Hi Alex -- Apparently you have a genuine 1847 seated Liberty silver dollar without a mint mark, which is one of the more common dates.
If Alex's coin had no problems, i.e., it did not have the scratches and nicks as described, but was a typical, problem-free 1847 SL dollar, it would catalog about $300 US dollars in worn condition. With the damage, Alex, I am sorry to report you are probably down around $100 catalog value. Be sure you understand what 'catalog' means. Look in our Terminology definition page.
NEVER CLEAN A COIN. CLEANING RUINS VALUE.
These old silver dollar issues are quite scarce and are highly sought by collectors. If you have a well preserved coin with only a little wear, like the coin in the picture, it would be worth much more. Here are some typical catalog values:
worn: $250 US dollars approximate catalog value
average circulated: $400
well preserved: $400
almost uncirculated: $700
fully uncirculated: $2000
The values above apply to the common dates in this series. But there are some break-the-bank dates and mint marks that are worth much more. The values below are for coins in average circulated condition:
Then there is the 1870S SL dollar. Catalog value for this one *starts* at $100,000 in worn condition, and goes up from there, cataloging at 1 million straight in fully uncirculated condition!
There are also some decent dates, as listed below. The dollar amount after the date and mint mark is the approximate catalog value for average circulated coins.
1848: $700 US dollars approximate catalog value for average circulated coins
1863, 1864, 1865: $700
As always, and especially in recent times, one must be careful of counterfeits of valuable coins. Go to this CoinQuest page for a convincing fake.
If you have an undamaged seated dollar in better than average circulated condition, you should have it authenticated, graded, and encapsulated by one of the following professional services: PCGS, NGC, ANACS, ICG. Look these up on the Internet. Do not use other services.