Why Old Silver Coins are Worth More

16/05/2013 16:56

Do you have a phobia? If so, you are not alone. Personally, I think clowns are the creepiest thing on earth. Actor Billy Bob Thorton fears old furniture. No matter if you are terrified of elbows or heights, the feeling is the same. However in regards to those who are scared of old silver coins, you may want to get some help for that anxiety as old silver coins are worth more than newer varieties produced by the United States Mint.

The precious metal called silver is as old as time and the earth. For over 10,000 years man has utilized various forms of tender including options such as shells, cattle and coin. Circa 1000 BC to 500 BC, man starting producing silver coins and gold coins in various regions including but not limited Asia and the region currently known as Turkey. From that time on, currency including silver coins went into effect and in America’s earliest history, there was not one type of silver coin favored over another.
That changed after the American Revolution, courtesy of the Coinage Act of 1792. That legal maneuver authorized the production of silver dollars and the minting of other American silver coins like dimes, quarters and half dollars. For hundreds of years, precious metals were what coins were made of. However, hundreds of years later, thanks to rising silver prices, the silver weight of the silver coins started to be more valuable than the legal tender amount of silver coins’ face value.
It was in 1965 that the United States mint switched from minting silver coins using 90 percent silver) to a sandwiched coin forged of copper and silver. The last silver coins minted to be legal tender were produced in 1964. That is why individuals who end up with old silver coins as spare change should feel free to pull that coin out of circulation and put it aside. 
Okay, so maybe despite knowing that old silver coins or worth more, you still have the heebie-jeebies about old silver coins. Consumers can actually load up on plenty of freshly minted silver coins, silver bars or silver bullion in order to accumulated a hefty silver investment. The United States Mint produces 1 oz silver bars and other silver options with a mix of  99.93 percent silver and 0.07 percent copper (just to give the silver coins a little strength).