History of Silver Coins

History of Silver Coins

Usage of silver coins dates all the way back in ancient times and it is considered to be among the first form of coinage. They were very popular in the 1500s where they didn’t have as perfect shape as they have now, but that’s because of the lack of technology. When the economy is unstable, silver coins are a great way to lower the risk of inflation, but most of the countries don’t have the resources to do that.

Nowadays we don’t trade them like it used to be, but they are considered as a great gift for certain situations. Also, there are many people who are collectors and many of them are worth quite a lot. You can always find silver coins for sale online or in a nearby silver store if you interested. Even if they are not made out of gold, when you have some that are over 100 years old, you can expect that the price will rise every year.

US Silver Coins

The US mint had to stop minting silver coinage in the 1963 and until that they have used them for 173 years. When it became legal to mint coins in 1789 by the Constitution the first place to mint was in Philadelphia in 1792. An interesting thing is that you would be sentenced to death if you make fake coins. In 1834 silver managed to move the ratio to 16:1 relative to gold.

There are many popular coins made in that period and one of them is the half dime Seated Liberty which was 90 percent silver. Later we had copper-nickel coins that became more popular because the cost to make it was lower. A quarter and half a dollar of Seated Liberty coin was made in 1838 and was used until 1891. The coin mark E Palabras Unum was replaced by famous In God, we trust in 1861.

We have The Morgan dollar made from 1878 to 1904 designed by GT Morgan. The coins were 90 percent silver and their main use was for the international trade. For the collectors, interesting coins are from 1893 when there was only 100k made. The production stopped until 1921 when 270 million coins were made.

Peace Dollar

The last coin minted for the United States was Peace dollar which was made until 1935. Designers in 1923 used Latin, so the “trust” was spelled “trvst”. American eagle coin was one of the most recognizable silver coins and still is, and it was made in 1986 with 99% silver. In 2008 and 2009 there was a very high order of this coin that mint had to temporarily suspend orders.

The largest mintage was in 1921 when over 86 million silver dollars were made in San Francisco, Philadelphia, and Denver. The Treasury stopped trading silver dollars in 1964 and had over 100 million in storage. After 1921 it was made again after World War 1 as a symbol for Peace. Many of the coins made in this period had no mark on them and some had the initials of the area they were made in. Read more here.

British and Australian Coins

Because many currencies were used in Singapore and Hong Kong, the United Kingdom decided to produce dollars for founding these countries in 1819 and 1842. From 1839 to 1843 and 1856, and 1860, there was an increase in the use of British silver coin because of the Opium Wars. The United Kingdom was in 21 billion Pound debt in 1946, so they decide to change the silver content from 92 to 50 percent.

A great collectible item is an Australian Florin coin that was made in 1910. Florin coins were made in San Francisco during the war from 1942 to 1944. Dealers value the most 100k 1938 crowns that were only a tenth of all coins made that year. The last silver coin was made in 1966 that has 80 percent of silver and it was a 50 cent coin.

A very interesting coin was the Lunar silver coin made in 1999 in Australia and it was 99% pure silver. It was very popular among collectors because they had Chinese zodiac signs. The most popular is koala and Kookaburra series. The quality of these coins could be compared to Canadian and US.