Most people learn about precious metals investing from family or close friends. Growing up in the 1970s and 80s, there were always older family members around that had lived through the Great Depression, the banning of gold and the demonetization of silver. Many lessons were passed along through family, such as keeping a stash of scrap gold jewelry, old Pre-1965 silver coins, and maybe some silver bars.
With a lot of generational knowledge lost to the passing of time, new investors often turn to social media looking for advice, sales, trustworthy dealers and other valuable information.
One of the most frequently asked questions from first time investors is: where to buy the cheapest silver rounds online? The second most asked question: which dealer has the lowest price on silver rounds?
The first answer that most experienced silver buyers suggest is to start buying up the Silver At Spot Price deals that are offered by some of the top dealers. The availability of offers, and dealers offering them varies all the time. FindBullionPrices.com tracks the availability of silver at spot price deals from all of the dealers that offer them.
Sometimes the available offers include ten 1 oz silver rounds, other times the offers include 10 oz silver bars and other choices.
Generic Silver Rounds
Silver rounds are available in a variety of sizes, such as 1 oz , 2 oz, 5 oz and 10 oz. There are even kilogram silver rounds that are popular amongst collectors for their detailed designs and semi-numismatic value. For investors, one of the most obvious ways to get the best price possible is to buy silver rounds at the lowest premiums over spot price.
Silver rounds is manufactured and minted in multiple forms including bullion bars, rounds, coins and collectible coins. Each of these products can, however, have some significant differences when it comes to overall premiums.
Silver Round Design
Rounds are produced by private mints. They are not legal tender like coins, nor do they have no face value and they are not government backed. However, the vast majority of the private mints that issue silver rounds have affiliations and certifications with various international organizations that adhere to industry related ISO manufacturing standards. Some are even approved “Good Delivery” providers on various international exchanges such as COMEX.
When buying silver bullion rounds, the cheapest silver rounds will often be labeled as generic silver rounds or secondary market silver rounds.
Generic Silver rounds often have simple, well known designs. There are many cases where the design mimics those early 20th century coins. The most frequently available generic design is based on James Earle Fraser’s buffalo nickel, which features a standing buffalo on one side and an Indian head on the other.
This general design is manufactured by virtually every private mint and available from most dealers and local coin shops as generic silver rounds. These are usually one of the lowest priced silver rounds available.
Secondary market silver rounds can be virtually anything that the dealer’s have in stock. In most cases, secondary market silver rounds have been bought over the counter from investors that are liquidating their precious metals investment. Dealers buy these in bulk, usually at a discount below spot price. As a result, the premiums on secondary market silver rounds will typically be lower than newly minted rounds. The condition of these round will vary from dealer to dealer and may be scratched, tarnished or vintage. Secondary market silver rounds will often be the cheapest silver rounds.
Discount Silver Rounds
Silver rounds are one of the most popular precious metals investments because they are extremely liquid and easy to store at home. The high volume of sales allows most online dealers to offer various pricing tiers. With quantity pricing, dealers offer better pricing when purchasing multiples of silver rounds, which allows for better pricing when buying in bulk.
For a given product, a dealer may set a certain price point for those buying 1-9 rounds, a slightly lower price for 10-19 rounds, and yet an even lower price for 20 rounds or more. The quantity and pricing tiers vary from dealer to dealer and sometimes from product to product. Buying coins or rounds in mint tubes or monster boxes can offer a significant savings.
During the manufacturing process, the newly minted silver rounds are packaged into plastic tubes before being packed into boxes for distribution. The private mints in most countries have accepted that tubes of 20 silver rounds has become the industry standard and most common option.
Since 1 oz silver rounds are generally between 37mm and 39mm, each tubes of silver rounds is easy to store at home and they are an affordable way of stacking precious metals. The liquidity that is provided by holding tubes allows for the sale of one or more rounds, depending on the circumstances.
Large Format Silver Rounds
The pricing of silver rounds generally follows the principal that buying larger sizes results in lower premiums. While the most common size is the 1 oz silver round, larger sizes such as 5 oz and 10 oz are growing popular with investors.
These larger rounds offer a way to purchase silver in bulk, potentially reducing the premium over the spot price compared to buying the equivalent weight in smaller rounds. Many of the 5 oz silver rounds that are available carry the same design, but with much greater detail due to the larger surface area. It’s a good idea to keep these larger sizes in capsules to prevent scratches and fingerprints when handling or on display.
Compare Multiple Dealers for the Cheapest Silver Rounds
Since silver bullion is a commodity, most online dealers carry many of the same exact products. However, the price of a given product could be significantly higher from one dealer to the next. Shopping around and comparing prices along with dealer reviews is an important part of the buying process.
FindBullionPrices.com compares prices of over 1500 Silver, Gold and Platinum bullion products across dozens of online bullion dealers. Use FindBullionPrices.com to find the best prices on silver rounds.
Shipping and handling costs can be a factor in getting the lowest overall premiums for your investment. Many online bullion dealers will include free shipping with a minimum purchase. The free shipping requirements vary from dealer to dealer. There are many dealers that include free shipping with a minimum $99 purchase.
Payment Methods – Check/Wire, Credit Card, PayPal, BitCoin
Another way to save on the dealer premiums is to choose a payment method that will not include additional surcharges.
Online bullion dealers charge roughly a 4% fee for payments via Credit Card or PayPal. This is due to the transaction costs from the merchant provider that are passed through to the dealers. The dealers pass this cost through to the end buyer.
Technically, they get around this by offering a cash discount price for those wishing to pay via Check, ACH or Wire Transfer.
Many dealers now accept BitCoin for payment through the BitPay gateway service. As a result, some dealers offer an addition discount tier when payment with cryptocurrencies.
However, to get the best prices, stick with checks, wire transfers and ACH.