Hello, I'm Ron Breckenridge. As a hobby, I refinish broken jewelry I find at thrift stores and pawnshops. The jewelry often features major faults that ruin the structure and finish of that piece. While performing the repairs, I remove a lot of gold and replace it with new materials. The gold I remove sits in a little jar until I can use it again. Every once in awhile, I come across gold I just cannot use. The gold is still good for other purposes, but doesn't work well for jewelry repairs. I save this gold until it fills up another little jar, and then I take it down to the gold buyers. I'm provided with a small stipend depending on its market price, which is awesome. I want to discuss the process involved with gold buying on this site. I will also explore other ways to obtain gold to sell. Thanks.
Regardless of whether you are a silver coin collector or looking to sell yours, you need to understand what factors are used to determine the value of the coin. Knowing the basics can help you save money when buying and saving. Here are three aspects to consider when determining the overall value of a silver coin.
Melt Value Vs. Numismatic Value
Silver coins tend to have two different values. The melt value refers to the coin's precious metal value once it has been melted down. By contrast, the numismatic value focuses on aspects such as the condition, rarity, and importance of the coin. Coin collectors tend to be more interested in the numismatic value and are usually willing to pay more than the actual melt value of a coin if it has historical importance.
Population in Circulation
Another factor that can greatly influence silver coin values is how many were originally minted and how many are thought to be in circulation today. As time passes and the coins age and start to look worn, they are routinely taken out of circulation by the U.S. Treasury purely for the melt value. As the population of certain silver coins dwindle, they sometimes become more valuable to collectors. The actual melt value of the coins can still be considered low, but the numismatic value could be high depending on just how few are left.
There is usually no way to determine exactly how many of a particular silver coin are still in circulation, but estimates are routinely made based on those that were originally minted and those which were reclaimed by the Treasury Department.
Condition
The overall condition of the silver coin can have an impact on its numismatic value. For instance, a silver coin that holds historical importance that is in good condition could fetch a considerable amount from some collectors. However, the availability of the coin could impact its value. If the circulation number is high for that particular coin, the value could drop because there are so many available.
Alternatively, a silver coin that is in poor condition could possibly be valued highly by collectors if its circulation numbers are low and it is historically important.
There are various other aspects that go into determining the sale value of a silver coin. If you do not have experience with buying to selling, work with a professional to get the best value.
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