Silver coins and bars have been used for legal currency and trade for as long as people have been buying and selling goods and services. Even In today's world of paper money, silver is still accepted as payment in full.
Although it is not common, having physical possession of silver coins and / or bars is becoming more and more popular. This stands to reason considering the global economic conditions surrounding paper money and itsability to maintain a stable value. With that said, before you can sell or exchange your silver you must first determine its actual worth.
- Call a reputable precious metals dealer. Ask for the going spot price on silver bullion per oz. This is what is called the melted down value of a coin or bar.
- Know the level of purity or the silver content of the coins you have. Some of them could be anywhere from 10% silver content to up over 90%. While other may vary well be.999 pure.
- If you only have silver coins, check there age, find out if they are rare and hard to find. The Sheldon grading scale is a good place to do some research.
- Do a little investigation on where your coins or bars were minted. Was it from the first batch ever made from that location? Did the mint put them into circulation? Were they a part of a set? Can they still be ordered?
- Just because a coin is old, does not mean it is rare. The supply may be high and the demand low. Doing as much research as you can, will help you determine more specific information.
- If by chance you find you have a silver coin of rarity and high value, do not clean it! I found this out the hard way. The price to be paid for such a coin will drop as soon as you brush off the dust. Leave it be and get it to an expert for inspection.
Whether for investments or your personal use, silver has been the talk of the town these days. With the market prices going up and down, its still out performing paper money. The one thing that is consistent is silver bullion and silver coins are holding value. This has been the case for a long long time and its sure to continue.
Do not be surprised if one day in the near future, you'll go into the grocery store and the cashier will ask you if your paying in silver coin today.