8 FACTS YOU NEED TO KNOW ABOUT 10 OZ SILVER BARS
When it comes to buying 10 oz. silver bars, you want to gather some important facts about the bars and silver in general before you purchase. Whether you’re a first-time silver buyer or a seasoned veteran, here are 8 facts you need to know about 10 oz. silver bars!
1. SILVER BARS COME IN A VARIETY OF SIZES
Silver bars are available for purchase in a large variety of weights and sizes. Obviously, the greater the weight, the greater the value of the bar.
Typically, silver bars are weighed in either grams, ounces, or kilograms. These different weights provide a large selection for each potential buyer to choose from, depending on how much capital the buyer has.
- 1 gram
- 5 gram
- 10 gram
- 100 gram
- 500 gram
- ½ ounce
- 1 ounce
- 5 ounce
- 10 ounce
- 100 ounce
- 1000 ounce
- 1 kilogram
Smaller bars are easier to store, while larger bars are more difficult to store and usually require a specific storage solution. Whether you store your bars in a safe in your home or in a designated precious metals IRA location, you will need to take the size of your bars into account.
All in all, 10 oz. silver bars are a great option to begin your silver buying journey with. These bars are an ideal size, and provide a great value for the cost.
2. 10 OZ. SILVER BARS CAN BE MINTED OR POURED
Minted bars are typically seen as higher quality bars due to their preciseness and uniformity. This type of silver bar is formed by pouring molten silver into a large slab, and then slicing it into equal parts, resulting in nearly identical bars that have a perfect appearance. Many people choose to buy minted 10 oz. silver bars because of their near perfection and equality.
Poured bars, on the other hand, are a little rougher around the edges. Molten silver is poured into a mold that is shaped like a bar. After the silver has solidified, it is removed from the mold to reveal a solid bar. But, because these bars are not perfectly sliced, they usually have a rougher exterior and edges that are not perfect. Some people prefer poured bars to minted because they like the uniqueness of each silver bar.
3. THERE ARE NAME BRAND AND GENERIC BARS
While technically anyone could make their own 10 oz. silver bars at home, there are definitely levels to the quality of 10 oz. silver bars that are sold. So-called “name brand” 10 oz. silver bars are minted by reputable mints from around the world. These bars are generally regarded as high quality, and can be guaranteed to have a certain purity of silver in them.
Here at Nationwide Coins, we offer Pamp Suisse 10 oz. silver bars, which are some of the highest quality 10 oz. silver bars currently being minted. These bars are created in Switzerland.
4. 10 OZ. SILVER BARS CONTAIN .9999 PURE SILVER
In order for 10 oz. silver bars to be considered for a precious metals IRA, it must contain .9999 pure silver. This denotation means that each bar contains 99.99% pure silver, and only .01% residual other elements. Name brand bars, as we mentioned earlier, contain .9999 pure silver. This purity is printed on the bar by way of a stamp, so the owner always knows how pure the silver is.
5. 10 OZ. SILVER BARS ARE A GOOD BUY FOR BEGINNERS
If you’re just starting your bullion collection journey, silver is a great place to start. Its lower price makes a great entry point for those with low capital, and its fluctuating cost can make it an exciting piece to have in your portfolio.
We’ve talked about why silver makes a good purchase on our blog before, and have long advised that silver complements your other investments, whether traditional or bullion. While silver tends to be more volatile than gold, it is a good purchase for beginners because it has a lower up-front cost than gold.
6. SILVER IS MORE ABUNDANT THAN GOLD
There are actually very few dedicated silver mines in the world. Most silver is found while mining for other precious metals, such as gold, copper, or zinc. However, silver is predicted to be more abundant than gold. While some would say this makes silver less valuable due to the laws of supply and demand, it makes silver a solid purchase, especially for beginners, as it provides a low barrier to entry.
7. 10 OZ. SILVER BARS ARE WEIGHED IN TROY OUNCES
If you’re just beginning your silver collection journey, you might wonder what the difference is between a troy ounce and a traditional ounce. That difference is about 2.75 grams — one ounce is 28.35 grams, while a troy ounce is slightly heavier at 31.1 grams. So, a 10 oz. silver bar actually contains 9.11 troy ounces.
If you’re purchasing a 10 oz. silver bar for the first time, always verify that the weight is a whole troy ounce, not a traditional ounce — some shadier sellers will try to pass a traditional ounce for a troy ounce, making you lose out on 2.75 grams of silver!
At Nationwide Coins, you never have to worry about being shortchanged on your 10oz. Silver bars. Our bars are certified to be .9999 pure silver and will always weigh what is printed on the bar itself.
8. 10 OZ. SILVER BARS ARE MORE AFFORDABLE THAN COINS
10 oz. silver bars are a more affordable option than silver coins. You might be a little confused at this — aren’t 10 oz. silver bars heavier than coins? Yes, and their price is more than the average silver coin, but you are getting much more silver content for that price comparatively. The price of coins is often increased to include the rarity of a specific coin, so the price includes not only the price of the silver but also factors in the supply and demand of the coin itself.
If you’re looking to invest in silver for the sake of silver, 10 oz. silver bars are your best bet!
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