Where to Buy Silver Dollars: Online and Local Options
Master the process of buying silver dollars. Find reliable online and local sources, understand types, and ensure genuine, fair-value acquisitions.
Silver dollars hold a unique appeal, serving as both tangible pieces of history and valuable assets. Their intricate designs and precious metal content make them desirable for collectors and investors. Understanding the various types of silver dollars and where to acquire them can ensure a rewarding purchasing experience. This guide provides information for buying these coins.
Types of Silver Dollars
The most recognized historical U.S. silver dollars include the Morgan Dollar and the Peace Dollar. Morgan Dollars, minted from 1878 to 1904 and again in 1921, feature Lady Liberty on the obverse and an eagle on the reverse. These coins are composed of 90% silver and 10% copper, weighing 26.73 grams.
Peace Dollars, produced from 1921 to 1935, depict Lady Liberty with a radiate crown and an eagle perched on a mountain. Like Morgan Dollars, they contain 90% silver and have a similar weight. Both types are popular for their historical significance and design.
Modern silver dollars, such as the American Silver Eagle, are primarily minted as bullion coins for investment. The American Silver Eagle, first issued in 1986, contains one troy ounce of 99.9% pure silver and features the Walking Liberty design. Other historical U.S. silver dollars include the Seated Liberty dollar and Trade Silver Dollar, which also hold numismatic value. Understanding these distinctions helps buyers identify which type of silver dollar best suits their interests.
Online Retailers for Silver Dollars
Purchasing silver dollars online offers convenience and access to a broad selection. Reputable online bullion dealers are a primary source for historical and modern silver dollars. Websites like JM Bullion, APMEX, Provident Metals, and Money Metals Exchange provide extensive inventories and often display real-time pricing based on the fluctuating spot price of silver. These dealers usually accept various payment methods, including bank wires and credit cards, with bank wires often offering a slight discount.
Once an order is placed, these platforms prioritize secure shipping. Most reputable dealers offer insured shipping with tracking, protecting the buyer’s investment during transit. Numismatic websites specializing in collectible coins also offer silver dollars, often with detailed descriptions and high-resolution images. These sites cater to collectors seeking specific dates, mint marks, or grades.
Online auction sites can also be a source, but require greater due diligence. Buyers must carefully vet sellers, review feedback, and verify return policies. Ensure any listed grading or authenticity claims are backed by reputable third-party services.
Local Venues for Silver Dollars
Buying silver dollars in person provides the advantage of physical inspection and immediate possession. Dedicated coin shops are excellent local resources. These establishments typically have knowledgeable staff who can guide buyers through their inventory and provide insights into current market trends. Visiting the shop allows buyers to examine coins firsthand and assess their condition, weight, and other physical attributes.
Reputable pawn shops might also carry silver dollars, though their inventory can be less predictable and prices may vary. When visiting a pawn shop, ensure the shop has a strong reputation for dealing in precious metals. Antique stores occasionally have silver dollars; pricing knowledge is critical in such venues.
Coin shows and conventions offer an opportunity to see a vast array of silver dollars from multiple dealers in one location. These events provide a chance to compare prices, negotiate, and network with other collectors. When purchasing locally, buyers typically pay with cash, debit cards, or personal checks. The benefit of in-person transactions is the ability to hold the coin, verify its attributes, and avoid shipping concerns.
Ensuring Authenticity and Fair Value
Verifying the authenticity of a silver dollar is important. Genuine silver coins are not magnetic, so a magnet test can identify fakes made from ferrous metals. Authentic silver dollars have specific weights and diameters; for instance, Morgan and Peace dollars weigh approximately 26.73 grams and measure 38.1 millimeters. A standard kitchen scale and a caliper can help confirm these specifications. A “ping test,” where a silver coin produces a distinct, high-pitched ring when gently tapped, can indicate genuine silver.
Understanding fair value involves knowing both the intrinsic metal value and any numismatic premium. The intrinsic value, or “melt value,” is determined by the current spot price of silver and the coin’s silver content. Numismatic value considers factors like rarity, condition, mint mark, and historical significance, which can significantly increase a coin’s worth beyond its silver content. Online resources and price guides can help research current market values.
For valuable or rare silver dollars, professional grading services such as the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC) offer authentication and impartial grading. These services encapsulate coins in sealed holders with a unique identification number and a grade, providing expert assurance of authenticity and condition. While there is a fee for grading, it can enhance a coin’s marketability and value.