The decision to invest in silver is one of the most beneficial things you can do to secure a better, stronger financial future for yourself and your family. But now that you have made that decision, what do you do?
Many people start with silver coins, which is a great investment. But how do you know how much your coins are worth? It is essential to know this so you can make the most informed decisions possible.
The worth of your silver coins depends on different factors, such as the silver content, the specific type of coin it is, how much silver is currently selling for, and what the condition of the coins is. Here are some tips for determining how much your coins are worth:
Silver Content. Typically, coins with higher silver contents are worth more than those with less. Silver Eagles, for example, are highly sought after because they contain a full ounce of silver.
Pre-1965 silver dollars prices have a 90 percent silver content, which also makes these attractive to investors. The composition of the coin is important. For example, silver dollar coins made in the 1970s only contain 40 percent silver, therefore having lower silver dollar prices or value.
These types of coins will be worth much less to investors simply because they net less refined silver. It is best to look for silver dollar coins minted in or before 1964 or Silver Eagles for they have higher silver dollar prices.
Age and Rarity. When coins have a high silver content and are rare, these mean more value for the investor. Early silver dollars prices and coins, those minted in 1840 or before, are much less common and will sell for hundreds of dollars.
More common silver coins, like the Morgan Dollar minted between 1878 and 1904, are worth $5 – $10 per coin, much more than face value but less than early dollars because of the higher availability.
Spot Value of Silver. If you are unsure how much your silver coin is worth, you can at least determine how much the silver in the coin is worth. Often, silver dollar prices and coins are worth the cost of the refined silver they net when refined. Thus, those with higher silver contents will be worth more.
Check current silver prices before buying or selling silver coins.
Condition of the coin. Circulated coins net less refined silver, so they are usually worth less than uncirculated coins of the same type. Reduce wear as much as you can by minimizing handling and storing in an air-tight container.
What is the best coin to invest in? One ounce coins are a safe investment, and they will be quite profitable as silver prices increase. One ounce coins are stamped with the weight of the coin, instead of the silver dollar prices value.
It is easy to convert these to cash, and as the demand for silver grows, they will be worth exponentially more.