Buy Silver Dollars: Where To Buy Silver & How to Buy Silver in 2021
by Benjamin Aronson
Updated July 15, 2021
If you are looking to buy silver dollars you’ve come to the right place!
Silver Dollars are no longer produced for general circulation, but that doesn’t mean you can’t find one for yourself. Since 1794, the appearance of the United States (US) silver dollar has changed evolved to what we know of them today.
In our guide, we are going to cover everything you need to know about buying silver dollars. Here is a quick list of the topics we are going to cover:
If you are looking to invest in silver dollars or silver in general, online dealers are your best bet. But which dealer should you buy from?
We’ve covered the differences between online and local dealers thoroughly. Scroll down to find out more.
As the name suggests, GoldBroker is a well-known bullion dealer specializing in gold and silver. The Company was established as a result of great investor demand for an international company that would allow individuals to hold precious metals in their name.
GoldBroker provides gold and silver storage for investors and certificates that are issued directly to their names (which include relevant serial numbers).
This is very important because it dramatically decreases victimized by counterfeit or theft.
GoldBroker provides a large selection of gold and silver bars or coins.
We like GoldBroker because they offer secure storage outside of the banking system located in New York, Toronto, Zurich, and Singapore.
BGASC – Buy gold and silver coins. Like the name, their services are also straightforward.
Besides gold and silver, you can also find bullion coins & bars from platinum and copper.
Their website is intuitive and easy to use. You can find guides, promotions, information, charts, and just about anything on precious metals.
The shipping fee on orders sub $5000 is just below $8. Every order above this amount gets free shipping. Other competitors offer free shipping on much lower amounts.
Every package they send out is double-checked beforehand. While the package is in transit, BGASC takes responsibility in the event of damage. It’s highly unlikely, but if it does happen, it’s great to know that you will be fully refunded.
It’s important to note that you can’t buy from BGASC with cryptocurrency. They prefer to do payments the “old fashioned way” using PayPal, credit/debit card, paper check, or bank wire.
Also, they don’t provide vault storage resolutions. Everything you purchase from them is directly sent to you. You can find coin bags, chests, tubes, and coin capsules on their website.
To conclude, BGASC is perfect for smaller investments. They average 4.8 stars from over 5,000 reviews on Trustpilot.com. With this large volume of positive feedback, you can be confident in trusting them with your money.
SilverGoldBull gives you the chance to invest in various precious metals, not just silver. For well over 10 years SilverGoldBull has been providing customers with top-quality metals, convenience, and a trustworthy shopping experience.
We really like SilverGoldBull because they offer the best price and will match a competitor if you find a better deal (but we still haven’t found one)!
Most of their silver products feature a video, where you can clearly see what you are buying. After you place a buy order, they claim to ship your purchase within the next 48 hours. On purchases greater than $299 they include free shipping.
Their website can be a little confusing to navigate since they offer so many products. But once you find what you need, everything is explained carefully and in great detail.
We can confidently say that their fees are inexpensive and affordable.
SilverGoldBull a perfect site for newbies interested in a silver investment. They have a couple of programs that help newcomers grow their success. You can’t go wrong with a well-trusted dealer like SilverGoldBull.
Today, the dollar bill with President George Washington front and center is probably one of the most famous bills in our currency, but one of the most legendary formats of the dollar is the US silver dollar.
To understand what silver dollars are, let’s take a brief look at the history of silver dollars.
History of the Silver Dollar
When the thirteen colonies battled off the British and won their independence the United States was officially born. One of the first concerns upon establishment was forming a system of currency. Shortly after, the U.S Mint was set up and American money began to flow.
Early coins were pressed with precious metals. The reasoning behind this was that the value of the currency was guaranteed by the cost of the metal. Since then, coins have been minted in gold, silver, and various base metals.
Dollar coins have been minted in the United States for hundreds of years.
Popular Types of Silver Dollars
There are a few collectible silver dollars out there that you can find. Major US silver dollars include:
The Flowing Hair Dollar was the first Silver Dollar issued by the United States Federal Government. The coin was minted in 1794 and 1795, then discontinued.
The Flowing Hair Silver Dollar is 90% silver and 10% copper. Throughout American history, the Flowing Hair Dollar has been considered one of the rarest and most valuable silver dollars.
In 2013, the finest example of the Flowing Hair Dollar was sold in an auction for a whopping $10,016,875.
The Draped Bust Silver Dollar was minted after the Flowing Hair Silver Dollar. The coin was minted from 1795-1804.
The Draped Bust Silver Dollar is 89.2% silver and 10.8% of copper. The decrease in silver was due to the large decrease in silver deposits.
Coinage of the silver dollar continued to decrease throughout the years following.
The Draped Bust Silver Dollar reached an all-time high when it was sold at an auction in 1999 for $4,140,000.
The Seated Liberty Silver Dollar was minted from 1840-1873. The Seated Liberty is 90% silver and 10% copper. In 1866, “In God We Trust” was engraved on the rim of the coin.
In 2003, The Seated Liberty Silver Dollar made noise in the collectible coin community when it sold at an auction at $1,092,500.
The Morgan Silver Dollar was minted from 1878-1904, and again in 1921. The Coin was minted at 4 different mints (Philadelphia, New Orleans, San Francisco, Carson City) from 1878-1904. In 1921 when production was resumed, the coin was minted in an additional mint (Denver)
The Morgan Silver Dollar contained 90% of silver and 10% copper.
The Peace Dollar was minted from 1921-1928 and again in 1934-1935. The Peace Dollar got its name to commemorate the victorious end of World Word I.
The Peace Dollar is 90% silver and 10% copper. The coin was produced in 3 mints (Philadelphia, Denver, and San Francisco).
What Years are Especially Unique for Silver Dollars?
Americans find it easier to use bill money rather than coin money. Therefore, the dollar coin production for general circulation was stopped in 2011. Dollar coins are still produced to this day, but for collection purposes.
From 1794-1935, the United States silver dollar was issued in silver. Only coins produced during those years are TRUE SILVER DOLLARS.
The majority of experts will agree that the coinage throughout that period was some of the finest in the American currency.
Most coins from that time period are priceless (or worth a pretty penny!).
What You Should Be Aware Of
The term silver dollar is often used to describe a grey metaled coin issued by the US Mint with a face value of $1, but that doesn’t necessarily mean that the coin is made of silver.
You should do your homework before you purchase a silver dollar to ensure it is authentic.
Make sure you see the coin physically or get a real picture of the coin. It is important to scan the silver dollar to guarantee that all the required stamps are present.
Why Buy Silver Dollars?
From time to time throughout American history, Silver Coins were “Melted Down” and lost in currency. When the market value for silver rose, Americans realized that they could make money on selling the metal. They would then “meltdown” the coins for its silver. This caused Coin Shortages.
Due to the fact that numerous coins were “melted down” and expelled from currency cash flow, silver coins became extremely valuable.
Bottom line, silver dollars hold their value because the metal they were formed from holds its value. If you happen to get hold any silver dollar minted from 1794-1935, you are holding a true gem. These pieces of art are worth a lot of money, even more so in good condition.
Silver dollars are popular as investment options for those looking for history with a lot of value or simply those looking to buy silver at affordable prices (more current silver dollars aren’t as expensive).
Owning silver dollars provides you with American silver and American currency wrapped into one.
Reasons to Invest in Silver
We’ve talked about silver dollars and why they are beneficial. But overall investing in silver is a good idea.
Whether it’s in coins, dollars, bars, nuggets, or any other form, silver is a hard asset. This article has made clear that hard assests are always good to own.
Silver is Money
Silver is not something humans can make, which means there’s a limited supply in the world.
Man-made currency, like the US dollar, is exposed to depreciation. You can always print more money, but you can’t produce more silver.
Like other precious metals, silver is also vulnerable to market fluctuations, but you should not worry about this because silver represents a value.
Silver has served as money before, and it will continue to do so.
Silver is Cheaper than Gold
Like we said, in the case of an economic crisis precious metals hold their value. But converting your money into gold is much more difficult than silver.
To begin with, silver is much more affordable for the average person. It’s much more obtainable as well.
Let’s say you’ve bought an ounce of gold which today is worth around $1800. You need to convert back $200 for living expenses. You’d probably have to sell the whole ounce for those $200.
However, if you had invested that money in silver, you could have gotten that amount from selling a couple of ounces.
Therefore, silver is a much more practical investment too!
Industrial use of silver has grown tremendously over the last few years. Since most electronics are built with silver, you can imagine the impact it has on the silver demand.
In 2019 alone, there were around 1.5 billion smartphones sold, a significant increase from the 680 million sold in 2012.
But it’s not just the increase of manufacturing electronics. Silver jewelry and silverware has also seen a slight increase in the past few years.
Besides the demand, silver waste is something that’s worth mentioning also.
Electronic waste has become a more talked about topic over the last few years. But it’s something that is still not regulated enough. It’s simply not worth it for companies to scrap a small amount of silver from electronics.
A lot of silver is being thrown out, which might be difficult to recover. This has a big impact on the silver supply.
Sooner or later, the silver price will be affected by the growing demand and the deficient supply.
Best Places to Buy Silver Dollars
With all the fakes out there, buying silver dollars can be stressful. We recommend finding an established and trusted entity to buy your next silver dollar.
Most silver dollar coins are bought in 1 of 2 places, Online Dealers or Local Dealers. Between those 2 options, there are plenty of reliable outlets to buy silver dollars. Now, all you have to do is choose your preference.
There are positives and negatives to each establishment.
Let’s go over each one briefly.
You have the ability to purchase your silver dollar at any time.
The final cost is usually lower than a local dealer.
There is a large selection.
Must trust online dealers.
Shipping is an added cost.
Pay upfront before you get your silver dollar.
You can see the physical object.
Most local dealers are knowledgeable about silver.
Price is straightforward.
You’ll most likely pay more, in comparison to an online purchase.
Silver Dollars are limited to the store’s collection.
How to Choose the Right Establishment to Buy Your Silver Dollar
Generally speaking, you’ll find better prices online than you will at local shops. Local shops have much higher fixed prices (such as overhead, rent, and salaries) than online dealers.
Paying a low price for your silver dollar is always a win but it’s not the only consideration. It’s important to feel comfortable with the establishment that you’re buying from.
Here is a quick list of things to think about before purchasing:
What is the total cost of the silver dollar?
Does the dealer have a respected name in the community?
Is the Dealer educated? Do they really know what they’re talking about?
Is the Dealer pushy?
We recommend considering the elements that we mentioned above when choosing the right dealer for you.
A great way to begin purchasing silver dollars is to compare prices of the silver dollar that you’re interested in among a few dealers.
Whatever purchasing method you choose, be sure to do your due diligence. Then go get your silver dollar!
Unlike stocks and options, investing in silver dollars offers investors the ability to invest in a physically scarce resource. Investing in silver dollars is a great investment simply because the metals in the silver dollars hold value. In addition to that, silver dollars are precious antiques that hold an enormous amount of history and value.
We hope you can now make a more intelligent purchase after reading our guide. If you have any questions, roadblocks, or simply want to tell us what your favorite silver dollar is, feel free to leave a comment!
Benjamin is the Co-Founder and CEO of FinancePond. He worked at a private accounting firm before he created FinancePond. Benjamin is an entrepreneur at heart and firmly believes in strong personal finance and investing education. He has a passion for finance and his goal is to cut out the fluff and make personal finance simple for everyone.