Did I just get had with this silver bar?

I'm a complete noobie and I've just started collecting silver coins and my local dealer turned me on to these silver bars that on one side show a picture of historical US events. He said they are 1.85oz silver bars and even showed me the weight of 1.86 troy oz.

At any rate I get home and notice on the top of the bar in very small print is the word "Sterling" which makes me think this isn't pure silver even though he sold it at the same rate as his 1oz American Silver Eagles ($37.50 per ASE) and I paid $69 for the bar.

Is this thing silver or no?





Thanks!

EDIT: looks like the forum resized the pictures to tiny size... next to the word Sterling looks to be a copyright symbol, then the next box I can't really make out maybe a Y or 4, then next to it a a box with the number 76 in it and the last box is the letter P.

 

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Sterling is .925 percent silver. The melt is somewhere around $53.00 on that bar. If your not happy with it ask him to exchange it. If he declines, I would find another shop. I do very well locally with pawn shops and gold buyers.

 

it is silver, he just charged u a huge premium cuz its an art bar

 

Welcome aboard!

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As for your bar, it's not a bad price as far as art bars go.

 

Sterling silver is 92.5% pure, otherwise known as 0.925 fine. You paid a premium for the bar, but it was hardly extremely stiff and some folks pay a slight premium for these bars because they collect them. Personally, I do not collect these bars and would rather have my bullion in the form of old coinage, ASEs, Libertads or Maples.

 

I cannot decipher the other hallmarks, but it was made in 1976 for the American Revolution bicentennial that year. It is an art bar and is collected as such. I don't believe the price you paid is bad for it.

 

Thank you all for the replies, I really do appreciate it.

I love the art on the bar but bought it with the assumption that it was silver. In fact when I went to buy some ASE's the clerk said he might have something else I might like and then showed me the bar and said it was 1.85oz silver... so I bought it with the assumption and idea that it was pure silver and not sterling.

So as much as I like the art, I'm going to see if he'll exchange it or refund me for it.

Thanks again!

 

This bar is part of a set made by the Franklin Mint (The first hallmark) for the Bicentennial (second hallmark telling when made). Each bar has a scene from the colonial/revolutionary era. My guess is this one represents the signing of the Declaration of Independence (That may be marked on the back). It is Sterling silver (the Sterling mark and the third hallmark) as mentioned .925 fine instead of .999 fine. The bar weight seems to be off slightly it should have been 1.89 oz. That would give it an even 1 3/4 t oz of silver. I think there were either six or eight bars in the series and they were housed in a nice wooden display chest.

Personally I have always liked the Franklin Mint art bar series. They are well done and usually with good artwork. The FM sold them at a huge mark up over silver value. They probably cost at least $20 each. They sold them as art, history, and as heirlooms. Dealers hated them. They were the 1970's equivalent of the TV coin shows of today selling "overpriced junk" to people who would never be able to get their money back out of it. Even though they are very nice they have never sold for much over their metal value although sometimes you can get a small premium for full sets if you can find a collector.

 

Nice write-up! ...saved me a lotta work! :cheers:

The FM did a lot of Norman Rockwell designs. I have the "Scout Law" set...love it! (good investment? ...don't care!)

 

Yet another example of what to amass based on your primary focus. If it's investment stick with ASE's, Maple leafs, silver rounds and such. Art bars are geared more for the collector and if that's your focus, the extra premium is of no consequence.......

 

Exactly this^^^^^^.

There are not too many people that can buy whatever we want, so most of us make a decision about what we are. Are you a stacker, a collector or a person that just buys stuff and the story we're told about it. It you're a collector and want it for your collection and think the price is fair enough that when you get out the door you're happy, then you did well regardless of what somebody else tells you. In fact, you're probably better off not to ask and just be happy with what you got. If you're a stacker, then stack what you like and want, whether it's .90% or .999 or even .925 and same deal, buy what you want and pay the premiums you're happy with.

Whatever you do, educate yourself based on what you are and do what suits you best.

I honestly think that's a nice piece, but if you're not into .925 and feel you've been misled, then return it and get something you want, but this time know what you're getting.

 

He was selling ASE's at 37.50? How long ago did you buy this? Also, art bars are very collectable and appeal to two markets collectors and silver investors, it may even be a safer bet if the price of silver ever plummets, it will still have some numismatic value to collectors, hold onto it for 30 years or so and it will be worth quite a bit especially with alot of the art bars getting melted for scrap these day's..

 

Well I did take it back to the LCS and they where understandable and okay with me exchanging it. I really liked the art and thought it was cool, the LCS even had another I thought about getting with Paul Revere but honestly I was under the impression that they where 99 silver.

At any rate I got a 2000 ASE and cash back so I'm a happy camper now. Thanks again for all the replies and the history behind the bar I certainly learned a lot and appreciate it!

 

This is very true regarding silver art bars IMO. Thanks for posting this. Based on the silver art bar premiums (especially on most rare ones) that I have seen on ebay, they tend to hold most of their premium when spot goes down.

 

If you have an iphone, two apps which are a must have if you buying or selling silver or gold. Each app has its own pluses and minuses, so I keep both, but the first one is called GoldTrader and the second one is Coinflation. A third app that I also keep is AgCalc. It has some good features as well.

 

Thanks for the two app suggetsions. I've noticed Coinflation doesn't list my ASE or Maple Leafs in there (unless I'm over looking it) so it might not be of much use to me.

The GoldTrader app, is it's "official" name called GoldTrader 101?

Thanks!

 

The melt value of ASE's and silver Maple Leafs is the same as the spot price of silver.

 

Yes that is GoldTraded101. Also, if you are wanting pricing on your ASEs and Maple leafs then the AgCalc is the app for you. I don't know if that is the official name, but that is what is on the app.

 

Yeah, definitely trade it in if you can. He shouldn't mind you trading it in, seeing as and this is just my opinion, he took advantage of you. I only have around two coins that are sterling silver. Sterling silver is fine for rings but if you're trying to put together a small pile of silver in hopes of making a little profit then you really don't need any sterling silver in your collection. Good luck, some dealers are difficult at times, so go in there and ask for what you want and keep it simple. :thumb: Imagine him selling sterling at silver price when he knows darn well the buy back price is lower.

 

If you like the bar, then keep it. It probably has a numismatic value that, IMO, will continue to rise given its historic connection. It isn't a huge investment and all of us have made the same sort of mistake.

If you are looking for investing in just bullion value, then stick to legal tender coinage and prefer coins issued from whatever country you are located in.