Expert: PAPAJACK - 1/23/2008

Question
i have a 1862 silver dollar it is in good shape is it worth anything

Answer
Hello Denny,                                    

There is a wide range of value assigned to these dollars.
The mintage was only about 12,000 pieces and the value goes according to its state of preservation.

Coins are valued on a scale from 1 to 70. And on how rare a coin is. With no or little experience it is sometimes easier letting a collector look at them, and even most coin shops will help for free on one or two pieces.

Most of the grading rules are covered in the Red Book titled "A Guide Book of U. S. Coins" by R. S. Yeoman. If you can borrow a copy it will help. The grading details it describes at the start of each coin series is taken from the American Numismatic Association Standard. And uses the 1 to 70 scale recognized by all professionals since the 1970's.

Most circulated coins range from Good (grade-G4) to Almost Uncirculated (grade-AU50) on the scale.

To see how well the coin is preserved check the word LIBERTY in the Shield to grade it. The more letters the better, you need 3 or more to grade it an 8 (very Good). Made at the Philadelphia mint it sells from $400 in grade 8 to around $1000 in grade 50 (Almost Uncirculated).

If you want an experienced coin person to look at the coin write me back, give me the nearest large Cities, some postal zip codes and telephone area codes. I will refer you to an expert in your area.

Please feel free to ask me others about this or any US Coin. If there any more information you require on this question just ask.

Thank You and Good Luck

PapaJack