You’ve sat down at the computer and typed in “where do you sell silver coins near me?” The search return will provide you with several options. There are coin shops, coin dealers, online dealers, local dealers, some reputable dealers-some not so much, and pawn shops. But which is worth considering?
Let’s talk about coins first. There are many types of silver coins that have both a silver value and a numismatic coin value. Knowing a bit about what they are worth is important to ensure you are getting a good deal. All coins mentioned have a value, depending on different factors.
All Walking Liberty Half Dollar coins have a genuine American value and a coin with historical and symbolic significance.
The Walking Liberty Half Dollar portrays a figure representing Liberty as she walks towards the sun. This symbolizing the dawn of a new day.
She carries olive branches, which are indicative of civil and military glory.
Notice how her hand is stretched out? The artist did that purposefully to represent the intangible spirit of freedom.
The reverse displays an eagle on a rock with his wings unfolded, as if ready to take flight, which wittily marks the innate fearlessness spirit entrenched in American culture.
A little mountain pine tree is seen extending from the rock, symbolizing the United States of America.
Kennedy Half Dollar
First minted in 1964, is a fifty-cent coin issued by the United States Mint. As a memorial to the assassinated 35th president of the United States, John F. Kennedy, Congress authorized it just over a month after his death.
Gilroy Roberts, Chief Engraver at the Mint from 1948 to 1964, designed and ensured the coin was ready for immediate minting, January 1964. To hurry things along, Roberts and assistant engraver Frank Gasparro modified designs they had completed in 1961 for the John F. Kennedy Presidential Series Medal.
They each worked on one side of the coin. By December 13, 1963, trial strikes of the new Kennedy Half Dollar were produced at the Philadelphia Mint. The sample coins were approved by Director Adams, Secretary of the Treasury C. Douglas Dillon, and Jacqueline and Robert Kennedy. Mrs. Kennedy asked the part in the assassinated president’s hair be less pronounced.
The Treasury first offered Kennedy Half Dollar coins to the public on March 24, 1964.
When it was released, lines stretched outside bank branches across the country as patrons waited to acquire the new coin. The coins were in high demand. By noon, all the 70,000 coins minted were gone.
Director Adams initially ordered a striking of 90 million 1964 Kennedy Half Dollars, approximately the same number struck of 1963 Franklin Half Dollars. But because of the demand, he revised the order to 160 million. Americans collected Kennedy half dollars as quickly as they could be minted.
Congress gave special approval to continue minting 1964-dated coins into 1965, eventually minting 410 million. By 1965, the excess minting had depleted the government’s stockpile of silver, which was in short supply around the world.
Congress passed the Coinage Act of 1965, which allowed minting silver “clad” coins with copper cores.
Beginning with 1965-dated coins, the silver content of Kennedy Half Dollar coins fell from 90% to 40%. As silver prices continued to rise, the metal was completely eliminated in 1971, except for special commemorative issues.
Coins – small coin – big value.
Professional Numismatists Guild
Each coin collector has their preference and desire to have a particular coin. Coin collectors know their coins. They may be part of the professional numismatists guild (PNG). To join the PNG, a dealer must have experience in the field, must certify that he or she has significant financial worth, and must be elected by a majority of the present members.
Each member of the guild must follow the rules and regulations of the Guild, which include an arbitration procedure for resolving disputes between buyers and sellers of numismatic properties. All prospective members are subject to a criminal background check.
Founded in 1955 by Abe Kosoff, who believed the hobby of coin collecting would be better served if a professional group was organized. The motto of the guild is, “Knowledge, Integrity, Responsibility” and continues to reflect the aims of our not-for-profit organization.
The Value of a Coin
Determining the value of a coin is a deep dive into the details of the most valuable coins. There is a huge difference between a regular penny and a special 1943 one worth over $2 million?
Some rare coins wanted by collectors today may be hiding among consumers and used for daily transactions.
The Saint-Gaudens Double Eagle, originally worth $20 and created from 1907 to 1933, was short lived because when gold was recalled in 1933, many people turned in the coins for paper money. There are several still in existence, and the 1933 group sells for $18,900,000 in 2021, or $20,165,100 in 2022 dollars.
The Flowing Hair Silver Dollar was minted from 1794 to 1795, and was the first US silver dollar. This rare coin is the one of the most expensive coins in the world. One of these special coins, one of the earliest batches of minted Flowing Hair Silver Dollars in 1794, achieved glory in 2010 when it sold for $10,016,875, equivalent to $13,280,850 in inflation-adjusted 2022 dollars.
In 1787, the United States federal mint created the Brasher Doubloon. It was the first gold coin ever struck in the US. It was created by one of George Washington’s neighbors, Ephraim Brasher, and only seven were produced. There is only one coin with Ephraim Brasher’s initials on the breast of the eagle. This coveted item is one of the most valuable rare coins wanted by collectors. It was last sold in 2021 for $9.36 million, about $9,986,500 in 2022 dollars.
Besides the Morgan Dollars and Peace Dollars, the older silver coins’ condition most affects the value. The place at which the coins were minted affects the value. Older silver coins with advanced age, and less wear, may be valued well above their silver content. Some mints minted fewer coins than others, and this makes the coins more valuable.
Panda coins were made in 1999 and 2000. There were 1,999 coins produced in 1999 and 2,000 in 2000. The production quantities were then caped until 2003. From 2003 until now, 4,000 silver coins have been produced each year. The coins weigh one kilo each. Chinese Silver Pandas do not carry mintmarks, even though there are multiple mint locations in China. As of 2020, the highest-priced coin is a perfect 1983 proof panda worth $6,430. The highest-priced, non-proof coin is a perfect large-date 1991 panda worth $3,100.
Modern Silver Dimes and other Most Popular Silver Coin Examples
Modern silver dimes made after 1965 are not made of silver. They are made of a metal alloy coated in silver. The most popular silver coin is the Spanish milled dollar or “piece of eight.” It was common to cut the dollar into eight equal pieces (bits), each worth one eight of the face value of the full dollar. This is where the term “two bits” came from.
The Canadian Silver Maple Leaf has a purity of .9999 with a face value of $5US. The Canadian Commonwealth backs it. The Silver Kangaroo silver bullion coin is available in a collectible version. It is the only silver coin available in a mini monster box of 250 coins. The coin was minted and become available in 2016. The reverse side features a famed hopping red kangaroo, and the front side includes an effigy of Queen Elizabeth II.
Liquidating and Old Silver Coin Collection
To begin with, try to determine if the coins you have have any value as a collectible. Pocket change, inheritances, or loose coin stashed away in old change jars at home may have the “golden ticket” to your financial success. You may have old and rare coins waiting to be discovered.
Most modern day coins are only worth their face value.
Here are a few tips:
There are online price guides for reference
There are 43 pennies worth at least a $1US
The Lincoln pennies, or more correctly called the Lincoln cent, are the most widely collected coin since the United States started minting coins in 1793.
Some favorites to keep are all Lincoln wheat pennies made from 1909-1958, all Lincoln Memorial pennies made from 1959-1981, and Copper Lincoln Memorial pennies made in 1982.
Values vary for different type coins:
1909 — $3 and up
1909 VDB — $10 and up
1909-S — $80 and up
1909-S VDB — $700 and up and there are others. including the 1992-D close “AM” worth $2,000
Valuable Nickels are worth about 20 cents apiece. The Jefferson nickel has been circulated since 1938 and has virtually gone unchanged until 2004 when the Wesward Journey nickels honoring the bicentennial of the Lewis and Clark expedition were released.
The nickels for the 1930s, 1940s, and 1950s may still be in circulation.
Wartime nickels look like regular nickels, except for one distinguishing mark.
Wartime nickels were made in 1942 to 1945 and have a large mint mark on the reverse side. Mint marks are a large P, D, or S.
The 1942 nickel with a P was the first time a P mintmark was placed.
Some dimes are worth more than 10 cents. Barber dimes are difficult to find in circulation. They were minted in the late 19th and early 20th centuries.
Mercury dimes are also difficult to find in circulation.
They were minted from 1916 to 1945.
Finding a Mercury dime struck from mid 1930 to mid 1940 is worth about $2 to $4 dollars.
They are a novelty when you find them, because very few people have found them in pocket change.
Pre 1945 Roosevelt dimes contain silver.
Quarters are picked up and pocketed, because unlike the penny, they are seen to have value. An old silver quarter may be worth more than $.25US.
A U.S. Mint Chief Engraver Charles E. Barber designed the Liberty Head quarter in 1892.
The Barber quarter wasn’t made until 1916.
The design soon became known by the engraver’s last name – the Barber quarter.
A grade Barber quarter is worth around $7 to $12US.
There are two types of Standing Liberty Quarters that followed the Barber quarter.
Hermon A. MacNeil designed the Standing Liberty Quarter and was minted from 1916 to 1930.
The Standing Liberty quarter, Type 1, minted from 1916 to 1917, shows Miss Liberty’s exposed right breast and is worth $15US and more.
The Standing Liberty Quarter Type 2, minted from 1917 to 1930, was a modest depiction and is worth $7 to $12US and up.
The George Washington Quarter was minted from 1932 to 1964, and is worth around $4US.
Although this isn’t a comprehensive list of coins and their value, it’s a beginning. The idea is to get the best price for your coins, and where you decide to sell silver coins is important. Make sure the few dealers you choose are up to date on buying rates and are a reputable dealer.
Western Loan and Jewelry
Consider using a pawn shop like Western Loan and Jewerly. A pawn shop is a reputable dealer of luxury items like designer handbags, designer watches, gold, silver, bullion coins, and fine jewelry. They value silver based items on the current market value.
There are several types of physical silver, silver coins, silver bullion, 925 silver and sterling silver. The experts at a pawn shop can determine the purity of your silver or the numismatic value of your silver coins. For example, 925 silver means the item is made with 92.5% silver, and the rest of the metal is a metal alloy like copper. The purer your silver, the more its worth.
Pawn shops like Western Loan and Jewelry buy and sell precious metals, gold, silver, and fine jewelry. The also have an online store if you are in the market to buy silver, and will ship your items for current shipping costs. The offer a fair value for luxury items.
If you need fast cash and want to obtain a short-term pawn loan, Western Loan and Jewelry will help. They have over 40 years of experience and are a CAPA Trusted Lender. If you need cash, but don’t want to get rid of your valuables, a pawn loan may be the answer. You will use the value of your silver, gold, silver bullion, American Silver Eagle coin, old coins, Peace Dollars, gold coins, junk silver, junk gold, and any other luxury item for security for a loan, and the items will be returned once the loan is paid in full.