Silver continues to be a valuable commodity in the precious metals category. In April of 2023, it was trading at a price of $25 per troy ounce. For those interested in buying silver, this can be a worthy investment.
But did you know that there are different types of silver available? This versatile metal comes in a variety of other forms.
If you’re looking for silver options to add to your silver collection, then keep reading below for more information on this unique choice of precious metals.
1-oz. Silver Coins
1-oz. silver coins are produced by government mints. There are several different types of silver coins available. They have a 99.9% pure silver content and are always referred to by their names, country of minting, and prominent design.
The 4 main types of silver coins are:
- American Silver Eagles- $1 USD worth- United States Mint
- Canadian Silver Maple Leafs- $5 CAD worth- Royal Canadian Mint
- Austrian Silver Philharmonics- €1.5 EUR worth- Austrian Mint
- Australian Silver Kangaroos- $1 AUD worth- Perth Mint
All of these silver coins are considered legal tender in their respective countries of origin. The Canadian Silver Maple Leaf has the highest face value of all the other silver coins with a worth of $5 Canadian.
Both American Silver Eagles and Canadian Silver Maple Leafs are eligible for Gold and Silver IRAs.
Silver bars come in 1-oz., 10-oz., and 100-oz. sizes. 100-oz. silver bars are the most popular types of silver bars because they are easy to store and handle and they carry the lowest over spot premiums of all the other silver options. Silver bullion products are easy to sell when liquidated.
Most types of silver bars are .999 pure silver but the Royal Canadian Mint silver bars are .9999 pure silver and are serially numbered. This makes them ideal because they are more uniform in size which makes them easier to stack. However, the overall difference between .999 and .9999 silver is negligible.
1-oz. Silver Rounds
1-oz. Silver Rounds have a .999 fine (99.9% pure) silver content. They are also usually produced by private mints. Unlike 1-oz. silver coins, these types of silver are not considered legal tender. But .999 fine silver rounds are eligible for IRAs.
The most popular types of silver rounds minted are the Sunshine Mint Silver Rounds and Buffalo Silver Rounds. The Buffalo Silver Rounds contain a distinct Buffalo imprint on one side and an Indian head on the other.
The Sunshine Mint Silver Rounds have an image of an eagle soaring through the sun’s rays on one side with the words “.999 Fine Silver”, “Sunshine Minting,” and “One Troy Ounce,” on the reverse side.
90% Junk Silver Coins
90% Junk Silver Coins are called “junk” because they have no numismatic or intrinsic collector’s value. These particular types of silver coins are bought and sold solely for the value of their silver content. Junk silver coins are often circulated 90% silver US coins that predate 1965.
The other 10% of these coins contained copper. This means a “junk” silver dollar contains around .715 ounces of real silver content when it is refined down.
Find All Types of Silver Investments Today at OnlyGold
The different types of silver available make it easy for you to pick the right silver options for your investment needs. Buying silver can also be a great way to diversify your investment portfolio. For collectors, a silver collection provides a fun way for enthusiasts of precious metals to build up their catalog.
Whatever your reason is for buying silver, OnlyGold is your source for knowledge and expertise in the precious metals industry. We are a family-owned and operated business. Our helpful non-commissioned brokers will guide you through the process pressure-free.
Contact us to start your precious metals investing journey today.