How to Price Old Silver Dollars

By Arman Khodaei
Rare Morgan Dollar
morgan silver dollar image by John Sfondilias from Fotolia.com

Some silver dollars hold a lot of value. Coins such as the 1895 Morgan Dollar have gone for as much as $100,000 and sometimes even more at auctions. Figuring the value of older money can be a slightly daunting and time-consuming task, but it's well worth it if you want to know the value of your collection or plan on selling it.

Check ebay first. Not every coin you own will appear on ebay, but many will and this will give you a general idea of the value of some of your dollar coins. Watch the auctions for coins that you own because many items that sell on ebay tend to shoot up in value during the last few hours. Ebay is one of the best indicators for an item's actual value.

Get your coins graded. Coins that are graded are a professional way of telling other collectors what condition your coins are in. It also legitimizes that your coins are the real deal and not knock-offs. If your dollar coins are in good condition and are graded, the amount you can sell for can be substantially higher. PCGS (Professional Coin Grading Service) is the leading authority for grading coins and even offers an online price guide that tells you the value of your graded coins.

Compare prices in various price guides and consult the Red Book. The Red Book is updated annually and is seen by many dealers as the leading authority of coin prices. The Red Book is available at almost every bookstore.

Decide on a method to sell if you plan on selling your coin collection. You have several options. You can use ebay. For higher valued coins, you also can sell at high-end auctions that draw serious bidders. You also can consider getting a booth at a dealer room where you know people will come to buy coins. As a last resort, you can go to a dealer.

About the Author

Arman Khodaei has been writing professionally since 2004, when his short memoir was published in the "Nota Bene" anthology, for which he received the Reynolds Scholarship. He serves on an Autism Committee for the California State Senate and has been involved in the autistic community for more than five years. He received his Associate of Arts from Lakeland Community College.