So now you’re at the point where you need to know what kind of silver you actually want. This is the biggest question posed by consumers, and it’s the easiest to answer based on a few different things from the ability of the silver to be exchanged to whether or not you want a long-term or short term investment. The simple fact is that you’ll never be able to buy a coin ‘at spot’, which is the raw price of the silver. It’s virtually impossible as the dealer would lose money, and therefore everyone must pay a small ‘premium’ per sale — a figure that is ‘over spot’.
No matter what you’re buying, you will be dealing with spot prices, and it can make a difference in your purchase — especially in bulk orders. But the simplest way to break down each option along with the benefits and negatives is to list them separately, and then breakdown the results. We’ll discuss traditional spot prices for each one as well.
American silver EagleWhen getting into silver investment, you will likely hear the most about silver coins over bars and rounds (which actually are not coins). The first notable aspect about coins is that fact that silver coins are minted specifically by the federal government, which actually offers an official guarantee of both weight and silver purity for each coin from the mint. This allows for a simpler rate of exchange in an emergency situation as silver coins have a very high reputation when accompanied with the appropriate documentation (and you can even verify the integrity of a coin on the US government website), but it also means you’ll be paying a lot more over spot price for these government-guaranteed coins. When supplies increase, however, you can see a reduction in prices over spot.
In the United States, the American Silver Eagle is the only federally minted coin. When it comes to other nations like Canada and Austria, however, you have other options. The popular coins by country are as follows:
•United States – American Silver Eagle
•Canada – Canadian Maple Leaf, Canadian Silver Cougar
•Austria – Silver Philharmonic
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