There are many reasons why people choose to buy silver coins, many buy silver coins for investment purposes, some buy silver as a hobby, and some buy silver coins in order to build a collection that they can pass on to future generations. Before buying silver, it is wise to know the value of the coin first.
Silver Coin Content: The value of silver coins minted before 1964 and containing 90% silver will vary depending on the activity in the silver bullion market. On the other hand, rare silver coins get very little of their value from their metal content.
Find out how many copies there are for that particular coin: Locate the mint mark on the coin, the mint mark can usually be found on coins minted before 1968 on the reverse side of the coin while mint marks can be found on coins minted after a year 1968 is usually found on the obverse of a coin. Mint marks indicate where the coin was minted.
Another thing to pay attention to is the year the coin was minted, which can be found on the obverse. By knowing the date the coin was minted and where it was minted, you can find out how many copies of the coin were minted. A coin price guide and coin encyclopedia can provide you with this information. Coins with fewer coins tend to be the most valuable coins.
Consider the condition of coins: does a coin have luster, luster is when light is reflected off the surface of the coins. The luster of coins diminishes when the coin is exposed to wear and tear.
Consider the color of the coin, does it have a natural color of silver, is the color vibrant? A coin can be discolored by chemically cleaning or handling it.
Find out if the coin has any scaling due to improper handling or packaging and consider the attractiveness of coins in general because the less attractive the coin is, and the more streaks there are, the lower the value of the coin is likely to be.
Keep in mind the coin’s rarity and demand. Rare and high-demand coins tend to be more valuable. Coins can also increase in value if they hold historical significance.
One of the most popular silver coins is the 1 oz American Silver Eagle. The American Silver Eagle is the official silver bullion coin of the United States. It was first issued by the United States Mint on November 24, 1986. It has a face value of $1 and is guaranteed to contain 99.9% silver. The front design features the phrase “Walking Liberty” by Adolph A. Weinman and the rear design is a prominent silver eagle behind a shield holding an olive branch in a talon and arrows in the other. It is US Mint approved and produced at mints in Philadelphia, San Francisco, and West Point.
Silver eagles are very popular among investors to become the best-selling currency in the world and it is one of the easiest and most affordable ways to invest in precious metals. As silver prices rose, so did the value of Silver Eagle bullion coins. Silver Eagles cost more than similar bullion products, but again sell for the highest bid price for silver bullion in North America. American Silver Eagles are minted and guaranteed by the United States Government and are legal tender at a price of $1 USD. Also, US law allows them to be included in an IRA retirement account. All these factors make American Silver Eagles very attractive to any buyer of silver.
There are advantages and disadvantages to owning American Silver Eagles. The advantages include protecting your savings from a global financial crisis, they are globally recognized, highly liquid and easy to sell. However, while silver will likely never lose its appeal, you can’t sit at your computer and sell silver in a matter of seconds as you would with common stocks.
Selling coins will require more effort, but your coins will be more liquid in times of market downturn. Another minor drawback to owning Silver Eagles is securing the safe storage of hard assets that can be a secret hiding place in your home, home safe, or bank deposit box. In the long run, the advantages of owning American Silver Eagles outweigh the disadvantages.