As inflation and the economy continues to fluctuate, some consumers look to the steadfast value of precious metals like gold and silver while other consumers gather precious metals for other purposes, including for hobby or even medicinal purposes. Whether collecting silver ingot for hobby collections or for financial investments, there are several key aspects consumers should keep in mind. These include understanding what silver ingots are, compared to other forms of bullion, what consumers collect them for, the difference between weight and mint, and the proper storage of silver ingots. With research and understanding, consumers can know what to look for and ensure the authenticity of their collected ingots, avoiding scams in the process.
What are Silver Ingots?
Although silver ingots and silver bars have a similar structure, silver bars tend be larger and available in higher weights while silver ingots are smaller silver bars available in various weights by ounces. When collecting silver ingots, consumers should look for .999 fine silver to ensure they receive authentic, high-quality silver. Consumers should stay away from anything labeled commemorative as these pieces often contain a lower purity and higher cost. Because consumers can find privately-minted silver ingots and coins, as well as silver bullion from various countries, consumers should note there is no set number of varieties of silver ingots. Thus, consumers can never truly have a complete collection because of the constant emergence of new designs.
Why Collect Silver Ingots?
Silver ingots provide consumers great economic stability due not only to their worth as a precious metal, but also to their utility value, making it ideal even if the economy should take a serious downturn. Consumers can easily divide and transport silver ingots, confident in their durability over time. In addition to the economic stability silver ingots bring, many consumers also collect silver bullion ingots for other reasons. Medical professionals and naturalists alike also use silver and cloths with silver embedded to heal burns and other wounds at risk for bacterial infection, due to its naturally antibacterial properties.
Understanding the Roles of Weight vs. Purity
Dealers evaluate the worth of all silver, including silver coins, ingots, and scrap silver, by weight. Each ingot should have a stamp indicating its weight by ounces and purity. In this form, consumers can easily count, stack, and sort their ingots as desired. Ingots are an excellent purchase for consumers looking to keep their collected silver in a small amount. For larger amounts, consumers can find silver bars weighing up to 1,000 ounces. When determining the value of silver bullion, the purity of the silver affects the cost just as much as the weight does. While purest silver contains .999 fine silver, antique silver coins and various silver items often contain a lower purity, mixing with other metals depending on the object. Thus, an ounce of .999 fine silver would have a higher value than a collection of .90 silver coins weighing an ounce.
Proper Ingot Storage
Although silver is quite durable and stands the test of time, the more consumers move their silver ingots, the more they risk scratching or denting them. While shallow scratches and dents are common with wear and tear, especially as more time goes by, larger scratches and dents affect the overall weight of the ingots. Without proper storage, damage to the ingots eats away at the value of consumers' silver ingots. While tarnishing does not affect the intrinsic value of silver ingots, consumers can slow down the tarnishing process by handling their silver ingots with white cotton gloves and storing silica gel and charcoal with the silver ingots. The silica gel absorbs any moisture while the charcoal traps the hydrogen sulfide that causes tarnishing. Consumers should store their silver ingots in a reliable, durable safe or in an insured third-party vault for the best protection. These provide ample protection against potential damage and theft, securing consumers' investments.
How to Buy Silver Ingots on eBay
When looking for silver ingots to add to their collections, consumers should check out eBay. eBay connects consumers with worldwide sellers providing the ingots they need, starting with typing "silver" into the search bar at the top of any page. Consumers can sort through the results as desired, find reputable sellers by reviewing feedback on sellers' pages, and possibly find sellers offering free shipping with purchase when buying from a Top Rated seller. With the value of silver retaining a steadfast value, consumers invest wisely when purchasing silver ingots. In addition, consumers can also check out other types of silver bullion, including coins and bars as well as exploring gold and platinum bullion options, and more, to add diversity and value to their collections.