Posted on: 26 August 2015
While silver often plays second fiddle to gold, the undisputed champion of ring-wearers everywhere, it has a long history of being a valuable metal that holds its value well. This is reflected in its use throughout recorded history as a currency. Here are some famous uses of silver throughout time:
While there is no association today between the British Pound Sterling and silver, its usage dates back over 1000 years to the Anglo-Saxon people who populated England. They would settle accounts using small coins called pennies. These pennies were a partial weight of silver, and when added together, 240 of these pennies would weigh a pound. Thus, a full weight of pennies was called a pound sterling. This usage carried over to modern times, and due to the importance of the British empire throughout the 18th and 19th centuries, the Pound became one of the most important currencies in the world.
United States Silver Dollar
The US silver dollar is one of the most famous coins in the world, having been minted of silver throughout much of their existence. The most famous of these is the 1804 silver dollar, which is quite rare. However, the coin that is within reach of most coin collectors today is the Morgan dollar. While the rising price of silver eventually led to the end of silver dollar production, even today you can get silver dollars from the US Mint. These coins have a face value of one dollar, but they are worth more than that if you sell it for the value of the silver it contains. Because they contain pure silver, they can be sold for the current spot price of silver on the open market.
The use of silver in currency wasn't the exclusive purview of Occidental cultures, but spread throughout the world. Due to the prevalence of Spanish pieces of eight throughout the world, other cultures picked up on their usage and modeled their reserve currencies after the Spanish one. The original yen was much the same as other currencies derived from the pieces of eight - having the same characteristics and operating on a similar reserve model as other dollar coins.
Silver has always been valuable and will continue to be valuable in the future. Look for interesting and rare silver coins from around the world to add some character and interest to your collection, and contact a professional coin business, like American Precious Metals Inc, to see how much they are worth. You may find that the coin itself is more valuable than the metal it is made of!Share