If you’ve decided to buy physical silver, you face an immediate practical question: what exactly should you buy? The most common answer involves three categories: U.S. Silver Eagles, Canadian Silver Maple Leafs, and private mint rounds. Each has real tradeoffs, and the right answer depends on what you’re trying to accomplish.
American Silver Eagles
The American Silver Eagle is the U.S. government’s official silver bullion coin, produced by the United States Mint. Key specs:
- Silver content: .999 fine silver (99.9% pure)
- Weight: 1 troy ounce
- Face value: $1 (legal tender, though the melt value far exceeds the face value)
- Design: Walking Liberty obverse, heraldic eagle reverse (updated in 2021)
Eagles are the most popular silver coin in the U.S. by sales volume, and they’re the most recognizable American silver coin globally. Dealers will readily accept them. Coin shops know exactly what they are. If you need to sell quickly in almost any market, a Silver Eagle will be easily transacted.
The downside is the premium. Eagles consistently carry higher premiums over spot than comparable products. As of late 2025, typical retail premiums run $5–$8 per ounce over spot — sometimes higher when demand is elevated. That is a real cost that you will recover only if silver’s spot price rises enough to cover it. The higher premium is partly a function of demand (Eagles are the most sought-after coin) and partly a function of production costs (the Mint charges wholesale dealers a per-coin fee above melt value).
Canadian Silver Maple Leafs
The Canadian Silver Maple Leaf is produced by the Royal Canadian Mint and is Canada’s equivalent of the Eagle in terms of prestige and recognizability.
- Silver content: .9999 fine silver (99.99% pure — slightly higher purity than the Eagle)
- Weight: 1 troy ounce
- Face value: CAD $5 (legal tender in Canada)
- Design: Sugar maple leaf reverse, Queen Elizabeth II obverse (updated to King Charles III after 2022)
Maples are internationally well-recognized and typically carry slightly lower premiums than Eagles — often $1–3 per ounce less at retail, though this varies. The higher silver fineness (.9999 vs .999) is a marginal difference in metal value at any given spot price, but some buyers prefer it.
Maples also include a security feature called Bullion DNA — a microscopic laser-engraved pattern and radial lines on the coin that help authenticate it against counterfeits. This is not a problem that Eagles lack, but the Mint has made authentication a visible priority, which some buyers find reassuring.
Private Mint Rounds
Rounds are privately minted silver discs, typically one troy ounce of .999 fine silver, that are not government-issued and carry no legal tender status.
They have one significant advantage: lower premiums. Buying silver rounds from a reputable private mint typically costs $2–4 over spot, compared to $5–8 for Eagles. Over a large stack, this difference compounds meaningfully. If you buy 100 ounces of silver, saving $4/oz over Eagles means an extra $400 in metal for the same dollar outlay.
The tradeoffs are real:
- Less universal recognition. Most coin shop dealers will recognize a generic round as silver, but private individuals may be less certain. In a sale to an unfamiliar party, government coins are easier to authenticate on sight.
- No legal tender status. This rarely matters in practice but is technically a difference.
- More variety means more potential counterfeits. Eagles have a relatively standard appearance; a huge range of rounds exist, making counterfeiting detection harder for the uninitiated.
Reputable private mints — JM Bullion, APMEX, Sunshine Minting, and similar established names — produce rounds of consistent quality. The concern about rounds isn’t the credibility of the metal; it’s the ease of the transaction when you go to sell.
How to Choose
There isn’t a universal right answer, but here are some useful heuristics:
If you’re starting out and buying small quantities (1–20 oz): A mix of Eagles and Maples makes sense. Recognizability matters when you’re new and likely to sell smaller amounts to a dealer eventually.
If you’re buying in quantity and cost matters: Rounds significantly reduce your per-ounce cost. A portfolio of mostly rounds with some government coins for liquidity is a reasonable approach.
If resale to private parties is a priority: Government coins. Private buyers (at gun shows, metals meets, local exchanges) trust an Eagle or Maple on sight. A round requires more explanation.
If you’re outside North America: The Austrian Philharmonic, the Australian Silver Kangaroo, and the British Britannia are the government coins with the widest international recognition alongside Eagles and Maples.
The Bottom Line
Government-minted coins (Eagles, Maples) cost more per ounce and sell more easily. Private rounds cost less and require slightly more friction when selling. For most stackers, a blend — government coins for the core, rounds to reduce average cost — is a practical middle path.
Whatever you buy, keep your receipts and buy from established dealers with transparent buy/sell prices.
Sources
[1] United States Mint, “American Silver Eagle.” usmint.gov
[2] Royal Canadian Mint, “Silver Maple Leaf.” mint.ca
[3] Premium data from retail dealer listings (APMEX, JM Bullion, SD Bullion) — current as of late 2025. (Premium figures are approximate and fluctuate; verify current premiums directly with dealers.)