Monday, December 1, 2008

Buy Junk Silver Coins

A smart way to buy silver is to buy junk silver coins. Junk silver coins are another name for the US coins minted prior to 1970. These coins contained silver and today’s modern circulating currency do not.

Up to 1964, silver coins had a silver content of around 90 percent with the balance being copper to improve durability. From 1964 to about 1970 the silver content was reduced to around 40 percent and from 1970 no more silver coins for circulation were produced.

With junk silver coins the value is in the silver not in the presentation or look. The condition of the coins therefore is not as important as these are not really collectors or numismatic coins but held purely for their silver content only. In other words, the silver content in these coins is worth more, these days, than the face value of the coin.

The silver price has improved over the years and, as silver is in very short supply, looks set to continue to increase over the coming years. This makes junk silver coins very valuable as an asset.

The silver content of each type of junk silver coin varies depending on the type of coin. Here is a list of the major junk silver coins to buy.
Silver dollars contain 0.77344 Troy oz. silver content
Half dollars contain 0.36169 Troy oz silver content
Quarters contain 0.18084 Troy oz silver content
Dimes contain 0.0723 Troy oz silver content
It is easy to buy junk silver coins as many dealers have them.. They are usually sold by the bagful and the price is based upon the silver content and a premium for the dealer of course.

There can be some wear and tear on the coins, scratches, nicks and on many the face will be worn, but provided the silver content is there they have a useful value and are something that could be sold or traded in times of need to obtain ready cash.

If one has a large silver bar then the entire bar has to be sold to obtain cash for that silver. Junk silver coins, on the other hand, are useful in that one can sell or trade in any quantity according to the needs of the seller. One coin perhaps or maybe a whole bag full.

So, one very useful way of preserving assets to use at a later date in these economic troubles times is to buy junk silver coins.

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