If you want to know how to buy silver dollars from the bank, this is the right article to read.
It explains exactly how to go about doing this, especially the right way!
First things first…
Do you know what silver dollars mean? Do you know you can buy them from your banker?
If you are not familiar with them then you should definitely read through this article.
You will get to understand the meaning of Silver dollars. Also, you will get an idea of how to buy them from the bank.
What are Silver Dollars?
A silver dollar is a grey metaled coin issued by the US Mint with a face value of $1,
Silver dollars are silver coins with the face value of the dollar.
They are made from pure silver or the combination of silver and other precious metals like copper.
These coins were popularly used back in the days as legal tender in the United States and other countries.
Why Buy Silver Coins?
Most people buy silver dollars and other coins for many reasons.
The ability of these bullion coins to grow and preserve wealth is a major motivator for buying a silver coin.
Nevertheless, other common reasons by people may want to buy silver coins include:
A store of value
Silver coins are used as a store of value. Silver is a precious stone and it retains its monetary value even in coin form.
A Tangible asset
Most people prefer to have silver dollars as a tangible asset. They want something to hold on to. Silver dollars can tangible and do not depreciate like digital money.
A highly liquid
Silver dollars are bought by some people because of their liquidity.
They can easily be converted to cash because of their value. A holder can easily sell them anywhere in the world.
Other reasons why people buy and keep silver dollars are to invest in an asset privately and with confidentiality.
Also, these bullions cannot be hacked or erased as they are not in digital form.
Types of Silver Dollars
The following are the best-known types of silver dollars that are collected by people.
Flowing Hair Dollar
This is the first dollar coin introduced in the United States. It was first minted in 1794 and 1795.
It was later discontinued.
This silver dollar is made of 90% silver and 10% copper.
This silver dollar is a collector’s delight. It is one of the rarest and most valuable silver dollars.
You should know that in 2013, a piece of the Flowing Hair Dollar was sold at auction for about $10,016,875.
This is not surprising seeing that this is one of the rarest and most valuable silver coin collections.
Draped Bust silver dollars were minted from 1795 to 1804. This coin made of 89.2% Silver and 10.8% of Copper.
This silver coin was minted after The Flowing Hair was discontinued.
The Draped Bust silver dollar was sold at an auction in 1999 for $4,140,000.
Seated Liberty was first minted in 1836. It was regularly minted until 1873.
This coin is 90% silver and 10% copper.
The image of these dollars was designed by the Chief Engraver of the United States Mint Christian Gobrecht.
The design of this coin featured a right-profile bust of Liberty on the observe.
The US heraldic shield was engraved at the side and 13 stars around the upper half of the design field.
On the reverse side of this coin, the US heraldic eagle was engraved.
In 1866, the national motto “In God We Trust” was engraved on the rim of the coin. It appeared on a banner above the eagle’s head.
The Seated Liberty dollar is one of the most sought-after Silver dollars.
You should know that this silver dollar was sold at an auction at $1,092,500 in 2003.
Morgan Silver Dollar
The Morgan Silver dollar was minted from 1878 – 1904.
During this period, the mint was done at four different mints located in Carson City, San Francisco, New Orleans, and Philadelphia.
In 1921 this coin was reintroduced and another mint was created in Denver.
This helped to boost production and meet demand.
Morgan Silver Dollar is made of 90% silver and 10% copper. It was extremely popular.
The design of this dollar was made by George T. Morgan. The design depicted a left-profile portrait of Liberty on the Obverse.
Peace Silver Dollar
The Peace Silver Dollar was introduced in 1921. It was later minted through 1928.
It was introduced to commemorate the victorious end of World War 1.
This dollar was later reintroduced again from 1934 to 1935.
This coin is made of 90% silver and 10% copper.
When it was introduced, three mints were based in San Francisco, Denver, and Philadelphia.
The Peace Silver dollars were designed with a modern vision of Liberty on the observe in left-profile relief.
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Eisenhower Silver Dollar
Eisenhower Silver Dollar was introduced in 1971. It was made available from this period until 1978.
This coin is made of 40% of silver.
It got its name from the features or bust of President Dwight D. Eisenhower that featured on the obverse.
On the reverse side, there is an engraved eagle landing on the moon. This design was inspired by the Apollo II mission to the moon.
The design of this coin was made by the 10th Chief Engraver of the United States Mint, Frank Gasparro.
Eisenhower Silver Dollar one of the most sought-after silver dollars today.
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Best Places to Buy Silver Dollars
You can buy silver dollars online or locally.
You can choose from any option you want. Each has its pros and cons.
That said, here are tips on the best places to buy silver dollars.
Online dealers of Silver dollars
These are websites where you can check out to buy silver dollars.
These platforms could either be places dedicated to the selling of silver dollars, or marketplaces where collectibles like silver coins are sold or auctioned.
If you choose to buy your coins or dollars online you may enjoy the following benefits:
- You can browse a huge collection of silver dollars from different sources.
- You can buy your silver dollars at any time you want and from anywhere you have an internet connection.
- You can buy silver dollars online at cheaper prices than when you go to a local dealer.
However, if you choose to buy online, then you may have to face deal with the following cons or challenges:
- You may incur a shipping cost.
- You pay upfront fees before you get your silver dollar.
- You may have to deal with scammers posing as online dealers.
The best online places shop for silver dollars online include:
This is the very popular marketplace where people go to buy and sell their new and old items.
It is also an online auction site where items are sold to the highest bidder.
You can check out eBay to find silver coins or dollars sold as collectibles.
You have to bid for them as they are often sold as vintage products.
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This is a company that allows investors to buy bullions or coins they can physically hold.
On this website, you will find on display varieties of coins made of gold, silver, platinum, and other precious metals.
You can find any type of silver dollar you want on this site.
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This is the very popular and powerful online marketplace where varieties of items are sold.
Silver dollars and other types of bullion coins are sold here as antiques and collectibles.
You may enjoy free shipping if you buy as an Amazon Prime customer.
You can also check out online auctions like Heritage Auctions to buy silver dollars online.
Local dealers of Silver Dollars
Local dealers are places brick and mortar stores or offices where you can walk into to buy or sell silver dollars.
They may have a website or not. You can simply walk into the store or office to shop for silver dollars or other items.
If you are choosing local dealers to buy silver dollars then you will enjoy these benefits:
- You can see or touch the object you are buying physically.
- You will get straight forward price.
- You can tap into the knowledge of most local dealers who are knowledgeable about silver.
However, when shopping silver dollars from local dealers, you may face the following challenges:
- There may be a limited quantity of these coins at the store.
- You may have to pay very high prices to get the objects you are looking for.
The popular local places to shop for silver dollars include:
These are shops where antiquated items are sold. Silver dollars are collectibles and they fall under items referred to as antiques.
They are rare to find and hold values for the collectors.
If you shop around any antique shop near you then there is a high chance that you will find the best deals.
United States Mint bullion coin sellers
These are local companies in the United States that provide samples and sell varieties of bullion coins that include silver dollars.
You can check out the United States Mint website to locate a bullion coin seller near you.
You can walk into the local banks near you to buy silver dollars.
Of course, banks can have rolls of silver coins to sell since it is in their purview. However, there is no guarantee that you may get what you want.
Some banks do sell silver coins in rolls and you can buy them to find the pieces that are most suitable for you.
Tips on How to Buy Silver Dollars from the Bank
Silver dollars can be bought from some banks. In the United States and some countries, silver dollars and other forms of bullions are sold to customers.
Yes, you can buy these dollars sold in retail form.
If you want to know how to buy silver dollars from a bank, then here are tips you will use.
- Some banks offer silver dollars to retail customers.
- Silver dollars may be sold in rolls of coins.
- The rolls of coins may contain various types or generations of silver coins.
- Rolls of silver dollars and other coins sold at some banks may be very expensive.
- Some banks may buy back silver dollars from you.
- Most people buy boxes of coins to find rare and valuable silver dollars.
The above is what you should know about Silver dollars.
Details about the types and where to buy these coins have been highlighted.
Also, some quick tips on how to buy silver dollars from the bank are highlighted.