Taking Care of Coins and Bars | The Royal Mint (2024)

FAQs

Taking Care of Coins and Bars | The Royal Mint? ›

The best way to protect your gold coins or bars is to not handle them unless it's necessary, but sometimes you might want or need to. Gold is delicate, so to prevent your bullion from being damaged by a hard surface when handling it, place it on a clean towel or cloth on a flat surface.

Use an enclosed container that will minimize its exposure to air, and one that won't scratch your coins or bars. Storing silver bullion (and jewelry and silverware) in a soft cloth can slow down tarnishing. If your silver does eventually tarnish, use a cleaner specifically designed for silver.

Very finely woven coin polishing cloth will make your coins shine again. Ideal for cleaning “used” coins in circulation. The polishing cloth is impregnated to make heavy dirt and tarnishing disappear with gentle rubbing. Proof or proof like coins should generally not be cleaned in order to preserve their value.

In general, silver bars tend to offer the most cost-effective pricing with the lowest premiums over spot compared to silver coins of the same weight. Storage logistics and costs are also lower for smaller amounts of silver, but become more of a consideration as the total dollar value of holdings grows larger over time.

The Royal Mint offers a versatile buying service that extends beyond its own products. Whether your gold, silver or platinum bullion coins and bars are from The Royal Mint or other global mints and refineries, we are equipped to provide a complete buyback service.

Never use plastic bags to store your silver. While this was a popular method decades ago, it is not advised. Plastic contains sulfur and traps moisture, both of which cause tarnishing.

Should I keep my silver coins in plastic? Coin storage is one of the most common questions. It is recommended that the coins should never be stored in albums, so avoid regular plastic bags or vinyl. Certain plastic & polypropylene containers can release harmful acid vapors that can damage the coins, so be careful.

Soft PVC and cardboard contain sulfur and other acidic or oxidizing materials. For expensive coins that can be tarnished, collectors should avoid using cardboard folders, paper or plastic bags, certain plastic tubes, and any other storage container that is not chemically inert.

To restore ancient corroded copper coins without causing them harm, simply submerge them in a bowl of hot distilled water overnight. Come morning, remove the coins from the bowl and allow them to air-dry. This method reigns supreme when it comes to sprucing up antiquated copper coins.

The Cons of Investing in Silver

One of the biggest drawbacks is the potential for loss due to price fluctuations. The price of silver often moves in the opposite direction of the stock market, so it can easily lose value during economic downturns.

Will silver ever lose value? ›

Silver is generally seen as a safe investment, but its value ebbs and flow more than gold does. In the last year, silver prices have gone as low as $17 an ounce to nearly $26 an ounce. Over the last decade, silver has vacillated even more.

Other rare coins in include The famous Kew Gardens 50p remains the most coveted coin in circulation, with a mintage of just 210,000, the Mint said.

Yet — symbolic middle finger or not — pennies are legal tender.

Over hundreds of years, the Mint has continued to produce coins and medals that tell the history of the UK. Today it is the sole institution responsible for producing coins in the UK.

Is a Home Storage Silver IRA Legal? According to the Internal Revenue Code, precious metals can only be stored or kept in a "depository." In the case of silver bullion, the depository must be an institution recognized by the IRS. For example, banks and trust companies qualify as depositories for IRA purposes.

Rather than storing them in water, though, it's recommended to store gold and silver in dry places like a depository, a safe deposit box, or an at-home safe. If you use one of those locations, consider putting your gold and silver in a waterproof container to be on the safe side.

Silver should always be stored in a drawer or chest lined with tarnish-resistant flannel or individually wrapped in acid-free tissue paper, silver cloth, or unbleached cotton muslin and placed in a zip-top plastic bag.

To keep your silver as a good investment in the short term and long term silver bullion should be stored in airtight containers or capsules. These containers protect your bullion from exposure to air and moisture, effectively preventing tarnish and enforcing your investments silver price.