How to Invest in Silver Eagles

Look up the current market price for one ounce of silver, which is called the "spot price" of silver and is available online. Because Silver Eagles contain once ounce of silver each, knowing the spot price will tell you how much one coin is worth based solely on its silver content, before any dealer's or collector's premium is added to the price. Subtract the price the seller is quoting you per coin from the current spot price to determine the premium you would have to pay per coin.

Buy proof Silver Eagles directly from the U.S. Mint if you prefer to own coins with a highly reflective finish and don't mind paying a collector's premium that is substantially higher than the spot price of silver for each coin. Each coin comes in a clear, plastic capsule inside a presentation box. The mint also sells collectible uncirculated versions of the coins, with a burnished finish, in similar packaging.

Buy regular uncirculated versions of the coins, also called bullion Silver Eagles, from a coin dealer if paying a lower price is more important to you than owning coins with a highly reflective finish or housed in a presentation box. Coin dealers typically charge a premium of $2 to $3 over the spot price of silver for each coin. You can buy them individually or in plastic tubes that hold 20 coins each.

Store Silver Eagles in a dry place to prevent environmental damage to the coins. Keep them in a safety deposit box to prevent theft. Keep proof coins in their plastic capsules to prevent scratches and to prevent oil from your fingers from permanently marring their mirror-like finish.