All silver coins, including silver dollars, vary widely in price depending on a number of factors, notably scarcity, desirability, and condition. But how is condition established? You may think a coin looks pretty good, while the dealer you’re trying to sell it to may think it looks pretty bad. So in order to reach a fair price for both buyer and seller, it’s important for both parties to agree on condition.

In order to establish a standard reference, in the 1950s, psychologist and coin collector William H. Sheldon came up with the scale that’s widely used today. It rates coins from 1 to 70, based on the quality of the coin when it was first struck, the integrity of the metal, and the wear and damage that’s occurred since the coin was first minted.

An uncirculated silver dollar

Perhaps you’ve looked at coins online or in coin shops, and seen the designation AU-58 or MS-65. If you weren’t clear about what that meant, this will help clarify. And having a decent grasp of silver coin grading will keep you from overpaying for your coins.

First of all, coins are divided into three groups – circulated, almost uncirculated, and uncirculated. Coins in the first group can be Poor (P1), Fair (FR-2), Good (G-4), Very Good (VG-8), Fine (F-12), Very Fine (VF-20), and Extremely Fine (EF-40).

There’s little dispute about coins in the Poor to Extremely Fine group. These coins were used as currency, and changed hands – sometimes often. To grade one yourself, get the same coin in mint condition if you can. That way, you’ll have something to compare it to.

You’ll also need a magnifying glass that magnifies up to eight times, and a good source of light. Examine the coin carefully to see if there are any signs of wear. If there’s no visible wear whatsoever, you can classify your coin as uncirculated. If there are some signs of wear – and even coins that have never been in circulation can be damaged by coin counters or mishandling – then it needs to go into one of the other groups.

Poor coins are just that. Fair coins have a lot of wear. You may not be able to read the date, mint mark, or other inscriptions. Even coins in fair condition can be worth collecting, depending on the other factors. Good coins (4-8) will range from some wearing of the date to an unbroken ridge around the edge of the coin.

Most of the design is visible in Fine coins. There may be a little wear evident in finer details such as hair or feathers, but overall, the coin is in good shape. Extremely Fine coins have hardly any visible wear, although they won’t have quite the luster of a AU coin.

A Morgan Silver dollar that’s been in circulation

Coins in the Almost Uncirculated group can range from AU50 to AU 58, and it’s very difficult for beginners to tell the difference. There will only be a slight amount of wear on the highest spots of the coin. And curiously, top-grade AU coins often look better than lower-grade MS or Mint State coins.

Uncirculated coins – from MS60 – MS-70 – have no visible wear. But even a coin that appears to be perfect to an untrained eye probably won’t be an MS-70. Those are extremely rare, even though they have never been circulated.

It’s relatively easy to establish the grade of a silver dollar that you’re trying to sell. Just visit a couple of dealers. If you’re buying, you’ll need to be more cautious. If you buy Almost Uncirculated or Good-quality coins, you’ll have an easier time of it.

Read more about collection silver dollars.

An uncirculated silver dollar courtesy of the U.S. Mint
A Morgan Silver dollar that’s been in circulation Image Flickr: Jeffrey Beall

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Australia issues several silver dollars that are of interest to both collectors and investors. The popular Australian Koala and Kookaburra silver bullion coins are issued by the Perth Mint in Western Australia. But the Royal Australian Mint (RAM) in Sydney also issues beautiful, investment-quality coins.

When the RAM first opened in Sydney on February 22, 1965, it was the first mint in Australia that was not a branch of the London Royal Mint. The Duke of Edinburgh officiated at the ceremony and the RAM began the process of creating Australia’s decimal coinage.

Forty five years later, the RAM has produced more than 11 billion coins. In addition to issuing Australian coins and silver dollars, the RAM also mints coins for other South Pacific nations, including New Zealand, Papua New Guinea, the Cook Islands, Fiji, and Malaysia.

Courtesy of Royal Australian Mint

In 1993, the RAM introduced the first Australian Silver Kangaroo. This silver dollar has been produced every year since then. It has a purity of .999 and weighs one ounce. An image of Queen Elizabeth II appears each year on the obverse. And a different image of a kangaroo – the national symbol of Australia – appears on the reverse.

Together with American Silver Eagle coins, Canadian Maple Leafs, and the St. George Sovereign from the London Mint, the Australian Kangaroo has become one of the most collectible silver bullion coins in the world, valued as much for its artistry as its investment potential.

Because the mintages were limited in quantity, some of the older issues have shown strong appreciation in value. The 1998 and 2007 silver bullion coins are especially collectible. In 1998, 7,645 proof coins — the first in the series — were produced, and the portrait of Queen Elizabeth was changed to the Ian Rank-Broadley design. Proof coins have been available since then and coins with some gold plating were introduced in 2002.

For 2010, the design features a Yellow-Footed Rock Wallaby designed by W Pietranik. It is shown on a rocky ridge, typical of its New South Wales habitat. Listed as Vulnerable in the 1999 Environment Protection and Biodiversity Conservation Act, the Yellow-Footed Rock Wallaby is something of a success story in Australia, having bounced back in number.

There will be just 20,000 proof coins produced. The mintage on the frosted, uncalculated coin is unlimited.

Collectors and investors should strongly consider adding Australian Kangaroos to their holdings. Because the quantities are so limited, they are more likely to appreciate than coins with mintages in the millions. And because their silver content is slightly greater than that of American Silver Eagles, they are often the first choice of collectors.

Learn more about Australia’s other silver bullion coins, the Australian Koala and Kooaburra here.

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American Silver Eagle coins are one of the most popular silver bullion coins for collectors and investors alike. But the U.S. Mint isn’t the only one producing collectible silver dollars.

The Royal Canadian Mint has been producing the extremely popular Canadian Silver Maple Leaf since 1988. And China, Mexico, and Great Britain also issue silver bullion coins.

Australia has the distinction of having two mints that create and produce investment-quality silver dollars. The Perth Mint, which issues the Kookaburra, the Koala, and the Lunar Chinese Year silver dollars, and the Royal Australian Mint, which issues the popular Australian Kangaroo silver dollar.

The Perth Mint dates from 1899, when it was opened to create coins from a lode of gold discovered in neighboring Coolgardie and Kalgoorlie. Owned by the State Government of Western Australia, it was part of the British Royal Mint until 1970.

Today, the Perth Mint is recognized around the world for beautiful design and superb craftsmanship. They are the official issuer for the federal government of Australia’s gold and silver bullion coins. And the purity – 99.9% silver – and weight of the coins is guaranteed by the Australia government.

Australian Kookaburra silver dollars.

2010 Australian Kookaburra

In 1990, the Perth Mint produced the first Australian Kookaburra silver coins. Although the obverse, which features an image of Queen Elizabeth II designed by Ian Rank-Broadley, remains the same, the image of the kookaburra on the reverse changes each year.

Native to Australia, the kookaburra is a member of the kingfisher family that’s best known for it’s distinctive call, which sounds eerily like a human laughing. Because of that, he’s a favorite of Aussies and visitors alike who are enchanted by his infectious good spirits.

The 2010 design features a kookaburra on a large branch, facing right. One kilo, ten ounce, and one ounce versions of the coin are being produced with a face value of $30, $10, and $1. The one-ounce silver dollar is limited to a mintage of just 300,000.

Australian Koala silver dollars.

2010 Australian Koala

The Perth Mint issued the first Koala silver coin in 2007. Since then, it’s become a very collectible coin. Like the Kookaburra, the design of obverse features an unchanging Queen Elizabeth II, and the design of the koala on the reverse changes every year.

For 2010, one kilo, ten ounce, one ounce, and one-half coins are being issued. They have a face value of $30, $10, $1, and 50 cents, respectively. This year’s design depicts a koala sitting in a tree, eating eucalyptus leaves. It features a frosted background that makes the bright koala really pop.

Australian Lunar silver dollars.

2010 Lunar Year

First minted in 1999, Silver Lunar coins depict the twelve animals of the Chinese Calendar. The 2010 coin, the twelfth in the series, commemorates the Year of the Tiger. Previous issues show a rabbit, dragon, snake, horse, goat, monkey, rooster, dog, pig, mouse, and ox.

The 2010 design features a tiger in repose on the reserve with the inscription, “Year of the Tiger.” Queen Elizabeth II is on the obverse.

There are eight sizes available – ten kilo, one kilo, one-half kilo, ten ounce, five ounce, two ounce, one ounce, and one-half ounce. The ten-kilo coin has a mintage limit of 500, and the one-ounce coin is limited to 300,000.

The “P” mint mark appears on all Perth coins and they are available directly from the Perth Mint or from authorized dealers.

Read more about American Silver Eagle coins here.

Images courtesy of Perth Mint.

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