The History of Your Silver IRA CoinsLCR Coin, Inc.
LCR Coin has already given a brief overview of the history of gold coins, but what about silver coins? If you’re considering a silver IRA, rather than a gold IRA, you might feel like the historical value of silver as a precious metal is somewhat sidelined in favor of gold. In this entry, we look at just how far back the history of silver coins go, and how the precious metal of your silver IRA reached its current design aesthetic.
The Return to Lydia
You might remember that, when we explored the history of gold coins, we began with the Kingdom of Lydia. It’s not just gold that got its first use as a form of coin-based currency in this ancient, iron-age country – silver coins were also among the first thought to be used here, too.
It was the innovative use of gold and silver coins in Lydia that introduced the idea to the wider world, with the use of similar coins, stamped to represent their respective kingdoms or territories, spreading throughout the Mediterranean. Who knew the origins of coin in gold and silver IRAs stretched back so far?
The Byzantine Empire
When looking at gold coins, we saw that they gained a lot of traction during the Roman Empire. The spread and use of coinage in the Roman Empire declined with them, but for a brief period the Byzantine Empire – the remains of the Eastern Roman Empire – continued the economic innovation. Silver coins were part of the currency of this newly-organized system, but after some time, silver fell out of favor, with copper and gold becoming more common.
Medieval Europe and Silver’s Return
As we have already seen, coins gained a lot of use in Europe during the Medieval period. The number of different countries and currencies gave rise to an extremely varied and complex system of both gold and silver coins – particularly after the discovery of the New World and the greater access to silver supplies it introduced.
As silver mining spread throughout the New World – yet to be named the Americas – more and more silver coins were produced, leading to increased trade and development.
The Silver Dollar
Leaping ahead to the United States, the late 1800s ushered in silver trade dollars that countries such as the US, UK, China and others used as a world standard specifically for dealing internationally. As the world entered the 1900s and the Great Depression took hold, currency became less tied with precious metals, until the gold standard was ultimately left behind.
Since then, avid investors who are cautious about the state of modern economics have invested in precious metals as a way to avoid the damage done in a major recession through gold and silver coins, or investing in gold or silver IRAs. Dollar coins date back to before the Revolutionary War and remain a collector’s item to this day.
Why Silver Coins?
Much like gold, silver carries its own, intrinsic value and is easily tradeable, liquid, easy to transport and long-lasting. Silver has less intrinsic value than gold, but this also has its own benefits, as the lower value made it more practical for use in coinage for smaller, day-to-day transactions.
Why a Silver IRA?
Again, just like gold, silver retains its own, specific value. While currencies come and go, the markets expand and contract, and recessions come and go, precious metal investment offers a reassuring stability, and a strong financial foundation for the future.
If you are considering a silver IRA, gold IRA, buying gold, or simply feel you need professional, trustworthy advice on a safer way to invest, contact LCR Coin today.