Coinage

Mexico’s one-ounce Libertad coin is 99.9 percent silver.

Photo courtesy of: Casa de Moneda de Mexico

The 2008 American Eagle Silver Bullion Coin contains one ounce of .999 silver.

Photo courtesy of: US Mint

Silver has been used as a medium of exchange since earliest recorded history, but silver coins – those minted by an authority either public or private – came on the scene in the eastern Mediterranean during 550 BC. By 269 BC, the Roman Empire adopted silver as part of its standard coinage and it was used throughout the trading world.

Until the late 19th century, most nations were on a silver standard with silver coins forming the main circulating currency. Although gold was also used in coinage, its higher value was not practical for everyday payments.

Today, Mexico is the only country currently using silver, albeit in small amounts, in its circulating coins. Other metals such as copper and nickel are more commonly used. However, in some countries pure silver still is used in specially-issued bullion, commemorative and proof coins which are sold at a premium price above their face value. For example, Mexico offers a 99.9 percent pure (sometimes called 999 fine) silver Libertad ranging in weight from 1/20 oz. to 5 ounces. The U.S. Mint issues a 999-fine Silver Eagle bullion coin (a one ounce bullion coin with a face value of $1). The Royal Canadian Mint issues a 5 dollar 999-fine silver bullion coin, the silver Maple Leaf, and Australia offers a 5-dollar, 1 ounce 999-fine silver bullion coin, the Kookaburra. All of these have been popular with investors and collectors.