Silver History
Coin Collecting : Buying Old Silver Coins
Silver was used to make coins prior to 1964, but its increasing value forced American currency to be made with other elements and alloys. Buy old silver coins that have the highest level of purity with tips from the owner of an antique store in this free video on coin collecting.
Expert: Rui Farius
Bio: Rui Farias has over 20 years of experience in collecting antiques and coins, and 15 years of experience in buying and selling antiques.
Filmmaker: Christopher Rokosz
Silver has attracted man’s fascination for many thousands of years. Ancient civilizations found silver deposits plentiful on or near the earth’s surface. Relics of these civilizations, include jewelry, religious artifacts, and food vessels formed from the durable, malleable metal. This metal took on near mystical qualities in marking important historical milestones throughout the ages, and served as a medium of exchange. The Mesopotamian merchants were doing just that as early as 700 BC.
In 1792, silver assumed a key role in the United States monetary system when Congress based the currency on the silver dollar, and its fixed relationship to gold. Silver was used for the nation’s coinage until its use was discontinued in 1965. The dawn of the 20th century marked an important economic function for silver, that of an industrial raw material.
Today, silver is sought as a valuable and practical industrial commodity, as well as an appealing investment precious metal. Many countries now issue silver bullion coins, among them the Unites States, Canada and Mexico. Private issue silver bullion is also available from select private mints.
Although silver is relatively scarce, it is the most plentiful and least expensive of the precious metals. The largest silver producing countries are Mexico, Peru, the United States, Australia and Chile. Sources of silver include; silver mined directly, silver mined as a by-product of gold, copper, lead and zinc mining, and silver extracted from recycled materials, primarily used photographic materials. Today, silver bullion stocks make up a significant component of silver supply.
The American Eagle Bullion program was launched in 1986 with the sale of gold and silver bullion coins. Platinum was added to the American Eagle Bullion family in 1997. A bullion coin is a coin that is valued by its weight in a specific precious metal.
Silver has been used as a medium of exchange since earliest recorded history, but silver coins – those minted by an authority either public or private – came on the scene in the eastern Mediterranean during 550 BC. By 269 BC, the Roman Empire adopted silver as part of its standard coinage and it was used throughout the trading world.
Until the late 19th century, most nations were on a silver standard with silver coins forming the main circulating currency. Although gold was also used in coinage, its higher value was not practical for everyday payments.
Today, Mexico is the only country currently using silver, albeit in small amounts, in its circulating coins. Other metals such as copper and nickel are more commonly used. However, in some countries pure silver still is used in specially-issued bullion, commemorative and proof coins which are sold at a premium price above their face value.
For example, Mexico offers a 99.9 percent pure (sometimes called 999 fine) silver Libertad ranging in weight from 1/20 oz. to 5 ounces. The U.S. Mint issues a 999-fine Silver Eagle bullion coin (a one ounce bullion coin with a face value of $1). The Royal Canadian Mint issues a 5 dollar 999-fine silver bullion coin, the silver Maple Leaf, and Australia offers a 5-dollar, 1 ounce 999-fine silver bullion coin, the Kookaburra. All of these have been popular with investors and collectors.
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