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Investing in gold and silver coins can help you diversify your portfolio and protect you against stock market volatility. One silver coin that you may want to consider adding to your portfolio is the Canadian Silver Soaring Eagle Coin.
Today, we're going to share more about this coin to help you decide if it's what you've been searching for to add to your portfolio. Keep reading to learn more about the coin's design, value, eligibility to be held in an IRA, and more.
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Silver Soaring Eagle Coin at a Glance
About the Silver Soaring Eagle Coin
The Bald eagle is seen as a symbol is power, strength, and bravery. This impressive bird is exclusively found in North America and is Canada's largest bird of pretty. The Royal Canadian Mint released this Soaring Silver Eagle coin to honor this majestic bird.
Bald eagles are truly spectacular and very large birds. The females of the species are typically larger than their male counterparts. They can be approximately 1 meter tall with a wing span of over 2 meters. Some of the features that make bald eagles so easily identifiable include their dark body with white head, large eyes, yellow beak, and powder yellow claws and talons.
The weight, purity, and face value of this silver coin are all guaranteed by the Canadian government.
Silver Soaring Eagle Coin Design
Now that we've shared a little bit about the coin, let's take a closer look at its design.
As with other Canadian coins, the obverse of the Silver Soaring Eagle coin features a portrait of Queen Elizabeth II. The coin's $8 face value is also printed on the obverse, though its true value is much higher than this.
The design on the reverse of this coin is what makes it so special. The image was designed by Julius Csotonyi. A large bald eagle is shown flying over the water, wings up, clutching a fish in its talons. The grace and power of the bald eagle is evident from the way it appears to be soaring over the open water, fresh catch in hand (or in talon).
The Royal Canadian Mint took multiple security measures to prevent counterfeit coins. A circular board with radial lines frames the bald eagle. "Canada," the coin's issue date, and its weight and purity level are all included along the border. A small Canadian Maple leaf is stamped in the inner circle to the left of the eagle. The last 2-digits of the coin's issue date are also stamped within the maple leaf for added security.
Silver Soaring Eagle Coin Value
The face value of the Silver Soaring Eagle coin is $8. However, as a 1 ¼-ounce 99.99% pure silver coin, its actual value is much higher than this. Because the spot price of silver fluctuates, it is impossible to write a specific value here and expect it to remain accurate in a few weeks or months.
Checking the spot price of silver (which is based on 1 ounce of silver) can help you get a general idea of this coin's worth. However, as a premium coin, its value is related to more than just its weight in silver. Demand from investors, the available supply, and various other factors can all impact its overall value.
If you think you'd like to purchase the Silver Soaring Eagle coin and want to find out its current value, reach out to a trusted precious metals provider.
Adding Silver Soaring Eagle Coins to a Precious Metals IRA
Are you familiar with Precious Metals IRAs? These special types of retirement accounts, which may also be called Silver IRAs or Gold IRAs, allow individuals to hold precious metals in their IRA. You're probably already aware that IRA holders enjoy special tax benefits from the IRS, so setting up a Precious Metals IRA can help you take advantage of these benefits.
The IRS does not allow investors to simply add any silver coins or bars to an IRA, however. Silver bullion pieces must qualify for the account and meet a minimum purity level of 99.9% silver. As this Silver Soaring Eagle Coin is 99.99% pure silver, it actually exceeds this minimum and can be added to a retirement account.
Do you think you'd like to add the Silver Soaring Eagle coin to an IRA? You'll need to work with an IRA custodian to help you fund your account and a precious metals provider to help you add the Silver Soaring Eagle coin and any others that you'd like to your account.
Are Silver Soaring Eagle Coins a Good Investment?
There isn't necessary a set formula to pick a "good" investment. You can only look at past performance to gain an idea of future growth, and use your best judgement to go from there. Ultimately, the coins, bars, or other investments you choose to add to your portfolio are entirely up to you.
That being said, many investors see silver as a good investment opportunity. More and more technological advances are using silver, on top of its popularity for jewelry, household décor, and more, which makes it very appealing for some. If you think the Silver Soaring Eagle coin would be a good addition to your portfolio, take the risk and buy it today!
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