The price of silver took an extraordinary drop in the commodity markets which plunged the spot price, or the price per ounce of silver to be delivered immediately, to $29.85. Silver often trades in concert with gold, largely due to the perception that silver and gold are more than industrial metals, to many people, they are natural currency substitutes.
However, while gold is still held by Central Banks as a part of their reserves and is fundamentally situated in the currency space, silver, for the most part, has been completely demonetized and in practice has a usage profile more akin to an industrial metal.
For this reason, the physical supply of silver available of investment, which for the general public often takes the form of coinage, has become increasingly scarce. Drops in the silver price, like the one experienced yesterday, often lead to increased demand for one ounce silver coins.
While there is a great deal of knowledge about the one ounce silver coins minted by the United States and Royal Canadian Mints, the Silver American Eagle and the Silver Canadian Maple Leaf, silver investors often seek out privately minted silver coins which contain an equivalent amount of silver and often carry a smaller premium over the spot price than the coins issued by national mints.
The following are five of the most popular privately minted coins.