Whether you want to get a head start on investing for the future, or simply enjoy buying and displaying coins for their beauty and history, silver coins provide a great introduction to "The Hobby of Kings." The United States has a long and rich history of producing silver coins, and they're easy to find, even for someone new to the hobby. While American coins remain the focus of most collectors, you can buy silver coins minted in other parts of the world from many sources, including dealers and fellow collectors.
Step 1 Set a budget. The Maria Theresa Taler from Austria and other popular foreign silver coins remain inexpensive, as do world collectors' proof sets. Low-grade American silver coins and later mintings, like the full, uncirculated Silver Eagle dollar, give beginners with a limited budget the chance to buy attractive coins which will increase in value. If you have a larger budget, look for commemorative American coins like the Ben Franklin Silver Proof Dollar from 2006. The American Mint has sold out of this coin, but it's still available from dealers.
Step 2 Find popular U.S. silver dollars. Purchase coins minted prior to 1965, since they're 90 percent silver . Silver dollar production ebbed and flowed in the United States due to scarcity of silver in certain years. Look for the most widely produced silver dollars, the Morgan dollar, made from 1878 until 1921, and the Peace dollar, minted from 1921 until 1935. Lady Liberty's head appears on the obverse (front) of the Morgan dollar, with a bald eagle with open wings on the reverse. Since so many of these coins were minted, they're still affordable to novice collectors. Likewise, the Peace dollar has Lady Liberty's head on the obverse and a perched eagle with closed wings on the reverse. Check out "A Buyer's Guide to Silver Dollars and Trade Dollars of the United States" by Q. David Bowers for more information.
Step 3 Learn about trade silver dollars. These coins, issued by the U.S. mint between 1873 and 1885 to improve trade with China and other Asian countries, contained more silver than similar coins used within the United States. They picture a seated Lady Liberty on the obverse holding a branch, and the back of an eagle on the reverse. Since fake trade silver dollars continue to be sold by fly-by-night companies over the Internet, buy trade silver dollars from reputable stores and dealers with a good track record and American Numismatic Association approval.
Step 4 Join local coin collectors' clubs. Seasoned numismatists will help you determine how to find the best silver coins in your area. Subscribe to Coin World, COINage and other collecting magazines for the latest articles on silver coin tips and trends.
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