How coin values are actually determined
Every coin has at least two prices: what it is worth as metal, and what it is worth to a collector. Most confusion in this hobby — and most bad advice on the internet — comes from mixing them up.
1. Melt value first
For silver and gold coins, the floor is the metal. A common-date Morgan dollar contains 0.7734 troy ounces of actual silver; a 1964 Kennedy half contains 0.3617. Multiply by the spot price and you have the melt value — the number below which the coin almost never falls, because dealers buy common silver by the bag as metal.
2. Then grade
Collector value is a function of three things: mintage, surviving population, and condition. Condition dominates. The same 1881-S Morgan can be a $50 coin in worn grades and a four-figure coin in mint state, because millions survive worn and few survive untouched.
3. Then ask which price the guide is quoting
Guides disagree because they measure different things:
| Source type | What it tends to show |
|---|---|
| Dealer retail guides | Ask prices — what a dealer hopes to get |
| Auction results | Realized prices — what actually sold, with fees |
| Wholesale (greysheet) | Dealer-to-dealer bid — what a dealer will pay |
A coin's honest value sits between bid and ask, closer to whichever side of the table you are on. Any guide that does not show a date and a source should be treated as decoration.
Where we are going
This guide is growing page by page, starting with the series collectors ask about most:
- Morgan silver dollar values — melt math, key dates, and how grade moves the number.
- Kennedy half dollar values by year — the three metallic eras of 1964, 1965–1970, and 1971 onward.
- Wheat penny values — the honest baseline for 1909–1958 cents, and the key dates that pay.
- 1943 steel penny value — the wartime steel cent, the magnet test, and the famous bronze errors.