Although gold is far more valuable than silver today, there was a time when silver was actually more scarce.  Prior to the Comstock Load, made public in 1859, the supply of silver was too spotty for consistent production of U.S. silver dollars.  In fact, none were produced between 1804 and 1836.

The vast flow of silver from the Comstock Load enabled a steady stream of silver dollars until the silver supply ran out in 1904.  Between 1918 and 1921, 270 million silver dollars were melted down in order to comply with the Pittman Act of 1918.  And U.S. silver dollars were minted again for a brief time, starting in 1921.

By 1926, silver was in short supply again, and in 1928, production of silver dollars was halted, once again.   To honor U.S. Silver Certificates — dollar bills that could be redeemed for silver — some Peace Dollars were issued between 1934 and 1935.

Since 1935, U.S. dollar coins have either not been silver — such as the Eisenhower Dollar, the Susan B. Anthony Dollar, and the Sacagawea Dollar — or have not been intended for circulation– like the American Silver Eagle coin.  

There are lots of reasons to collect coins.  Beautifully designed coins are tiny, portable works of art.  The best typify the aesthetic of an era — glimpses into another time and place.  And there’s something about being able to feel the relief of the design and the ridges along the rim that makes them even more special.

It doesn’t have to cost a lot of money to get started.  In fact, you could start collecting coins by  just sorting through the coins in your pocket or coin purse and setting them aside in some sort of order.   Once you start paying attention, you’ll be surprised by how many types of coins are in circulation.  

There are lots of coins you could collect.  But U.S. coins are the most collectible, trade the most quickly, and have the most collectors.  You could collect pennies, nickels, dimes, quarters, or half dollars.  But there’s no denying that silver dollars are the most appealing.  The designs are lovely. Silver is a beautiful metal. And there are nice quality coins available in the $20 – $35 range.

So how do you know which coins to buy?

There are several strategies you could adopt.  If you’re collecting as an investment, try to collect a set of coins that have a common denominator.  Specializing in coins released by one mint is a good strategy.  Carson City — “CC” — coins are the most valuable, and expensive.  But “O” coins from New Orleans, or “S” coins from San Francisco are both affordable and highly valuable.

Another method is to collect coins from the same year from all five mints.  This will be a bigger investment, but it will also be more valuable in the long run.  Depending on the year and condition, you could expect to invest about $5,000 and up.

Morgan Silver Dollars are the most collectible because there are lots of good quality coins that are readily available.  Know fair market value of the coin you’re interested in before you buy.  You can consult one of the online buying guides such as www.numismedia.com or buy the Official Red Book Guide to Coin Prices.
Read more about Morgan silver dollars here.

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