How to Tell if a Dime Is Silver
How Much Is Silver Worth?
Silver is a precious metal, and its purest forms ― coins, bars or bullion made up of 99 percent or more silver ― have a lot of value. If you're not sure if what you're holding is precious or worthless, this information can help you find out.
What Type of Silver Do You Have?
Silver is a commodity that can take many forms. It's commonly used to create products in the electronics and medical industries. These industrial uses often require a silver purity of 99.99 percent, otherwise known as a "fineness" of 999.9. This level of purity is similar to that of investment silver, which can take the form of large silver bars, silver coins or silver bullion.
Other silver items, like jewelry, silverware and decorative art, can be made of silver with less than 90 percent purity. While the value of these pieces is influenced by the quality of the art, it can be more difficult to determine how much this type of silver is worth.
What is the Value of Investment Silver?
Investment silvers of 999 or higher fineness are bought and sold at "spot," which is the current market price. This price fluctuates often throughout the day based on many different factors. You can watch real-time silver prices as they change at an online precious metals exchange like KITCO or APMEX.
As of January 23, 2019, the current spot price of silver is $15.43 per ounce. In December 2018, an ounce of silver ranged from $14.53 to $15.45. Still, the price of a silver bar or coin isn't just determined by the current spot price. Like other decorative pieces, the intricate designs of investment silver can add to their value.
How Does the Price of Silver Relate to Other Precious Metals?
The Bloomberg website tracks the market prices of many different precious metals, including silver. Popular investment metals like gold, platinum and palladium can have a value many times that of silver. For example, the January 23, 2019, price per ounce of silver is $15.43. The day's price for an ounce of gold is $1,285.80, an ounce of platinum is $798.80, and an ounce of palladium is $1,355.20.
Other industrial metals like copper, zinc, aluminum and tin have variations in pricing based on the metals market as well. Like silver, these prices are determined by global economic data, Federal Reserve actions, geopolitical news and many other factors.
Does Sterling Silver Have Any Value?
Sterling silver is an alloy, or mixture, of 92.5 percent silver and an amalgam of other metals. Because of its lower purity, it's often bought for less than the spot price of 999 fine silver. Investors will often look for a hallmark on the item to indicate the silver composition and better determine its value.
Why is Silver Valuable?
So why is silver so valuable? It's a precious metal, and not just for its beauty. Investors classify precious metals as those that are rare and/or have a high economic value. While the most popular of these is gold, silver ranks second in popularity with investors, who use precious metals to diversify portfolios and as a store of value.
With so many industrial and artistic uses, silver is both a practical material and a luxury. Its value is determined daily by those who use it as an investment as well as those who create.
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How to Tell if a Dime Is Silver
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