Selling Morgan Dollars: How to in Houston, TX

Oct 24

Morgan Silver Dollars are among the most iconic and well known coins in American history. George T. Morgan is the designer of the silver dollars that were minted from 1878 to 1904 and again in 1921.

For coin collectors, Morgan Silver Dollars hold significant value due to their rich history, stunning design, and the high silver content they contain. If you own these coins and are considering selling them, it's essential to know how to get the best value while avoiding common pitfalls. In this guide, we’ll walk you through the process of selling your Morgan Silver Dollars.

Assess the Value of Your Morgan Silver Dollars

Before selling your Morgan Silver Dollars, it's crucial to determine their value. The worth of these coins can vary significantly based on several factors:

Condition (Grade): Coin collectors assign a grade to coins based on their condition. Higher-grade coins (e.g., Mint State, which is an uncirculated coin) are worth much more than those with visible wear and tear.
Rarity: Some Morgan Silver Dollars are more scarce than others. Coins minted in smaller quantities or at certain mints (like the Carson City Mint) can fetch higher prices. Key dates to watch for include 1889-CC, 1893-S, and 1895.
Market Demand: Like any collectible, market demand can fluctuate. Silver prices, economic conditions, and trends in coin collecting can all impact how much buyers are willing to pay.
Silver Content: Each Morgan Silver Dollar contains approximately 0.7734 ounces of pure silver. If silver prices are high, your coins may have significant melt value, which can act as a base for their worth even if their collectible value isn't as high.

Get a Professional Appraisal

Once you have a basic idea of your coins' potential worth, it’s time to get a professional appraisal. An experienced coin dealer or appraiser can provide a more accurate evaluation of your Morgan Silver Dollars based on their grade, rarity, and market value. It’s a good idea to visit multiple appraisers to compare offers and ensure you’re getting the best deal.

In-Person Appraisals: Many coin dealers offer in-person appraisals where you can bring your collection for inspection. Be sure to seek out dealers with a good reputation, ideally members of organizations like the Professional Numismatists Guild (PNG) or American Numismatic Association (ANA).
Online Appraisals: If you’re not located near a coin dealer, many services offer online appraisals. You’ll likely need to send high-quality photos of your coins or even mail them in for a more detailed assessment.

Choose Where to Sell

Once you’ve had your Morgan Silver Dollars appraised, the next step is to decide where to sell them. Each option has its pros and cons:
Coin Dealers: Selling directly to a reputable coin dealer is often one of the fastest and easiest ways to sell your Morgan Silver Dollars. However, keep in mind that dealers need to resell the coins, so they may not offer you the highest price. Make sure to visit a few different dealers to compare offers. That's why we recommend using Houston, TX Coin and Stamps! We have a low overhead so we pay the most when it comes to your coins, silver, and gold!
Auction Houses: If you believe your Morgan Silver Dollars are particularly rare or in exceptional condition, selling through a coin auction may be a great option. Auction houses specialize in connecting sellers with collectors who are willing to pay top dollar for valuable coins. However, auction houses take a percentage of the sale, so be sure to factor in those fees.
Online Marketplaces: Websites like eBay or dedicated numismatic platforms such as Heritage Auctions allow you to sell your coins online. While these platforms give you access to a large pool of potential buyers, they also require more effort on your part. You’ll need to photograph and list your coins, communicate with buyers, and handle shipping. Additionally, online marketplaces often charge seller fees.
Local Coin Shows: Coin shows are another option for selling Morgan Silver Dollars. These events bring together collectors and dealers, offering a good opportunity to sell your coins in person. You can meet potential buyers face-to-face and may even get competitive offers if there’s high interest in your coins.

Consider Timing Your Sale

The timing of your sale can have a big impact on the price you receive for your Morgan Silver Dollars. Keep an eye on the silver market, as prices can fluctuate based on global economic factors. If silver prices are high, your coins may be worth more even if they don’t have significant rarity.
Additionally, numismatic markets can fluctuate based on demand for particular coins. If there’s a renewed interest in Morgan Silver Dollars (for example, due to the recent 2021 commemorative release), you may be able to command higher prices from collectors looking to complete their sets.

Be Prepared to Negotiate

When selling your Morgan Silver Dollars, be prepared to negotiate. Dealers and collectors will often offer less than they are willing to pay, expecting some back-and-forth. Know the value of your coins before you go into negotiations so that you can confidently push for the best offer.

Watch Out for Scams

Unfortunately, the world of collectibles is not immune to scams. Always work with reputable dealers or platforms when selling your Morgan Silver Dollars. Avoid unsolicited offers from unknown buyers, and be cautious of anyone pressuring you to sell quickly. Take your time and ensure you’re selling to someone trustworthy.

Documentation and Record Keeping

If you’re selling a significant number of Morgan Silver Dollars or rare coins, be sure to keep detailed records of your transactions. This includes the coins' grades, appraisal values, and final sale prices. Documentation can also be important for tax purposes, especially if your collection has appreciated significantly over time.

Selling Morgan Silver Dollars can be a rewarding experience, especially when you understand their value and how to navigate the market. Whether you choose to sell through a dealer, an auction house, or an online marketplace, knowing the worth of your coins and where to find reputable buyers is key to maximizing your returns. By following these steps, you’ll be well-prepared to get the most out of your Morgan Silver Dollars while avoiding common selling mistakes.