A set of artisan hand-poured silver bars from Prospector's Gold & Gems. The wonderfully irregular surfaces and unique character of hand-poured silver bars are a big draw for silver stackers and investors.
Today's hard asset investor has a multitude of choices when it comes to buying silver bullion. There are government-issued bullion coins, private-mint rounds, bars and junk silver, just to name a few. The number of silver investment options is so broad as to be overwhelming at times.
So it shouldn't come as a surprise that many people who invest in physical silver default to the simplest choice possible. They purchase the cheapest silver available, regardless of its form. And while I certainly won't fault anyone for choosing this approach to silver investing, it may leave some very tantalizing corners of the silver market untouched.
For instance, hand-poured silver bars are one of these curiously overlooked areas of the bullion market.
Now, I've already written an in-depth investment guide about vintage silver bullion bars. I love the look and feel of these older silver bars and the market agrees with me. Prices have risen for this type of vintage silver bullion dramatically over the past 10 to 15 years.
But today I want to examine the investment case for modern hand-poured silver bars.
Silver bars can be made via three basic methods - striking, extrusion and pouring. Today, most bullion bars are either struck (also called pressed) or extruded because these two production methods are easily automated. As a result, modern poured silver bars are generally slightly more expensive than their struck or extruded counterparts.
For example, the cheapest 10 troy ounce struck silver bar on APMEX in August 2018 had a premium of about 10% over spot. The poured silver bars that I looked up had premiums that ranged from 13% to 30%, depending on the manufacturer. However, a couple companies were offering poured bars for the same price as APMEX's cheapest struck bar - 10% over spot.
So prices can, and do, vary!
In any case, we are interested in knowing if this premium over generic silver makes sense. Should you pay the extra couple dollars an ounce for hand-poured silver bars or are you better off buying the cheapest generic silver possible?
Funnily enough, you might already be buying high premium silver without realizing it. Anytime you buy a government issued silver bullion coin, such as an American Silver Eagle, Canadian Maple Leaf or Chinese Silver Panda, you are usually paying well above spot. In fact, even bulk lots of generic 1 troy ounce silver rounds normally trade at premiums to 100 troy ounce bars.
In light of these facts, I tend to think that modern hand-poured silver bars can make wonderful investments, provided you understand why you're buying them. They not only possess substantial intrinsic value, but also have an alluring appearance and rich history - attributes that really make them stand out in the hard asset universe.
All of these traits combine to form an investment concept known as optionality. Optionality is any investment characteristic that you don't pay much for today, but has the potential to be worth a lot of money later. Optionality is, simply put, the hidden potential of an investment.
And hand-poured silver bars possess a lot of it. In contrast, a modern struck silver bar that you buy today has little chance of ever trading significantly above its bullion value.
But a poured silver bar is a handcrafted work of art. It carries with it the gravitas of a proud monetary history stretching back centuries. And there is every probability that someday that appeal will be worth more than the extra couple dollars an ounce you pay today.
One only has to look at the burgeoning field of vintage silver bars to see that collectors love the appearance and quality of these classically-styled ingots. And they are willing to pay up for them, too. Older poured silver bars routinely trade for premiums of 40%, 50%, or even more on eBay. Is it really so strange to think that one day modern hand-poured silver bars will be just as desirable?
Another factor that makes hand-poured silver bars desirable is their historical connotations. The uniquely rugged looks of these silver bars echo the American Old West. More specifically, they are a throwback to the culture and traditions of mining in the Old West.
Several different locations in the U.S. were famous for their silver mining in the late 19th and early 20th centuries. The first major U.S. silver discovery was the famed Comstock Lode, in the mountains of Western Nevada in 1859. In the late 1870s, the towns of Aspen, Leadville and Telluride were founded as a result of the great Colorado Silver Boom. In 1884, the Coeur d'Alene mining district was discovered in the wilds of the Idaho panhandle. Coeur d'Alene has been one of the world's most prolific silver mining regions, producing 1.2 billion troy ounces of silver to date.
Every single bit of ore extracted from these incredibly rich mines was laboriously hauled to the surface, crushed and smelted before being cast into countless hand-poured silver bars. Then these silver bars would be transported under armed guard to the local bank or depository before being carefully tallied and stacked in a vault. This age-old process didn't change much between the inception of U.S. silver mining in the 1850s and the demonetization of the white metal in the 1960s.
It was only during the great commodities boom of the 1970s that newer silver bar manufacturing technology was developed. Struck and extruded silver bars could be made much more quickly and with less variation than was possible with hand-poured silver bars. These new production methods also had a cost advantage because poured silver bars cast in the traditional way were (and still are) very labor intensive to make.
To create a hand-poured silver bar, the correct weight of .999 fine silver shot must be melted in a crucible. Then a mold of the right size, either made from graphite or cast iron, must be pre-heated. Next the molten silver is carefully poured by hand into the mold. After it has solidified, the still hot bar is dumped out of the mold into a vat of water to finish the cooling process.
The work doesn't stop there, though. After the poured silver bar is completely cool, it must be weighed to ensure it is within specification. Then it is hand-stamped with the weight, fineness and maker's mark or logo. Finally, the silver bar is tumbled, sanded or chemically treated to clean up its surface, giving it the proper patina or finish.
If you are interest in seeing this process firsthand, this fascinating YouTube video by Yeager's Poured Silver shows it quite clearly.
Because hand-poured silver bars are so labor-intensive to make, they tend to have much lower mintages than you'll find with mass-produced struck or extruded bars. Shockingly, poured silver bar mintages are sometimes as low as just a few hundred specimens, although higher mintages are more common.
This might not matter very much today, but rarity is a key factor that impacts the desirability and pricing of older silver bars. And today's new silver bars will eventually become tomorrow's old silver bars.
Because they are often crafted in short runs, hand-poured silver bars are available in a dizzying variety of shapes and sizes. Do you want a few tiny 1/2 troy ounce poured silver bars to hand out as stocking stuffers at Christmas? You can get them. Do you want mammoth 100 troy ounce poured silver bricks in order to stack them high and deep? No problem.
In addition to traditionally-shaped loaf and kit-kat bars, it is also possible to find poured silver squares, wedges, cubes and buttons.
There is even a thriving market in 3-D hand-poured silver bars. These 3-D bars are available in an endless number of interesting designs, such as skulls, stars, pyramids, hearts, lions and more. This massive assortment of styles and designs is completely absent from the struck and extruded silver bar market.
Another aspect of hand-poured silver bars that many collectors love is the fact that you can handle them without worrying about damaging them or reducing their value. By comparison, casually holding your struck silver bars and private-mint rounds will often cause unsightly dings and scuffs.
Government-issued bullion coins - with their mirror-like surfaces - are even more sensitive. Bumps or scrapes on these coins will render them culls, which generally sell at heavily discounted prices.
But poured silver bars are meant to be jumbled together. They are meant to be cradled in your bare hands and allowed to drip through your fingers. Their rugged appearance is actually enhanced by the occasional blemish or mark. Owning poured silver bars means you never need to worry about fussy cotton gloves or sterile plastic holders when handling your stash.
Now that I've covered investment considerations, I want to give a brief synopsis of eight major poured silver bar producers that are currently active.
Our first poured silver bar maker is SilverTowne, based in small-town Winchester, Indiana. This firm started out in 1949 as a coin shop founded by Leon Hendrickson, who originally sold coins out of a cigar box under a lunch counter. However, in 1973 SilverTowne started minting its own silver bars and rounds in order to meet customer demand.
SilverTowne produces hand-poured silver bars in 5, 10, 50 and 100 troy ounce sizes, in addition to a 1 kilogram poured bar. The larger size bars (1 kilo and up) are emblazoned with SilverTowne's famous prospector and burro logo.
The smaller 5 and 10 troy ounce sizes don't have room for the full logo, so they use the SilverTowne name written in cursive script. Regardless, these smaller bars are longtime favorites with silver stackers because of their convenient size and sugar-frosted appearance.
Silvertowne Hand-Poured Silver Bars For Sale on eBay
Vulture Peak Mines, also referred to as VPM, is another small company that sells hand-poured silver bars. It is located in Bandon, Oregon, on the Pacific Coast near the mouth of the Coquille River. Most of Vulture Peak Mine's employees are former miners or veterans, all of whom share a passion for poured silver bullion.
Vulture Peak Mines produces hand-poured silver bars in a variety of sizes from diminutive 1/2 troy ounce bars to substantial 20 troy ounce examples. Each of their bars is proudly emblazoned with the Vulture Peak Mines logo - a crossed pickaxe and shovel - and comes with a certificate of authenticity that guarantees its weight and purity.
In addition, Vulture Peak Mines offers some silver bars that have been made with cast iron molds. This gives the bars a slightly rougher, pock-marked look that can't be achieved via standard graphite molds.
Vulture Peak Mines Hand-Poured Silver Bars For Sale on eBay
The next hand-poured silver bar manufacturer on our list is Prospector's Gold & Gems. This company refines precious metals shipped from mines, jewelers and pawn shops and then uses it to create amazing poured gold and silver bullion bars. Founded in 1999 by David Emslie, Prospector's Gold & Gems is based in Fort Collins, Colorado.
Prospector's Gold & Gems produces silver bars from 1 to 10 troy ounces in size. These bars come in two distinct varieties: the first has the company logo, a crossed pickaxe and shovel over a gold pan, while the second uses a skull and crossbones theme. They also produce select sizes of silver bars that have a coiled Gadsden rattlesnake with the motto "Don't Tread on Me" underneath.
Hand-poured silver bars from Prospector's Gold & Gems have a unique, matte finish with a silky-sheen that I find very attractive.
Prospector's Gold & Gems Hand-Poured Silver Bars For Sale on eBay
Another major poured silver bar maker is Scottsdale Mint, based in sunny Scottsdale, Arizona. This firm is both a bullion dealer and a producer of gold and silver bullion products.
The Scottsdale Mint makes a variety of hand-poured silver bars stamped with their crowned lion logo, including 5, 10 and 20 troy ounce sizes. They also produce a slightly smaller 100 gram poured silver bar for those who prefer the metric system.
However, I think that Scottsdale Mint's most intriguing offering is their "Tombstone Silver Nugget" series of bars. These captivating poured silver bars have a dimpled, honeycomb pattern and a rough oblong outline. Each one also comes with its own certificate of authenticity and a handy storage bag.
Scottsdale Mint Tombstone Silver Nugget bars are available in 5 and 10 troy ounce weights, along with a hefty 1 kilo size. These impressively chunky, hand-poured silver bars are a deliberate throwback to the prospecting and mining heritage of the old Arizona Territory. And I think that the Scottsdale Mint has perfectly captured the spirit of those pioneer days.
Scottsdale Mint Hand-Poured Silver Bars For Sale on eBay
Monarch Precious Metals, sometimes known as MPM, is another maker of poured silver bullion bars. Located in Southern Oregon's majestic Rogue Valley, Medford-based Monarch Precious Metals has been a favorite among hand poured silver bar enthusiasts since its founding in 2008. Their perennial popularity among silver stackers is undoubtedly because their poured silver bars have some of the lowest premiums in the marketplace.
Monarch Precious Metals offers a wide range of silver products, with sizes from 1/2 troy ounce right up to mammoth 100 troy ounce bars (and everything in-between). Poured silver bars from MPM feature the company's crown logo and name.
Unlike many other poured silver bars, most MPM versions are squared-off, which they refer to as "flat stackable". As the name implies, this makes their bars easier to pile high for bullion buyers.
Monarch Precious Metals used to produce larger, hand-poured silver bars in a classic loaf shape, but has since discontinued this type of bar. These older bars occasionally come up for sale on the secondary market, where they are still quite popular.
Monarch Precious Metals Hand-Poured Silver Bars For Sale on eBay
Even the bullion giant APMEX has recently gotten into the poured silver bar game via its subsidiary, 9Fine Mint. These streamlined cast bars come in sizes ranging from chunky 100 gram squares to imposing 100 troy ounce bricks. APMEX only launched this line of boutique silver bars in the spring of 2018.
9Fine Mint products are characterized by their precise lines and highly polished surfaces. They also arrive in distinctive, custom-designed black and orange packaging.
9Fine Mint bars are an appealing option for investors who like the idea of hand-poured silver bars, but want to pay the lowest premium possible. In this regard, they are priced very similarly to Monarch Precious Metals poured bars. As an added bonus, all aspects of 9Fine Mint silver bar production occur in the United States, including their design, minting and packaging.
9Fine Mint Hand-Poured Silver Bars For Sale on eBay
One of the smaller poured silver bar manufacturers is the Atlantis Mint. This family-owned firm is headquartered in Parsonsburg, Maryland, on the Delmarva Peninsula. The Atlantis Mint specializes exclusively in silver products in order to provide the best possible quality, price and experience for their customers.
Hand-poured silver bars from the Atlantis Mint vary in size from a miniscule 5 gram piece all the way up to a hulking 1 kilo bar. However, most of their production focuses on the smaller 1 to 5 troy ounce range.
Atlantis Mint silver bars often bear the triple skull and crossbones logo, which is the unofficial brand of the company. They also cater to silver bar enthusiasts looking for something a little more daring by offering a selection of 3-D hand-poured silver bars, such as skulls, dice and eagles.
Atlantis Mint Hand-Poured Silver Bars For Sale on eBay
The last poured silver bar maker that I want to feature is Bison Bullion, located in rural Buffalo County, Nebraska. This silver foundry exclusively produces artisan hand-poured silver bars, eschewing any automated production methods.
This means that Bison Bullion doesn't make any struck or extruded silver bars, unlike many larger refiners and manufacturers. In addition, they craft all of their 3-D molds in-house, resulting in the highest levels of craftsmanship.
Bison Bullion offers silver bars that range from 1 to 100 troy ounces. These poured silver masterpieces come in two broad categories: standard bullion bars and 3-D or "fancy" bullion bars.
Bison Bullion's fancy silver bars often reflect Native American, Great Plains or other Wild West themes. Their standard poured silver bars are a classic loaf-style shape emblazoned with the firm's namesake bison logo.
Bison Bullion Hand-Poured Silver Bars For Sale on eBay
There are a number of other noteworthy hand-poured silver bar makers that I haven't profiled above, including Yeager's Poured Silver (YPS), MK Barz and Bullion, Shiny Bars, Pit Bullion, Mutiny Metals and Backyard Bullion. Unfortunately, I had to draw the line somewhere, so I won't be giving a synopsis of these companies here. But if you are interested in small-batch, hand-poured silver bars or 3-D poured silver bars, these small firms are worth checking out.
Those of you who are curious about Yeager's Poured Silver can check out my in-depth investment guide on YPS grab bags.
Before I bring this article to a close, I would like to leave you with a word of caution. Please don't expect to be able to buy modern poured silver bars and then turn around and immediately flip them for a profit. It is highly unlikely you will be able to do so.
If you buy poured silver bars, you must be willing to wait for the collector's market to mature in order to recover your premium. I estimate that 7 to 10 years is a good minimum holding period. If you are forced to liquidate your holdings shortly after buying due to unforeseen circumstances, you will likely only receive slightly above spot for most pieces.
Despite this minor drawback, hand-poured silver bars are definitely one of the best investments available in the bullion market today.
Read more in-depth Antique Sage bullion & gemstone investment guides here.
