Silver dollars were previously US’ accepted currency. The first one was minted in 1794. It was in fact one of the most popularly used forms of specie till U.S transitioned to the paper currency in year 1970.
Well, the best news is that the value of silver dollar has increased in last few decades. As a matter of fact, its value is continuing to rise with price of silver. Read on to know what experts have to say about the worth or value of silver dollar, their value, and more such popular options.
How actually are silver coins valued?
To know value of silver dollar, you will first require understanding how coins and silver are really valued. Generally, the numismatic metals’ value is decided in the following two ways.
This is just the value of metal. A silver dollar is likely going to weight around 26-32 grams. The price of per ounce of the silver can fluctuate over time.
This value is more than just value of metal. It is value of coin to a collector. Some of the silver dollars can be rarer than others. As a result, the collectors will definitely pay you higher price than the value of the metal or its melt value.
Calculating value of silver dollar
For calculating the worth of silver dollar, you need to multiply its silver content by spot price for the silver. However, any famous coin attracting interest from the coin collectors can offer you value much more than others.
Silver dollars are “semi-numismatic” coins. It means that they can not only attract interest from the coin collectors, but also from the investors in the silver bullion. As a result, their value will be influenced highly by numerous factors like their issuing mint or year, scarcity of some specific design, etc. It implies that certain coins that are specifically rare will cost much more as compared to others.
Investing in the silver coins at higher premium can be riskier way for the bullion investors since they can sell them for similar or even higher premium to other collectors that appreciate or values the numismatic qualities of the coin. However, there is even a reward to it! The more the coin gets difficult to find, the higher its collector value!
It might not be possible to get accurate judgment of the coin’s value. However, the above factors can give you an approximate idea on the actual worth of silver dollars!