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Spanish Silver Coins: How the Material Value can Exceed the Facial Value

By Fahani on the

Last week we brought you one of the most popular coin collections of the last few years, the collection of the US states quarters. This week we want to recall one of the collection coins more frequent in Spain and one that stands out among the rest not only to regular collectors, the 2000 pesetas silver coins.

Monedas de plata

The 8th of July of 1994 the Fábrica Nacional de Moneda y Timbre startet the mintage of this kind of coins of 2000 pesetas in 925 thousandth sterling silver and a weight of 18 grams to commemorate different historic events.

All the mints of this coin had the same common obverse, and the draw of the King Mr. Juan Carlos I, and a reverse that would variate with aims of commemorating different political, social, economic or cultural events that some way or another might be of general interest.

Once Spain incorporated the euro as an official currency, the coins kept being minted with the facial value updated to 12 euros. The same way it happened with the 2000 pesetas coins, they are commemorative coins minted in 925 thousandth sterling silver with a weight of 18 grams, dedicated to events, public figures or places of interest.

One of the questions that people make themselves when looking at these coins is: Can I really go and buy something at the supermarket with it? Well, to be honest you can, even though it is a coin mainly created for collectors, it is a real coin with a facial value that can be use as a payment method. Same happens with the new commemorative euro coins with different facial values. AS the portuguese 2.5 euro coins, the german 10 euro coins or the 3 euro coins from Slovenia that we already talked about a few weeks ago. However it is important to point out they can only be used in the country they were issued.

Even though it is one of the most beautiful euro coins and with a high interest in the numismatic world, it is not always considered an investing coin as the bullion coins can be. On top of that, the amount of silver contained in them is only of 18 grams of 925 thousandths, therefore, 16.65 grams of pure silver, which taking into account the current silver value it is an approximated value of 8.5 euros.

That said, silver has been more expensive in the past. Specifically on the 25th of April of 2011, when silver price went up to $49.80 per ounce in the New York spot market. This made the value of the silver contained in these coins go up to 20.06€, taking into account the dollar-euro exchange rate of the time, exceeding their own facial value. Who knows if it can happen again in the future?

Most certainly a very interesting collection to take home… Do you know of a similar case? We expect your comments down here!