Morgan Silver Dollar – Where Are the Pawn Shops That Buy Silver?
We all get that random cool coin in our change when using bills and reaching for the change. Have you ever wondered about the larger coin you get on occasion, but somehow you know it’s not a .50 cent piece? There are obvious size differences in coins, but what makes the $1 coin stand out? What makes Morgan Silver dollars valuable – are they pure silver?
Morgan Silver Dollar
Without becoming too technical, Mogran Silver dollars are exactly what they sounds like, silver. It is a coin with a face value of one dollar in the United States. The original coins were minted from 1878-1904 and again in 2021. While it may not have been the first minted $1 coin, it was the first standard silver dollar minted once the passage of the Coinage Act of 1873 became the standard. They are made of silver.
The Morgan Silver Dollars are coins minted at five branches of the U.S. Mint (Philadelphia, New Orleans, Carson City, Denver, and San Francisco), with the Philadelphia mint producing most of the coins.
Morgan Silver Dollars were originally minted using silver from the largest silver strike in American history, the Comstock Lode. The Comstock Lode is in Virginia City, Nevada, and named after Henry Comstock.
The official name of the silver dollar is the “Liberty Head Dollar.” It is best known now as “The Morgan Dollar” and was named after George Morgan.
Characteristics Of Morgan Dollars
The Morgan dollars have a “reeded edge”, which is a series of small parallel lines around the circumference of the coin. It is 90% silver and 10% copper, and weighs 26.73 grams. Commonly called the “Cartwheel” Dollar because of its size and weight, it also picked up the name “Buzzard Dollar” because people thought the eagle on the coin looked like a buzzard more than an eagle.
Pawn Shops will buy, pawn, and sell these unique coins.
The Morgan silver dollars can be worth as little as $10, but can skyrocket upwards of $100, 000! Crazy, right?
What will pawn shops pay?
Different factors determine what a Morgan Dollar is worth. The year, the condition, the weight of the silver all impact the value of the coin. Morgan Dollars were minted with 99.9% pure silver. The silver content is worth whatever the current market value for silver is at the time the coin is sold. A Morgan Silver Dollar weighs about four troy ounces.
If you are looking for value based on the year and condition of the coin, know that the best value and amount will be achieved if the condition of the coin is pristine.
The PCGS, Professional Coin Grading System, is one of the most prestigious and trusted coin-grading companies. It is a trusted company, and having a coin certified by PCGS will decrease the risk it is counterfeit and help the coin be more marketable.
How is the market price or spot price determined?
Without getting all crazy, the spot price is what you will pay for the silver coin at a specific moment. It is affected by the current economic conditions and ebbs and flows. Prices will mostly reflect current market pricing, availability and value, and supply and demand. Spot price is what you or someone else would pay for immediate possession of the coin.
You have a coin you want to sell, it is a sterling silver item that weighs 30.5 grams. Now, because sterling silver is 92.5% pure silver, and your item contains 28.2 grams of silver (30.5 grams x 92.5%), at that time the current spot price of silver is $24.16 per troy ounce, it works out to $0.78 per gram ($24.16 divided by 31.1034). In this example, that would make the silver value of the silver as $22.00 (28.2 grams x $0.78 per gram).
There may be a premium added to the current value of your coin. A premium is an added fee as part of doing business. Premiums vary depending on where you are selling or buying silver coins.
How can you find out if your item is genuine silver or sterling silver?
Turns out there are a few ways….
The first one, look on your piece. There may be a hallmark that says 925. This means the silver item is 92.5% silver.
Silver is a very soft metal, so it does not do well as a stand alone because it is soft. It is often combined with cooper or another metal alloy. There are different grades of silver.
There are pawn shops with precious metal testers. Pawn King located in Stratford, CT is happy to appraise your coins, silver, and other precious metals.
Why is Silver so valuable?
Silver can be used in multiple applications. We all know it can be used for dinnerware, jewelry, and even electronics. Silver has great connectivity.
It is also used in medicine! Burn ointment contains silver.
One of the biggest uses of silver today is in the manufacturing of solar panels.
As a precious metal, I was curious….
Interestingly enough, I have found that above ground silver is rarer than gold. Almost all the gold mined to this day is still here, it’s used largely in currency, portable wealth, and jewelry. On the other hand, when silver gets used, it’s gone forever.
Silver is the 68th most abundant element in the Earth’s crust, and 65th in cosmic abundance.
The majority is found in small quantities in many locations on Earth. Vast amounts of the metal have been mined in both North and South America, and together produce over half the world total.
Silver can also be found in China, Russia and Australia, with Mexico being the larges producer.
It is estimated that by 2240, our silver resources will be depleted. Start stocking away those sterling silver items, such as sterling silverware sets, sterling silver jewelry pieces. They will become much rarer as our world evolves.
You get a package from your dear Auntie Tina… What do you do with it?
Remember that silver does tarnish when exposed to the elements. Over time, it develops a dark color over the metal, which occurs due to an interaction with the air. Good news! It is easy to clean with a soft cloth, or even a soft piece of tissue.
Best practice is to first wrap it in soft tissue, then in some plastic wrap. The better care you take, the more valuable the silver will be when you decide to liquidate it. If you put a small piece of chalk in the tissue paper where you wrapped your silver, it will help absorb the moisture and keep it from tarnishing so much.
We all know that Morgan Silver Dollars are a cool find. I try to keep tabs on them when I get one. Also, there are dimes that have value to them. ALWAYS check your change, you never know what you will find!
Silver dollars surface from time to time. If you get in an inheritance, your grandparents may have saved Silver Dollars to hand down to their grandchildren. There are also silver dimes you may encounter.
Silver dimes can be identified, because most dimes minted before 1965 will contain silver. Some commemorative dimes made more recently are silver. If in doubt, take the coins to your local pawn shop and have it tested.
Pawn King in Stratford, CT and Silver
One time I found 92.5 pure silver candlesticks at a thrift store, for 3 dollars each!! I was able to use them to get my favorite sterling silver piece with the proceeds from my local pawn shop. The pawn shop was Pawn King.
Silver, gold, and other precious metals all have value and can be used to get quick money if you need cash to pay a bill or bridge an unexpected financial emergency.
Morgan Silver Dollars, silver jewelry, silver dimes, or anything with a higher percentage of silver will yield more money if you sell your silver or take out a short-term pawn loan. Pawn King will work with each of their customers to help them get the most money for their silver. There are several factors that are considered when valuing silver.
What is the percentage of purity of the silver, what is the current spot price, what is the weight of the item? Many customers may not understand how the price of silver is determined, but the experts at Pawn King will discuss how they come up with an offer.
The customer always has the choice to pawn or sell their silver.
If you are buying silver, silver jewelry, gold, gold silver jewelry, or any other valuable product, Pawn King has affordable options. The shop has undeniably valuable tools, electronics, designer handbags, jewelry, and other valuable items available in their inventory.
Silver is a beautiful addition to your silver jewelry collection, your tabletop sets, or coin collection. Just remember to take care of it and use a trusted pawn shop like Pawn King to finalize your transactions.