Expert: PAPAJACK - 2/25/2009

Question
I just inherited from my mother a 1897 Silver Dollar (barely circulated); 1922 Silver Dollar; a 1941D Half Dollar (well circulated) I also have a (13) Buffalo Nickels, (4) Tin Pennies and some other coins.  what is the proper way these days to valuate the coins?  I understand your time is valuable and don't know how to engage your help.

Answer
Hello Dan,             

You are already started to “engage your help” by asking this question.
It is best to evaluate the coins with hands on experience.

Since this cannot happen on-line most collectors will have to evaluate the piece themselves or go to a local dealer.

Let’s start with the 1897 Dollar. For the Morgan type look for any mint mark on the back of the coin between the D and O in DOLLAR below the eagle.

Also note that most of these coin dates were produced in the MILLIONS and are still readily available for collectors in all grades, thus the low prices for all the circulated specimens.  

The CC and many S mint mark coins are valued higher than the O and no mint mark coins but there are many exceptions.
Here's a quick wear/Grading guideline:

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

VERY GOOD or Grade 8:
Normal wear, flat looking, very little sharpness remains but all major details visible.

FINE or Grade 12:
All details strong and definition remains on some high areas of the coin.  

VERY FINE or Grade 20:   
Two thirds of hairlines show. Ear is well defined. Feathers on eagle’s breast worn.

EXTREMELY FINE or Grade 40:  
All hairlines are strong. Only slight wear on eagle’s breast and wing tips. Some Original Mint Luster shows.

Almost Un-circulated or grade-50:
Slight trace of wear. Most mint luster is present although marred by bag marks.

MINT STATE Grades 60 TO 70:
STRICTLY NEVER CIRCULATED.  NO TRACE OF WEAR. Nice luster on coin.

The silver coins made before 1965 contain 90% silver. This makes the value of an extremely worn coin still worth 8 or 9 times its face value just due to the precious metal content. Depending on the state of preservation (or Grade) and the Mint Mark (if any) they can vary greatly in value. Common issue dates in circulated condition are plentiful.

For common date and mint marks on Morgan Dollars:
Very Good (Grade-8) = $11 to $16
Fine (grade-12) = $17.00
Very Fine (grade-20) = $18.00
Extremely Fine (grade-40) = $19.00
Almost Un-circulated (grade-50) = $21.00

If you need to locate a coin shop in your area 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.

I hope this information helps. Feel free to ask another question about US Coins.

Good Luck

PapaJack