For anyone looking to sell silver, a comprehensive understanding of hallmarks is imperative. Hallmarks serve as identifiers of the metal and its purity, providing crucial information for bullion buyers to accurately assess the value of the metal.
Precious metals like gold and silver, in their purest forms, are soft and susceptible to damage. To enhance their durability, manufacturers blend them with various alloys. The hallmarks on silver products serve as tangible evidence of the silver content within the finished product, enabling a precise valuation when selling silver.
The use of silver hallmarks dates back to as early as the 13th century, representing one of the earliest forms of consumer protection. During this era, the purest silver products contained 92.5% pure silver, with the remaining 7.5% comprising other metals. Silver was predominantly used as a form of currency, and at that time, all currency in circulation was required to meet strict quality standards. In Britain, silver was legally mandated to undergo testing and bear a special leopard head punch on its surface.
Today, silver hallmarks have evolved. They are now required to denote the manufacturer, the silver's fineness, and the assaying office. Essentially, silver products should bear marks indicating the producer, silver purity, and who verified the purity. Many of the hallmarks used in the past continue to be widely used today.
There are four purity symbols commonly found on silver bullion: 800, 925, 958, and higher. These numbers signify the silver content within the metal. For instance, 925 indicates that the product is composed of 92.5% pure silver, which is known as Sterling Silver. Silver bullion typically has a purity of 98.5% or above. Over time, an increasing number of silver producers have been manufacturing silver with a fineness of .999, often referred to as "three-nines fineness." This level of purity is commonly found in silver bullion bars and coins, and the purest silver boasts a fineness of 9999. Only a few mints, such as the Perth Mint and the Royal Canadian Mint, can produce such high-purity silver.
Here are some of the world's favored silver bullion products and their fineness:
- U.S. Silver Eagle Coins – 999 fineness
- UK's Britannia Silver – 999 fineness
- Austrian Silver Philharmonic – 999 fineness
- Silver Canadian Maple Leaf and Australian Silver Kangaroo – 999.9 fineness
When selling silver bullion, the purity is of utmost importance, and there are several reputable names in the silver bullion market:
- Credit Suisse, a renowned brand known for its high-premium silver bars.
- Engelhard Silver Bars – a respected silver bullion producer whose products are highly sought after, particularly since the company reduced its silver production.
- Johnson Matthey – a refinery producing popular 1-ounce and 100-ounce silver bars, on par with Engelhard's stature, favored by silver bullion buyers.
- PAMP Suisse – a Swiss-based refinery that produces artistic silver bars.
- The Royal Canadian Mint – known for producing some of the purest silver bars available.
Most investors opt for 100-ounce silver bullion bars for investment purposes rather than collecting. Silver bars with the right hallmarks, produced by these reputable refineries and mints, are easier to sell and typically command favorable prices in the market.
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