How to Buy Silver Coins

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Contributor, Benzinga
March 27, 2023

As global economic uncertainty continues to worsen with every interest rate hike, piece of bad news from Ukraine and bank failure, investors are turning to precious metals to diversify and protect their portfolios. Investors buy silver coins because of their numerous benefits over dense, extremely expensive gold coins or bullion and exposure to different economic factors. They have been highly valued assets for thousands of years, and precious metals offer a sense of security in turbulent times. If you're considering joining the ranks of silver coin investors, you're in the right place.

How to Buy Silver Coins TL;DR

You can use a few methods to buy silver coins, but one of the easiest and most reliable methods is through a reputable online precious metals dealer. Some of the best precious metals dealers include Advantage Gold, Red Rock Secured, American Hartford Gold, Augusta Precious Metals and Birch Gold Group. The key is to stick with trustworthy dealers to ensure smooth and secure transactions.

The Pros and Cons of Buying Silver Coins Online

Though buying silver coins online is often the best method, it's essential to understand the various options available. Each method of buying silver coins comes with its unique set of advantages and drawbacks. Some of the main methods include:

Online precious metals dealers: These specialized websites offer a wide selection of silver coins, often at competitive prices. They may also provide additional services, such as precious metals IRAs, secure storage and investment guidance.

Local coin shops: Local coin shops allow you to physically examine the coins before purchasing them. However, their selection may be more limited than online dealers, and prices could be less competitive.

Auctions and online marketplaces: Websites like eBay or specialized auction houses may offer unique or rare coins. Although you might find great deals here, it's essential to be cautious of potential scams or counterfeit coins. eBay is one of the best platforms to use for buying used silver coins because of its large user base and excellent buyer protection policies.

Directly from mints: Some government mints, such as the U.S. Mint or the Royal Canadian Mint, sell silver coins directly to the public. This process ensures authenticity but may come with higher premiums.

Now that you have a better understanding of the different ways to buy silver coins, let's explore the pros and cons of buying them online.


  1. Online dealers often have a wider selection of mint-condition and proof silver coins and bullion.
  1. You can compare prices and products from the comfort of your home.
  1. Bulk purchases may offer discounts or reduced shipping fees.


  1. The risk of scams is higher online, making it essential to choose reputable dealers.
  1. Shipping and handling fees may be higher than in-person transactions.
  1. You don't have the opportunity to physically inspect the coins before purchasing.

How to Buy Silver Coins

  1. Find a reputable precious metals dealer: Research the best dealers, like Advantage Gold, Red Rock Secured, American Hartford Gold, Augusta Precious Metals and Birch Gold Group to see which silver broker is best for you. Check to see if the dealer supports all the features and coins you want. For example, some precious metals dealers don’t let you buy coins with an IRA. All six dealers listed above offer both IRA and direct delivery purchases. 
  1. Sign up for an account: Once you've selected a reputable dealer, create an account on the website. This process usually involves providing your name, email address and phone number and possibly other personal information as well as setting a secure password. If you want to roll over or set up a new IRA, it will take a few more steps. Dealers like Advantage Gold and Augusta Precious Metals that specialize in IRAs and IRA rollovers keep this process to a few minutes and are only slowed by your former 401(k) or IRA provider.
  1. Browse and select your preferred silver coins: Browse through the dealer's inventory and choose the silver coins you'd like to purchase. Some of the factors that are important to consider are the coin’s weight, purity, design and price. 
  1. Place your order: Add the desired silver coins to your online shopping cart and proceed to checkout. Enter your shipping and billing information, as well as your preferred method of payment.
  1. Confirm and track your order: Review your order details, confirm the transaction and keep a record of your order number. Most dealers will provide tracking information, allowing you to monitor your silver coins' shipment until they reach your doorstep.

Are Silver Coins a Good Investment Right Now?

With the rise of banking failures, global economic uncertainty and high interest rates, silver has become a popular investment choice among investors. However, it's essential to remember that there are no guarantees of profit in any investment, and every investment incurs some level of risk. Ultimately, silver coins can be a valuable addition to a diverse investment portfolio, offering potential long-term benefits and a hedge against economic instability.

Henry Stater

About Henry Stater

Henry is an expert in all things crypto. He stays up to date with all the latest coins, platforms and technologies in the field. He has particular expertise in the burgeoning decentralized finance ecosystem and loves trying out all the new platforms. He also always follows major events in other financial markets and geopolitics as a whole, especially when an event’s effects ripple through the crypto market.