All modern currency is descended from silver. The very first official currency were coins made of electrum, a naturally occurring mix of gold and silver. These coins were made by King Alyattes over 2,000 years ago, and nearly every country followed in his footsteps. Silver coins were the most popular form of currency until about fifty years ago, when they began to be replaced by paper bills. Today, silver coins are still valuable financial commodities, the only difference being that they are now far more valuable and precious.
Silver coins are traded by collectors and investors alike across the world, and are one of the most stable and valuable sources of wealth in the world. People, businesses, and governments all hold wealth in the form of silver coins. Silver coin values are determined by several factors, such as: The current silver spot price, the coin producer, the age of a coin, and the rarity of said coin. For instance, a 2017 United States Mint Silver Eagle might sell for about $20, while a similar coin made in 2007 will sell for about $70. Furthermore, a Morgan dollar (A former US dollar coin) from 1895 might sell for as much as $70,000.
The variance in silver coin values makes it difficult for beginners to properly estimate the actual worth of silver coins. This can be problematic for people who inherit or otherwise find silver coins, and are looking to sell. Thankfully, there are a few tricks that one who wishes to sell silver coins can use to gauge the value of his coins.
Firstly, one should look at the year printed on one’s coin. Nearly every silver coin has the date of its creation somewhere on its face, and knowing the date should give one an indication as to the possible price range. The second thing one should do is look for any sort of writing. Most silver coins have some sort of saying or mantra written on them that provide some clue to the coins’ origins. For instance, nearly all U.S. made silver coins feature the well-known Latin phrase “E Pluribus Unum”.
The last thing one should do when appraising a coin is look for the mint mark. A mint mark is a mark put on certain silver coins to distinguish genuine coins from counterfeits. One can find out what the mark is supposed to look like by looking at information online. These tricks can be used for preliminary evaluation, but it’s always best to get your coin looked at by an expert that sells silver coins. Talk to us, and we’ll tell you exactly how much you can get from your coins.