Just sold some silver dollars.

[trof]

$27.50 each.
:shrug:

[doc03]

1. Doesn't seem that good since the spot is $39.56 that's 30%

discount from spot. I don't know I have bought but never sold silver. I can buy silver at $41.98, that's only about 6% commission. Silver dollars could also have a collectors value far higher than scrap price.

[MineralMan]

3. Morgan dollars are not 100% silver. They're 90%.

That affects the value. In addition, recovering pure silver from melting them adds another cost. Finally, buying and selling silver involves profit, which comes from the difference between the buy and sell price.

[Pab Sungenis]

4. A silver dollar isn't quite one ounce.

The most common U.S. Silver Dollars (which are the ones likely to be sold for melt) are 26.73 grams or .95 ounce, and are not solid silver but only 90%. So the actual melt value of a silver dollar is $33.00. Factor in commission, and it's not that far off from what he got.

[doc03]

5. Your right I forgot about that, the silver I have is either 1 oz

rounds or American Eagle Proofs. Some silver dollars may be worth many times more than scrap price though and I doubt may dealers would offer any more than scrap price if you didn't know any different..

[Po_d Mainiac]

7. nope... 26.73 grams is total coin weight

.773 oz silver in Morgan and Peace dollars

.725 oz silver/$1 face value pre 1965 50-25-10cent coins.

[Pab Sungenis]

9. That's what I said.

26.73 grams of 900 fine (90%) silver.

[Art_from_Ark]

10. But you were calculating avoirdupois ounces

Silver is sold by the troy ounce, which is 31.1 grams

[Po_d Mainiac]

11. NOPE!

Only 90% of that 26.73gr is Silver and the other 10% is Copper...but don't take my word for it


http://www.coinflation.com/coins/silver_calc.php
Statistics:

» There are 0.7735 troy ounces of silver in 1 silver Peace dollar(s).

» Each Peace dollar contains 0.7735 troy ounces of silver and is valued at $30.84 when silver is at $39.87 / ounce.

» A roll of Peace dollars has 20 coins and is valued at $616.75 when silver is at $39.87 / ounce.

ps...enjoy your trip to the slammer...Got y'r soap ona rope handy?

[Pab Sungenis]

14. Again, you aren't reading what I've been saying.

"The most common U.S. Silver Dollars...are not solid silver but only 90%." http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=114&topic_id=89584&mesg_id=89588

"26.73 grams of 900 fine (90%) silver." http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=114&topic_id=89584&mesg_id=89605

[Po_d Mainiac]

15. Get a book

There is NOT 26.73 grams of fine silver in a Morgan or Peace dollar

[Pab Sungenis]

17. I NEVER SAID there was 26.73 grams of fine silver in a Morgan

or ANY other Silver Dollar.

The WEIGHT of the coin is 26.73 grams. The FINENESS is 900, meaning 90% silver. If you'd actually read what I posted you'd see that.

[Po_d Mainiac]

26. me hat is in me hand..my bad :shamefaced: n/t

[Pab Sungenis]

22. A brief history of US silver dollars.

The first silver dollar was minted in 1794 and weighed 26.97 grams. Although specified by law to contain 89.2% silver, the first Mint Director ordered that the coins contain 90% silver. This was corrected in mid-1795 and that weight and fineness remained in force until 1837 when the new standard of 26.73 grams at 900 fine (90%) was adopted.

Except for the trade dollars of 1873 (which weighed 27.2g at 900 fine) all dollars minted between 1837 and 1964 followed this standard. (A mintage of 1964D dollars using the Peace Dollar design of 1921-1928 and 1934-1935 was never released and later melted.)

Although dollars could theoretically have been minted for circulation in the same "silver clad" (40%) composition as the half dollar in 1969 and 1970, no more dollars were minted until the Eisenhower Dollar of 1971, by which time the dollar had been coverted to copper nickel clad, meaning the end of circulating silver dollar coins.

[Art_from_Ark]

29. Here's the math:

26.73 grams of .900 silver = 24.057 grams of fine/pure silver (26.73 X .900)

24.057 grams divided by 31.1 (number of grams in a troy ounce) = .77354 troy ounce

[trof]

18. Bingo. That's what the dealer explained to me.

And I also understand that he's not in business for his health.
I'm OK with the price.

[HockeyMom]

2. Oh, no

You didn't check the dates and mints? You sold them just for the price of the silver? They are worth different amounts by the rarity of the date, mint, and condition. I hate to say this, but there is one very rare dollar that is worth a few thousand dollars.

[trof]

20. Yes, I did check dates and mints. Nothing special.

[Po_d Mainiac]

6. I'll assume they were common dates, and well circulated

On eBay they'd draw $35-36 Including shipping)

Shipping: (with delivery confirmation) %2.50 +/-

eBay and Paypal fees: $3.50

Net of $29-30

[trof]

19. One 1900 and others late 1800s.

No numismatic value.
Well circulated.
MY late mother-in-law saved them.

[Art_from_Ark]

8. That sounds like a real low-ball price

It's about 10% less than melt. Who did you sell them to?

[Po_d Mainiac]

12. Be damn good if they were 40% Ikes though!!

Can't explain why, but junk/melt SD's have been selling for the same as Kitco's spot quote for at least a couple years now. (Ae if spot is $39, junk SD's will draw bids for $39) :shrug:

[trof]

23. Had one Ike. "That's worth a dollar."

That's what he said.

[Po_d Mainiac]

27. Varied issues were 40% silver/clads

Mostly S mint proof strikes, although Philly issued a 40% silver/clad in the 1776-1976 series in mint sets.

[happyslug]

33. 1/2 dollars for general circulation from 1965-1967 were also 40% Silver

And for that reason became rare. By the time I started to use coins (the late 1960s) the 1/2 dollar had all but disappeared from usage. People used Quarters and Dimes instead. From what I have read, the 50 cent piece was popular prior to 1964, but I have no first hand knowledge of that, just reports that do to the fact the 50 cent piece had Silver in it from 1965 to 1967 lead people to hoard those coins so people stop using them.

[Art_from_Ark]

34. The last general circulation 40% half dollar was minted in 1969

[trof]

21. Local dealer at a coin show. No shipping charges.

[roamer65]

30. A silver dollar contains .7734 oz of silver.

If silver were $40 an ounce, you should have rec'd at least $31 per coin for just the silver content.

Best thing to do nowadays is to talk with numismatist (who is not a shop owner) before selling any old silver coins.

[phantom power]

13. why did you sell?

[trof]

24. Just to get a few bucks.

They were just sitting in a drawer and not doing anyone any good.
No numismatic value and no special attachment to them.
There was a coin show in town last week end, 10 minutes away.
It was convenient.
I walked out with $110 bucks I didn't have when I walked in.
:-)

[Warpy]

16. Wow. I have one that I'll never let go of. You can barely read 1923 on it

after my dad carried it in a wallet since he was a little kid until his death at 89. Most of the picture is worn off both sides and all it's worth is the silver content.

[trof]

25. So you keep it for 'luck' and sentimental value.

I can understand that.
:-)

[Warpy]

28. Mostly sentiment

I think it might be the first whole dollar he ever earned.

[golfguru]

31. Remember how Rothschild got rich...

Baron Rothschild has said, he got rich by taking profits early.
One can never ever go broke taking profits early.

[Art_from_Ark]

32. Which Rotschild are you referring to?

There were lots of them. And they initially got rich through banking, and stayed rich by marrying into the aristocracy and plutocracy.