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Silver Coins

Despite its use to denote a second place in sporting competitions, silver is an excellent first choice when it comes to investing in precious metals. Silver has been used as currency since about 600 BCE. The oldest coin ever discovered was crafted between 610 and 600 BCE and was made of electrum an alloy of gold and silver.

Due to its many uses in tech and medicine as well as its collectability in the form of coins, rounds, and bars silver represents a solid investment. Additionally, silver is more affordable than gold, making it more accessible to first-time investors.

When investing in silver coins, you have three options: bullion, proofs, and junk silver.

Bullion coins are minted and stored for investment purposes. Their value is based on the weight of the precious metal used and is therefore variable. The U.S. Mint does not sell these coins to the general public; investors must Purchase them through dealers.

Proof coins are created with specially-treated metals, and they come in protective packages with certificates of authenticity. These coins are rarer and of better quality, making them valuable for collectors and investors alike.

Junk silver is made up of silver coins minted before 1965 when U.S. currency was minted with 90% silver. While of little value to coin collectors, junk silver coins can be melted down for their silver content.

Tracking the "Spot price" of silver is a must if you intend to invest. The spot price is the current trading value of silver which, with the addition of the premium (minting costs plus profit for the dealer), will affect the final price of your coin.

Based on this information, here are the best silver coins to buy.

Austrian Silver Philharmonic

The Austrian Silver Vienna Philharmonic, or Silver Phil," was first struck in 2008 based on a design by Thomas Pesendorfer. Minted in Vienna, the Austrian Silver Harmonic contains .999 pure silver. It is the first coin of its type to have a face value based on the Euro.

The coin's face displays the organ in the Musikverein, the concert hall where the world-famous Vienna Philharmonic performs. The reverse shows a harp, cello, violins, a French horn, and a bassoon with the words Wiener Philharmoniker, which means Vienna Philharmonic.

These coins can be used as legal tender in Austria and are worth 1.50 Euros. The Austrian Mint does not release the number of coins they mint each year, but the amount varies based on demand. It is estimated that more than five million of these silver Phils were released in the first five years, making these coins imminently collectible and well worth the investment.