Old silver dollars have the potential to bring fortune to you. They are at any point above the value that they stand for. And much to surprise of the coin collectors some rare silver dollar happened to be sold at about $10 million at the New York auctions.
Enough reasons to dig into your old cupboards and look for the oldest silver dollar you own. But the key here is the determination of the worth of the coin that you hold.
Rarity of the coin
The date of the coin is very important in determining its value as of today. The value of the coin can change in just a change in year sometimes. It is actually the rarity that matters. The number of coins that were missing in the history of the year and the lot from which you own the coin determines if you hold a precious silver dollar which is held by very few people in the world.
Of course damaged or destroyed coins bring no value. The silver dollar must be in proper condition and although rustic should stand by the authenticity and true representation of what it is believed to be. If a coin has been modified it is counted as destroyed and the value of the coin becomes zero then.
History of the dollar
There were different metals and alloys used in the past to design the coins. The purity and worth of the metals then was much higher than it stands today. Additionally the coins made in that era held historical importance, scriptures and art which are important for studies today. The deeper a coin connects to the history and fills up the information gap, the higher is the price for it. A silver dollar is termed as the King of American coins due to its historical importance and today stands worth a million of worth.
Demand in the market
Over time the demand influences the price of the coin. At times the not-so-rare coins to yield high value in the market due to the prevailing demand. Other times the rare coins too do not fetch much in spite of them being truly historical and rare. Silver dollar is in demand since long and has an escalated price.
Silver dollar stands as a representation of precious American coins. It is best to go to numismatics coin and jewelry buyers to determine their prices and deal accordingly!