Silver coins and bars: what to buy, what it costs and the trade-offs

Your main options

Option	Purity	Advantages	Drawbacks
American Silver Eagle	99.9%	Easiest to sell in the U.S.; allowed in IRAs	Higher premium than most silver
Other government coins (Maple Leaf, Britannia, Philharmonic)	99.9% to 99.99%	Widely recognized; usually cheaper than Eagles	Fewer U.S. dealers for some
Rounds (coin-shaped pieces from private mints)	Usually 99.9%	Low premiums	Not legal tender; some dealers pay less
Bars, 1 oz to 100 oz	Usually 99.9%	Lowest cost per ounce, especially large bars	Sold whole; unfamiliar brands may need testing
Pre-1965 U.S. dimes, quarters and halves	90%	Small, familiar, easy to trade in small amounts	Worn; not allowed in IRAs

The American Silver Eagle

The Silver Eagle is the U.S. Mint’s silver bullion coin, made since 1986. It contains one troy ounce of 99.9% silver, measures 40.6 mm across and carries a $1 face value. The front is Adolph Weinman’s Walking Liberty, first used on the half dollar in 1916. In 2021 the Mint replaced John Mercanti’s heraldic eagle on the back with Emily Damstra’s design of an eagle coming in to land, carrying an oak branch.

Silver Eagles are named in the tax code as allowed in an IRA, and they’re the easiest silver coin to sell in the U.S. They also cost more over spot than most other silver. Our Silver Eagle guide covers the coin in detail.

Pre-1965 “junk” silver

U.S. dimes, quarters and half dollars dated 1964 or earlier are 90% silver. The Coinage Act of 1965 took silver out of dimes and quarters and cut half dollars to 40% silver, which ended in 1970. Our junk silver guide covers these coins in detail, and our melt value calculator shows what the silver in them is worth.

Dealers sell these coins by face value. One dollar in face value, whether ten dimes, four quarters or two half dollars, contains about 0.72 troy ounces of silver when new, and a little less once the coins are worn. “Junk” just means the coins have no collector value above their silver. They’re easy to trade in small amounts, but they can’t go in an IRA.

Why silver costs more to buy and sell

Making, shipping and dealing a 1 oz silver coin costs roughly what it does for a gold coin of the same weight, but the silver is worth a small fraction as much. So premiums on silver are higher as a percentage of the metal’s value, and dealers’ buy-sell spreads are wider. Silver has to rise further than gold before you break even.

Sales tax matters more for the same reason. Some states exempt bullion and coins, some tax them, and some exempt only purchases above a certain size.

Silver takes up space

At late-September 2026 prices, $10,000 buys about 154 troy ounces of silver, which weighs roughly 10.5 pounds. The same money buys about 2.3 ounces of gold. A large silver holding needs more room in a safe, and more insurance, than the same value in gold.

Why silver’s price swings more

Silver is an industrial metal as well as an investment. In 2025, industrial uses such as electronics and solar panels took 657.4 million ounces, more than half of total demand of 1.13 billion ounces, according to the Silver Institute’s World Silver Survey. Factory demand rises and falls with the economy, and the silver market is much smaller than gold’s, so prices can move fast in both directions.

2026 has shown how fast. Silver went past $120 an ounce in late January, more than twice its old records from 1980 and 2011, then fell to around $65 by late September. If you buy silver, keep the amount small enough that a fall like that wouldn’t force you to sell.

Silver in an IRA

An IRA can hold Silver Eagles and other silver bullion that’s at least 99.9% pure, the standard for delivery on regulated silver futures, as long as a trustee or custodian holds it. Pre-1965 coins don’t qualify. Our guide to silver IRAs covers the details.

Taxes when you sell

Gains on silver coins and bars are taxed as gains on collectibles, at up to 28% for metal held more than a year and at ordinary income rates otherwise. A dealer may also file Form 1099-B for some large sales, depending on the product and the quantity. Either way, a gain is taxable.

Frequently asked questions