Collecting Antique Silver Coins

Collecting silver coins is a fun activity and has been very popular because it not only serves as a hobby but as an option to generate income.

1804_dollar_obverseSome of the most popular types of silver coins that are sought by collectors are the antique coins. Antique coins may be bought from auction sales, coin shows, online and offline coin dealers, other collectors, and even in tourist areas that have historical themes. Who knows, you may even turn up a few of these antique coins up in the attic where grandma or grandpa’s things may be stashed away.

Many collectors hesitate to buy antique coins because they can be terribly expensive. What is most important is the uniqueness of these coins and the benefits they provide their collectors. Besides the intrinsic value of these coins, they also provide a fascinating window into the history of the nation. Antique silver coins vary greatly in price depending on the age of the coin, its condition and its rarity.

Here are some tips that may be considered when buying antique silver coins:

  1. seated_liberty_dollarDo your research first. It is important that a collector is knowledgeable of what coins are considered antique and their market value. There are books available, “The Red Book” (A Guide Book of US Coins), “The Blue Book” (A Handbook of US Coins), as well as coin newsletters and catalogs available at any public or private library, and coin dealers/shops anywhere in the US. There are also online guides and resources for coins available on the web that can provide all the information needed to become well-informed.
  2. The buyer should make sure that the silver coin they are buying is a genuine one. Always be aware of possible fraud no matter which venue you are using and take extra care in buying coins at online auctions. There are many counterfeit coins sold in the market today and a buyer should thoroughly inspect any coin and determine its authenticity before buying it.
  3. Knowing how to grade coins can help you know the true value of that antique coin. This knowledge will be valuable if you decide to trade for something of greater value or it can prevent scamming and wasting money for something of little value. The better the condition (or grade) of the coin, the higher the price that coin will be. A coin that is in mint condition, for example, is actually worth one hundred times more than a similar coin that is just in average circulated condition.
  4. A professional coin appraiser should assess the value of the coin before you buy so that the real value of the coin will be correctly assessed. This will prevent buying a coin at an inflated price.
  5. Coin collectors should collect the less expensive antique coins when beginning. The more expensive ones can be purchased once their collection becomes larger.
  6. Old coins, specifically the silver dollars made and circulated between the years 1878 and 1935, are generally worth between twelve dollars and twenty five dollars. Those quarters, dimes, or half dollar coins made and circulated prior to 1965, are usually made out of ninety percent silver and therefore worth as much as today’s silver (with an additional premium, albeit small, put on the coin’s face value).
  7. Care is always needed to preserve the value of silver coins. Antique coins should be given extra care in order to preserve their appearance as well as their value. A collector should be aware that antique coins do not require much cleaning as excessive cleaning will only depreciate their value. The older the coin looks the more expensive it becomes. Professional collectors often place their coins in a container that is airtight as a safe way to preserve the features of the coins.

Antique silver coins can provide so much entertainment for collectors that anyone might consider making it a hobby. Remember to be patient in searching for these coins since they may be available in limited numbers. You must have the passion for collecting to make antique silver coin collection a satisfying experience.