Silver has traditionally served, with gold, as the metal used in coins. As a precious metal, silver is rare and valuable, making it a convenient store of wealth. In the past, people accumulated their wealth in the form of silver coins; today, they invest in investment-grade silver bullion. The fact that silver does not corrode and only melts at a relatively high temperature, means that it can last, and the fact that it has high luster makes it attractive. Its malleability makes silver a good choice for designing and minting local currency.

In greater abundance, and therefore less expensive, than gold, silver has been used more prevalently as currency. Silver was mined and used in trading several thousands of years BC and was first minted into silver coins in the Mediterranean region many hundreds of years BC. Until the 20th century, many countries used a silver or gold standard, backing up the value of currency with the presence of gold or silver in the treasury. Today, countries use less expensive metals, such as copper and nickel, to produce coins, and they use fiat currency, in which government regulation controls the value, instead of a gold or silver standard.

Still, silver retains its value as a commodity. Many individuals choose to invest in silver through financial instruments, like stocks and mutual funds, or by actually buying and storing 99.9% pure silver bullion bars, coins, or medallions. Countries sometime produce silver collector’s edition coins, which they sell to buyers at a price exceeding the value of the silver used to make the coin.