Coin Collecting - Avoid Worthless Silver Coins
October 30, 2008
A worthless silver coin for collecting purposes is any circulated silver coin that is only in fair condition and has value to collectors beyond the value of the silver bullion it contains.
This is an unofficial term used in the United States and Canada. Junk silver is not scrap silver. These coins can still be spent in the US and Canadian markets for the value stamped on the coin. However, coin collectors call them “junk” because they have little numismatic, or trading, value.
The Mercury and Roosevelt dimes, the Washington quarters, and the Franklin and Kennedy half dollars are the most popular US coins collected for junk silver. These coins, minted before 1964, contain 90% silver composition, with 0.7 troy ounces of silver per each dollar of face value. Kennedy half-dollars minted from 1965 to 1970 contain 40% silver composition, so they are collected but are not as popular. The Peace Dollar (minted from 1921 to 1928, then again in 1934 and 1935) is also collected for its silver value, which is high at a little over 90%. However, these are more rare and may have collectible value beyond the value of the silver.
The “Seven Over Eight” Morgan Dollar - A Valuable Find With An Interesting History
October 21, 2008
Birthed in Conspiracy
The Morgan dollar was designed by George T. Morgan from England. Morgan won a staged
contest held by the director of the Philadelphia mint, Henry P. Linderman, for the design of
the coin. Linderman was not happy with the designs of the Chief Engraver at the time, so
the staged contest allowed him to use Morgan and have more input into the design of the
coin. The coin's design had the head of Liberty on the face, which was Linderman's
suggestion, with a rather scrawny-looking bald eagle on the coins obverse (tails) side.
Attention to Detail
It's unclear whether the fault lies with Morgan's design or with the maker of the die
used to strike the coin, but production began in 1878 with the bald eagle having eight tail
feathers. Someone informed the mint that a bald eagle actually has seven tail
feathers, not eight as depicted on the coin. Upon hearing this, Linderman ordered that the
die be changed so that the eagle had the correct amount of tail feathers.
Why Collect Silver Dollars?
October 13, 2008
Silver dollars are a favorite of most US coin collectors. In fact, it is not unusual to find a silver dollar or two away by people who have no particular interest in coins at all. Why is this? What is it about silver dollars that makes people want to collect them or, just hang onto them?
Well, for one thing, they are really Big. And Heavy. And Beautiful,too. (Okay, big, heavy, and beautiful. We are just talking coins here, right? What else?) They are a piece of American History. (Well, I guess so, but what history do you mean?) Pretty much all of it. They were first made in the 1700s, not too long after independence. And they were really a big deal in the days of the Wild West. And how about gambling in Las Vegas? You used to be able to get them in your change there, even if you were just buying gas!
(I see. So why were they made of silver, anyway?)
Because, back when the mint started, in 1792, coins were actually worth the amount of money they stood for. A dollar was made from metal worth one dollar. Silver was the best metal to use, because that way the dollar would still be an easy size in your pocket. Copper would have weighed a ton (not really, but a dollar in copper would have made a better doorstop than a coin. And a gold dollar would be really tiny and easy to lose. (Actually, they tried that in the 1850s. People hated them. They said they were tiny and easy to lose. Go figure.)
Silver Investing - Morgan Silver Dollars
October 6, 2008
The Morgan Silver Dollar - A Brief History
No other U. S. silver coin can compare with the rich history enjoyed by the Morgan silver dollar (also known as the Liberty Head silver dollar). Designed by George T. Morgan, the Morgan dollar remains a favorite of both casual and serious coin collectors.
A total of five U. S. Mints were involved in the production of Morgan silver dollars from 1878 thru 1921: Carson City; Denver (1921 only); New Orleans; Philadelphia; and San Francisco.
Minting of the Morgan dollar was suspended in 1904 due a government shortage of silver bullion. Only about 8,812,000 (a relatively small mintage) were produced that year. It was another 17 years before another Morgan silver dollar was minted. In 1921, production resumed but later that year the Morgan dollar was replaced by the Peace silver dollar.
The world would be awash in Morgan silver dollars except for two events: 1) the Pittman Act of 1918 permitted the melting of 270,232,722 Morgans for their silver content; and, 2) unknown millions more were turned in and melted when silver reached an all time high of $50.50 per ounce in 1980. So the number of Morgan dollars in existence are far less than the number minted.
