Coins vs Rounds - What's the Difference?

The History of Rounds

Whilst precious metals have been valued, traded and used as currency for thousands of years, this was typically seen through jewellery, ornaments and coinage from official mints.

The rise of rounds as we know them today, began in the USA sometime in the 1970s, as private mints looked to take advantage of the surging demand for physical bullion; demand that stemmed from decades of change to the US currency system.

In 1933, the US abandoned the gold standard domestically, making it illegal for US citizens to redeem gold coins with their paper currency. Later, in 1964, the US then removed silver from its circulating currency, shortly followed by the international end of the gold standard in 1971, where President Richard Nixon severed the convertibility of US dollars into gold for foreign governments, an end to the Bretton Woods system.

A 1928 US $5 note, featuring the "redeemable in gold" verbiage

Following this shift away from the gold standard, private mints recognised a new need for tradable fine silver and gold and began striking new pieces with recognisable and collectable imagery. As the mints had no need to adhere to traditions or government guardrails, they had much more freedom with the designs they could offer. This eventually expanded into things like pop culture references, restrikes of historic coin designs, or entirely new imagery.

What are the Design Differences Between Rounds and Coins?

As already mentioned, the unofficial status of rounds allows for much more freedom in designs, but how does a classic design compare to it's official counterpart?

When comparing the obverse design between each of the round and the coin, there is minimal difference, with each showcasing the classic walking Lady Liberty design.

Instead of showcasing the year of release, the Sunshine Mint (SMI) round features the initials "SMI" to the bottom of the piece, whilst also omitting the "W" mintmark shown on the US Mint coin. This mintmark that signifies that the coin was produced in New York's West Point Mint.

Whereas things really begin to differ when looking at the reverse face.

SMI's round showcases an interpretation of John Mercanti's "old" heraldic Eagle Dollar reverse design, with an omission of any monetary denomination. The US Mint coin features the new design from 2021, of a soaring eagle clutching a single oak branch, created by natural science illustrator, Emily Damstra.

Why Choose Rounds?

As previously mentioned, rounds are finished to a bullion standard and as such, can make an enticing option for those wanting to build their investment portfolio. 

With the designs available through rounds, they allow people to invest in subjects and topics that they enjoy, with many collectors and stackers choosing to showcase their rounds in custom displays.

In recent years, rounds have become a favourite for the growing stacking community. This community tends to prioritise products by how they look, feel and the rarity value, knowing that even if they are paying a higher premium for their collectable pieces, they are still underlined with an intrinsic value.

All Seeing Eye 2g Silver Bullion Rounds

Things to Be Aware Of

Traditionally, rounds have been available at lower premiums than government-issued coins, however, as collectability and demand has risen, this has been changing to suit the demand for certain designs.

Additionally, things like shipping costs and customs need to be considered and can have an impact on the pricing within the UK, with the majority of popular round designs coming from countries such as the USA and South Korea.

Also, as rounds are an unofficial release, it is recommended to only shop from trusted dealers to ensure you're receiving the authentic product, with the fineness and weight of the metal as advertised.

Interested in Knowing More?

If rounds have piqued your interest, why not have a read through our What is a Silver Round? blog. 

Want to see what rounds we offer? Shop our full range of precious metal rounds.