A Complete Guide to Collecting U.S. Silver Dollars

By GovMint :

For coin enthusiasts, collecting U.S. Silver Dollars comes with its perks and challenges. If you’re a coin collector interested in collecting U.S. silver dollars, this comprehensive guide is a great starting point. We’ll cover everything you need to know about building your own U.S. Silver Dollar collection. Be sure to also read our Ultimate Coin Collector’s Resource guide. 

U.S. Silver Dollars have been in production and circulation since 1794. However, the number produced and duration for each type has varied throughout U.S. history. The list below is a quick summary of the major  U.S. silver dollars, including their production years, approximately how many have been minted, and the known number still in existence. Note that the approximate number of known or existing coins for each type will vary depending on the coin series and currently available information.

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<a href="https://www.govmint.com/coin-authority/post/complete-guide-to-collecting-us-silver-dollars"><img src="https://www.govmint.com/v~4b.51/media/wysiwyg/Timeline_of_U.S._Half_Dollars.jpg" alt="Timeline of The Silver Dollar" width="500" border="0"></a><br>Source: <a href="https://www.govmint.com/coin-authority/post/complete-guide-to-collecting-us-silver-dollars">Complete Guide to Collecting U.S. Silver Dollars</a><br>

• This History of U.S. Silver Dollars

• Why Collect Silver Dollars?

• How to Collect U.S. Silver Dollars
• Where to Buy U.S. Silver Dollars

The History of U.S. Silver Dollars

In 1794, the newly founded United States began minting its first circulating dollar currency known as the Flowing Hair Silver dollar. Taking inspiration from the Spanish dollar, the federal government minted around 1,758 silver coins to prove to Congress that it could produce its own currency and offered it as a gift to Congress leaders. Though these coins were not intended for public use, they later were distributed and circulated.

The Draped Bust Silver dollar replaced the first coin in 1795, with more than a million silver dollars minted between 1795 and 1804. Although this new coin replaced the Flowing Hair Silver Dollar, each silver dollar series to follow has been replaced or discontinued at some point in time.

This pattern is at least partially due to shortages in silver, public demand, or new legislation passed by Congress. Regardless of the challenges that the U.S. Silver Dollar has faced over its history, it has become widely recognized  among coin enthusiasts and collectors, across its many iterations

Why Collect Silver Dollars?

Enthusiasts collect silver dollars for many reasons – one being the history behind the coins. Individuals can learn a lot about the past, including politics or events, simply by studying a coin belonging to that time. Others collect coins as to add to their silver stack, for artistic value, or simply because it presents an exciting challenge for them.

How to Collect U.S. Silver Dollars

If you’re determined to build your own U.S. Silver dollar collection, you should learn some terms in addition to understanding how to collect and store your coins. You also may want a few items to store and handle your coins properly or keep them safe.

Items You May Need:

• Coin holders or albums - To store your coins in a safe place
• Cotton gloves - To keep fingerprints and oils from dirtying and staining your coins
• Magnifying glass - To inspect and grade your coins
• Plastic ruler - To measure the fine details of your coins. It also prevents you from scratching or damaging the surface
• Soft cloth or pad - To wipe the surface of a coin, ,many believe you can do so using a soft cloth without worrying about damaging the surface
• Coin tubes - To store coins that don’t require an envelope or album
• Coin reference book or guide - This is handy for identifying coins
• Coin tweezers/tongs - To pick up your coins without damaging them

Know Your Grades

It’s essential to know and understand your grades when collecting U.S. silver dollars or any coin. The grading of your coin measures the state or condition it is in, such as how worn or used it is. Below are the different grades you’ll want to familiarize yourself with:

• Good: Some wear on the surface where letters have merged with the rim, but essential details are still visible. This type of coin has seen heavy circulation and possibly some extensive damage.
• Very Good: A coin that has gone through heavy circulation, but the rims will be fully defined, with distinctly visible lettering and minor damage.
• Fine: Moderately in decent condition. A coin with this grade will have been circulated, but the lettering and rim are visible and readable.
• Very Fine: A coin with medium-to-light wear. All essential and general details are visible.
• Extra Fine: A coin with light wear. All details are sharply defined, with some luster.
• About Uncirculated: Very light wear on the high points. It has a medium-to-almost-full luster.
• Uncirculated: A coin that has not been circulated but contains wear from bag marks, damage from other coins, or atmospheric conditions. It may have poor luster or a poor strike mark.
• Proof: While “proof” is not a grade, it is a type of coin that is manually double-struck to create a high-relief surface. It is polished and carefully inspected for blemishes before being sent to the collector.

3 Ways to Collect U.S. Silver Dollars

Each collector will have their preferred method of storing and handling their coins and their preferred strategy for collecting them. There are at least three ways for collectors to build their U.S. Silver dollar collection:

By Year

One option for coin collectors is to find and collect coins based on the mintage year. It’s an easy way to keep track of your silver dollars, and it makes it easy to organize and help you know which coins you still need to add to complete your set.

By Design

Collecting coins by their design or typeset is another choice. This strategy adds variety to your collection and can simplify your goals, as you only need one coin from each series Some design group ideas include:

• Flowing Hair Silver Dollars
• Draped Bust Silver Dollars
• Liberty Seated Silver Dollars
• Trade Silver Dollars
• Morgan Silver Dollars
• Peace Silver Dollars
• Eisenhower Silver Dollars
• Silver Eagles

By Mint

Collectors will often base their collection entirely on the mintmark of a coin rather than by its minted date or design. Most silver dollars contain a little letter or two, indicating the facility that produced it. The mintmark helps collectors identify rare coins as well as their value. However, not all silver dollars carry a mintmark. Even without this, it can still indicate where a specific coin was made. 

So, where are coins minted? The following lists all the places where silver dollars and other U.S. coins are minted, along with their denoted mintmark:

• Carson City – Denoted by a "CC"
• Denver – Indicated by a "D"
• New Orleans – Bearing the single letter "O"
• Philadelphia – No mintmark on dollar coins until 1979, when the "P" mintmark was used
• San Francisco – Carries an "S" mintmark
• West Point – Accompanied by a "W" mintmark

Where to Buy U.S. Silver Dollars

There are a few places where you can purchase U.S. Silver dollars. The most common include coin dealers and online brokerages. Be sure and do your research before you buy from a seller. It’s all too common for individuals to purchase silver dollars that are unfairly priced, damaged, or fake.

If you want to be sure that you’re buying the correct silver dollars from a trusted seller, make GovMint.com your go-to source. At GovMint.com, we offer a wide selection of U.S. silver dollars at a fair price. You can also check out our ultimate guide on coin collecting if you need additional information on how to get started.

Be sure to check out our other fantastic collecting guides.

Guide To Collecting Pennies

Guide To Collecting Wheat Pennies

Guide To Collecting Steel Pennies

Guide To Collecting Quarters 

Guide To Collecting Half Dollars 

Guide To Collecting Gold Eagles 

Guide To Collecting Gold Coins

References:

Timeline of the Silver Dollar – 

https://www.smithsonianmag.com/smart-news/one-first-dollar-coins-struck-us-mint-sells-840000-180977598/

https://coinmintages.com/draped-bust-dollars-mintage/

https://medium.com/traveling-through-history/the-1804-draped-bust-silver-dollar-fbdd44a2b7d3

https://coinmintages.com/liberty-seated-dollars-mintage/

https://www.thesprucecrafts.com/seated-liberty-silver-dollar-values-and-prices-4106955

https://coinweek.com/featured-news/the-history-of-the-trade-dollar/#:~:text=Minted%20for%20circulation%20from%20July,nearly%2036%20million%20were%20produced. 

https://coinweek.com/featured-news/the-history-of-the-trade-dollar/

https://coinweek.com/us-coins/collecting-morgan-silver-dollars/ 

https://morgandollars.net/morgan-dollar-mintage/

https://www.govmint.com/us-coins/vintage-silver/morgan-silver-dollar 

https://coinmintages.com/peace-dollars-mintage/

https://peacedollars.com/peace-dollar-mintage/ 

https://somethingborrowedpdx.com/1922-silver-dollar-value/

https://coinmintages.com/eisenhower-dollars-mintage/

https://eisenhowerdollarguide.com/eisenhower-dollar-mintages/

https://coinweek.com/bullion-report/american-silver-eagles-a-brief-history-and-current-values/

https://coinweek.com/bullion-report/a-new-modern-rarity-2020-p-american-silver-eagles/

History of the US Silver Dollar – 

https://www.cnn.com/style/article/rare-coin-silver-dollar-up-for-sale-trnd/index.html

https://seatedlibertydollar.com/

https://www.antiquesandthearts.com/finest-1804-silver-dollar-sells-for-7-68-million-at-stacks-bowers-galleries/

https://www.coinworld.com/voices/gerald-tebben/1922_peace_dollarin.html

https://www.ngccoin.com/auction-central/us/seated-liberty-dollars-1840-1873-pscid-47

https://www.ngccoin.com/auction-central/us/morgan-dollars-1878-1921-pscid-49