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7 Simple Ways to Test Silver at Home

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With the rise of trading through social media and other online marketplaces, it’s important to note the prevalence of fake coins and bars on the market and testing can help protect you from scams. Testing can help ensure that the silver item you have is indeed made of genuine silver and not a counterfeit or an alloy.

Silver bullion is a popular investment choice for portfolio diversity, as a hedge against inflation and high interest rates or simply using it like a savings account or store of value.

As with other investments, verifying that you have genuine silver is a normal part of the due-diligence. Most of the methods described here can be performed at home with simple and inexpensive tools you may already own. They allow one to quickly and easily verify silver for purity and determine if any suspicious items in your stack are not genuine.

Ice Melt Test

The ice silver testing technique involves placing a piece of ice on the surface of the silver bullion. The ice should melt quickly and evenly across the surface. If the ice melts unevenly or leaves spots or blemishes on the surface, it may indicate that the bullion is not pure silver.

Pure silver has a high thermal conductivity, which means it can transfer heat quickly and evenly across its surface. When you place ice on refined silver, the heat from the silver rapidly melts the ice, creating a thin layer of water across the surface. If the silver is not pure, it may have a lower thermal conductivity, which can cause the ice to melt unevenly or leave spots on the surface.

While the ice test can be a helpful way to verify the authenticity of your silver bullion, it’s important to note that it is not entirely foolproof. Other metals have a high thermal conductivity and could pass the ice test even if they are not pure silver. Additionally, some counterfeiters have figured out ways to thicken the silver-plating on some fake bullion coins that can pass the ice test.

It’s a good recommendation to use multiple methods to test silver bullion beyond checking for hallmarks or engravings, such as accurately measuring its weight and dimensions or performing a magnet test.

In case of doubts about the authenticity of your bullion, another option is to befriend your local coin shop to have it examined by a professional before making any investment decisions.

Magnet Test

Verifying silver can be made much simpler with the use of neodymium magnets.

Neodymium magnets are among the most powerful permanent magnets, capable of producing a high magnetic field. When placed close to a piece of silver bullion, they can provide an effective means of verifying its authenticity.

Silver is non-ferrous, which means that it is not magnetic. If the silver is genuine, the magnet will not stick to it, but at angle will slide down the piece showing some slight resistance. However, if the magnet sticks to the bullion, it is likely to be counterfeit metal alloy or plated material.

This is because most metals used to fake silver bullion, such as copper, brass, or nickel, are magnetic and will therefore be attracted to the magnet.

Note that this method should be used with other forms of testing silver bullion, such as weight and visual inspection. However, using neodymium magnets can provide more confidence when investing in silver bullion.

A set of tiny, inexpensive neodymium magnets can be bought from Amazon for under $10.

Measuring with a Precision Scale

A high-quality precision scale for precious metals that is accurate to at least 0.01 grams and also measures in troy ounces is a very affordable accessory.

A scale allows you to weigh the bullion accurately and determine its weight in grams or troy ounces. Once you have an accurate weight, you can then compare it to the manufacturer’s stated weight to and note any variances. When measuring in fractions of a gram there is likely to be some variances in weight, even between silver rounds of the same manufacturer and design.

In addition to weighing the bullion, you can use a scale to help measure its density.

Water Displacement

Water displacement is a technique that measures the volume of an object submerged in water and the amount of water it displaces. This method can be used to verify the weight and density of silver bullion.

A container filled with water is needed to use water displacement in verifying silver. The container should be large enough to submerge the silver bullion completely. First, the weight of the silver bullion is measured using a scale. Next, the silver bullion is immersed in the water container, and the volume of water displaced is measured. The weight of the silver bullion is then divided by the volume of water displaced to determine the density of the silver bullion.

The density value can be compared to the known density of silver to verify its authenticity. This method is relatively inexpensive as it does not require any special equipment.

Silver has a density of 10.49 grams per cubic centimeter, meaning a piece of silver bullion should have a specific weight based on its size. By measuring the weight and volume of the bullion, you can calculate its density and compare it to the expected density for silver to ensure that it is authentic.

Measuring Coins with Calipers

Calipers can be an effective method for measuring coins to help verify the authenticity. A set of calipers, sometimes referred to as a micrometer, is precision measuring instrument that can accurately measure the dimensions of an object, allowing you to compare the measurements of your coin against known specifications.

When using calipers, the first thing to do is to measure all dimensions of the piece, including its length, width, and thickness.

By comparing the measurements to those published by the original manufacturing mint. Most online bullion dealer listings information related to the dimensions of each piece as provided from the manufacturer. It is easy to compare the measurements of your piece with those provided online.

These measurements can also be used to calculate the volume of the coin, which can be compared to the expected volume based on the weight and density of silver.

Additionally, when measuring the dimensions of the bullion, calipers can help identify signs of tampering or alteration. For instance, when the thickness of a bullion bar fluctuates along its length, this could indicate that some metal has been shaved off.

Unlike chemical testing or X-ray fluorescence (XRF) analysis, caliper measurements can be taken immediately without requiring specialized equipment or extensive preparation.

Silver Ping Test

Pure silver makes a distinctive sound when it impacts another object such as a solid countertop. The Ping Test analyzes the ringing sound that is produced when it is bounced off surface.

Various Apps are now for both IOS and Android mobile devices that analyze the frequencies that resonate against a known database of other coins.

Acid Testing method

Acid testing is a common method used for testing silver purity. Acid testing involves using a simple solution to test the silver’s purity. The process is straightforward. A small sample of the silver is taken using a special jeweler’s stone. When the acid is applied to the sample it will react by changing color.

Additionally, 18k gold testing solution can also be used when testing silver with a different color reaction as described in the video below:

    

Simple and easy to use acid test kits are readily available from Amazon and other online marketplaces and are inexpensive and the most reliable way method of testing silver and gold bullion at home.

Acid testing is the most trusted way to verify the purity of silver bullion. It’s important to note that care should be taken with the testing process, particularly with items that may have potential value as numismatics, collectibles or antiques. Additionally, acid testing should only be complementary to other verification forms, such as weight and size measurements and confirmation of stamps and markings when available.

Final Thought

While several ways are used to test silver purity, many investors may need more than just third-party grading or testing services. Fortunately, the above are a variety of methods that you can use to verify the authenticity of your silver bullion at home.

If you still have concerns about a particularly piece, it may be best to visit a local coin shop or other precious metals dealer. You can ask them to test the piece in question on a Sigma Precious Metals Verifier.

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New Global Gold Standard Emerging from Recession

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The dollar emerged as a reserve currency following World War II as part of the Bretton Woods Accord. This was due to the United States having the largest gold reserves at the time. Bretton Woods provided fixed gold prices that was pegged to the USD making it the central spoke for trade.

NPR did a report in 2019 that gives some history on the Bretton Woods agreement, the development of the World Bank and International Monetary Fund or other organizations involved in evangelizing the use of the dollar in international trade.

More About Bretton Woods

In 1971, economic conditions were not entirely different than they are today. At the time, the economy was suffering from a relatively high rate of inflation, the ongoing war in Vietnam led to significant budget deficit and mounting debt, and there had been a longstanding decline in the U.S. monetary gold stock, and a recent, sharp rise in external dollar liabilities held by central banks.

Corruption in government had also reached a tipping point which later led to Watergate, the Church Committee and other investigations.

In August of 1971, Nixon held a top-secret meeting at Camp David with his top financial and economic advisors that included the likes of Arthur Burns, John Connally, Paul Volker and others.

Together they created a strategy for a controversial policy that removed the dollar from the gold standard which disrupted the global economy.

Long term, the decision to remove the dollar from the gold standard led to a decline in central bank holdings that reached the lowest point around 2010.

Since the financial crisis in 2008, Central Banks have been following the lead of BRICS nations and continued their gold buying streak in 2022. Globally, central bank holdings have now reached their highest point since 1974.

The Biden Administration faces additional problems today that didn’t exist in 2008.

Russia began exchanging rubles for gold and requiring foreign nations to pay for gas and oil in rubles to flout US sanctions. Some of this has been factored into gold prices this year.

Recent news of Qatargate involving the arrests of several prominent members of the European Parliament is more evidence of the corruption ingrained in the dollarized financial system.

Although the origins of Bitcoin remain up for debate, the original cryptocurrency also developed in response to the 2008 Global Financial Crisis that resulted from the US recession.

Cryptocurrency ledgers provide a shared and public transaction record that could provide central banks with more transparency.

However, the adoption of CBDC as proposed by the G7 as a programmable currency is fraught with controversy. Much of this causes confusion with consumers who are already struggling with mass adoption of crypto.

The recent crash of the FTX crypto exchange highlights significant issues of corruption within the current system that continues to spread to other sectors of the economy. plus the evidence of the emergence of a global BRICS currency backed by the combined gold reserves of member nations are just two of the additional challenges.

Discussions of a BRICS mixed basket currency began to emerge following the global financial crisis in 2008. Which was triggered by lax lending standards, record amounts of consumer debt and other factors that fueled the first housing bubble.

BRICS countries have been in discussion to establishment of a new digital reserve currency that is a mix of member countries.

The BRICS reserve basket currency allows member nations to engage in trade bypassing the USD. The strength of their local currency will help to strengthen their influence in the basket.

Some economist see this as a real threat to the dollar as a global reserve currency, thus reducing the demand for dollars worldwide.

On a macro level many of these things are seen as good indicators of strong demand and long term upward movement in gold prices.



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Is it legal to own Precious Metals?

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For over 40 years, from 1933 until 1974, the US government made it illegal for citizens to own gold.

Thanks to President Gerald Ford, it is legal for everyone to own gold, silver and other precious metals since 1974.

History of Precious Metals Prohibition

In the early 20th century paper currency was far less common than today. Paper bills were often only available in large denominations commercial and interbank transactions. Much of the currency in circulation was coinage minted of silver and gold alloys.

Economies were still based on the gold-standard. The coins in circulation were minted of 21k gold, which is a mixture of 90% gold and 10% copper for strength and wear resistance during everyday circulation.

Gold coins before 1933 were minted in denominations that include the $2.50 (quarter eagle), $5.00 (half eagle), $10 (eagle) and $20 (double eagle).

In 1921, following the end of the first World War, the Morgan Silver Dollar was replaced with the Peace Silver Dollar. Both coins were composed of an alloy containing a mix of 90% silver and 10% copper. The amount of pure silver in each $1 USD coin being 0.7734 troy ounces.

Also during that time smaller denominations of coins, including the dime, quarter and half-dollar, we also minted from the same silver and copper mixture. The US Mint continued to issue 90% silver coins through 1964.

When clad coins began to circulate in 1965, some citizens remembered the gold seizure that happened thirty-two years early.

The roaring 20’s led to the Great Depression. Wall Street Banks, along with regional banks under purview of the young Federal Reserve system were happy to give out margin loans, unsecured credit in fiat currency.

During the economic hardship many people lost faith in the banking system. Instead of depositing cash into banks, many people turned to hoarding cash at home in the form of gold and silver coins.

During the Great Depression, Roosevelt used an obscure and obsolete piece of legislation meant to prevent the German government to profit from patents in the United States during the World War I as justification for his numerous Executive Orders to confiscate gold coins from the economy.

On April 5, 1933, after enduring several years of the Great Depression, President Franklin Roosevelt signed Executive Order 6102.

With the swipe of his pen, Roosevelt made it a crime for any US citizen to own gold coins, gold bullion or even gold certificates, which were a form of gold-backed fiat currency that was exchangeable for gold. In exchange, the government offered citizens $20.67 in fiat for each ounce of gold that was surrendered.

All gold was ordered to be surrendered to the government. Within the first thirty days the Treasury was able to collect roughly one third of the $1,400,000,000 in gold that was in circulation.

Any person who failed to comply with the presidential order faced imprisonment and fines of up to $10,000. Many private citizens and investors were put on a list, targeted, arrested, prosecuted, fined, imprisoned and had their gold seized.

The order did exempt some items. Such as jewelry, numismatic collectibles, items used by industry, some professions and artists.

In defiance to the order, people drilled holes or attached hasps to the coins to convert coins into pendants to hang on a chain to meet the minimum standard of jewelry.

The seizures, arrests and prosecutions of those who did not surrender their gold continued for most of 1933. Roosevelt signed additional Executive Orders throughout the year.

One of which gave the Justice Department the authority to build a list of citizens suspected to be ‘gold hoarders’. Essentially acting as a government backed gestapo.

During the summer of 1933, agents from the Justice Department visited the homes of “known hoarders of gold” to confiscate more than $38,901,009 worth of gold.

The Emergency Banking Act of 1933 was supposed to help restore faith in the banking system and the economy after the Federal Reserve led the country into the Great Depression.

The prohibition on private ownership of gold continued for 41 years.

Nixon Shock

During the early 1970s, Nixon was facing rising unemployment, high inflation, the looming oil crisis and political foes. In August of 1971, the President called together top economic advisors for a secret meeting at Camp David.

Notable participants in the meeting included Federal Reserve Chairman Arthur Burns and Treasury Secretary John Connally. Also present, then Undersecretary for International Monetary Affairs and future Federal Reserve Chairman Paul Volcker.

Following this meeting Richard Nixon authorized then Treasury Secretary John Connally to break the Bretton Woods Agreement that had defined the rules of international trade amongst many countries following World War II.

Without consulting any international leaders, the actions included the immediate suspension of the “gold standard”.

Nixon directed the Treasury Secretary to abolish the convertibility of dollars into gold through the London Gold Pool. This also removed the fixed price of gold from $35 an ounce to a market based system.

By 1973, the US gold standard that was established by Bretton Woods had been replaced. The new system based on free floating exchange of fiat currencies.

Following the resignation of Nixon, one of the first laws signed by President Ford included a bill which reversed Roosevelt’s Executive Orders.

The bill authorized expansion of the World Bank and included provisions that legalized citizens full authority to purchase, hold, sell, or otherwise deal with gold in the United States or abroad. It has been legal for anyone to own, hoard, buy and sell gold in the United States since December 1, 1974.

The gold bull run that followed culminated in a price peak of $850 USD per ounce in January 1980.

Sovereign Gold Bullion Market

The Gold Krugerrand was the first gold bullion coins to be sold to investors when it debuted in 1967.

At the time, apartheid sanctions against South Africa made it difficult to invest in Gold Krugerrands. The top gold coins of the day included the Gold 100 Corona from Austria and the Mexican 50 Pesos Gold Coin. These vintage gold coins have maintained their popularity with investors.

In 1979, the Royal Canadian Mint introduced the first mintage of the Maple Leaf 1 oz Gold Coin.

The basic design of the Canadian Maple Leaf 1 oz Gold Coin has remained largely unchanged since its creation.

The US Mint made several failed attempts during the early 1980s to woo precious metals investors. One notable attempt is the American Arts Commemorative Series Medallions.

There are ten medallions that are part of the American Arts Commemorative Series that were minted from 1980 through 1984.

The larger medallions are minted 1 troy ounce of pure gold.  While the smaller medallions contain 1/2 troy ounce of pure gold. At the time of release, the medallions were poorly received by collectors, the public and investors.

These medallions were struck from an alloy containing .900 fine gold. Today, these medallions are popular with gold stackers and investors and can are often on sale in the secondary market very close to spot price.

While the series was a commercial failure, it paved the way for Congress to create and establish the guidelines for the American Eagle series of coins from the US Mint.

Gold American Eagle

The American Eagle series premiered in 1986. It continues to be one of the most popular precious metal investment vehicles in the world.

It has been more than 52 years since the Nixon Shock moved off the United States off the gold standard.

Private ownership of gold, silver and other precious metals remains legal throughout the United States today.

Demand from investors continues to grow as more people continue to lose faith in the banking system, traditional investments like stocks and bonds as well as the federal government’s ability to manage and regulate effectively given the massive amount of corruption plaguing Washington.

As of 2023, more than 47 million ounces of gold have been used in minting of four denominations of American Gold Eagle coins. Investor demand for American Gold Eagle coins remains strong after 37 years.

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Where is the best place to buy silver?

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There are a lot of online bullion dealers. With so many online dealers how do you decide which bullion dealer is the best company to buy from?

It doesn’t matter if you’re an investor looking for the lowest price investment, or if you’re a collector wanting to find the best prices on silver coins to add to your collection. Investors and collectors both are always searching to find the best prices on silver from online bullion dealers.

Finding which online bullion dealers have the best prices for silver will depend on which bullion items you’re looking to buy and when you’re looking to buy.

FindBullionPrices.com is the best website for tracking the prices and premiums of a large variety of gold, silver and platinum coins, bars, rounds and bullion items for sale by online bullion dealers.

All of the online bullion dealers will carry a core set of gold, silver and platinum bullion products. All will have some sort of selection of:

  • Gold, silver and platinum Sovereign government coins such as American Eagles, Canadian Maple Leafs, etc…
  • A large variety of silver rounds from popular private mints
  • Silver bars, gold bars and platinum bars
  • Hand poured items from specialty mints
  • Circulated “Junk” Silver.
  • and much, much more

With so many trusted and reputable online bullion dealers offering such similar products how do you decide which company is the best to buy from? There are several factors to consider, including customer service, shipping charges, sales tax and of course most importantly, the lowest premiums over spot price for what you want to buy.

There are several trusted and reputable online bullion dealers that stand out from all the others.

Some of the best companies to buy silver from include Silver Gold Bull, Golden Eagle Coin, Bullion Exchanges, BGASC, JM Bullion and others.

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Compare Premiums to Determine Which Silver Dealer Has the Best Price

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shipping silver bullion

When you buy silver and gold bullion from online dealers the pricing displayed on their websites can be confusing. It can sometimes be hard to tell if you’re getting a good deal or not.

All bullion dealers, whether online or a local coins shop, price their bullion relative to the spot price of the precious metals. The price the dealer charges over spot price is called the dealer premium.

The only way to know whether or not you’re getting the best price when you buy precious metals online is to compare the dealer premiums over spot price.

Comparing dealer premiums for a particular item, whether it’s the latest American Silver Eagle coins, 10 oz silver bars, or Pre-1933 gold coins, can be a tedious and time consuming job. Looking for the same item across multiple dealer websites takes time.

FindBullionPrices.com provides tools to help simplify the process for buying silver and gold bullion from online dealers. We pull the latest prices from many trusted and reputable bullion dealer websites for over 300 unique products.

Each product listing is designed to make it easier to decide which dealer has the best deal when you buy bullion online. The product listings display the current spot price, including the melt value for each item. The current price the dealer is selling an item for is displayed, along with the calculated dealer premium over the melt value.

For each product we try to show as many dealers as possible that are selling a particular gold or silver coin. Dealer inventories can change quickly so we may not always show every dealer that is selling a particular item, though we try to do the best we can.

Shipping Charges and the Myth of Free Shipping

Many online bullion dealers offer free shipping when you place an order over a certain dollar amount. For a lot of bullion dealers, the free shipping threshold is that orders over $99 ship for free. The cost of the shipping is generally included in the dealer premiums.

Several online bullion dealers offer free shipping for all orders regardless of the dollar value of the order. These dealers typically have much higher premiums per item to cover the shipping costs.

Still, there are other dealers that are more transparent in their pricing and cost structure. They may not offer free shipping at all, or have a higher minimum order dollar value threshold for offer free shipping.

As silver and gold bullion are commodities, market conditions dictate the price trend which affects the price you pay. As with any business, each dealer has different levels of overhead, operating costs and desired profit margins.

Some online bullion dealers prefer high volume with lower margins while others may charge a heavy premium, especially when purchasing lower quantities or lower order values.

The top trusted and reputable online bullion dealers willing to compete on both service and price, who are interested in establishing long-term stacker customers that will continue to buy from them on an ongoing basis, are the dealers will to compete on price and provide the best customer service.

Payment Methods and Types

Our dealer listings section has a page that shows the payment methods accepted by dealer accepts and displays information regarding the shipping policies, minimum order value thresholds for free shipping and more.

Virtually all online bullion dealers accept credit cards, checks and wire transfers for payment. Dealers that accept credit cards and PayPal as payment methods typically incur a fee for each transaction. The fee that credit card companies and PayPal charges the dealer are typically 3% to 4% of the dollar value of the order. These fees are included in the cost.

Online bullion dealers often display on their product pages two or three different prices. Dealers will usually display the Cash Price and the Credit Card/PayPal price, and some dealers may display a third category that have begun accepting BitCoin and other cryptocurrencies for payment.

Paying the Cash Price for Silver & Gold Bullion

The lowest price is the Cash Price. The Cash Price when you buy gold or silver from an online dealer represents the equivalent to walking into the store and paying cash. This is obviously not possible when making an online transaction, so this price also often represents the price if you were to mail a check to the dealer, use an e-check option or perform a wire transfer.

Some  credit card companies and payment processors have requirements that forbid merchants from charging a fee for accepting credit cards as a payment method. Online bullion dealers get around this by offering the items for sale at a Credit Card/PayPal price that is typically 3% to 4% higher than the Cash Price. While the Cash Price is often referred to as a discounted price for using Cash, Check, e-Check or wire transfer as a payment method.

 

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Sales of American Eagle gold and silver coins drop to 11 year low

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best place to buy American Silver Eagles online

According to sales data released by the U.S. Mint this week, sales of both American Silver Eagle (ASE) and American Gold Eagle (AGE) coins were down in 2018.

According to sales data, the U.S. Mint sold 245,500 ounces of Gold Eagle bullion coins during 2018. This was down from 302,500 ounces in 2017 and 985,000 in 2016.

Silver Eagle bullion coin sales dropped in 2018 as well. In 2018, the U.S. Mint sold 15,700,000 one-ounce Silver Eagle bullion coins. This was down from 18,065,500 in 2017 and 37,701,500 in 2016.

Silver Eagle bullion coins are sold to dealers in 500 coin Monster Boxes. Many precious metals dealers that are still holding onto 2018 dates coins have lowered the premiums to as low as $2.20 per coin, which is only 20 cents more than the premium charged by the U.S. Mint.

Additional information can be found in this Reuters article and via the U.S. Mint Production Sales Figures.

Overall, the spot price of gold ended 2018 with a 2.1% loss, the spot price of silver lost 9.7% throughout the year.

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Bullion Dealers Begin Charging Sales Tax for Online Orders

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When you click on links to various merchants on this site and make a purchase, this can result in this site earning a small commission. More information about our affiliate programs can be found here.

As a result of the Supreme Court decision in June 2018 many online bullion retailers have begun to collect sales tax on orders being shipped to states that view bullion as a taxable item.

State Sales Tax on Silver and Gold bullion varies throughout the country. Some states see bullion as a collectible susceptible to tax, while others view it as an investment or cash alternative that is non-taxable.

Online bullion dealers such as APMEX and JM Bullion have already begun charging sales tax on some orders placed through their websites and eBay stores.

Below is a list states and whether or not they charge sales tax on Coins, Paper Money, and/or Precious Metals.  Tax laws are constantly changing. The information below should be used as a guide. Confirm with the online precious metals, bullion or coin dealer prior to purchase to find out if they collect sales tax in your particular locale.

Alabama
The State charges 4% on everything. Many local County & City add additional taxes between 4-5%.

Alaska
No state sales tax, though local governments may still tax.

Arizona
No sales tax collected on precious metals or coins.

Arkansas
Sales tax is collected on precious metals.

California
Precious metals and coin purchases are exempt if the amount is over $1,500.

Colorado
Sales Tax precious metals, bullion and coins varies by city.  There is no state sales tax..

Connecticut
Coins that are collectable are exempt from state sales tax. Precious metals purchases under $1,000 are charged sales tax.

Delaware
No sales tax precious metals and coins.

District of Colombia
Sales tax is collected precious metals and coins.

Florida
No sales tax on U.S. coins.  Precious metals purchases greater than $500 are taxed.

Georgia
No sales tax on coins or precious metals.

Hawaii
Coins and precious metals purchases are charged excise tax.

Idaho
No sales tax on bullion or coin purchases.

Illinois
No sales tax on precious metals or coins.

Indiana
No sales tax on coins or bullion.

Iowa
No sales tax bullion or coins.

Kansas
Coin and precious metals purchases are subject to sales tax in Kansas.

Kentucky
Coin and precious metals purchases are subject to sales tax in Kentucky.

Louisiana
Coin and bullion purchases over $1,000 are exempt from sales tax.

Maine
Sales tax is collected on all bullion and coin purchases.

Maryland
Collectible coins and bullion are exempt on purchases over $1000.

Massachusetts
Coin and precious metals are exempt on purchases over $1000.

Michigan
No sales tax bullion or coins.

Minnesota
Coin and precious metals purchases are subject to sales tax in Minnesota.

Mississippi
Coin and precious metals purchases are subject to sales tax in Kentucky.

Missouri
No sales tax bullion or coins.

Montana
No sales tax bullion or coins by the state.  Some communities charge a  3% provisional tax.

Nebraska
No sales tax bullion or coins.

Nevada
Sales tax is collected on coins that sell for more than 50% of Face Value. Private Mint Bars and Rounds are exempt.

New Hampshire
No sales tax bullion or coins.

New Jersey
Coin and precious metals purchases are subject to sales tax in New Jersey.

New Mexico
Coin and precious metals purchases are subject to sales tax in New Mexico.

New York
Coin and precious metals purchases are subject to sales tax in New York. Bullion purchases over $1,000 are exempt

North Carolina
Coin and precious metals purchases are subject to sales tax in North Carolina

North Dakota
No sales tax bullion or coins.

Ohio
Sales tax exempt on the sale of precious metal bullion and investment coins that are composed mainly of gold, silver, platinum, or palladium.

Oklahoma
State and local sales taxes can apply to precious metals and coin sales.

Oregon
No sales tax bullion or coins.

Pennsylvania
No sales tax bullion or coins.

Rhode Island
No sales tax bullion or coins.

South Carolina
No sales tax bullion or coins.

South Dakota
No sales tax bullion or coins.

Tennessee
No sales tax bullion or coins.

Texas
No sales tax bullion or coins.

Utah
No sales tax bullion or coins.

Vermont
No sales tax bullion or coins.

Virginia
No sales tax bullion or coins.

Washington State
No sales tax bullion or coins.

West Virginia
Coin and precious metals purchases are subject to sales tax in West Virginia.

Wisconsin
Coin and precious metals purchases are subject to sales tax in Wisconsin.

Wyoming
Precious metals purchases are subject to sales tax in Wyoming.

As with all tax related matters it is best to consult a qualified tax professional. Check with each dealer prior to purchase to determine if they will be charging sales taxes on your purchases.

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eBay Bucks and Bullion Frequently Asked Questions (FAQ)

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When you click on links to various merchants on this site and make a purchase, this can result in this site earning a small commission. More information about our affiliate programs can be found here.

eBay Bucks and Bullion Frequently Asked Questions

What is eBay Bucks?

eBay Bucks is a rewards loyalty cash-back type program run by eBay that gives a 1% credit on eligible purchases that can be used towards future purchases.
eBay Bucks credits are earned throughout the financial quarter up to a maximum of $500 in eBay Bucks per quarter. eBay Bucks are available to spend on eBay at the beginning of the quarter after they are earned. Earned eBay Bucks must be spent during the first month of the quarter after they are earned.
Periodically throughout the year eBay runs promotions that increase the earnings amounts of eBay Bucks. Typical promotions have increased the eBay Bucks earnings to 8%, 10% or 15% above the base amount of 1%.
Items listed in certain categories, including the Bullion category and subcategories are ineligible for earning eBay Bucks. However, many of the trusted and reputable dealers that sell bullion products on eBay will list bullion products for sale in alternate categories that do earn eBay Bucks.

How can I earn eBay Bucks when buying Bullion?

The base 1% reward can be earned by buying bullion that is listed outside the Bullion category, including those listed as Silver Bullion or Gold Bullion. Items in those categories are not eligible for earning eBay Bucks.
That being the case, there are lots of bullion products that are listed in alternate eBay categories including other subcategories in Coins & Paper Money.
Not all items are eligible. Sometimes items that are cross-listed in multiple categories that includes the Bullion categories.
The best way to determine if an item is eligible for earning eBay Bucks is to look at the item page. In most cases, an eligible item will display the amount of eBay Bucks that you can earn, similar to this:
Sunshine Mint Silver Rounds ebay Bucks
Notice at the bottom of the image you can see the green “Bucks” logo with the earning amount.

How often are eBay Bucks promotions run?

Historically, eBay Bucks promotions are run several times throughout each financial quarter. They are sometimes run several times each month. There’s no set schedule for when an eBay Bucks promotion is run. Nor is there any schedule for how much of a bonus will be offered on top of regular earnings. The promotions are offered at the sole discretion of eBay.

How do I sign up for eBay Bucks?

If you already have an eBay Account you can sign up for eBay Bucks by visiting the eBay Bucks signup page. If you do not already have an eBay account, you must first create an eBay account then signup separately for eBay Bucks.

How can I find bullion items that are eligible for eBay Bucks?

We maintain an ongoing list of popular bullion items that are eligible for earning eBay Bucks. Our list of eBay Bucks eligible bullion items includes gold bullion, silver bullion and junk silver items.
Sometimes sellers will change an item’s category after the listing has posted. Be sure to look for the eBay Bucks earning amount on the listing to be sure an item is eligible.

Can I spend my eBay Bucks on bullion?

Yes. eBay Bucks can be spent on any bullion listings on eBay.

How can I avoid counterfeit bullion on eBay?

Always buy bullion on eBay from trusted and reputable dealers. There are certain things to look for that are red flags that an item could be counterfeit. Don’t risk it and stick with known sellers with high feedback and recent activity.

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Free shipping on bullion usually means higher premiums

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Some online dealers offer free shipping on bullion when your purchase is over a certain amount. Is the shipping really free? Or is it somehow hidden in the higher premiums.

The myth of free shipping on bullion when buying online

When looking at the prices and premiums of online bullion one of the first things that many people notice is that the price of the same items can vary greatly from dealer to dealer. Sometimes it’s just that dealers may be charging a higher premium on some items.

More often than not the dealers that charge higher premiums per ounce offer a free shipping option with a low purchase price of around $100. This is because the dealer has to fit the shipping cost into their business model somewhere. Free shipping isn’t really free, you’re just paying for it somewhere else.

This is no different than when dealers charge a 4% additional fee for paying for bullion with a credit card or Paypal. The additional cost gets added into the product margin somehow.

When you look at our quick glance silver bullion price comparison chart one of the first thing you notice is that the lowest prices per ounce are most often from dealers that charge a nominal shipping charge.

Of the dealers that charge shipping, most shipping charges are in the $5 to $10 per order range depending on the class of service and the weight of the order. When looking for the best silver prices online it is important to take into consideration the shipping charges. The cost of shipping should be spread out over each ounce in your order.

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Why buy silver?

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buy silver

Silver is an asset. Silver has been used as a form of currency for thousands of years. Silver represents wealth. Why you should buy silver as part of your savings plan.

Buy Silver as an Investment

There are many better options to invest in besides silver. As an investment silver does not provide the rate of return that traditional investments in stocks, bonds and other securities can provide. When looking at the overall rate of return silver makes for a horrible investment.

Silver and other precious metals have always been a way to hedge against inflation. Historically, the value of silver and it’s purchasing power has remained roughly the same for decades.

Silver’s Purchasing Power

Silver has maintained it’s purchasing power over time in pace with inflation. The amount of goods or services that you can buy with one troy ounce of silver has stayed relatively the same throughout time. This has even held true over the last 100 years or so.

As an example, in 1964 one troy ounce of silver was worth around $1.29. The price of 1 gallon of regular gas was around 30 cents per gallon. That one troy ounce of silver could purchase roughly 4.3 gallons of gas.

In 2018, the price of silver has been hovering around $16.50 per troy ounce. The price of a 1 gallon of regular gas has been around $3.00 per gallon. Using the same methodology, one troy ounce of silver today can purchase roughly 5.5 gallons of gas.

Buy Silver, a good way to save for rainy day

Most financial experts agree that everyone should have an emergency fund that contains about six months worth of expenses. It’s no surprise that most people can’t do this for one reason or another.

Some people just don’t have the income to set aside in a savings account in this way. For others, it’s that they don’t have the self-discipline needed to not dip into their savings when things come up that would be normal expenses.

Buying silver is one way to set money aside in a rainy day fund like a savings account. However, it’s not a savings account you store in the bank. Nor is it a savings account that you can just pull cash from easily. It’s a savings account that you can hold onto. While it is liquid and easily convertible into cash, it does take some effort. This makes it harder to spend unless you really need to.

Silver is money but it’s not as easy to spend as fiat currency. When you buy American Silver Eagles by the tube each coin has a face value of $1 USD. However, the real value is in the intrinsic nature of the silver. A tube of Silver Eagles contains 20 troy ounces of silver. Since Silver Eagles are the most popular and widely recognized government bullion coins in North America, and one of the most recognized worldwide, it is very easy to trade Silver Eagles for fiat currency.

It’s important to think about and understand what your plan and strategy for dipping into your silver savings account will be. It helps you understand how liquid it will be for you. How you can get the most value when it comes time to sell or trade for fiat currency. Do you have a local coin shop that will buy at a good price when you need it? Will you be able to sell to an online dealer? What are your options to sell in a pinch?

When the dealers buy Silver Eagles from the mint they are charged a premium of $2.00 per coin. The US Mint charges this premium to cover the cost of manufacturing and distribution of the coins.

Most local coin shops will pay $1.00 or so over spot price for American Silver Eagle coins. They do this because they know they can easily sell them very quickly. When they buy silver eagles from individuals they are able to purchase them for a lower price than they can get them from the US Mint.

With generic silver bullion, most local coin shops will pay 50 cents to a dollar per ounce below spot price. Reselling generic bullion has lower margins than Silver Eagles. Oftentimes local coin shop buy generic bullion with the intent to ship it to a refinery to be melted back into something else. This is a common practice.

Buy Silver Eagles for your savings

It’s no secret that Silver Eagles hold their premium better than generic bullion. There are ways that you can buy silver eagles at a lower premium for your rainy day fund. Buying silver eagles allows you to recapture much of that premium when it comes times to dip into your rainy day fund and convert some back into fiat currency. You will find the best values when you buy silver eagles that are not from the current years mintage.

There are a number of different ways that online silver dealers will market Silver Eagle coins from previous mintages. They could be offered for sales simply as “Random Year” American Silver Eagles. Random Year Silver Eagles are sold and marketed as non-specified years because it may depend on what the dealer has in stock at the time you place your order. View Random Year Silver Eagles Pricing

Random Year Silver Eagles will be in Uncirculated condition (BU). If you are buying tubes of 20 Eagles at a time they will most likely be shipped in the original mint tube as well. These eagles will most likely be new old stock and could be 1, 2 or 3 years old. There’s nothing wrong with them except that they have likely been sitting in the dealer’s vault for a while. These will often be sold for as low as $1.50 or so over silver spot price. Sometimes deals can be found for even less.

An even better value when buying Silver Eagle coins is to look for those in cull condition. Cull condition American Silver Eagles will most likely have been handled at some point. The coins may contain some scratches, show signs of tarnish and wear and tear. Some may even have been painted. You can buy cull condition American Silver Eagle coins for less than buying Random Year Silver Eagles. View Cull Silver Eagles Pricing

Ultimately, the intrinsic value of the silver is what is most important. Being American Silver Eagles, even in cull condition, still bring a premium over spot price when it comes time to sell them.