The term refers to United States coinage composed of 90% silver, predating 1965. This includes dimes, quarters, and half-dollars, along with some silver dollars. These coins are not typically valued for their numismatic worth, but rather for their intrinsic silver content. As an example, a collection of pre-1965 dimes will contain a substantial amount of the precious metal.
Its value stems primarily from the fluctuating price of silver on the market. It represents a tangible asset, offering a hedge against inflation and economic uncertainty. Historically, it served as a reliable form of currency and store of value. The convenience of small denominations allows for fractional investments and potential use in barter situations should traditional financial systems become unstable.