If you are someone who loves to collect numismatic coins, you should consider adding old silver dollars in your collection. Some of the rare coins have been sold at insanely high prices, and since the evaluation is done beyond the spot price or intrinsic value of the silver dollar, buying these coins can be confusing, especially for beginners. Below are a few things you need to know before getting your first silver dollar.
Know your silver dollars
There are a bunch of dealers who sell silver dollars, but before you jump in, consider reading on the various ones that are sold in the market. With the internet, you don’t have to try hard to find information. Having a fair idea of the rarity of a silver dollar is gives a better way to negotiate, and you can understand if you are being charged the right price. There are no fixed parameters when it comes to evaluating and pricing these coins, so you have to know the basics before you can transact.
Rarity and condition
The most important and critical component for evaluating silver dollars is rarity. Just because a coin is old doesn’t mean it should fetch a big price. Most of the time, it is considered how many silver dollars were struck at the mint at a given time. For example, more than 700,000 coins were minted in 1949, but only 19,000 coins struck in 1948. As you may guess, even if the silver dollars from 1948 is just a year older, these coins will fetch a lot more than ones from 1949. Unused silver dollars that are in a good condition may also fetch more as a premium, so many factors come in together to determine what you will eventually pay.
Where to buy?
If you are investing in silver dollars for the first time, we strongly recommend that you check for a dealer you can rely. Licensed and known dealers are always transparent, and you can get a fair idea of the history, rarity and uniqueness of the silver dollar. Most dealers will explain why the silver dollar is priced as suggested, and if you can expect to get an appreciation. The good dealer will also buy back the silver dollar, so liquidity is always assured.
Check online now to find more on silver dollars and don’t shy away from asking for details, because you would want to get more in the future through appreciation.