As you continue your exploration of the world of silver, you’ll encounter silver of all shapes and sizes, and you’ll certainly run into your fair amount of silver rounds for sale; more specifically, 1 oz silver rounds. I say this because I’ve never run across any silver rounds that were larger than that. If you are interested in buying silver rounds at the current silver price per ounce and you do plan on doing your business solely online, you probably won’t run across too many of them, and if you do I don’t know if you should make any purchases unless you really know your dealer and you can be very clear about what you’ll be getting. The reason I mention this is because I typically see silver rounds in the cigar box that my LCS’s bring out for those of us who are interested in picking up a few ounces with a pretty small premium. Don’t get me wrong, these coins are pure silver bullion rounds, but they are typically far from mint condition. Oftentimes, they’re pretty banged up and/or tarnished. They’re sometimes the most interesting coins in the shop. Sometimes you’ll run across some buffalo silver rounds, or some really unique and beautifully designed coins from any number of refineries around the world, but they really hold no numismatic value. Their value is in their weight and their quality that should be stamped on them before you buy silver rounds: 1 oz, .999 pure. If you buy them without seeing them first you might end up with some pretty beat up coins. Just so you know. They’ll still be an ounce of silver, but they won’t be very pretty.
One more thing about silver rounds is the propensity for counterfeiting. As mentioned, silver rounds are not legal tender coins and anyone with the capability could produce them. And someone with malicious intention could produce counterfeit coins. A quick Google search will bring up approximately 30,000 results when “counterfeit silver rounds” is queried. This is the main reason that silver rounds are less popular with the public and if something is less popular, it is construed to be less valuable. The value of silver is going to increase. As a non-financial advisor, I have no doubt of this. At $19 and ounce for silver, it doesn’t really seem worthwhile for a counterfeiter to put in the effort. But what about at $50 silver; or $100 silver or even more? I believe it will be much more. At that time, it will be highly profitable for fakes. It will also be highly profitable for you since you’re buying real silver right now.
The bottom line on silver rounds is that they’re still silver. They’re usually more available than legal tender coins, and best of all, they’re cheaper. Did I mention that they’re still silver worthy of the current silver price per ounce? Do your research and be aware. We’ll talk more about how to tell a fake in another article.