We have just celebrated the 150th anniversary of the “greenback.” It was authorized on July 17, 1861, and issued Aug. 10, 1861. What a difference 150 years make. The smallest denomination was a $5 Demand Note. If the possessor could have gotten five silver dollar coins for it or, even four dollars, those dollars in lower grade circulated sell for about $1,500 today So does the note. The silver at melt would be nearly $150 today. If you meet me at the ANA in a few weeks we could exchange a current $5 greenback for a hot dog maybe.
Proof silver Eagles are down because the marketers are using the current 2011 issue from the Mint so they are bidding less for older issues. This is a buying opportunity if you need any back dates.
Demand for Morgan and Peace dollars remains constant. While current bid sheets do not reflect it, some major buyers are paying 50 cents to a buck extra under the table for generic circulated issues. A key phrase that shows up is: “buying VG or btr dollars @ ___, not too fussy on quality.”
There has been somewhat limited activity on better date silver dollar issues with a few of the recent movers settling down a bit but there have also been a few perking up.
Proof sets are quiet with obvious activity in silver issues and not much else. Later date mint sets have taken a haircut over the last few weeks and as in proof sets the silver issues have moved up.