Royal Canadian Mint (RCM) Silver Bars
The RCM stands for “Royal Canadian Mint,” the same body that produces all of Canada’s currency coins in circulation and the coins of many other countries. As a Crown Corporation, in existence since 1908, the Canadian government owns this business in its entirety. Only two facilities exist in the entire country for the production of currency coins and precious metal bars. The Ottawa facility created its first coins in 1901, while the Winnipeg refinery opened its doors in 1960. Purchasing silver bars made by the Royal Canadian Mint carry several key advantages:
• Investment-Grade Silver: purity is 99.99 fine silver, adhering to the London Bouillon Market’s (LBMA) standards for trading on the international market. You can invest with the confidence that the product you buy is one of the highest quality available.
• Government-Backed Goods: because the RCM is a government agency, the Canadian government backs and guarantees its products, including precious metals.
• IRA-Approved Metals: RCM silver carries U.S. government approval to add to your individualized retirement account (IRA).
Investors favor bars manufactured by the RCM because of the quality standards the company maintains, as well as its acceptance in multiple metal trading markets across the globe. Knowing the advantages is only a small part of the buying experience, however.
Sizes and Types of Bars Offered
The RCM states that they create bars in a small range of sizes from 100 troy ounces (6.85 pounds) up to the 1,000 troy ounces (about 70 pounds). The most popular of these types for the everyday investor are the “RCM 100” bars, because they meet all LBMA standards for international trading while also providing a lower barrier to entry in terms of cost. Because of their quality and industry-leading purity, the RCM does not offer the same smaller size bars that you may find with refiners in other countries. Availability of weights can vary depending on demand among buyers and the rate of the RCM’s production.
Purity and Condition
Purity of the silver you buy is crucial for its viability in both your investment portfolio and retirement account. Bars that don’t meet trading and governmental standards might as well be paperweights for your other commodities. Appearance and condition are also important when acquiring investment-grade silver. Here are some things to pay attention to when considering what to buy:
• New vs Used Bars: Buying new RCM bars from a licensed retailer is the only method for making sure the silver actually came from the Royal Canadian Mint.
• Identifying Markers: Authentic bars must have the RCM mint mark seal, date of manufacture, individual serial number, troy ounce weight, and fineness (purity) struck on a single side.
• Finish on New Bars: ‘Fresh’ bars have unblemished finishes that shine in natural or artificial light. Used bars typically lack the high-gloss finish of newly-minted bars. However, keep in mind that any new bar may show small signs of wear or handling but should always clearly display the information mentioned above to decide its authenticity.