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Silver has formed the basis for coins for thousands of years. In fact, it has been more commonly a part of currency than gold due to its greater relative abundance.
Paradoxically, the greater numbers of silver coins necessarily translate into greater numbers of rare silver coins, since there are more opportunities for coins to become rare items. That fact, combined with (generally) lower prices on them, may mean that your best option for a collection is through rare silver coins, rather than rare gold coins.
To be clear, some silver coins are genuinely pricey and go far beyond the prices on almost every coin, regardless of its composition. One silver dollar - a 1794 coin in mint condition, sold for more than $10 million in 2013.
Whether you want to go for one of those or something a bit more down-to-earth, this page is your guide to getting started with rare silver coins.
The sections below will detail some of the rarer silver coin series you’ll encounter in the US market. To be clear, though, we are avoiding some of the more obvious collectors’ items because everyone instinctively understands why these would be valuable.
The US has been officially minting coins since 1794. Both the US Mint and the coins themselves (along with the selection of the dollar as the currency) were authorized by the Coinage Act of 1792. For most of US history, the laws mandated that various coins be minted in 90% fine silver, which infused them with some immediate value off the bat.
Naturally, any early coinage from these times is valuable not only due to its rarity, but its historical significance or presence during major historical events in American history. Any coins minted in the 18th century were contemporaneous with Washington, Jefferson, and the like, and are important historical artifacts.
We would like to posit that any silver coin you find minted before 1891 is extremely likely to be valuable. The first four silver coin series are:
Even the Seated Liberties are going to fetch a pretty penny, and any Flowing Hair pieces are nothing short of treasure and likely portend a treasure-like payout for you. However, it is quite unlikely that you will encounter any of these coins outside of major coin collections, museums, or top auction houses. So, here are some rare silver coin series that are a bit more manageable for regular collectors.
We’re cheating a bit, though. The smallest denomination of coin commonly made with silver is the dime, and some of its earliest examples are still available for somewhat reasonable prices.
Dimes were not part of the original issuance of coins in 1794 and missed out on the Flowing Hair design, but there are plenty of examples from the Draped Bust and Capped Bust eras that are particularly attractive collectors’ items.
Lady Liberty was the most common subject of almost all US coins during the first two centuries of the country’s history. However, the way she was portrayed varied from era to era, and the coinage is so named according to those design choices.
The Draped Bust dimes feature a design from engraver Robert Scot. His depiction of the goddess faced her to the right and included a drape-like wrap around her shoulders and upper chest. The reverse of the dime features a design of a heraldic eagle, a common design that also appears - in a different version - on the presidential seal.
The Draped Bust era gave way to the Capped Bust era. In this iteration, the dime featured Lady Liberty wearing a Phrygian cap on her head, a classical symbol of freedom borrowed from Greek antiquity. The Capped Bust dime also placed the goddess facing to the left, presumably a design choice that William Kneass - the US Mint’s second Chief Engraver - made to distinguish it from the previous dimes.
The reverse also displays an eagle, but in a much more natural setting. The magnificent bird appears to be waking from a roost and preparing to take flight.
There are two X factors driving the value of one early dime over another. The first is its condition. If a dime from this time period is found to be in mint or near mint condition, it is far more desirable than one displaying visible damage and wear. Needless to say, wear and tear is the standard for any object 250 years old, so investors must take great pains to preserve them in their undisturbed state.
The other issue is the fact that early minting processes and machines were more primitive and less standardized than modern versions. Thus, it was quite common for a mintage to produce error coins - those with defects inflicted during the production process, rather than as a result of usage or mishandling.
So, as is the case with all collectors’ coins, any early dimes found with errors, such as doubling of features, unusual blobs in the design, or off-center strikes, are much more likely to be valuable pieces.
Silver dollars existed as common currency in the United States for most of its history. However, there are a few versions of the silver dollar that exist in the sweet spot for rarity and cost. One of them is the Morgan dollar.
The US Mint issued Morgan dollars between 1878 and 1921. They featured the familiar symbols on their obverse and reverse - a portrayal of Lady Liberty and an eagle, respectively. Their name is derived from their designer, George T. Morgan, who would become a chief engraver at the US Mint later in his career.
The timing of this coin is significant, as it coincided with the Wild West, the Industrial Revolution, and World War I. In other words, the Morgan dollar was a coin used by Thomas Edison, Alexander Graham Bell, and Billy the Kid, among others.
Needless to say, this is a coin with plenty of history, a touch of rarity, and some particular examples that are quite valuable. Morgan dollars are available for as little as $31, in some cases, but there are a few versions from various mints or with various errors that can be worth tens of thousands of dollars. There are even a select few that breach the $1 million mark, so owning a Morgan dollar can be a very lucrative and expensive thing to do.
The material demands of World War II put the US Mint in a very strange spot. Metals like copper and nickel became incredibly valuable commodities due to their usage in ammunition, weapons, and other military supplies. Thus, the Mint had to find alternative metals to craft many of their coins. So, in addition to creating pennies with steel, the presses fashioned nickels with planchets made of 35% silver, 56% copper, and 9% manganese. Due to the circumstances, these pieces came to be known as “war nickels.”
We mention these as an option because they are inexpensive as collectibles. Some of them are available for no more than $0.10, but many are worth a dollar or more. Select war nickels are worth as much as $10,000.
While that top figure pales in comparison to some of the other options, the war nickel’s colorful history makes it an attainable collectible with a fascinating story. If you’re trying to get started with rare silver coins, war nickels are a very good place to begin.
Investing in rare silver coins is a good idea because of their risk/reward ratio. While there are some quite expensive rare silver coins in the world, the reality is that most of them are affordable due to the low underlying spot price of silver.
Where gold is trading for thousands of dollars an ounce, silver’s price has remained manageable for decades and has never demanded more than $33 (and change). So, barring other factors like coin errors, rarity, or historical significance, a silver coin doesn’t cost anything close to the amount that a gold one does.
So, you can take some risks on investing without exposing too much of your budget in the process. If you can get lucky or be in the right place at the right time, you may come away with a silver coin worth far more than its face value.
People acquire coins in different ways. In some cases, you may discover a silver coin during your daily life.
For instance, you may receive a silver coin as part of an inheritance or bequest. You may also find one forgotten in a relative’s personal effects. You may even see one at a garage sale or swap meet.
If you simply receive one, the first thing to do is to authenticate it. Contact us, or your local coin shop, or even a trusted jeweler to help investigate. Truly rare silver coins may require both a trained eye and magnification to detect.
The best thing to do is contact a professional coin grading service for help. If you can get them to review and place their professional seal on their findings, you’ll be in a good position to keep or sell the silver coin.
If you must pay a nominal fee, do your best sleuthing on your phone that you can. Try to see if the seller’s price is reasonable in the context of the coin that they are selling. Above all else, don’t pay a lot of money, as there are plenty of counterfeits out there.
Of course, you can take all the guesswork out of the process if you contact us here at JM Bullion. We have decades of experience with precious metals and coins, and we are here to help. Reach out via live chat, email, or phone anytime, day or night, and we can get you started.
Alternatively, if you want to buy a rare silver coin, we can help with that, too. JM Bullion maintains a sterling reputation with its customer base and sports an A+ rating from the Better Business Bureau. We also have hundreds of thousands of positive customer reviews to our name, and we would like to add you to our list of valued clients.
