SILVER DOLLAR REFERENCE GUIDE

How to sell Morgan, Peace, and 90% silver coins to a refinery

A refinery pays for the silver inside your coins, not for their collector value. Published policies checked October 21, 2026 pay 90% to 95% of the pure silver value for 90% coin silver, after the refinery has melted and assayed the lot. Fees, minimum lot sizes, insured shipping, and coin wear can reduce the check. Separate any collectible coins first, and get a dealer buy quote before you ship common coins to be melted.

Published refinery terms for 90% silver coins (checked October 21, 2026)

Published refinery terms for 90% silver coins (checked October 21, 2026)
Refinery	Published payout on 90% coin silver	Minimum and fees	Who can send
Midwest Refineries, Lakeland, Florida	90% of the pure silver (92% for hallmarked .999 bars and coins; 80% for .800 silver)	No minimum; states no other charges or fees. Wire $35	Individuals by mail, with driver’s license number and date of birth
Arch Enterprises, Mexico, Missouri	90% of silver value for 1964-and-earlier dimes and quarters (40% for silver nickels)	No minimum or fee published. Halves and dollars not listed; call for a quote	Mail-in with tracking
Dillon Gage Refining, Dallas, Texas	95% over 100 ounces; 90% at 100 ounces or less	$5,000 minimum lot; $30 assay fee per silver lot; wire $35	Approved accounts; first-time customers apply
Elemetal, Dallas, Texas	Not published; request a quote	No minimum lot size	Business customers only, such as coin dealers and pawn shops

What a refinery actually pays for

A refinery melts your coins into a bar, takes a sample, and measures how much pure silver is in it. That is called an assay. The refinery then pays a published percentage of the silver it measured, priced at the silver spot price on the day it sets your price. A Morgan or Peace dollar was made with about 0.7734 troy ounce of silver. Worn coins have lost a little metal, so the assay of a well-circulated lot can come in slightly lower than the coin-count figure.

For example, at a $57.46 spot price, one Morgan or Peace dollar contains about $44.44 of silver. At a 90% payout, the refinery would pay about $40.00 per coin before shipping, insurance, and any payment fee. That example is arithmetic, not a quote. The SalarsNet calculator uses the live spot price and applies each published policy for you.

Check the coins before anything is melted

Melting cannot be undone. Look at the date, the mintmark, and the condition of every coin before you send a lot. Some Morgan and Peace dollars sell for far more than their silver because of a scarce date, a sharp strike, original surfaces, or a certified grade. A refinery pays nothing extra for any of that.

Sort the coins into two groups: coins that might be collectible, and common or damaged coins such as heavily worn, holed, bent, or cleaned pieces. Price the first group with completed sales or a dealer. Only the second group is a good refinery candidate. If you are not sure, the guides below show how to check a 1921 dollar, a mintmark, and a raw coin against a certified one.

Compare a dealer bid before you ship to a refinery

Bulk silver dollar buyers often bid close to the full melt value for common circulated Morgan and Peace dollars, because they can resell them as coins. That can beat a 90% refinery payout by several dollars per coin. Ask two or three bullion dealers for a written buy price for the same number of coins, then compare each offer after shipping and payment fees.

A refinery tends to make the most sense for damaged coins that a dealer discounts, mixed lots of scrap silver, or a business that already ships metal to a refiner. For small lots, the cost of insured shipping can matter as much as the payout percentage.

How to send coins to a refinery, step by step

First, call or email the refinery and confirm its current payout percentage for 90% coin silver, any minimum, its fees, which spot price it uses, and when it pays. Published web pages can change without notice. Ask whether coins are melted together or whether they offer a return of unmelted metal if you reject the settlement.

Second, complete the refinery’s intake form. Midwest Refineries asks individuals for a driver’s license number, state of issue, and date of birth. Dillon Gage asks first-time customers to apply before they ship. Write your name, address, phone, email, the material type, and the approximate weight on the packing slip. Keep your own count and a weight on a reliable scale, and take photographs of the coins before packing.

Third, pack the coins in tubes or bags so they cannot move, put them in a strong box, and tape every seam. Ship with tracking and insurance that covers the full metal value. USPS Registered Mail is a common choice for valuable metal; check the carrier’s own rules for coins and bullion before buying the label. Do not write “silver” or “coins” on the outside of the box.

Fourth, watch for the settlement report. It should show the received weight, the melted weight, the assay result, the spot price used, the payout percentage, and any fees. Compare it with your own count and weight. Choose a check, wire, or metal exchange according to the refinery’s published options.

Keep records for taxes

Keep what you paid for the coins, the settlement report, and the payment record. The IRS lists coins as collectibles, and net capital gains from selling collectibles are taxed at a maximum 28% rate. A refinery or dealer may also be required to report some sales to the IRS. Ask a tax professional how your sale should be reported.

Use this guide with a real coin

Compare the actual item photographs and confirm current price and purchase terms on the named sales channel.

Browse Morgan dollars → Browse Peace dollars → Check silver content →

Primary references

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