What Silver Coins are Worth the Most?
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Investors often buy silver coins expecting the prices of silver to rise in the future. The other reason that investors are often interested in buying the white metal, is that it provides them with an easy route to enter the precious metals market. This is because silver is a lot cheaper than purchasing gold and large quantities of silver can be bought at the same price that one would pay when buying a small amount of gold. However, the silver market is not limited to only those coins whose value is decided by the spot price of silver. There are plenty of rare and old silver coins that command large premiums based on their scarcity and history. Today, we will explore some of the best and rarest silver coins in the market
Rare coins with history are always worth more than coins based on weight alone. Collectors are willing to pay huge premiums for scarcity. Some Morgan Silver Dollar coins worth 1$ Face value and £8 melt value, are actually worth over £300k due to their scarcity. Based on weight alone, the popular 1kilo coins such as the Perth Mint Koalas and Kookaburra coins are worth around £500 each.
The coin was the first dollar coin to be minted by the US Mint. In the US, the coinage act of 1792, paved the way for the establishment of a new Mint. At the time, the Spanish silver dollars were already being used in the US. The Flowing Hair Dollar contained 0.773 ounces of 90% silver. The coin is valuable due to its rarity and one of these coins fetched $10 million at an auction in 2013.
Popularly known as the Draped Bust Half Dollar, the coin was minted by the US Mint as a replacement for the flowing hair dollar, due to its unpopularity. The Draped Bust Half Dollars were minted in 1796 and 1797. These coins featured a new design, called the ‘Small Eagle’. Since the coins were minted in two subsequent years, most collectors prefer to complete their set by acquiring the half dollars, with the Small Eagle from both years. It must be noted that the scarcity of this coin is because very limited numbers were ever minted. 1796 witnessed only 934 of these coins being made, while a further 3,000 were minted in the next year. A 1797 Draped Bust Half Dollar fetched US$1,527,500 in an auction in 2015.
This historic coin became a part of US coinage for a little more than 30 years from 1840 to 1873. It is considered historic since it was the last silver dollar minted by the US Mint prior to the coinage act of 1873. The coinage act was an important milestone for the United States, as it would put the country on the gold standard. Well, by 1870, the production of these coins had been moved to other cities like San Francisco. These are very rare and an 1870 Seated Liberty Dollar produced in San Francisco was priced at US$1,092,500 in 2003.
Despite the nation being on a gold standard, a financial crisis prompted the US Mint to produce the Morgan silver dollars. These were minted from 1878 to 1904. It was named after the design of the coin, George T Morgan. Due to the limited numbers of production, the coin is considered to be very rare and one of these was sold for $ 881,250 in 2013.
Physical Gold is a highly reputed precious metals dealer in the country. Our advisors are best placed to discuss your silver investments and identify the best silver coins for you to buy. Please call us today on (020) 7060 9992 or get in touch with us online, via our website.
Image credits: Northern Lights Numismatics and Public Domain Pictures