Expert: PAPAJACK - 4/19/2008

Question
Hi Papajack,

I recently received an offer of $500 for a modest collection of silver dollar coins.  I would like to know if this is a fair offer.

Here are the details of the collection:

*(31) 1924 silver dollar coins

*(2) 1934 Philadelphia minted silver dollar coins

*(10) 1922 silver dollar coins, 3 of which had a ‘D’ or ‘S’ mint mark

*(8) 1921 Morgan silver dollar coins

*(3) 1925 silver dollar coins

None of the coins are in perfect, uncirculated condition - but they are not in bad condition.  I would say they are all in a good condition.  The person offered to pay me $9 per coin, with the exception of the 1934 Philadelphia minted silver dollar coins which they would pay $12.50 for each.

Is this a fair offer?

Thanks for your help,
Jennifer

Answer
Hello Jenifer,                         
                 
Without seeing the coins I cannot judge what a fair offer may be for them. I usually send people to three or more unrelated dealers, with part or all of their collection to get offers and sell to the highest offer.
If you want to locate a coin dealer near you, write me back with your general location (nearest large cities), some telephone area code or codes for your local and some zip codes in your area, I can direct you to an AMERICAN NUMISMATIC ASSOCIATION MEMBER/DEALER near there. They are ethical and trustworthy. They will look at the coin for free.

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 another collector look at them, and even coin shops will help for free.
 
In each series of coin type there are some quick reference points of wear to be seen on the high points that are known to show wear first. Most of these are covered in the RED BOOK.
If you can borrow or buy a copy of "A Guide Book of UNITED STATES COINS" (Red Book) by R. S. YEOMAN. This will guide you through the critical information you need to begin evaluating a US Coin collection, the pricing in them is not accurate but can be used to sort out the more valuable coins. The book is released each year and sells new for less than $10, a used one is fine or even your library will have one.

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.

Without seeing the coin I can only supply you with an approximate value.  
Let me also note that you should never clean your coins. This removes the surface protection and cuts the value from 40% to 60%!
Here's a quick wear/Grading guideline:

GOOD or Grade 4:
Letters and date clear no feathers on reverse but no design is worn to the outside rim from letters.

VERY GOOD or Grade 8:  
All details strong and definition remains on some high areas of the coin.  

VERY FINE or Grade 20:   
Two thirds of hairlines show. Hair over the eye is well worn. Some strands over the ear remain well defined. On the reverse some eagle feathers on top and outside edge of right wing will show.

EXTREMELY FINE or Grade 40:   Mint Luster shows. Hairlines over brow and ear are strong though slightly worn. On the reverse the outside wing feathers at right and those at top are visible but faint.


ALMOST UNCIRCULATED or Grade 50 TO 59:
Only light trace of wear on highest points. Nice mint luster on coin although marred by hitting against other coins is allowed.

For a start your Morgan and Peace Type silver dollars are 90% silver. This makes the value of even an extremely worn coin still worth 9 to 11 times its face value just due to the precious metal content. Depending on the state of preservation (Grade) and the Mint Mark (if any) they can vary greatly in value. Common issue dates in circulated condition are plentiful. These are approximate values for common date and mints circulated coins.  

* (8) 1921 Morgan silver dollar coins   
*(10) 1922 silver 3 of which had a ‘D’ or ‘S’
*(31) 1924 silver
* (3) 1925 silver
If these grade 20 or above they are getting more like $13 dollars each at this time due to the value of silver not $9.  But dealers do have an abundance of these dates and usually do not pay top price for coins they do not need.

* (2) 1934 Philadelphia Dollars
If these grade 20 or above they are getting more like $15 dollars each not $12.50 you were offered. As the grade goes up so does the value.  Since the dealer may not have as many of these in his stock he made a bit higher offer for them.

And if any of the coins are Uncirculated or have very little wear there would be a demand for it and the price can vary.

Feel free to ask another question about US Coins.

Good Luck

PapaJack