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Silver Price Egypt
Egypt is a transcontinental country that is known officially as the Arab Republic of Egypt. Egypt’s government is a unitary semi-presidential republic. The country’s only official language is Literary Arabic. Modern day Egypt dates back to 1922 when the nation was granted its independence by the British Empire. Egypt has over 95 million inhabitants, making it the most populous nation in North Africa and one of the most populous in the world.
If you are looking to purchase silver in Egypt, you will likely see prices quoted in the local currency, the Egyptian Pound. Prices may also be quoted in other currencies as well such as U.S. Dollars, euros or Great British Pounds. Silver is typically quoted by the ounce, gram or kilo.
Egypt’s currency is the Egyptian Pound. Like many other global currencies, the Egyptian Pound can be subdivided into 100 smaller units of currency, known as piastres or ersh. The Egyptian Pound was previously pegged to the Great British Pound, although the currency was eventually devalued and switched to a U.S. Dollar peg. The pound was allowed to float, although the currency’s float was tightly managed by the Central Bank of Egypt. In 2016, the central bank made the decision to allow the pound to float freely, and it also eliminated previous foreign exchange controls.
The mining industry in Egypt dates back thousands of years. The nation has significant mineral deposits, and some of its resources include coal, tantalite and gold.
Egypt has produced a number of silver coins over the years, and many of these coins may be sought after by collectors. The 1 Qirsh- Mahmud II coin, for example, was struck from 1827 to 1833 and has a weight of 3.07 grams.
Aged coins like this can make an excellent addition to any portfolio or collection, although they may come with their own set of risks. Collectible or hard-to-find coins may carry significantly higher premiums than standard bullion coins. Although the coin’s metal content may fuel a rise in value if the price of silver rises, the premium on the coin may also fluctuate wildly depending on numerous factors including mint year, relative scarcity, overall condition, market conditions and more.
If you are looking to simply get as many total ounces of silver as possible, the collectible coins may not be the best choice. Silver bullion bars, rounds and coins may all potentially offer a better value for the money.
Silver bullion bars and rounds are some of the least expensive products for mints and refiners to produce, and therefore may offer the lowest per-ounce premiums. Bars and rounds also carry no face value, and are therefore valued based strictly on their metal content.
Cast silver bars may offer an even greater potential cost savings. Due to the way cast bars are produced, they are some of the least expensive for refiners to make. Cast bars are made by pouring liquid silver into molds and then allowing the metal to cool. Because of this process, no two cast silver bars will look exactly the same.