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History
Silver bullion coins are based on a worldwide currency standard that has been observed for centuries. It began in the 1530s when the Spanish mint in Mexico made 8 reales coins. This later became known as the Spanish milled dollar and was used as money in the United States before the country minted its own coins. Other countries made silver coins the same size, shape and weight as the Spanish 8 reales. These were called trade dollars and later just silver dollars. The United States minted silver dollars until 1935. The production of silver eagle bullion coins began in 1986.
Weight
Most silver bullion coins come in a standard 1-oz. size. This weight is used worldwide, even in countries using the metric system. This is a result of the tradition of using 1-oz. trade dollars for worldwide commerce. Occasionally, silver bullion coins are made in larger sizes, such as 5 oz. They are rarely made smaller than 1 oz.
Size
The standard size of a 1-oz. silver bullion coin is 40.6 mm in diameter and 2.98 mm thick. The shape is round. These are the dimensions of the American silver eagle bullion coin as well as others around the world.
Purity
Silver bullion coins are 99.9 percent pure silver. The metal is easy to purify and remains hard and rigid in its nearly pure state. The small percentage that are not silver are typically copper or nickel.
Design
Silver bullion coins are decorated with attractive designs to increase their appeal and value. The designs are typically symbolic of the country that produced them. The American silver eagle coin has a design of a walking Lady Liberty on the obverse and an American eagle on the reverse. The country of origin, silver purity and year are also on silver bullion coins. Many also contain mint marks, mottoes and a denomination. The denominations on silver bullion coins are symbolic. They do not have cash value, only bullion value.