Collecting silver coins is fun and rewarding experience that could even turn up tidy profit for you in the future. While it may not be priced as highly as gold, it is a precious metal nonetheless.
Gold and silver have always been regarded as precious items since the ancient times. In fact, historical documents reveal that they were once used as standard mediums of exchange. Today, gold and silver remained very valuable, though their worth is not exactly equal. So if you are looking to purchase silver coins in the UK for investment or as a potential heirloom, there are a few things you need to know.
The Silver Coin
According to The Silver Institute, it might not be as precious as gold, but it is also considered a precious metal. Another great thing you would want to know about silver is its pricing pattern closely matches with that of gold. Despite this, silver remains to be one of the most affordable prized metals around.
Opting for Silver Instead of Gold
Gold is more precious than silver so why go for the latter? For one, gold is way expensive than silver, and that alone could discourage small investors. Nevertheless, apart from gold or platinum, silver has a better and stable value compared to other precious metals. Another reason why you would want to choose silver over gold is that most of the gold extracted from mines is hoarded. This means that its scarcity is caused not because it is very precious but rather because there is not enough gold in circulation.
Authentic Silver Coins
According to The London Bullion Market Association, when you purchase silver coins, make sure that they are genuine and contain security features. There have been reports of counterfeit silver coins circulating the market, and you should watch out for those. If you believe you are not skilled enough to detect which are authentic and which are counterfeits, consult an expert. You will also know if it is counterfeit by looking for information about their weight and purity which is often stamped on the silver surface. You can also try to test its paramagnetic properties with a rare earth magnet.
There are many other ways to determine if a silver coin is authentic or not. But it would also help a lot if you have it checked by an expert so as to know whether they are counterfeit or authentic. Authentic silver coins are exquisite, and they will always have value. They can be perfect gifts for your loved ones or heirlooms for grateful descendants.