Silver Coins: You Pay €70 for 27 Grams and Call It an Investment
Discover why silver coins can cost €105 for one ounce while others with the same metal sell for €19.90. Explore the mint's premium.
English · Original discussion in Spanish · Published
Mints' Round Business: You Pay €70 for 27 Grams of Silver
How much do you really pay for an ounce of silver when buying it in collectible format? The calculation that has been circulating among enthusiasts since 2013 stings: some pieces go for €105 and others, with the same metal, for €19.90. That gap has a name—premium—and its size depends on factors unrelated to the silver itself.
The issue began in 2013 with a simple idea: to list "interesting" silver coins for purchase and collection. Thirteen years later, the list is unmanageable. Tokelau, Canada, Austria, Russia, Somalia, Niue, Palau, Tuvalu, Chad, Gibraltar. Almost no country looking to make extra money from numismatics misses out on its own issue.
What Exactly is the Premium on a Silver Coin
The premium is the difference between what you pay for the coin and what its silver would be worth if melted down. For a piece weighing 31.11 grams of 99.99% purity and 40 millimeters in diameter, this surcharge can multiply the metallic content several times over.
And you pay for things silver doesn't have: limited mintage, capsule, box, certificate of authenticity, proof finish. When the mintage is 2,000 units, scarcity is real. When it rises to 50,000 units, the argument weakens. And when it reaches 500,000, there's no argument left to sustain.
The Uncomfortable Criticism: "Silver Tokens" with No Numismatic Interest
A significant part of the debate involves denying the premise. One current of thought bluntly states that this is a lucrative business for the mints: coins are minted exclusively for collectors, will never circulate, and the buyer pays upfront for the limited mintage, certificate, and packaging. For this sector, the word "interesting" deserves a question mark attached.
Conversely, another current argues that the prices achieved reflect real demand. If someone pays certain figures, it's not out of naivety, but due to money and desire. Collecting has never been valued for the metal, but for the history and rarity. Otherwise, Roman and Greek coins would be worth exactly the weight of their bronze.
The Most Profitable Series Case: From €24 to €75
The evidence supporting collectors comes from the re-strikes of Chinese coins from the 19th and 20th centuries. A Hong Kong mint launched a series of 5,000 units per piece starting in 2018. The first ones could be found for €24; subsequent ones didn't drop below €30-35; now, finding an initial one for less than €75 is almost impossible.
This is not an isolated case. The Somalia elephants, with mintages of 150,000 coins, generate about $260,000 for the country by allowing the use of its name. The face value—1,000 shillings, equivalent to $1.73—is pure window dressing. The mint adds this cost to the premium, and the buyer pays it without even realizing it.
Spanish Design: €70 for 27 Grams and a Mintage of 7,000
The Fábrica Nacional de Moneda y Timbre (National Mint and Stamp Factory) is not exempt from scrutiny. Criticism targets a €10 coin dedicated to María de Maeztu: 27 grams, a mintage of 7,000 units, and a price around €70. The conclusion for many: if the revaluation is so evident, one should buy dozens and save them.
The problem, according to the same critics, is not the price but the design. Compared to the array of international pieces with intricate reliefs and antique finishes, national production is judged as flat, lacking appeal. A reproach that repeats over the years without the mint seeming to take notice.
Old Numismatics: "Reales de a 8" vs. "Colorines"
At the opposite end of modern collecting, another part of the debate champions historical coinage. A 50 Reales coin from 1659 minted in Segovia, bearing the mark of Bernardo de Pedrera, stands out as the truly "interesting" piece: 76 millimeters in diameter, a Cincuentín, a coin considered commemorative of a Royal event. Cincuentines and Centenes are documented rarities, not commercial brochures.
Prices, however, are a mystery. Of the twelve Segarro coins from the period between 1299 and 1399 of the Hijra, some don't even appear for sale. True rarity is valued differently, and classic catalogs—world dollars from 1770 to 1983—remain the map.
Elizabeth II, Charles III, and the Limit of Royal Portraiture
The succession to the British throne reconfigured the catalog. 2022 marked the 70th anniversary of Queen Elizabeth II's reign, and the Royal Mint prepared issues that fueled speculation. The trinc year saw coins antiestéticaturing King Charles III.
Not everyone celebrates this. A segment of the debate expresses weariness with the reiteration of the monarchical portrait: there's hardly a piece without the same effigy. The change, admit the most skeptical, at least brings some novelty to the matter.
Does it still make sense to pay €105 for an ounce that contains much less? It depends on whether the buyer seeks metal or a story. The only certainty is that the mint collects payment before either arrives.
How much do you really pay for an ounce of silver when buying it in collectible format? The calculation that has been circulating among enthusiasts since 2013 stings: some pieces go for €105 and others, with the same metal, for €19.90. That gap has a name—premium—and its size depends on factors unrelated to the silver itself.
The issue began in 2013 with a simple idea: to list "interesting" silver coins for purchase and collection. Thirteen years later, the list is unmanageable. Tokelau, Canada, Austria, Russia, Somalia, Niue, Palau, Tuvalu, Chad, Gibraltar. Almost no country looking to make extra money from numismatics misses out on its own issue.
What Exactly is the Premium on a Silver Coin
The premium is the difference between what you pay for the coin and what its silver would be worth if melted down. For a piece weighing 31.11 grams of 99.99% purity and 40 millimeters in diameter, this surcharge can multiply the metallic content several times over.
And you pay for things silver doesn't have: limited mintage, capsule, box, certificate of authenticity, proof finish. When the mintage is 2,000 units, scarcity is real. When it rises to 50,000 units, the argument weakens. And when it reaches 500,000, there's no argument left to sustain.
The Uncomfortable Criticism: "Silver Tokens" with No Numismatic Interest
A significant part of the debate involves denying the premise. One current of thought bluntly states that this is a lucrative business for the mints: coins are minted exclusively for collectors, will never circulate, and the buyer pays upfront for the limited mintage, certificate, and packaging. For this sector, the word "interesting" deserves a question mark attached.
Conversely, another current argues that the prices achieved reflect real demand. If someone pays certain figures, it's not out of naivety, but due to money and desire. Collecting has never been valued for the metal, but for the history and rarity. Otherwise, Roman and Greek coins would be worth exactly the weight of their bronze.
The Most Profitable Series Case: From €24 to €75
The evidence supporting collectors comes from the re-strikes of Chinese coins from the 19th and 20th centuries. A Hong Kong mint launched a series of 5,000 units per piece starting in 2018. The first ones could be found for €24; subsequent ones didn't drop below €30-35; now, finding an initial one for less than €75 is almost impossible.
This is not an isolated case. The Somalia elephants, with mintages of 150,000 coins, generate about $260,000 for the country by allowing the use of its name. The face value—1,000 shillings, equivalent to $1.73—is pure window dressing. The mint adds this cost to the premium, and the buyer pays it without even realizing it.
Spanish Design: €70 for 27 Grams and a Mintage of 7,000
The Fábrica Nacional de Moneda y Timbre (National Mint and Stamp Factory) is not exempt from scrutiny. Criticism targets a €10 coin dedicated to María de Maeztu: 27 grams, a mintage of 7,000 units, and a price around €70. The conclusion for many: if the revaluation is so evident, one should buy dozens and save them.
The problem, according to the same critics, is not the price but the design. Compared to the array of international pieces with intricate reliefs and antique finishes, national production is judged as flat, lacking appeal. A reproach that repeats over the years without the mint seeming to take notice.
Old Numismatics: "Reales de a 8" vs. "Colorines"
At the opposite end of modern collecting, another part of the debate champions historical coinage. A 50 Reales coin from 1659 minted in Segovia, bearing the mark of Bernardo de Pedrera, stands out as the truly "interesting" piece: 76 millimeters in diameter, a Cincuentín, a coin considered commemorative of a Royal event. Cincuentines and Centenes are documented rarities, not commercial brochures.
Prices, however, are a mystery. Of the twelve Segarro coins from the period between 1299 and 1399 of the Hijra, some don't even appear for sale. True rarity is valued differently, and classic catalogs—world dollars from 1770 to 1983—remain the map.
Elizabeth II, Charles III, and the Limit of Royal Portraiture
The succession to the British throne reconfigured the catalog. 2022 marked the 70th anniversary of Queen Elizabeth II's reign, and the Royal Mint prepared issues that fueled speculation. The trinc year saw coins antiestéticaturing King Charles III.
Not everyone celebrates this. A segment of the debate expresses weariness with the reiteration of the monarchical portrait: there's hardly a piece without the same effigy. The change, admit the most skeptical, at least brings some novelty to the matter.
Does it still make sense to pay €105 for an ounce that contains much less? It depends on whether the buyer seeks metal or a story. The only certainty is that the mint collects payment before either arrives.
Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (622 replies).
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