dates you just can't forget, such as your first movie in junior high with what's-his-name. But you do remember 1878. It was a very good year, and so were 1879, 1880, 1881 and 1882. Those were the first issues of the S Mint Morgan Dollar.
Your love of coins has been replaced some by your boyfriend or husband, who is thankful you don't remember what's-his-name and do remember 1878. Naturally, the man in your life wants to get you a gift. You suggest a set of the S Mint Morgan Silver Dollars. It won't be cheap, but hey, you ate three boxes of Gummi Bears and a small popcorn on your junior high date.
How much are S (short for San Francisco where Morgan Dollars were minted) Mint Morgan Dollars worth? Want some silver dollar tips on pricing? One eBay auction offers MS67 Morgan Dollars for $885.00. Other merchants are more affordable, like sharing that popcorn and soda (your mother would have died) as well as the Gummi Bears.
Your hubby or boyfriend should be thankful you don't have a yen for Carson City, Nevada Morgan Dollars, which are rarer, especially in Uncirculated condition, and more expensive.
But hey, you both remember the date you met, and of course your wedding date, which to you is more precious than 1878. You even tell your loved one that you'll settle for S Mint Morgan Dollars in Good condition. Don't be surprised, though, if he presents you with your favorite dates (1878-1882)...well, your favorite apart from him!
The Story of Eisenhower Silver Dollar
You may have seen the Eisenhower Silver Dollar. It depicts the head of President Eisenhower on the obverse side. The reverse depicts an eagle landing on the moon with olive branches at its feet. The original intent of the Eisenhower Silver Dollar was the celebration of the Apollo 11 landing on the moon. However, a few months before the coin's release, Eisenhower passed away. Subsequently, Eisenhower's image was placed on the coin. The public was not made aware of the original intent to celebrate Apollo 11 when the coin was released. Thus, the coin was given the name the Eisenhower Silver Dollar or Ike Dollar.
Silver Eagle or Gold Double Eagle
Gold double eagle. American Silver Eagles. You'd flip a coin, but which coin? You're indecisive.
On the one hand, the Saint Gaudens Golden Double Eagle dates back from Teddy Roosevelt, 1907-1933, and is considered to be the most beautiful US coin ever minted. You could pay, or collect $700 for one.
On the other hand, or should we say tails, uncirculated American Silver Eagles silver dollars are also beautiful. While you might pay $20 for one in Uncirculated condition, it's not as rare as the Saint Gaudens Gold Double Eagle. A completed set of silver eagles from 1986 to 2005 is not to be missed, especially in Brilliant Uncirculated condition. One of the best silver dollar tips to remember is that it is easier for the novice collector to buy current American Silver Eagles than rare Gold Double Eagles, especially since Double Eagle coins from the 1930s are thought to have been melted down. Also, you can buy American Silver Eagles with full strikes, therefore sharp detail, and in MS-69.
If you buy silver eagles in Very Good condition or a Saint Gaudens in Very Good condition, will you acquire a coin of comparable value? A 1931 Double Eagle of Very Fine grade can be worth $4,500.
Many dealers, given the rarity of the coins, won't give you the choice over which dates to buy, though all are valuable. With American Silver Eagles and silver dollars, you can choose which ones you'll purchase.
However, silver dollars, especially kept in Brilliant Uncirculated, Almost Uncirculated, or even Extremely Fine condition, to say nothing of Proof coins, are worth sinking your funds into, especially if you buy a complete set.
Heads? Tails? Or should you simply pick a Morgan silver dollar? Decisions, decisions. As Henny Youngman said in response to "Your money or your life," you'll think it over. Silver dollars are probably more accessible, however, for the novice collector. On the other hand, you could go for best two out of three.
King of Siam Silver Dollars
Getting to know you, getting to know all about you...If you have the good fortune to see an 1804 United States Draped Bust Heraldic Eagle, Silver Dollar, your heart might skip a beat like Deborah Kerr's and Yul Brynner's in "The King and I" (or Jodie Foster's and Chow Yun-Fat's in the 1999 remake). However, like a romance with a monarch who has 39 wives, finding a genuine 1804 King of Siam silver dollar is challenging to say the least. You'll need some great silver dollar tips to find the genuines, that's for sure.
None of the silver dollar coins with the 1804 date were produced in 1804, for a start, thanks to the high price of silver. The legend says that ten of the silver dollars, Class I, were produced for presentation to the King of Siam--King Mongkut's half-brother. (Trivia: King Mongkut was born the year the silver dollar was supposedly produced.) Rodgers and Hammerstein fans and coin collecting buffs will scramble like the King's children to find the seven coins known to exist.
Anna beware: Coin collectors have knowingly or unknowingly offered 1801, 1802 or 1803 silver dollars masquerading as 1804 silver dollars. If your coin has a collar (unlike most 1804 coins), it's probably genuine, or if it has a plain edge, it's a bona fide Class II silver dollar. Coins in the 1830s were minted with restraining collars, so you can tell an 1804 coin from an 1834 issue.
Chances are, like dancing with a king, the King of Coins won't come your way. A specimen did sell for $4.14 million at a public auction. The closest you'll probably get is a replica. If a coin dealer offers you a genuine silver dollar, have it examined or hightail it out of there on the nearest elephant.
Give Peace Dollars a Chance
Everybody wants peace, but whenever people trade Peace Silver Dollars, a war breaks out. The commemorative Peace Silver Dollar, issued from 1921 to 1935, has the likeness of a Liberty woman on the obverse and an eagle on a reverse. Peace Dollars are fairly rare, and you can expect to pay a price for peace. A 1934 San Francisco mint mark Peace Silver Dollar is valued at $140 in Very Fine condition, and can go up to $2,000 at higher grades.
As any soldier or diplomat will tell you, peace isn't easily attained. Some tips before you step into the arena:
* As with all coins such as the Morgan Dollar and American Silver Eagles, the Peace Silver Dollar has its own metal composition that determines the value. Peace Silver Dollars are 90 percent silver and 10 percent copper. If an appraiser says your coin doesn't meet these standards, it's probably counterfeit.
* If you find a 1964 Silver Dollar with the Denver mint mark, it also might be as fake as an ambush. All the known copies of this issue were destroyed. If it's legitimate, as a rare coin, it might be one of the most valuable American silver dollars and coins.
* You can tell the grading of the Peace silver dollar by the word "Peace." As in life, Peace has taken a beating. In Good condition, Peace is barely readable. In Very Good, parts of the word are missing. Any coin with "Peace" in sharp detail is Fine and above.
* Uncirculated silver dollars are usually spotted or heavily toned with less-than-brilliant luster, but no trace of wear. You can find Uncirculated coins with no trace of spotting and with brilliant luster. Most of the dates are worth $100 or less in Uncirculated condition.
* The 1923 Peace Silver Dollars are fairly common and aren't valued as highly.
Peace is worthwhile, everyone agrees, but don't be surprised if you have to fight to collect a valuable Peace Silver Dollar. At least you'll be well-armed with information.
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| Susan Sayour |
