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At $500/oz. silver, would all circ. Peace dollars be junk bag candidates?
Overdate
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I've noticed that prices of circulated Peace dollar keys, such as the 1921 and 1928 Philly issues, have remained stagnant over the past few years, while the common dates have risen sharply to reflect their bullion value.
If silver reaches $500, every circulated Peace (and Morgan) dollar will melt at around $375. That's approximately the current price for AU 1928 and 1934-S dollars, the two most expensive coins in that grade. So if the premium on those two coins decreases or remains steady, they and *all* other circulated Peace dollars will fetch the same price as a F-VF 1922.
Do you think this scenario is likely? If so, will it effectively end the practice of assembling date/mm sets, reducing Peace dollars to the status of type coins?
If silver reaches $500, every circulated Peace (and Morgan) dollar will melt at around $375. That's approximately the current price for AU 1928 and 1934-S dollars, the two most expensive coins in that grade. So if the premium on those two coins decreases or remains steady, they and *all* other circulated Peace dollars will fetch the same price as a F-VF 1922.
Do you think this scenario is likely? If so, will it effectively end the practice of assembling date/mm sets, reducing Peace dollars to the status of type coins?
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I don't think people would melt key dates. At least I hope that they wouldn't.
I'd also hope that dealers would keep them.
Steve
<< <i>If silver reaches $500...Do you think this scenario is likely? >>
No, not $500/oz silver. But $100 to $150/oz silver, yes, I think that is very likely within the next 2-5 years. Silver has some catching up to do I think within the next 6-12 months. I think a year from now we'll be looking at $60/oz no problems...
--aap