It can also be fun to collect some of the silver dollars that are as rare as hen’s teeth. Every coin has a history and it is not only valuable for its worth but also for the fact that it is a historical artifact. The value of these coins mainly depends on its state, and this is evaluated through a process known as grading.
But grading is not as simple as just looking at a coin. It goes a step further to capture other finer aspects that set a good coin apart from a great one.
In this article, you are going to learn how to properly grade your rare silver dollars so as to fully understand their value.
Understanding the Basics of Coin Grading
Coin grading involves the assessment of the state of the coin in question. This is particularly crucial for silver dollars, as adding or omitting features can have a tremendous impact on their value. The grading scale widely employed starts from Poor (P-1): when it is practically impossible to discern details on the surface of the coin, to Perfect Uncirculated Condition (MS-70), which reveals no mark whatsoever when viewed through a lens.
Essential Tools for Grading Rare Silver Dollars
As with every type of analysis, there are some preconditions you have to meet before you start grading. For starters, you need a good magnifier or a loupe with magnifications of at least 10X. With this tool, you can identify small features and the conditions of the surface that people cannot observe without the use of this tool. Proper lighting is also vital; most professionals suggest combining natural light with a soft white bulb to make the most of the details on the coin visible without any glare.
A Step-by-Step Guide to Assessing Your Rare Silver Dollars
a. Inspect the Obverse and Reverse
Begin by analyzing the heads which are also known as the obverse of the coin and as well the tails or the reverse side of the coin. Check for signs of bluntness, especially on points such as the edges of the coins.
b. Check for Scratches and Marks
Looking carefully under your magnifier, make sure that it is free from any scratches, dings or any other forms of marks that may lower the value of the coin. Any flaws can reduce the coin’s grade by as little as 1 point or as much as 20 points.
c. Evaluate the Luster
Luster is an essential element in high-grade coins, and it is difficult to restore the first freshness once that luster disappears.
d. Assess the Strike Quality
The kind of coins that are generally better are those that are sharply struck and have clear and crisp features.
Common Mistakes to Avoid
During grading, there are some pitfalls like an over grading due to sentimental values attached to the coin, or a failure to notice minute features that would alter a grade of the coin. It is better to grade the coins in a good light and, if you are uncertain, it is always a good idea to consult a more knowledgeable person or a specialist.
