For the average investor, there is such an abundant amount of silver coins available that it’s hard to choose the best options for an investment, especially when we’re talking about a portfolio focused on retirement. But after years of research and understanding the silver bullion market, we’ve discovered the five best silver coins to buy for your retirement portfolio, and they’re excellent options for regular investments too.
You are reading a website focused on retirement accounts within a silver IRA, so we are only going to share the best silver coins that have received IRS approval for this retirement vehicle. The approved bullion must meet the minimum requirements of fineness laid out by the tax authority in the US, which they determined based on their personal discretion.
The standards of fineness for silver coins made of bullion as well as silver bars, must meet the minimum requirements of .999 fineness. It’s otherwise known as 99.9% silver purity. There is also another mandate by the IRS that foreign governments with special approval must be the ones to mint these coins in order for them to be acceptable within a precious metals IRA. Last but certainly not least, the silver purchased for IRA approval has to be bullion. You cannot add numismatic silver, collectibles, or coins or bars that are considered rare. These coins typically have a high premium that trades well above the silver spot price, and aren’t otherwise qualified for a silver IRA.
Overview of Investing in Silver Coins
It’s possible to buy silver precious metals and add them to a precious metal IRA in two different forms. The forms mentioned are silver bars and silver coins. There are big differences between the two when choosing silver coins as opposed to silver bars. Overall, the main result is that you’re buying silver because you feel it’s more valuable than currencies made of paper like the UK pound, the US dollar, and others. So no matter which type of silver you buy – whether it’s bars or coins – you ultimately want it because you feel it’s a better investment than owning paper currency.
Keep reading to discover our list of five of the best silver coins available for purchase in a precious metals IRA.
Silver Austrian Philharmonic
The major bullion coin from Europe is the Austrian Vienna Philharmonic, but it isn’t the silver option it’s actually the gold one. The silver version is relatively new because it’s only been around since 2008, yet the design is the same. The silver philharmonic from Vienna has .999 fineness for the amount of silver. On the obverse side, there is a picture of the Golden Hall of Vienna showcasing the Great Pipe Organ. And on the back of the coin, you’ll find a number of instruments that are used as part of the Philharmonic from this wonderful orchestra.
This coin is extra special because in Europe it is the most popular silver piece currently available today. There’s also an interesting history surrounding the silver coin. Believe it or not, the silver Austrian Philharmonic is the first coin minted in Europe with the denomination of the euro listed at face value. The Vienna Austrian Mint is the organization that strikes these coins. And they give their personal guarantee of the purity and quality of the silver within these gorgeous pieces. As you begin to acquire Philharmonics made of silver, you are also getting your hands on coins that investors and collectors throughout parts of the world including North America, Japan, and Europe also invest in. This means there is massive liquidity, so if you ever have to sell the silver coins for any reason, you’d have no trouble finding a buyer.
The mint in Austria has an impeccable reputation because it has produced a consistent amount of historic silver throughout the years. Plus, there are a wide range of mints located throughout the world that buy silver blanks from the Austrian Mint. Believe it or not, this mint began creating these coins made of silver over 800 years ago. Today, the silver philharmonic has a face value of €1.50, which means that it has a value worth an additional 50% when compared to other legal tender that is usually valued at one dollar, including silver coins made of bullion from Canada and the United States.
Silver American Eagles
The US mint was hard at work in 1986 when they first minted the original silver American Eagle coin. At the time, as well as right now for that matter, this is the only silver bullion coin minted in the US that is made of investment-grade silver for a precious metals IRA. Out of all of the silver bullion coins available today, this American Eagle is the winner for the most popular coin across the globe, which means it has massive liquidity and it’s easy to sell. On the other hand, it’s also capable of claiming that the US government backs its purity, weight, and content, which is also another huge boon for this silver piece.
Proof coins are available and minted to provide additional value for those who like to collect these coins. When compared to regular silver American Eagles, the proof coins have a lot more of a shine and polish to them, which is very attractive to look at. But at the same time, the proofs themselves are made of the same quality and purity of bullion and they’re also the same size, appearance, and shape as well.
From 2006 to 2008, then again in 2011, the US mint provided the world with American Eagle gold and silver coins that were uncirculated. These uncirculated coins undergo a different minting process than traditional bullion coins although they have similar qualities when compared to one another. The American Eagle bullion coin variations in these uncirculated coins are also available for collecting and investment purposes.
The U.S. Congress originally introduced and authorized silver American Eagle coins. And as you know, the United States Mint strikes gold, silver, and platinum American Eagles to this very day.
Silver Canadian Maple Leafs
The Royal Canadian mint in 1988 was the first of its kind to provide silver bullion coins known as the Silver Canadian Maple Leafs. Throughout the years, the first design isn’t the only design because they change it each year and provide special proof releases, commemorative editions, enhanced holographics, and a variation of diverse privy marks. The main features of the coin remains unchanged since its original release, which is much to the delight of investors and collectors of coins from around the globe.
We aren’t exaggerating when saying that these Canadian Maple Leaf coins made of Silver are often considered the most attractive coins made of Silver bullion on earth. And the exciting .9999 fineness and purity mean the silver coins have an excellent reputation because of their high quality and the trust in the Canadian government. That’s why this coin is desirable and it will remain that way.
All Maple Leaf coins in Canada, whether platinum, silver, or gold, was minted by the Royal Canadian mint. You can locate their principal office in Winnipeg, and just like all bullion coins, it has a face value designating its legal tender and amount for purchases and other transactions. The famous mint in Canada has an excellent reputation across the world because of their attention to high quality, detail, and the attractive coins they’ve produced through the years.
Silver UK Britannias
Since the gold Britannia bullion coin achieved such success in 1987, the Royal Mint in the UK began striking silver Britannia coins in 1997, which is the 10 year anniversary of the creation of the series of coins. During the first year when silver Britannia’s were released, they were made available as proofs and to keep them rare, the mint only struck 20,000 of them.
Because of the particulars of the situation, these precious metals aren’t allowed in a silver IRA. But they redesigned the coin in 2013, added even higher levels of purity to the silver, and now it reaches the mandate from the IRS with .999 fineness. These coins are worth two sterling pounds at face value and had a purity level of .986 fineness before making the upgraded 2013 to reach IRS levels of approval.
Since the beginning, the Royal Mint has changed the design each year. And in 2016, the Britannia was redesigned by Susie Zamit and added a shield and trident to the picture, and at Britannia’s feet there is a British lion, but this is only on the special proof editions. On the obverse of these coins you’ll find a picture of Queen Elizabeth II, and they use the image known as the Fifth Portrait. The original versions of this coin contained the Third Portrait and Fourth Portrait.
Silver Mexican Libertads
The Casa de Moneda de Mexico is the oldest mint in the Western Hemisphere, and Antonio de Medoz, a Spanish Viceroy, was the original founder, although the order was given down in 1535 from the Spanish crown. Many coins from Mexico have existed for the past six centuries and they have worldwide circulation.
In particular, the Silver Libertad first came into fruition in 1982. The mint in Mexico changed the style of the coin dramatically once again in the mid-90s. These coins contain 99.9% of silver in its purest form and many look upon these coins as gorgeous and attractive pieces.
Why Should I Invest in Silver Coins?
You may have this question on your mind and wonder if buying silver coins or bars is the best choice. Coins definitely possess big advantages as you’re about to learn. Those advantages include:
- Silver coins have more liquidity because they are popular, produced heavily, and they are easy to trade since many people desire them.
- Silver bullion coins are designated as legal tender in their original country. By adding this extra value to these coins, there is actually greater appeal in case a financial crisis was ever to happen. By turning these coins into legal tender, a person could theoretically use them to buy things at face value, but these coins are much more valuable than you’d get by spending them in a regular store.
- Silver bullion coins are considered much more of a collectible than silver bars made of bullion. This creates actual numismatic value, makes them much more appealing and attractive, and the designs are a lot more gorgeous when compared to bars made of silver.