Many people, whether they’re experienced investors or not, are turning to silver as a method of reliably increasing their assets. While there are plenty of ways to invest money, doing so safely and with minimal risk can prove to be something of a challenge. Too often, would-be investors end up sinking their capital into the latest fad, only to be left high and dry when their hoped-for return fails to materialize.
This is why it’s best to invest in something physical. Precious metals, such as silver, are an excellent choice because they will always continue to be valuable. The price of silver items will fluctuate somewhat but is significantly less likely to crash than digital investments or stocks.
Silver dollars are one of the most popular forms this valuable metal can take. They hold legal tender status while also being prized collectibles. They’re both affordable and highly liquid: if you need to turn your silver into cash quickly, this is easy to accomplish.
Sound good? You may now be asking, “Where can I buy silver dollars?” Read on to find out.
Why Choose Silver?
Many investors these days are opting to put their assets into bitcoins or other digital currency. The problem with investing digitally is that it’s still a largely unknown entity. Digital currency has, in the grand scheme of things, not been around for that long. Silver dollars, on the other hand, are one of the oldest forms of legal tender. Silver has been valued for thousands of years and shows no signs of going anywhere.
Experienced investors tend to gravitate towards silver, especially during difficult economic times. When the market gets rocky, the stock market and other investments can become notoriously unreliable. Precious metals like silver don’t share this vulnerability.
If you’re new to investing, there are a few things you must keep in mind: Firstly, of course, to invest, you must have some assets accrued. This is another reason why silver is a beneficial choice for first-time investors; it isn’t anywhere near as pricey as gold or other precious metals. The fact that it’s cheaper than gold also means you’ll get a larger return on your investment when prices do go up. The more silver you have, the more money you can earn. Silver is also an excellent heirloom item. Your silver dollars can be passed down to future generations and will likely keep their value for many, many years to come.
Investing in Silver for Beginners
To get an idea of the value of what you’re investing in, it’s good to purchase the Red Book of coins. This will give you an idea of what silver costs at the time you purchase it. Each year, a new edition of the book is released so you can track the growth of your investment over time.
Take some time to study the market and keep an eye on the prices before you make any purchases. Spend about a year tracking the trends, until you get a good idea of how the market fluctuates. In most cases, silver is at its lowest price for the year in January, but this isn’t a hard-and-fast rule. When the prices do appear to be at their lowest, you can swoop in and buy.
A beginning investor looking to purchase tangible assets such as silver dollars must remember that they also need to invest in security. Silver items are vulnerable to theft so it’s important to keep your silver dollars in a safety deposit box or a secure safe on your property.
Silver Dollars vs. Bullion
Silver bullion can be a great investment because it comes with all the benefits that we’ve mentioned above. However, when you buy silver bullion, you’re investing only in the cost of silver at that moment. Your investment will come in the form of bars of pure silver, which is certainly simple and can work great for your purposes.
Silver dollars, however, can come with further benefits. When you buy silver dollars, you’re investing not just in raw silver, but in collectible items with a value that goes beyond the simple market value of raw silver. The value of silver dollars can also increase based on their rarity, collectability, age, and other factors.
Different Types of Silver Dollars
Silver dollars come in several forms; in the United States, the Draped Bust and Peace Dollar are common examples. Flowing Hair and Morgan Silver Dollars are also great investments. These are highly valuable coins, with some of them being hundreds of years old and worth tens of thousands of dollars. Occasionally, new silver dollars are even minted today, and as long as the silver content is high, they may have a potential for investment.
Morgan Silver Dollars, in particular, have an incredible potential for growth. When shopping for silver dollars, you need to find a trusted company that can help you avoid ending up with counterfeited versions of these highly sought-after collectible items.
Where to Get Silver Dollars
Answering the question of, “Where can I buy silver dollars?” may actually be more challenging than it first appears. It’s not as simple as just walking into a coin shop and purchasing whatever silver items are available. You need to find a trustworthy seller with a commitment to your safety and financial security.
The fact is that it can be very difficult to invest safely, simply because standards for grading precious metals can be a bit all over the place. You need to find a place you can buy from, as well as sell back to, with a trusted method of grading. Swiss America is a great example of such a place; this is because they’ll help you track your portfolio the whole time you have it. This is key if you want to ensure a successful investment in any precious metal.
