Bars come in various dimensions, and the 1-oz silver bar is a reasonable and popular choice, thanks to its attractive and highly portable size. Furthermore, it’s a much more useful bartering unit than a 100-oz. silver bar. (Also a 1-oz. bar hurts a LOT less if you drop one on your foot. Trust us on this.)
Silver bars are often bought as they are more affordable than gold, contain 0.999 pure silver, and maintain their worth against inflation better than unbacked currencies. Silver bars are also much simpler to produce than the other types of bullion, so the premium charged over spot price is minimal. Bars are designed to be stacked atop one another and side-by-side for efficient storage.
- 1 oz. silver bullion bar produced by a random refinery
- 0.999 fine silver
- Perfect for stacking and long-term storage
- Low premium over spot price compared to coins
- More convenient unit for barter or trade than larger bars
The history of silver bars
Silver is one of the earliest metals known to humans in history. It was known since prehistoric times, often named one of the seven metals of antiquity. Due to its more reactive nature than gold, silver was found less often than gold so it was perceived to be of higher value. It was even more expensive than gold in Egypt up until the 15th century BC. Because of its beautiful shine, it was highly valued and first used to create jewelry and certain tools.
It became a store of value at some point that was used to trade between groups of people. It had an important monetary role in ancient civilizations like the Greeks and the Romans. The rise of Athens was partly possible thanks to the nearby silver mines at Laurium. The Roman currency also relied on the supply of silver bullion, largely from Spain. Their miners produced overwhelming amounts of silver, not seen again until the discovery of the New World. They reached a peak production of around 200 tons per year.
With the discovery of The Americas, Central and South America became the biggest producers of silver until the 18th century. Argentina is named after the precious metal (from “argent,” or silver) as the wealth they created because it was pivotal. Since the 19th century, the primary production of silver has moved to North America.
A silver bar is a unit of silver created in a rectangular shape; they were designed that way predating Roman times as an efficient way of storage. They come in a wide range of standard weights, measured in grams or troy ounces.
Nowadays, silver is used in industry, as currency and as an investment medium. Along with gold, silver is the most popular type of bullion traded and collected.