What are Silver Rounds
Official Wikipedia Encyclopedia definition
Privately minted silver coins are commonly called "silver rounds" or "generic silver rounds". These coins usually have a set weight of 1 troy ounce of silver (31.103 grams of 99.9% silver). These carry all sorts of designs, from assayer/mine backed bullion to engravable gifts, automobiles, firearms, armed forces commemorative, holidays, etc.
Some hard money enthusiasts use .999 fine silver rounds as a store of value. A cross between bars and coins, silver rounds are produced by a huge array of mints, generally contain a troy ounce of silver in the shape of a coin, but have no status as legal tender. Rounds can be ordered with a custom design stamped on the faces or in assorted batches
Which is the best buy silver coins, rounds or bars?
This depends on your level of investment and the part of the country you live in. Is your silver portfolio worth $1,000 or $1 million? Are there several coin and bullion dealers within easy driving distance? Do you store the silver yourself or is it held in a depository.
We would suggest that it is wise to diversify and hold a blend of government guaranteed, brand name and private label products. Only buy from reputable dealers and establish accounts with more than one dealer. Make sure your silver is clearly hallmark stamped with its exact weight and purity and keep receipts of where you bought your silver.
When selling your silver the potential buyer may be more comfortable knowing you bought your silver from a major company with credentials like Westminster Mint rather than some faceless listing on EBAY. Be aware that mint fresh bullion and well preserved bullion is slightly more marketable than beat up, dull, scratched and otherwise abused silver. Without question American silver eagles and Canadian Maple Leafs are the best known and most liquid silver bullion investments with North American investors but they also have the highest premium over silver of any bullion product. If your consideration is buying as much silver as you can for the dollar, rounds are worth taking a close look at. They have one of the lowest mark ups over silver, less than half the mark up of silver eagles. Most coin and bullion dealers have to buy, store, supply and ship silver in bulk to private mints and pay at least a $0.50c striking fee for each round. The popular half ounce silver rounds that are ideal for barter have a higher premium than one ounce rounds because the dealer must pay the same striking fee as for one ounce rounds.
How do silver bullion rounds differ from silver bullion coins?
For counterfeit and vending machine protection, private mints in the
United States are not allowed to strike coins/rounds with the same diameter as United States Mint issued coins.
Silver bullion is marketed in
Troy Ounces, 1 Troy ounce = 31.1 grams. U.S. Mint silver eagle bullion coins have 31.101 grams of silver, silver bullion rounds also have 31.101 grams of silver but have a different diameter and thickness. Silver bullion coins like American silver eagles and Canadian Maple Leafs are issued by governments and are legal tender for the amount stated on the coins. Despite having legal tender status they are not expected to be used as money because their silver value exceeds their face value. An American silver eagle has a face value of $1 but is made from one troy ounce of silver that has an approximate value of $12.00 an ounce or 12 times its face value. Silver rounds Are privately minted for investors and collectors they often have designs that resemble famous coins, people and places. Typically silver rounds sell for a lower premium than government issued coins.
Are silver bullion rounds and silver bullion coins .999 silver ?
Yes both bullion coins and bullion rounds are minted from .999 fine silver. They both have the same net weight but are slightly different sizes.
Why do silver rounds sell for a lower premium over silver than American silver eagle coins?
The United States Mint does not sell its bullion coins directly to the public. Instead, the United States Mint distributes the coins in bulk, through a network of official distributors called Authorized Purchasers who, in turn, mark them up and sell them to secondary retailers. In many cases this means you the investor are the fourth person in the chain!
The U.S. Mint, the Authorized Purchaser and the coin/bullion dealer have all made a mark up before you buy! When you buy silver rounds you are cutting out and removing these middlemen, which lowers the premium over spot silver that you have to pay.
Are some silver rounds more valuable than others?
Silver bullion rounds are available in both brand name and generic. Some people prefer one design over another. However, their current and future value is directly correlated to the price of silver. So ultimately they have the same monetary value.
What is the advantage of buying silver bullion rounds over other forms of silver?
Silver bullion rounds are a safe, low cost and convenient way to own silver. They are easy to buy, sell, count and stack. They are portable, offer privacy and take up very little storage room. They are especially convenient when measured against other silver investments. When measured against silver coins they have the same weight and purity but can be bought for a much smaller premium. Prices vary but often rounds can be bought for $2 less premium than coins. This means on a purchase of 100 rounds over 100 coins you could be getting 13 ounces of pure silver FREE. Because of the high margin many bullion dealers promote $1,000 face value sacks of 90% silver coins. These sacks usually have 10,000 dimes or 4,000 quarters or 200 half dollars. These sacks are heavy and weigh 54.5 pounds, they are also very bulky. Imagine storing or transporting $10,000 face value in silver bags versus neatly stacked compact rolls of silver rounds. 100 ounce silver bars are a popular silver investment and usually have a low premium over spot silver. However, these are bulky and don’t have the flexibility of rounds. When you want to sell your 1,000 ounce bar you have to sell it all. With silver rounds you can determine how many ounces you want to sell and how many you want to keep.
Will I get delivery of my silver any faster by sending a bank wire transfer?
Orders placed with a credit card or bank wire ship the fastest. In the case of payment by
Check we must hold your shipment for two weeks to ensure the funds are cleared.
How do I make a bank wire transfer?
Pay for your silver bullion by check or bank wire transfer and save 3%
Westminster Mint is committed to providing you with low prices and fast shipment of your silver bullion. To get the best price please pay by check or bank wire transfer. For orders placed on a credit card there is an additional 3% credit card processing fee surcharge. This 3% surcharge is the fee we must pay VISA or MASTERCARD to process your order. All of our competitors charge the same 3% fee. We call it a surcharge they call it a handling fee.
To place an order by check or bank wire transfer please choose the Pay by check option
1. Enter your order in the pay by check option
2. You will receive an order confirmation and order number
3. Please remit your check or bank wire transfer within 24 hours
4. Please reference your order number on all payments
Mail checks to our Payment Processing Center :
4100 North Riverside Drive
Melbourne, FL 32937
Please note all checks take 10 days to clear before shipment is made
Bank Wire Transfer info:
We also accept payment by bank wire transfer. Payment details will be sent to you when you place an order and get your confirmation number.
Minimum amount for bank wire transfer is $1000.