Silver Nears $35 for First Time Since 2012: Your Collection Just Got More Valuable

Silver is trading near $35 per ounce, approaching levels not seen since 2012. For numismatic silver—from classic Morgan dollars to modern Silver Eagles—this rally has significant implications for both valuations and collecting strategies.

What’s Driving Silver Higher?

Several factors are converging to support silver prices:

Industrial demand is surging. Solar panel manufacturing continues to accelerate globally, and silver is essential to photovoltaic cells. Electronics demand remains robust, and emerging technologies like electric vehicles add additional consumption.

Investment demand is strong. With gold at all-time highs, some investors view silver as offering better relative value. The gold-to-silver ratio, while still elevated historically, has attracted attention from those betting on silver outperformance.

Supply constraints persist. Silver mine production has been relatively flat while demand grows, creating a fundamental supply-demand imbalance.

Impact on Numismatic Silver

For collectors of silver coins, the price rally affects different segments differently:

Common-date Morgans and Peace dollars: These trade largely on silver content when in circulated grades. As silver rises, so do these coins—though truly numismatic pieces with key dates or high grades command premiums above melt.

Silver Eagles: Modern bullion coins track spot prices closely, with modest premiums for collector versions like proofs and burnished finishes.

Pre-1965 Constitutional silver: Dimes, quarters, and half dollars from before 1965 contain 90% silver and trade in “junk silver” markets that closely follow spot.

Buying Strategies in a Rising Market

When silver prices are elevated, consider these approaches:

Focus on numismatic value. If you’re paying close to melt for circulated common-date coins, you’re exposed to silver price risk. Better to seek coins with collector premiums that provide some downside protection.

Don’t chase. Avoid panic buying because you fear silver will go higher. Markets move in cycles, and patience often rewards collectors.

Sell into strength if appropriate. If you have duplicate silver coins or pieces that don’t fit your collection focus, elevated prices present an opportunity to trade up.

Remember your goals. If you’re collecting for enjoyment rather than investment, the silver price matters less than finding coins you love at prices you can afford.