If you have an investment in silver, or perhaps a silver coin collection, you will no doubt be interested in the factors that influence the market. What is the price of silver per ounce today?
The most straightforward way to follow silver prices and track the value of your investments is to watch the spot price of silver, which fluctuates every few minutes depending on market forces.
The past few years have been quite eventful for silver prices. They have risen dramatically as a result of the continued instability of the global economy. Silver has benefited greatly from the increased demand for safe haven assets during this period as investors have moved away from currency denominated assets.
In the confusion of the times that we live in, many people seem to have no idea what the true value of money is. When people ask about buying or investing in gold and silver, especially American silver coins, the most frequently asked question is: What happens if I want to sell the coins? How do I get my money and where will I sell it.
The simple answer is that you can sell silver and gold coins almost anywhere. The issue is not whether you will get your money back, but rather how much will you get back. There is no doubt in my mind that when you invest in silver bullion coins, like the American silver eagle coins, that you’re not buying some item like a laptop that decreases in value the minute you get it home.
I mean, have you ever known a computer to increase in value? They’re pretty much obsolete after three months. Your dollar is losing value, put your money to work for you and hedge against the future. Buy silver bullion!
Why are American Eagles the top selling silver bullion coin in the world? Well, for starters, they extremely liquid assets because both buyers and sellers have the full guarantee from the U.S. Mint regarding the Eagles weight, silver content, and purity. This simple assurance gives piece of mind to both parties.
Since they are 1 troy ounce in weight, and the spot price of silver is always quoted in terms of dollars per ounce, all you have to do is look up the current silver spot price to know how much your Eagles are worth.
Since silver is considered to be a safe haven asset in times of economic uncertainty, American silver Eagles make a great addition to your IRA account to help reduce the overall volatility of your retirement account.
Since the price of silver has been on the rise, many are looking to their older coins for hidden value. Since U.S. coins minted 1964 and earlier have 90% silver in them, they have value that goes well beyond their face value. At today’s spot price of silver, these circulated silver coins are worth a small fortune, regardless of their condition.
Take for instance a Mercury Dime produced from 1916 to 1945. While a dime has a face value of just 10 cents, the 0.0723 troy ounces of silver contained in this dime makes it worth $2.72 at the current silver spot price.
At these prices, you might want to take a closer look at the coins stored away in the jar in your closet and cash-in on today’s high silver prices.
For those unfamiliar to both coin collecting and silver investing, understanding the difference between older silver coins like the Morgan silver dollar and a bullion coin like the American silver eagle can be a bit challenging, especially if you’re feeling pressure to invest in silver before prices climb even higher.
The differences are pretty straightforward, and not as complicated as they should be.
Basically, if you want to invest in silver for the sake of silver, then stick with the bullion coin. But if you are more of a collector at heart, then you should go for the old silver coin.
A bullion coin like the 1 oz American eagle is designed as an investment coin. With the exception of its proof editions, it is not really considered a collectible. It is what it is – 1 troy oz of .999 fine silver guaranteed by the U.S. government.
Its value is very easy to determine. All you have to do is look up the current spot price of silver. That’s it, simple and easy!
On the other hand, an older silver coin like the Morgan silver dollar can be valued in many different ways. There are a few key dates in the series that make these coins extremely valuable. In addition, the grade or condition of the coin are extremely important factors in determining their value. It can take an expert on older coins to really tell you what your coin is worth.
For these reasons, if you are new to the world of silver coins, it is best to start out with bullion coins like the American eagle while you get more familiar with the market and coins in general.
As silver increases in popularity as an investment option, many new investors unfamiliar to the world of coins sometimes have difficulty distinguishing between proof coins and uncirculated coins. The difference between silver proof coins and uncirculated silver coins is literally quite striking.
A good example is the American silver eagle, which comes in both a proof and uncirculated version. The uncirculated version is minted in far greater numbers, as it is produced for the investment market. Uncirculated is a type of grade assigned to a coin that has no wear. It has not been in circulation.
A proof coin on the other hand, is designed for the collectors market. These coins use specially polished dies, which gives the coins a reflective quality. The detail of the images is also greater on a proof coin, as the coin is struck not just once, but twice or more. This additional striking gives the proof coin exceptional quality.