Silver isn’t just a precious metal used in electronics, solar panels, and medical devices; it’s also an excellent addition to your investment portfolio or a handy asset to cash in on when needed.
To sell silver coins in Michigan, you should know what your coins are worth and find a reputable precious metals dealer. Check out our guide for selling silver coins and learn how AU Precious Metals can give you the best cash value on your silver coin investment.
Most Popular Silver Coins
Before you think of selling, knowing the most popular type of silver coins that bullion dealers might want is helpful. These can include rare coins, junk silver coins with high silver content, and collectible coins with numismatic value. Look for the following coins in your collection to sell when you visit your local coin shop:
Rare Silver Coins
These silver coins are scarce, minted in limited quantities, or have a specific historical significance. They are sought after for their rarity and potential investment value and include the following:
- 1794 Flowing Hair Silver Dollar. This coin is renowned for being one of the first silver dollars issued by the United States Mint, making it highly coveted for its historical significance and extreme rarity. Its limited mintage and age make it one of the most valuable and sought-after coins among collectors and investors.
- 1889-CC Morgan Silver Dollar. Minted in Carson City, Nevada, the 1889-CC Morgan Silver Dollar is rare due to its low production numbers (only 350,000 pieces) and the storied history of the Carson City Mint. Its scarcity and association with the American West make it a prized possession for numismatists and silver investors.
- 1928 Peace Silver Dollar. As the last silver dollar minted for circulation in the United States, the 1928 Peace Silver Dollar has a low mintage and is particularly rare for the Philadelphia issue. Its historical context and the symbolism of peace after World War I enhance its appeal and value to collectors.
Junk Silver Coins
These are silver coins valued primarily for their metal content. They are often older coins that were widely circulated and are no longer in mint condition:
- Pre-1965 U.S. quarters and dimes. These coins are 90% silver, distinguishing them from later issues with no silver content. They are collected not only for their silver value but also for their historical significance, representing a bygone era of U.S. coinage.
- Kennedy Half Dollars. These silver coins contain 40% silver if minted between 1965-1970. Pre-1965 Kennedy Half Dollars contain 90% silver. These coins were minted as a tribute in the years following President John F. Kennedy’s assassination. They mark a transition period in U.S. coinage and are sought after for their numismatic and silver value.
- Silver Washington Quarters. Minted primarily between 1932 and 1964, these quarters are composed of 90% silver, making them valuable to collectors and those interested in precious metals. Their widespread recognition and historical appeal add to their collectible value.
- Mercury Dimes. Produced from 1916 to 1945, Mercury Dimes are appreciated for their design featuring Liberty with a winged cap, often mistaken for the Roman god Mercury. Their 90% silver content and the artistry of their design make them a favorite among numismatic enthusiasts.
Collectible Silver Coins
These are silver coins that hold numismatic value due to their historical significance, rarity, condition, or unique mint errors. The following coins fall into this category:
- Proof Silver Eagles. Minted with a unique process that gives them a mirror-like finish, Proof Silver Eagles are collector’s items for more than their silver content. They are valued for their beauty, craftsmanship, and limited production runs. They are a modern collectible that attracts both numismatic and precious metal investors.
- Canadian Silver Maple Leafs. Recognized for their purity, these .9999 fine silver coins are sought after by collectors and investors worldwide. The iconic maple leaf design and occasional commemorative versions enhance their appeal for coin enthusiasts.
- Morgan Silver Dollar. Minted from 1878 to 1921, these coins are a piece of American history, beloved by collectors for their classic design and role in the U.S. economy. Their age, scarcity, and stories from the Old West enhance their value.
- Peace Silver Dollar. Introduced after World War I to commemorate peace, these dollars hold a special place in collectors’ hearts for their historical significance, hopeful message, and aesthetic appeal.
- Walking Liberty Half Dollar. Minted from 1916 to 1947, these coins are admired for their intricate design and are considered one of the most beautiful U.S. coins. They possess numismatic value that far exceeds their silver content, appealing to collectors who appreciate artistry in coinage.
- American Silver Eagle. Since its introduction in 1986, the American Silver Eagle has become one of the most popular silver bullion coins. While they are widely invested in for their silver content, specific limited editions and graded coins carry additional numismatic value.
How to Get the Best Price for Your Silver Coins
Getting the best price for your silver coins involves a few essential steps. First, make sure you know how much they weigh in troy ounces. Then, determine the purity of the silver in your coins and the current market or spot price of silver. Finally, find a trustworthy coin dealer who can give you a great return on your silver.
To ensure you get the best deal when selling, you should:
Understand Your Silver Coin Type
If you inherited silver coins or are unfamiliar with the pieces in your collection, you need to learn their worth. Identify the type of coins you own and have an estimated value so you get a fair amount when you sell.
Silver coins typically fall into one of two categories:
- Bullion coins. A bullion coin is a minted currency with cash value and 99.9 or 99.99 pure silver. Bullion coins can also have value based on their silver weight. Examples of silver bullion coins include the Silver American Eagle, Silver Maples, Silver Buffaloes, and Silver Britannia.
- Numismatic coins. Numismatic coins are collectors’ items and are often worth more for their rarity than for their metal content. Silver numismatic coins include Swiss 20 Francs, Silver American Morgan Dollars, British Sovereigns, and Peace Dollars.
Identify Common and Valuable Silver Coins
To sell for the right price, identify common coins in your collection or those with a premium value. Common silver coins in the U.S. market are pre-1964 minted quarters, half dollars, and silver dimes.
Silver coins that often fetch a premium due to their numismatic value are the Peace and Morgan silver dollars. The Morgan silver dollar was minted between 1878 and 1921, and the Peace silver dollar between 1921 and 1935. These coins have a monetary value of $1, but due to their age and collectibility, they are often worth more when selling.
Know the Coin’s Mint
Where your coins were minted can affect their value. Identifying the mint location can help you know which coins may be valuable to sell to a dealer. When going through your coin collection, look for the mint marking, which is a single letter found on the front or reverse side of the coin. Pre-1965, mint markings were placed on the tail side (reverse).
All silver coins are minted at one of six U.S. mints:
- Carson City (CC)
- Philadelphia (P)
- Denver (D)
- New Orleans (O)
- San Francisco (S)
- West Point (W)
The New Orleans Mint stopped making coins in 1909, and Carson City in 1899, so these coins may have numismatic value. If you don’t see a mint mark, the coin was likely minted in Philadelphia.
Have Your Coins Graded
Coin grading refers to the process of determining a coin’s condition. To grade a coin, the grader will look at its aesthetic appeal, physical condition, such as scratches or dents, shine and tone, and level of detail. Although you might be tempted to clean your coins, oxidized ones with brownish tinges are usually more valuable, especially if they are rare.
The grading scale typically goes from poor (P-1) to mint state perfect (MS-70), with MS-70 being the highest grade available. While the market determines the coin’s value, highly graded coins are often worth the most.
Knowing your coins’ grade can help you fetch a high price. You can pay to become a member of the Numismatic Guaranty Company and Professional Coin Grading Service to have your coins graded; however, you can also work with a precious metals buyer to learn your coins’ grade and value.
Review Current Market Prices
The current spot price of silver will influence the amount you’ll receive for your coins. Before selling, review silver’s current market index price and familiarize yourself with how it has performed in the weeks and months prior. This will give you a good idea of how much you might earn from your collection.
Silver prices are on the Trading Economics website, where you can view the commodity’s performance history. For example, on April 3, 2024, silver was worth $26.83 per troy ounce, compared to $23.84 on March 4, 2024.
Sell to a Reputable Dealer
Finding a reputable dealer to sell your silver coins is essential. Choose a local, in-person precious metals dealer with an excellent industry reputation. AU Precious Metals provides exceptional customer service for people selling silver coins in Michigan.
Our knowledgeable staff can help you understand the value of your coin collection and offer you top-dollar for your items. We use state-of-the-art X-ray technology to determine the value of your coins so you get the highest price possible.
You can also use our convenient mail in program to get an offer for your silver coins from the comfort of your home. Once we receive your items, we will assay them and offer you a fair cash settlement.
How to Sell Silver Coins: Do’s and Don’ts
When selling your silver coins, there are some important do’s and don’ts to ensure a seamless transaction and maximize your return. Keep these tips in mind before bringing your coins to AU Precious Metals:
Do’s
- Document your collection. Keep detailed records of your silver coins, including photos, purchase dates, and any certificates of authenticity or grading results. This documentation can be invaluable for identifying the coin and assessing its value during the selling process.
- Store your coins properly. Store your coins in acid-free and PVC-free sleeves or holders to protect them from scratches, tarnish, and environmental damage. Keep them in a well-constructed home safe that maintains a stable, low-humidity environment to ensure long-term preservation and value.
- Stay updated on market trends. In addition to knowing the current spot price of silver, understand the broader market trends and how they might impact the demand and value of your silver coins. Economic indicators such as inflation rates, currency fluctuations, and changes in industrial demand for silver can all influence the market.
- Know your bottom line. Have a clear idea of the lowest price you’re willing to accept for your silver coins, but be open to negotiating with buyers to achieve a fair sale. At AU Precious Metals, we offer a fair price for your trade-in items and ensure you receive the best possible settlement.
- Ask questions when selling. When interacting with dealers, inquire about your coin’s value, the selling process, or their assessment criteria. Clarifying these points ensures you’re well-informed and can make confident decisions regarding the sale.
Don’ts
- Don’t rush the sale. Take your time to research and find the right buyer rather than rushing into a sale that might not offer you the best value. Prevent scams by avoiding buyers who pressure you for quick transactions without secure payment verification.
- Don’t assume a coin’s value. Although having a general idea of your coin’s worth can be helpful, don’t assume a coin’s value based on your independent research. It’s best to have the coin assayed and graded by our professionals at AU Precious Metals, who can use specialized tools and industry experience to assess its value accurately.
Choose AU Precious Metals to Sell Your Silver Coins
For a smooth and rewarding sale of your precious metal coin collection, consider AU Precious Metals. Our commitment is to provide you with the highest possible value for your items. Let our friendly team assist you every step of the way, ensuring your experience is effortless, and your questions are answered.
If you are interested in buying gold and silver bullion, including silver bars and coins, we can also assist you in making the right investment for your portfolio. Contact us today for a quote on your silver coins, or visit our Rochester location to learn about our precious metal buying and selling services.