The Advantages of Owning Silver | The Gold Standard 2228

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If there’s a silver lining to the gloomy forecast of our national economy, it would have to be the metal itself.

Gold and silver were circulated side-by-side as forms of money for the first two thousand years. Some investors believe that silver will perform better than gold. Others consider silver a strategic metal because it has so many industrial uses. There are many advantages of owning silver. You already own some silver because every electronic device has some silver in it. Silver is a part of our everyday lives. Modern life wouldn’t be possible without it.

The most versatile of all the elements, silver is an amazing metal with hundreds of industrial uses. Because silver is malleable, ductile, and highly reflective, it is a critical ingredient in everything from solar panels to all kinds of batteries. No other metal has silver’s high capacity to conduct electricity or heat.

Lydia, now the country of Turkey, flourished due to its natural resources and position on trading routes between the Mediterranean and Asia. They were the first to use gold and silver coins to make transactions easier and smoother.

Athen had the world’s first free-market and working tax system. Their widespread use of silver as money set the standard for centuries. Other ancient civilizations, such as Rome, Greece, and China, followed suit. When the United States formed centuries later, it was only natural for them to base the financial system on the Gold Standard.

The US dollar was defined by the weight and fineness of gold or silver. They were set in value to each other at a ratio of 15 to 1. Much of the gold left the country, and silver became the defacto standard. Later, in 1834, the situation reversed when a reduction in the dollar’s gold content made the ratio 16 to 1. Gold became the de facto standard.

The Coinage Act of 1792 established the first United States Mint in Philadelphia. As a new nation, there wasn’t a lot of silver and gold lying around in vaults. Legend has it that George and Marth Washington donated the family silverware to make the first silver coins for the country. As the Philadelphia Mint was being constructed and prepared for service, 1,500 half dismes were struck in the cellar of a nearby building owned by a saw maker named John Harper.

For more than 170 years, most US coins contained .900 fine silver. The federal government thought the precious metal became too expensive for coinage. The Mint introduced a composition of copper and nickel. By the late 1960s, there was no silver in regularly circulated coinage; however, the country held onto its massive reserves of silver.

The industrial and investment outlook of silver is extraordinarily unique. Silver is a critical ingredient for solar, electric vehicles, and new digital technologies. The global rollout of 5G requires tremendous amounts of silver in semiconductor chips, cabling, and micro-electrotechnical systems. The demand for silver can only benefit from the push for green policies and sustainability.

When the world thinks of silver bullion coins, they probably envision the American Silver Eagle. The American Silver Eagle is the most popular coin globally and has set the standard for silver-investment vehicles.

Proof Silver Eagles are highly collected. Each Silver Eagle has a one-dollar face value and delivers excellent value for the price. Unlike regular bullion counterparts, proof Silver Eagles carry a mint mark. The only exception to this is the 2011-S American Silver Eagle.

Years before, there were plans to sell off all precious metals from the Defense National Stockpile Center. The general attitude at the time was that the US production of silver far outweighed any need or demand. Fortunately, none of the attempts to sell off the stockpile were successful.

President Reagan signed the Liberty Coin Act into law during the summer of 1985. The new law authorized the Treasury to Mint and issue silver bullion coins from the national stockpile and designated each coin to have both numismatic and legal-tender status. The following year, the first American Silver Eagle hit the market.

The obverse resurrects one of August Saint-Gaudens’s proteges’ Adolph A. Weinman’s classic Liberty Walking design of the half dollar circulated between 1916 and 1947. The reverse shows John Mercanti’s contemporary vision of the heraldic eagle. Note: the American Silver Eagle is the only silver bullion coin allowed in an Individual Retirement Account (IRAs).
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