When you find a rare coin, or even one that seems so fascinating at the time that you happen to pick it up, you tend to hold onto them. There often comes a time, however, when you decide that you no longer have a need for that coin or simply need a few extra dollars in your pocket. This is true no matter what kind of coin it is. Finding the silver melt value for the coins that you have is one of the first things that you should do if you are going to get back their true value in cash and get the most for your investment.
The True Value of a Morgan Silver Dollar
The value of silver coins tends to fluctuate so it is important to do your research before you sell. There are several websites available that provide a simple formula for finding the value of your coin in particular, but you must first know what it is that you have in order to know what numbers to put in for an accurate silver melt value. There are coins that have a lower percentage of silver in their makeup, which will affect the overall melt value because this is one of the primary factors after the current market silver prices. Knowing the value of the other metals in the makeup of the coin is also important so that you can get the full value of the coin by adding the values together. Although the silver is worth more, you must consider all of the information.
The 1889 Silver Dollar – A Coin Collectors Favorite
One of the most common coins among collectors is the 1889 silver dollar. The value of 1889 silver dollar is based primarily on three factors due to their popularity in the investment community. That is the current price of gold, which changes daily, the actual silver content of the coin, and supply and demand among investors. This means that higher demand for the coin is going to lead to higher prices that will be paid. The current melt value of 1889 silver dollar is approximately $24.61 based on current silver prices and the 90% silver content. Although for some this may not seem like a lot, you have to consider the fact that the coin only has a $1.00 face value.
The value of silver coins will vary from day to day, but you can be sure that the value will gradually increase as factors change in the economy. To some, it may not be worth melting down the silver for the current price when selling it to investors will often fetch a much higher price, but knowing the true melt value of your coin is beneficial information when it comes to not only collecting, but also knowing when is the best time to get rid of the extra coins in your safe. Depending on where you decide to sell your silver dollar, you may be able to sell for the actual collectors value, or you may have to settle for the current markets melt value, and knowing the difference will go a long way in getting you what you deserve.