We will discuss why everyone should buy silver dollars, what junk silver is, why you should own silver coins and more. In addition, we will talk about the future of silver and the history of silver.
Many investors recommend including precious metals like silver in your investment portfolio. It’s important for everyone to own silver. Here we’ll discuss the history of silver, why everyone should buy silver dollars, how to buy silver dollars and the best silver coins to own. Commodities such as silver (and gold) have stood the test of time. In fact, silver has been money for thousands of years. So, it makes sense to find the cheapest way to buy silver.
When buying silver dollars, you will have several options. One option is to buy junk silver. Another option is to buy new or uncirculated silver dollars. There are also coins that have a collectible or numismatic value, but we won’t address those here. Let’s get into the basics of silver coin investing.
History of Silver
For thousands of years, silver bars and coins have been used as currency. Silver has the properties of money, which are portability, divisibility and tangibility. In fact, money was backed by silver and gold until 1933. Read more about the “US Dollar History: How the Dollar Became the World Reserve Currency” to learn more.
Why Everyone Should Buy Silver Dollars
Silver is real money: It is Tangible, Secure, Private and Maintains Its Value Against Inflation
Silver is real money, which is tangible and is backed by something of value. You can hold it in your hand. Moreover, silver cannot be taken from a bank account. Hackers cannot steal silver from your computer, like Bitcoin. Finally, silver is kept safely and privately in a secure location. These are some of the great reasons why investors buy silver dollars.
Real money is resistant to inflationary forces and has a value that is based on demand. First, silver has a long history of maintaining its value against the currency of the day. No matter what the value of a dollar is, one ounce of silver is always equal in value to one ounce of silver. Finally, silver maintains a special balance with the value of gold, which fluctuates.
Silver is Affordable and Practical
When you buy silver dollars, such as the American Silver Eagle, you are purchasing an insurance policy. If the Dollar or the American economy weakens, silver typically holds its value. Currently, silver one-ounce coins sell for approximately $25. Moreover, silver coins easily fit in your pocket or purse. They can be used as gifts or exchanged for cash.
Silver Has a Limited Supply and Growing Demand
The Supply of Silver Is Finite; Demand for Silver Includes Industry, Jewelry and Money
There is a limited supply of silver on Earth. Silver Miners throughout the world have a finite quantity of silver available for mining. At some point, the amount of silver removed from mines will diminish and become zero.
At the same time, silver demand continues to grow. First, silver has many uses in technology, jewelry, medicine and money. Furthermore, jewelry made of silver has been popular for millennia, and continues to grow in demand. Next, there are many industrial uses for silver including batteries, solar panels and electronics. In fact, more than 50% of silver mined today goes to industrial use. Finally, silver coins remain in demand all over the world.
One other important point about silver is that it has traditionally outperformed gold in bull markets. For example, from 1970 to 1980, silver increased in price (compared to US Dollar) by over 3,000%.
Real money is sound money. When you buy silver dollars, you are purchasing sound money (which is distinctly different from paper currency).
How to Buy Silver Dollars
Buying junk silver has never been easier. Many silver sellers are competing for your business online and at your local coin shop. We’ll discuss coin shops in more detail. We won’t discuss purchasing paper contracts or electronic funds. Buying silver shares is not recommended. If you cannot hold silver in your possession, it is not secure.
The other option for buy silver dollars is buying online. When you buy silver dollars from a website security has greatly improved in recent years, but you must do diligent research to verify the buyer. Only buy silver dollars from established suppliers that have been around for a long time and have positive feedback. Preferably you can get a recommendation from a friend.
Silver Coin Dealers and Coin Shops
There are several methods to buy silver dollars coins and silver bars. The first option is to search for reputable coin dealers near where you live. Ask friends or look online for reviews of the local shops that buy and sell silver coins. Next, visit several coin dealers or coin shops in your area and get to know who they are and what they offer. Find a dealer who you enjoy dealing with and who is knowledgeable about silver and silver coins. Ask questions, like how they determine silver spot price. In addition, determine what fees apply. Get comfortable with whom you are dealing and get to know them.
Best Silver Coins to Buy
Silver Coins Recognized Around the World Include: Silver Eagle, Maple Leaf, Philharmonic, Panda and Britannia
Now that you understand the history and significance of silver and why buying real silver coins is important, let’s explore the best silver coins to buy. This is the cheapest way to buy silver. It’s also one of the easiest ways to stock up on silver.
There are five important one-ounce silver coins that are important to buy. The five most highly regarded silver coins are:
- American Silver Eagle
- Canadian Maple Leaf
- Austrian Philharmonic
- Chinese Silver Panda
- British Silver Britannia
These are the best silver coins to buy because they are recognized and trusted around the world. These coins are minted with precision and integrity. The minting is overseen and secured by the respective governments who are involved. When you travel around the world, all of these coins are well-known and recognized universally. Buying any one of these is considered to be a relatively safe bet. And you can buy silver dollars in any of these denominations.
Best Junk Silver Coins
One often over-looked market for buying silver coins is the junk silver market. Junk silver coins are simply used silver coins that show wear and have no numismatic (collectible) value. Buying junk silver coins can be fun and rewarding, and tends to be low risk. Junk silver coins are typically sold near their silver melt value; however, recently, junk silver has traded at a premium because of higher demand for metals.
As a general rule, most pre-1965 silver coins in the United States are at least 90% pure silver. The most popular junk silver coins in the United States tend to be:
- Morgan Silver Dollars
- Peace Silver Dollars
- Franklin Half Dollars
- Walking Liberty Half Dollars
- Roosevelt Dimes
- Washington Quarters
What the Future Holds for Silver
We at Piggy Bank Coins believe that silver has a bright future. Holding a tangible asset such as silver will always be highly regarded by investors. When you buy silver dollars for your investment portfolio it is considered by many to be a safe and secure option. It’s important to grow your wealth, but retaining a portion of your wealth is critical too. Silver is a real, tangible money that can be a store of wealth for a lifetime. We believe demand will continue to grow and that investors should continue to hold silver.
Get a copy of the “Free Gold and Silver Buyer’s Guide” today. It’s free and has some great information in it about investing.
If you want to learn about the history of money, check out Mike Maloney’s free “Hidden Secrets of Money” video series. It’s a goldmine of information that can help you better understand money and where the world stands today financially. Highly recommended!
It is important to note that Piggy Bank Coins does not provide financial advice. We don’t endorse or recommend any financial investments. Instead, we provide information for educational purposes to those seeking knowledge regarding personal finance. However, in the spirit of transparency, note that the author is an investor in cryptocurrencies, precious metals and some equities.
In addition, The Federal Trade Commission (FTC) requires that Piggy Bank Coins disclose to readers that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. Moreover, we try our best to keep things fair and balanced, in order to help you make the best choice for you.