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.