How to Buy Silver Minted U.S. Coins

In its long history, the United States has minted a wide variety of silver coins, some for circulation (before 1964) and many others for collectors or buyers of bullion coins. Buyers looking for U.S. silver coins likewise have a wide variety of options, from the familiarity of a local coin shop to the generally unregulated wilds of the Internet, as well as less common sources such as estate sales. Where you look for your silver coins largely depends on why you're in the market for them.

Instructions

1. Determine why you want to acquire silver coins. If you're interested in putting together a collection of a particular kind of U.S. silver coin for the sheer joy of collecting, paying retail (coin shops, mail order or the Internet) should be an acceptable option. On the other hand, if you aim to be an investor in rare silver coins, you'll want to seek the best price possible by looking for coins in places that dealers do, such as from private sources or auctions or the luck of the draw at estate sales or even flea markets.

2. Find a reliable retail source, if retail is acceptable to you. Often local coin shops are best for novice coin buyers because they're owned and operated by a old pro who wants to cultivate a long-term customer base by offering information about the hobby and prices that make him a profit, but which aren't exorbitant. Honest mail-order and Internet coin purveyors exist as well, but it takes more experience as a coin buyer to order from them without paying too much or getting too little. To test how reliable a particular source of coins might be, start small when buying coins from that source, and proceed to larger purchases as you establish a relationship.

3. Seek out less conventional sources of U.S. silver coins if you want to pay less than retail. This route isn't for everyone: it takes time, because you'll need to look for sellers who aren't coin dealers; it takes detailed knowledge of coins and their values, so you'll know a deal when you see one; and it takes some moxie to successfully bid for coins at a live auction or haggle over price at a coin show (also called a bourse) or otherwise beat out your competition, who make their living at this.

4. Consider buying U.S. silver bullion coins if investment in silver is your main goal rather buying coins with numismatic value. Since 1986, the U.S. Mint has made uncirculated as well as proof versions of the American Eagle coin, which contains one troy ounce of silver each. Each year the mint sells proof versions directly to the public and uncirculated versions through a network of authorized vendors. The price of American Eagles depends on the price of silver, plus a modest markup to cover the cost of minting and distribution.

Tips & Warnings

• Coins bought over the Internet in particular can be described in misleading ways.

References

• Famous Coin Collections
• U.S. Mint: American Eagle Silver Bullion Coins
• Coinflation