Silver coin

Silver coins are possibly the oldest mass-produced form of coinage. Silver has been used as a coinage metal since the times of the Greeks; their silver drachmas were popular trade coins. The ancient Persians used silver coins between 612-330 BC. Before 1797, British pennies were made of silver.

As with all collectible coins, many factors determine the value of a silver coin, such as its rarity, demand, condition and the number originally minted. Ancient silver coins coveted by collectors include the Denarius and Miliarense, while more recent collectible silver coins include the Morgan Dollar and the Spanish Milled Dollar.

Other than collector's silver coins, silver bullion coins are popular among people who desire a "hedge" against currency inflation or store of value. Silver has an international currency symbol of XAG under ISO 4217.

Origins and early development of silver coins

The earliest coins of the western world were minted in the kingdom of Lydia in Asia Minor around 600 BC. The coins of Lydia were made of electrum, which is a naturally occurring alloy of gold and silver, that was available within the territory of Lydia. The concept of coinage, i.e. stamped lumps of metal of a specified weight, quickly spread to adjacent regions, such as Aegina. In these neighbouring regions, inhabited by Greeks, coins were mostly made of silver. As Greek merchants traded with Greek communities (colonies) throughout the Mediterranean Sea, the Greek coinage concept soon spread through trade to the entire Mediterranean region. These early Greek silver coins were denominated in staters or drachmas and its fractions (obols).