Hello there! That's a great question. Figuring out what a pawn shop might offer for Morgan silver dollars can be tricky, as their main goal is to buy low enough to resell for a profit.
Based on the information available, you can generally expect a pawn shop to offer you a price based on the silver's "melt value," and even then, only a percentage of it. One source suggests that pawn shops typically offer around 50% to 60% of the spot price for silver. Since a Morgan dollar contains about 0.77 troy ounces of silver, they would calculate its current silver value and then make an offer based on that percentage.
For example, an account from one person who bought Morgans at a pawn shop provides a good illustration. They paid $18 per coin when the silver melt value was just under $12. This shows the kind of profit margin the shop needs. To be able to sell the coin for $18, the pawn shop likely paid the original owner an amount closer to that $12 melt value, or possibly even less.
It's also important to know that most pawn shops primarily value the coins for their silver content and are often not equipped to assess their numismatic, or collectible, value. If you have a Morgan dollar that is a rare date, from a specific mint, or in exceptionally good condition, a pawn shop's offer is very unlikely to reflect that extra collector premium. They tend to lump them all together and offer a standard price based on silver weight.
So, in short, while a pawn shop offers a quick way to get cash, the amount they will pay for a Morgan silver dollar will likely be a fraction of its silver melt value and will not account for any special collectible value it might have.
