One of the first ever types of currency, would probably be the silver coin. Produced by the ancient Greeks and Persians, they were in use as long ago as 600 BC. The silver gold coin was also around at this time, but was just a crude mixture of the two.
Because silver could be melted down, and had a relatively high value to weight ratio, it was ideal for coinage. It was also extremely tough and long lasting, and only really fell out of favor when paper money became standardized and easier to make. With the price of gold being so high these days, many people are choosing to collect or invest in silver coins instead, and they’re back in favor.
The value of a silver coins is dependant on many factors. These include the age and rarity, the percentage of silver, and the general quality. As a commodity, the coins are also affected by the price of silver itself, which tends to affect the prices of the cheaper ones much more than the expensive ones.
Oddly enough, when the manufacture of coin silver dollars started in 1794, they didn’t always contain silver. Any coin worth a dollar, and made from white metal, earned the name. Not surprisingly, idealists prefer them to contain some actual silver!
An assortment of commemorative coins are minted by the US. These can only be bought privately by collectors. Named ’rounds’, instead of coins, they are a standard weight and size, and aren’t made to be used as actual currency.
Depending on whether you simply want the coins for their general value, or if you actually want to start and maintain a collection, investment can be done in two different ways. Silver ’rounds’ are one way of investing in silver. All the coins are the same weight, and same purity level. Value depends mainly on what the stock markets are doing, but they’ll all be worth the same
Secondly, you can build up your own unique collection, by choosing a favorite country or era. Enjoy finding out about each coin, their individual prices, and worth, and try to collect sets, which can obviously demand a much higher price. As with antiques, certain trends will affect the value of a collection. Their country of origin, and the quality of raw ingredients will obviously have an effect, and you could soon be totally absorbed in your new hobby.
Unfortunately, there are counterfeit versions of both available. At least the bullion ’rounds’ only have a certain value though. A collectible silver coin can be worth an awful lot more.
Eric McMillan is an ex real estate guy, who markets online and is a coin collecting fanatic. Visit his site for more information on the history and value of silver coin. While you’re there, grab your complimentary copy of his Guide to Gold and Silver Coins.