Silver has been used as a coinage metal since the times of the Greeks; their silver drachmas were popular trade coins. The ancient Persians used silver coins between 612-330 BC.
As with all collectible coins, many factors determine the value of a silver coin, such as its rarity ... The English penny first appeared in Anglo-Saxon times, as a silver coin. It was derived from another silver coin, the sceat, of 20 troy grains weight, which was in general circulation in Europe during the Middle Ages.The weight of the English penny was fixed at 22 1 ⁄ 2 troy grains (about 1.46 grams) by Offa of Mercia, an 8th-century contemporary of Charlemagne. A table of English gold coins from the eighteenth year of King Edward the Third, when gold was first coined in England, to the present time.