Avid coin collectors know how silver dollars are graded to assign them a standardized value representing the numismatic condition. Grading these coins with the Sheldon system allows you to assign numbers to determine which one is in the best shape.
Coin enthusiasts experience different perks and challenges when hunting for treasure, and they probably need a guide to help them along the way. Understanding how to navigate the fascinating world of collecting rare dollars gives you the best grade.
Below is a comprehensive guide that will make your hunt for rare silver dollars more interesting:
Understanding the Fascinating World of Collecting Rare Silver Dollars
History of Silver Coins
The Flowing Hair Silver dollars were the first currency circulated when the United States was founded in 1794. The federal government took inspiration from the Spanish dollar and produced 1758 silver coins to give to Congress leaders. These coins were not for public use but were distributed because of their efficiency.
Grading Silver Dollars
Rare coins are old, and the contemporary condition could vary depending on preservation. Collectors use the Sheldon grading scale because they consider it an industry standard and ranges from 0-70. This world works differently because a coin might score low grades on condition but sell at a high price because of rarity.
Before taking your rare silver dollars to the dealer, they must be professionally graded to determine their worth. Grades help you decide whether the coin is worth keeping or selling at a current price.
How to Collect Rare Silver Dollars
If you’re determined to create a collection of rare coins, you must understand how to gather and store them. These coins are hard to find and minted using old technology, so security and proper handling are priorities.
Use albums and coin holders to store them safely. Your fingerprints and oil can stain the coin; it’s recommended to use cotton gloves to maintain purity. If grading your coins from home, use a magnifying glass to inspect the finer details.
Retaining the coin’s originality is vital, so wipe the surface with a soft cloth to prevent scratches. Avoid picking your old buck with your bare hands; instead, use tweezers.
Ways to Collect Silver Dollars
Mintage year is the first option coin collectors can use to find and collect coins. It is easy to track and organize your silver coins according to year, and it helps you understand which coins you must add to your collection to have a complete set.
Design is another strategy for collecting rare silver dollars. This choice gives you variety in the collection and simplifies your objectives. Standard designs include Morgan Silver Dollars, Flowing Hair Silver Dollars, Liberty Seated Silver Dollars, and Peace Silver Dollars.
Another excellent way to gather coins for your collection is the mintmark. Most silver dollars have one or two letters indicating the production facility. The mintmark allows collectors to recognize rare coins, their place of manufacture, and their current value.
Conclusion
The first silver coins were just a model to give to the congress leaders but effectively resulted in distribution and circulation. Understanding the history, the grading system, and how to collect these rare coins allows you to enjoy your treasure hunting.
