coin guide

How and Where to Buy Silver Coins

You can buy silver coins from online precious metals marketplaces and local coin shops, but not from the United States Mint, which doesn't sell its bullion coins directly to the public. Every seller prices a coin at the spot price of silver plus a premium. Check the size of that premium, what the same coin would sell for, and its weight: a genuine American Silver Eagle weighs 31.103 grams.

How Silver Coins Get From the Mint to You

The Mint sells its bullion coins to official distributors it calls authorized purchasers, who in turn create a two-way market with wholesalers, private investors and local coin sellers. An authorized purchaser of silver faces a minimum order of 25,000 ounces. All bullion American Silver Eagles in retail buyers' hands have passed through at least one intermediary.

The Mint requires authorized purchasers to maintain that two-way market, so resale is built into Silver Eagle distribution from the first step. Collector versions are the exception: proof and uncirculated American Eagles sell at a fixed price directly from the Mint. That's why "the Mint sells Silver Eagles" is only half true.

What the Premium on a Silver Coin Pays For

A premium is what a seller charges above the spot price, which the Commodity Futures Trading Commission (CFTC) and the Financial Industry Regulatory Authority (FINRA) define as the cash price for immediate delivery of physical metal, quoted in dollars per troy ounce. Our live silver price charts track it.

For a Silver Eagle, federal law spells the premium out: under 31 U.S.C. 5112(f), the coin is sold at the market value of the bullion plus the cost of minting, marketing and distributing it. In practice the Mint charges authorized purchasers the LBMA Silver Price plus a fixed premium per coin, and it reserves the right to change that premium with its metal acquisition costs. Every wholesaler and retailer after the Mint adds costs and a margin, which is why one Silver Eagle carries different prices from seller to seller.

How to Work Out the Premium and the Spread Yourself

The CFTC and FINRA advisory gives buyers a two-step check. First, multiply the weight of the metal by the current spot price and compare that figure with the price charged. A Silver Eagle holds 1 troy ounce, so its premium is the asking price minus spot. Divide the premium by spot and you have a percentage to compare across coins.

Second, ask what you'd receive if you sold the coin back tomorrow, because the same advisory says a seller will always sell metal above the spot price and buy it back below spot. That gap is the spread. Each seller sets its own, and the wider the spread, the further spot has to rise before a sale would cover what you paid.

Our two-way market answers that on the product page, which shows the bid beside the ask. Bullion Standard Pro, our paid membership, adds live, executable wholesale bid and ask pricing.

Which Silver Coins Carry Lower Premiums

No fixed list ranks silver coins by premium, because premiums move with the market, so compare live buy and sell prices. What a premium recovers, the cost of making and distributing a piece, tells you where to look.

Size is the clearest case. The American Numismatic Association (ANA) tells buyers to expect a higher percentage over melt value for fractional pieces than for one-ounce pieces. The ANA is speaking of gold, but the principle carries over, because fixed making costs are spread over less metal. Banco de México's Libertad shows the range in silver: it has come in 1/2, 1/4, 1/10 and 1/20 oz sizes since 1991.

The maker matters too. A Silver Eagle's price carries the Mint's charge, while silver rounds from private mints carry no government charge, no face value and no legal tender status. That's one reason rounds are often priced closer to spot, though not every day or for every design. A proof Silver Eagle goes the other way: the Mint says numismatic coins are valued by limited mintage, rarity, condition and age, not by weight and fineness.

Pre-1965 U.S. dimes and quarters are bought by face value instead. U.S. silver coins were struck at .900 fineness from 1837, and the dime and quarter lost their silver in 1965. These coins, called junk silver for their lack of a collector premium and not their quality, trade on metal alone.

To price junk silver, convert face value to metal. A 90% silver dime weighs 2.5 grams, so $1 of face value in unworn dimes weighs 25 grams and holds 22.5 grams of silver, which is 25 times 0.900. A troy ounce is exactly 31.1034768 grams, so 22.5 divided by 31.1034768 gives 0.7234 troy ounce. Worn coins hold slightly less.

Four One-Ounce Silver Coins and Their Specifications

Our catalog's 1 oz silver coins include these four government issues.

We checked each figure against the issuer's own page, and a coin should be checked against its own row. The Royal Canadian Mint's Silver Maple Leaf is 38 mm across, 2.6 mm narrower than a Silver Eagle, so a genuine one fails a test against Silver Eagle numbers.

Where to Buy Silver Coins and What to Check in Each Channel

Online precious metals marketplaces post a price for a named coin and ship it to you. Retail metal sellers aren't regulated at the federal level, the CFTC and FINRA note, so they tell online shoppers to verify a seller's physical address and how long it has operated. The Mint's own checklist asks whether a coin is certified by a third party or guaranteed by the seller for weight and precious metal content.

A local coin shop puts a Silver Eagle in your hand the same day, so you can weigh and measure it before paying. The ANA says its member dealers must adhere to a strict code of ethics and lists them in its Dealer Directory, one way to vet a shop.

Classified ads and online forums leave nobody standing behind the coin, and the Mint tells buyers to use caution with them. The CFTC and FINRA are blunter about sellers who come to you: never respond to cold calls, unsolicited emails, infomercials or pop-up sellers at public events.

How Buyers End Up Overpaying

The usual overpayment is for a label. The CFTC and FINRA call "semi-numismatic" a made-up industry term for coins sold as collectible that typically aren't rare, carry no additional value and are likely harder to sell than bullion. If a price rests on rarity, ask for the coin's mintage and its grade from the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Company (NGC).

Urgency is the second route. The CFTC's advisory on precious metals fraud lists creating a false sense of urgency by claiming limited supply among the persuasion tactics, so a deadline is a reason to slow down.

A price that's too low is a different warning: the Mint says an offer below the current market price calls for extra scrutiny.

How to Check a Silver Coin Is Genuine

Common bullion coins get counterfeited because they're common: a forger, NGC notes, may count on buyers skipping certification or giving the coin a cursory glance. NGC had graded more than 14 million Silver Eagles as of June 2023, more than any other coin, and its casework on fakes shows the order to check in, with a gram scale, a caliper and a magnifier.

Weigh the coin first. A Silver Eagle should read 31.103 grams, and a fake dated 2023 weighed 31.54 grams, which is 0.437 grams or 1.4% over. That alone, NGC says, isn't enough to condemn a coin.

Then measure the diameter. A fake 2000-P proof weighed 30.6 grams and measured 39.9 mm, against 31.1 grams and 40.6 mm for a genuine Silver Eagle, and NGC's X-ray analysis found it was 83% copper with 1% silver.

Thickness is the tell. The 2023 fake was 65% copper, 21% zinc and 13.5% nickel, with less than 0.5% silver. Those metals are less dense than silver, so a fake made to the right weight comes out too thick, and one made to the right thickness would be far too light. Forgers know a Silver Eagle is more likely to be weighed than to have its thickness measured, NGC notes.

Finish at the edge, under magnification. As of 2023 the Silver Eagle's reeding carries a security notch at 3 o'clock. The 2023 fake had the notch in the right place but only 149 reeds, dozens fewer than a genuine coin, and NGC says it looked nothing like the real design up close.

What Each Home Test Proves

No single home test proves a coin is silver. The ring test, the "ping" some buyers rely on, separates struck coins from cast copies, and PCGS says it isn't infallible: some struck coins don't ring, and some cast copies do. It doesn't measure silver at all.

Magnets and acid kits are screens as well. An authentication article in the ANA's Reading Room calls such tests useful screening tools that don't tell the whole story and adds that sealed packaging and assay cards aren't proof. A bad reading is the cue for one of the metal testers in our catalog or an opinion from PCGS or NGC.

For a graded coin, PCGS lets you check the certification number on the holder before you buy. Older silver has its own problem: federal rules require imitation coins to be plainly and permanently marked "COPY", yet the Mint says unmarked imitations of pre-1950 U.S. coins are produced abroad and sold online.

Condition, Payment, Sales Tax and Storage

The white "milk" spots on modern silver are, by NGC's account, corrosion caused by the mint's manufacturing process that can develop years after striking, and NGC can't remove them. The Royal Canadian Mint applies MINTSHIELD surface protection to Silver Maple Leafs dated 2018 and later to reduce the spots. Secondary-market coins can also show minor marks or toning, which don't change silver content.

How you pay changes the paperwork. A business that receives more than $10,000 in cash must report it on Form 8300, generally within 15 days, and the IRS doesn't count a personal check or a wire transfer as cash for that rule. On our marketplace, bank wire, paper check and eCheck carry a 4% discount, and checks and eChecks take several business days to clear before an order ships.

Sales tax on bullion is set state by state. California, for example, exempts bulk sales of coins and bullion, which for sales on or after July 1, 2023, means $2,000 or more in a single transaction or an inflation-adjusted amount. For storage, the Mint suggests a bank safe-deposit box as one option and, for coins kept at home, insurance that covers full replacement cost.

We're not a registered investment advisor and can't give individual investment or tax advice, so speak with a tax professional or financial advisor.

Buying Silver Coins on Our Marketplace

The same checks apply to us. We were founded in 2010 and are headquartered in San Diego, California, and we're a member of the ANA and an authorized dealer for PCGS and NGC. We verify every item with modern testing equipment and guarantee that each one is genuine and contains the weight, fineness and purity advertised. Our two-way market shows what a Silver Eagle sells for before you buy it.

Frequently Asked Questions

How do I value my silver coins?

Start with melt value, which the ANA defines as the basic intrinsic bullion value of a coin if melted and sold: its silver weight in troy ounces multiplied by spot. A collector coin's value, the ANA says, rests on rarity, demand, condition and mintage and may exceed bullion value, so check the date and mint mark first.

Where can I buy precious metals?

Through the same channels as silver coins. The Mint's authorized purchaser system covers all of its bullion coins, which it prices at the prevailing market price of gold, silver, platinum or palladium plus a premium. The CFTC and FINRA checks on premium and sell price work the same way for every metal.

Is it better to buy silver online or in store?

Neither is better for every buyer. Online, you can compare posted prices for a named coin such as a Silver Eagle and, on a two-way market, see the sell price too, but you'll wait for delivery. In a shop you can weigh and measure the coin before paying and take it home that day.