Frequently Asked Questions
Below you will find the answers to many commonly asked questions at Silver.com. Click any of the + buttons to expand a section of answers.
- Reporting & Tax
- Precious Metals IRA
- Coin Grades
Silver.com is one of the premier destinations for investing in physical silver and gold bullion, as well as other precious metals products. Our company allows savvy and self-directed investors to purchase precious metals and have them delivered directly to their door. To see what others are saying about us, read some third party Silver.com reviews.
Our best-in-class e-Commerce website allows customers to easily and quickly place orders, 24/7/365, based on live spot prices from worldwide exchanges. Our pricing updates every few seconds during market hours, so you are always paying the most up-to-date prices for your precious metals products. We also accept orders during off-market hours, allowing customers to lock in pricing on weekends, at night, on holidays, or at any other time throughout the year.
We offer an extremely wide selection of products, including silver and gold coins from all the government mints, silver and gold bars and rounds from a huge selection of private domestic and foreign mints, copper bullion, and specialty products, such as silver bullets, copper bullets, and certified/graded coins. We are always actively sourcing new and interesting products, so check back often.
Silver.com only sources its products from reputable wholesale distributors and trade desks or directly from the mints themselves. All our products have stamps indicating their purity, weight, and makers mark. Some of our products also contain an assay card or Certificate of Authenticity (COA) for further authentication. Upon arrival at our vault, we inspect each item carefully for condition and authenticity to make sure our customers are getting only the highest quality products.
A presale means that we are offering a specified product to our customers before we have it in our vault. This means that either the product has yet to be released or is on a delay from our distributor. All presale items will have an expected ship date based on our estimate of when we will have the product in stock. Please note, when a presale item is included in your order with other in-stock products, the order will not ship until the presale item is available.
A troy ounce is the standard measurement used to assess the weight of precious metals. The troy ounce (sometimes abbreviated as “ozt” or “troy oz”) consists of 31.1034768 grams, as opposed to the avoirdupois ounce, which contains only 28 grams. All our precious metal products, including gold, silver, platinum and palladium, are measured in troy ounces. All our base metal products, including copper, are calculated using the avoirdupois ounce (also abbreviated with AVP oz or AVDP oz).
We do not collect any sales tax, however you should always consult with a tax adviser for specific advice in your area.
We are strictly an online retailer.
We do not currently have an Affiliate program.
You can contact us at any time through our Contact page. You can also contact us directly by calling 1-888-989-7223.
You can browse our website and order online 24 hours a day/7 days a week. Additionally, our knowledgeable customer support and sales teams are available from 8:00 a.m. to 6:00 p.m. CST Monday-Friday.
Our corporate headquarters is located in Dallas, Texas. Our address is: 5930 Royal Lane, Ste. E-151 Dallas, TX 75230.
Customers have a wide range of options when it comes to making payments. These payment options include credit/debit cards, PayPal, paper checks (personal checks, cashier’s checks, money orders, online bill pay, bank drafts, or traveler’s checks), bank wires, and bitcoin.
We currently accept payments made with Visa and MasterCard credit/debit cards. If customers must pay with an American Express or Discover credit/debit card, they may do so via PayPal, regardless of whether they have a PayPal account.
Yes, customers who pay with paper checks, or bank wires are eligible for a 4% discount off the listed credit/debit card or PayPal price. Bitcoin orders are eligible for a 3% discount off credit/debit card or PayPal price.
To protect our customers from any fraudulent credit card activity, all credit/debit card orders are manually screened prior to entering the shipping queue. As another precaution, we will only ship credit card orders to the billing address on file with the customer’s card issuer. Any attempts to provide an alternate mailing address will result in the delay or cancellation of your order. Lastly, customers are eligible for further protection through the “Verified by Visa” or “MasterCard SecureCode” authentication programs. Upon completing their transactions, customers will be prompted to create and verify their own Verified by Visa or MasterCard SecureCode PIN. Please note that this exchange is strictly between the customer and the Visa or MasterCard systems. Silver.com does not have access to any of this information.
Yes, we currently offer PayPal Credit financing through PayPal. This program enables customers to finance their purchases up to $1,000.
In order to reduce incidents of fraud on PayPal, all customers who opt for this form of payment are required to create and use a “PayPal Verified Shipping Address.” Customers whose shipping addresses have not been verified by PayPal will not be permitted to make their purchases.
There is no minimum amount for payments made with credit/debit cards, Paypal, paper checks, or bitcoin. Bank wires, however, require a minimum payment amount of $2,000 USD. The maximum amounts for each payment method are as follows:
- Credit/debit cards payments have a maximum amount of $5,000.
- PayPal payments have a maximum amount of $60,000.
- Paper Check payments have a maximum amount of $40,000.
- Bank Wire payments have a maximum amount of $100,000.
- Bitcoin payments have a maximum amount of $100,000.
You will make your checks payable to “Silver.com.” Customers will be provided with our mailing address for checks once they complete the checkout portion of their transaction. All payments made with paper checks must be received in-full within 10 calendar days. Customers are advised to mail their checks within 1 business day.
Once they have completed the checkout portion of their transaction, customers using bank wire payments will immediately be provided with wiring instructions. All bank wire payments MUST be paid in-full within 1 business day. Please note that all bank wire payments MUST be actual bank wires, which means that the money must be sent from a real bank. (This process may require the customer to visit that bank in person to request the wire.) Payments made using ACH or eCheck do not constitute as bank wires and the use of such payments will result in either the delay or cancellation of your order.
Customers whose transactions were made online using credit/debit cards, PayPal, or bitcoin will receive immediate confirmation of payment at the end of the checkout process. Customers who paid with a paper check or bank wire will receive an email confirmation of payment once a check has been deposited or a bank wire has been received.
Transactions paid for with with credit/debit cards, PayPal, bank wires, or bitcoin are instantly processed and immediately entered into the shipping queue. Please note, first-time payments made with either PayPal or a credit/debit card must undergo manual screening and may take up to one extra business day to process. Transactions paid for with paper checks must clear with our Billing Department before entering the shipping queue, which typically takes 4-6 business days from the date of check deposit. Due to increased incidents of checks and money orders being returned, all paper checks must undergo this mandatory 4-6 day clearing process.
While cashier’s checks and money orders are considered “guaranteed” forms of payment, unfortunately we still receive fake money orders and cashier’s checks. The only way for us to fully verify payment is to wait out the bounce period. All paper checks, regardless if they are personal checks, cashier’s checks, or money orders, require 4-6 business days to clear before entering the shipping queue.
All personal information is transmitted using secure SSL web pages. These pages are encrypted to ensure no personal financial or identifiable information is made available to anyone other than you, your bank, and the processor. Our 256-bit SSL protection safeguards customer data at all times.
We do not accept cash payments.
Bitcoin is a decentralized digital currency regulated by an immense open-source network of individuals. “Miners” generate bitcoins with computers by solving complicated mathematical algorithms. The miner who solves the algorithm first is rewarded 25 bitcoins. Only 21 million bitcoins will ever be produced. Similar to other commodities, bitcoins are traded once generated. Their rate of exchange changes constantly, and the price can be quite erratic. When you get bitcoins, you store them in your digital “wallet,” which can be kept online or offline. Your wallet acts as your personal bank, and you have complete control of it.* *We do recommend you supplement this information with your own research as this is an extremely simplified explanation of bitcoin.
Our prices are determined by the current spot prices of gold and silver, in addition to our premiums for each product. Spot price updates happen every second during market hours.
Spot price is the live, up-to-date price of gold or silver.
Gold and silver spot markets open Sunday at 6PM EST, and close Friday at 5:15PM EST. Markets are also closed for a short period from 5:15PM EST to 6PM EST each day, Monday through Thursday. On weekends and during the 5:15PM to 6PM periods, spot prices remain unchanged. However, customers are welcome to purchase from Silver.com 24/7/365 – even during off-market hours.
Our up-to-the-minute spot prices are provided by a variety of dependable sources.
The bid price is the most recently offered price to buy metal, while the ask price is the most recently offered price to sell metal. When you are buying from Silver.com, you will price off of the ask price. When are you selling your metal, you typically will price off of the bid.
Premiums typically are based on the mint of origin, as well as the complexity and uniqueness of a product. Government-minted coins typically carry the highest premiums; they feature intricate designs, have specific mintages each year, and offer a face value. Privately minted products typically carry lower premiums as they offer no face value and are produced by a plethora of companies. Smaller products also typically carry higher premiums per ounce than larger products. For instance, a 1 oz silver bar typically carries a higher premium per ounce than a 100 oz silver bar.
No, the prices listed on the website are the actual prices you pay. There are no hidden fees.
There is a 4% discount when you pay with a paper check, or bank wire. There is a 3% discount for Bitcoin. The prices shown for each product include the discount unless you select an alternative payment method.
We are able to offer a discount to customers who pay by bank wire or paper check as those payment methods have lower associated fees than credit card/PayPal transactions.
When you add products to your cart, the price displayed will be the default price, which is close to the credit/debit card and PayPal price. Once you select your payment method, you will see the price adjust to the correct price. Please understand the quantity ordered also affects the price for most items.
The prices on all of our products change by the second, around the clock. When you add products to your Cart, the product prices are “fluid” and will continue to change until you advance to Checkout. Once you advance to Checkout, your prices are locked in and displayed on the right side of the checkout form. These prices are held for ten (10) minutes while you complete the checkout process. If you take longer than 10 minutes to complete the checkout process, you will have the option to approve the new, updated prices to finalize your order.
Our refund, return, and exchange policy is limited to three (3) business days from the date the item is received. You must notify our Customer Service Department via telephone at 888-989-7223 within three (3) business days from the date that you receive the item and follow the instructions provided to you, at that time. Shipping and handling charges are non-refundable. You are fully responsible for all taxes, as well as return shipping and handling costs. Silver.com may reject any returned or exchanged item that does not reasonably conform to these terms. In the case of a request for an exchange, Silver.com expressly reserves the right, in its sole and absolute discretion, to find an acceptable replacement or refund your money should an acceptable replacement be unavailable. Returns, refunds and exchanges are subject to our Market Loss Policy. Please note, that a five percent (5%) restocking fee applies to any returned or exchanged items that were purchased via credit/debit card. Any and all market gains on refunds, returns, and exchanges shall belong solely to Silver.com.
As our system is largely automated, we are unable to process order modifications. You would need to cancel your current order, accept the cancellation fees, and place a new order.
If you are unsatisfied with your products, please let us know, and we will do our best to accommodate you.
We offer free shipping and insurance on all orders over $3,000. A signature is required on all orders over $1,000. For customers purchasing under $3,000, we offer affordable flat rate, tiered shipping. Below are our current shipping rates, based purely on order total:
- $0-$299 Orders: $4.95 Flat Rate Shipping and Insurance (Typically USPS First Class Mail)
- $300-$999 Orders: $7.95 Flat Rate Shipping and Insurance (Typically USPS Priority)
- $1,000-$2,999 Orders: $9.95 Flat Rate Shipping, Insurance, and Signature (Typically USPS Priority)
- $3,000+ Orders: FREE Shipping, Insurance, and Signature (USPS Priority)
All in stock items will ship within 2 business days of cleared payment. The majority of orders typically ship same day of cleared payment. We put an enormous amount of focus and effort into quick and secure shipping. When you purchase in stock products from Silver.com (noted as In Stock on product pages and in your Cart), you can expect to receive notice of shipment within 2 business days of completed payment (denoted as a processed credit/debit card, PayPal, or bitcoin payment; a fully cleared check; or a received bank wire). The majority of orders typically ship same day of completed payment. See payment clearing timeframes below:
- Credit/Debit Cards – Instant Upon Checkout
- PayPal – Instant Upon Checkout
- Paper Check – 4-6 Business Days from Deposit
- Bank Wire – Instant Upon Receipt of Wire
- Bitcoin – Instant Upon Receipt of Funds
Most of our orders will ship out of our primary distribution center, which is located in Las Vegas. As a result, our West Coast customers will typically see shorter in-transit times.
At this time we only ship to USA addresses (including APO & FPO).
All of our packages are shipped securely in inconspicuous packaging that gives no indication of contents. When mailing valuable precious metals, discretion and protection are key. Your products are securely wrapped in protective packaging, then placed in the shipping parcel along with packing peanuts to prevent the products from shifting during shipping. Our labels, return address, and packaging do not give any indication of the valuable contents of the package, so you can rest assured that your packages will arrive safe and sound.
We are not able to change any of the shipping details for credit card orders. If you pay by check or bank wire, we are able to change your address, but we ask that you contact us by phone before the item ships. If your item has already shipped, it will be your responsibility to make the proper arrangements with the mail carrier.
All our packages are discreetly wrapped and packaged, not to give any indication as to the contents inside.
Orders under $1,000 will not require a signature upon delivery. Orders over $1,000 will require a signature for delivery.
If your products are damaged upon arrival, you must notify us within the first three (3) days of the date of delivery. We may require photography or other documentation to process a product exchange. Once we verify the damage, we will provide a return label to send your products back. Upon receipt of the damaged items, we will send your replacement products to you.
You can check the status of your order at any time by logging into your account.
We do not have any order minimums, as we feel precious metals should be available to any investor, small or large.
Once you have placed an order with Silver.com, you have entered into a binding legal agreement, and cannot cancel the confirmed order without incurring a $35.00 administrative fee and being charged for the corresponding Market Losses. After Silver.com has shipped the product, the order is final and cannot be canceled. If you refuse shipment the product will be returned to us and you will be charged a $35.00 administrative fee, a standard 5% restocking fee and you will be required to pay for any Market Losses.
Bars and rounds typically feature generic designs and are produced by private mints. Privately minted bars and rounds are known for their low premiums over spot and wide availability from a multitude of companies. Due to their wide availability from a number of companies, the premium over spot for these bullion pieces is relatively low. (With the exception of “art bars” or intricately designed bars, which carry a higher cost over spot.) Coins, in comparison, can only be produced at national mints because of their use as functioning pieces of currency. Because of this, they tend to have higher premiums. Their mintage is controlled by the country’s government in most cases, which often restricts them to lesser quantities. Although certain silver rounds look like existing coins, please note these are not legal tender nor do they possess any face value.
The higher premium on coins, as opposed to other pieces of bullion, can be attributed to several factors. Some collector coins were released as special edition art pieces with only a limited mintage. Others bear a great deal of historical value because they were minted during a significant time. However, the primary reason coins have such a high premium is because they are legal tender pieces of currency and, as such, are minted only by renowned national mints.
Certified coins reference any coin that has been certified and graded based on their condition by reputable grading agencies, including NGC (Numismatic Guaranty Corporation) and PCGS (Professional Coin Grading Service). Certified coins are placed in plastic slabs and feature serial numbers which can be confirmed with the grading company to affirm authenticity and grade. Besides attesting to a coin’s authenticity, grading companies also provide grades on a scale of 1-70, 70 representing a perfect mint-state coin. Graded coins with 67 or higher grades typically will carry a higher premium due to rarity and condition.
Junk silver is a term that refers to any silver coin in which the numismatic or collectible value does not surpass its silver composition value. Most junk coins were minted prior to 1965 and possess a silver purity level of 90%. They are often sold in rolls or sets based on face value. The term “junk silver” can be a bit misleading since most of these coins tend to be in fair condition.
Shipwreck silver is any silver bullion piece which has been recovered from a sunken vessel or boat and resold to the public.
Precious & base metal bullets, such as silver and copper bullets, are a form of bullion which have been modeled after real life ammunition cartridges. They are typically minted from .999 pure metal and can range in size from 1 to 100 ounces. Currently, there are only a few mints that produce them, but with the increasing popularity of these pieces among investors, gun enthusiasts and war veterans, these numbers are certain to increase over the next couple of years. Please be advised that while most of the silver bullets are based on actual pieces of ammunition, they are not intended to be fired or loaded into any firearms or weapons.
Silver dollars originally served as the coin version of the paper dollar bill. They were produced as a preventive measure against counterfeit paper currency. Although the term “silver dollar” is often interpreted as any silver-colored dollar coin, genuine silver dollars were produced prior to the cessation of silver coinage in 1965. These dollar coins possess a silver content of 90%.
We recommend investing in a diverse set of products, including silver, gold, copper, and more. Although precious metals prices typically move in tandem, it never hurts to have exposure to multiple metals, especially when we see movement in the gold/silver ratio. Since we offer several smaller-sized gold products, even investors on a tight budget can purchase both gold and silver for their portfolio from Silver.com.
In almost all instances, we do not report your purchases to the government. However, we do report cash payments over $10,000 on a single transaction or series of related transactions as required by law. Cash is defined as money orders or cashier’s checks less than $10,000 each. Related transactions are defined as multiple transactions within a 24-hour time span with a combined total in excess of $10,000. For more information on reporting requirements, please contact us at 1-888-989-7223, firstname.lastname@example.org, or on Live Chat.
There can be taxes on precious metals, but this will depend on the state or city in which you live. The value of the purchase may also be a factor as to whether or not an item may be taxed. The most common form of tax will be a sales tax. Below is a list of the different state tax policies, as well as any known exemptions. For more information, you can view this helpful state by state breakdown. Please note that this is merely a guide and that customers should double check with their own state or city’s tax policies before making their purchases. Also note that as a Texas-based retailer, we do NOT charge sales tax to Texas in-state residents nor to out of state residents. The following states DO collect a sales tax on precious metals:
- Alabama charges a 4% tax (with an additional 4-5% County & City tax)
- Connecticut (when the amount exceeds $1000)
- District of Colombia
- Florida (when the value exceeds $500)
- New Hampshire
- New Jersey
- New Mexico
- Nevada (when the coin of bullion sells for more than 50% of its “Face Value.” However, private mint bars and rounds are exempt from taxation.)
- North Carolina
- Washington State
- West Virginia
- Alaska (However, local government taxes may still apply.)
- California (when the value of coins or bullion exceeds $1500)
- Maryland (when the value of numismatic items and bullion exceed $1000)
- Massachusetts (when the value of coins and bullion are exempt when over $1000)
- Montana (However, there may be a 3% Provisional tax in certain communities.)
- New York (when the bullion’s value exceeds $1000)
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Texas (when the value of the coins and precious metals exceeds $1000)
A precious metal IRA allows individuals to make investments in precious metals, such as gold, silver, or platinum within their Individual Retirement Account.
Precious metals IRAs offer individuals the opportunity to diversify their investment portfolios and further contribute to their current retirement and 401k plans. There are also many tax related benefits, such as tax-deferred and tax-free growth.
Setting up a precious metals IRA is a simple, three-step process. Simply select one of our partner IRA custodians or a custodian of your choice and contact them about opening a self-directed IRA. Let the custodian know you are interested in purchasing IRA-approved precious metal products, and they will help you deposit funds into your account. Once your account is funded, you are ready to purchase IRA-approved metals from Silver.com. Be sure to visit our IRA page to learn more about precious metals IRAs.
Simply inform your custodian that you wish to transfer or bank wire a certain amount from your existing IRA or 401k accounts to your new one. Your custodian can further guide you through this process. Once you and your custodian come to an agreement, your custodian will inform our company of your contribution amount, and you can begin ordering from us.
In order to qualify as an IRA eligible product, silver products must possess at least 99.9% purity level. The following silver products have been approved as IRA contributions and are currently available on our website:
- American Silver Eagle coins and products
- America the Beautiful coins and products
- Canadian Silver Maple Leaf coins
- Austrian Silver Philharmonic coins
- Any .999 fine silver bars and rounds produced by NYMEX- or COMEX-approved/affiliated suppliers and reputable producers, such as Johnson Matthey and Engelhard.
- American Gold Eagle coins and products
- Gold Buffalo coins and products
- Canadian Gold Maple Leaf coins
- Austrian Gold Philharmonic coins
- 24k (.999+ fine) gold bars or coins produced by NYMEX- or COMEX- approved/affiliated suppliers like PAMP Suisse and Credit Suisse.
Age is the primary factor in determining how much an individual can contribute to their account annually. Individuals younger than 50 years of age are limited to a maximum of $5,000. Individuals older than 50 have a maximum contribution limit of $6,000. You should also be aware, all contributions to IRA accounts are tax-deductible, meaning that any money you invest into your IRA can be deducted against your income taxes. Contributions exceeding those amounts will not be eligible for those tax deductions.
There will most likely be an initial fee to set up an IRA, along with an annual fee. You will also be required to pay a storage fee to whichever depository with which you choose to work. Of course, there will also be the price of the precious metal products themselves. Fortunately, these initial and maintenance costs will pay for themselves in the long run.
There are not any restrictions to what you can do with your contributions. Once you have deposited money into your IRA, it is completely up to you whether you wish to buy, sell, or trade. While these actions will not warrant any tax liabilities, any withdrawals made from the IRA account will result in the standard income taxes charges on the withdrawn balance. It is typically 10% of the withdrawn amount. Fortunately, these penalties are no longer applicable once you reach the age of 60.
Unfortunately, IRA policies state that investors are not allowed to take possession of their contributions, nor can they be involved in its delivery. All products must be shipped directly to a separate third-party depository, where they can be physically stored away. In addition, the address of your chosen depository must be provided in order for you to complete your transaction. Once the depository receives your contribution, it will notify both you and your custodian of its arrival.
A test given to items containing metals which determines their metal type, composition, and purity. Some precious metals, such as gold bars, are offered with assay cards. This states the bar’s metal composition, weight, and purity.
A legal tender value assigned to a bullion coin by its issuing government.
This refers to old circulating coinage which contains 90%, 40%, or 35% silver. Though the name suggests the coins are “junk,” they are actually a viable option for many investors due to their high purity. They are also quite collectible.
The amount of coins produced in a year or from a specific series.
When talking about coins, a mint is the place where a country’s currency is produced under the control of its government. With precious metals, there are also “private mints” which are not government run. Private mints produce bullion rounds, bars, or medallions.
The front side of a coin.
A classification of metals which are rare or have a high economic value. The most common precious metals are gold, silver, and platinum.
This refers to the fixed dollar amount or percentage over the current spot price that a precious metal product carries. Premiums are often associated with production and distribution costs.
This refers to a coin which has been struck using a special minting procedure that gives the coin a mirror-like finish. These types of coins are usually produced for collectors.
The percentage of metal contained in a piece of bullion.
When talking about precious metals, a refinery is an industrial facility that “refines,” or reduces, scrap metal and raw materials down to their purest form.
The back side of a coin
The current price of a precious metal based off of a combination of different markets including futures, over the counter, and world markets. Precious metal spot prices are always calculated by the troy ounce.
A unit of measure used to gauge the weight of precious metals. A troy ounce consists of 31.1034768 grams.
An abbreviation for “Almost Uncirculated” that refers to coins that have seen slight wear and circulation with around 95% of their original design present. Coins considered AU show most of their original luster.
An abbreviation for the term “Brilliant Uncirculated.” This term applies to a coin which has never before been circulated and, therefore, shows very little signs of wear. Alternate terms are “Mint State” or “Uncirculated.”
This is a term used when evaluating the condition of a coin. It is considered to be one step up from VG. Coins considered to be in Fine condition still show major signs of wear with up to half of the original design rubbed smooth.
An abbreviation for “Good” that refers to coins which have been heavily worn, and though their original design is visible, only around 10% of it remains.
An abbreviation for the term “Mint State” that refers to coins in superior condition. The MS grades are often assigned to coins by professional grading companies, such as the PCGS or NGC and range from MS60-MS70; 70 being the best condition.
An abbreviation for “Very Fine” that refers to coins that have been circulated and worn but still have around 75% of their original design intact.
An abbreviation for “Very Good.” This is a term used when evaluating the condition of a coin. Though the name sounds like it would represent a stunning coin, the truth is VG coins are considered to show signs of wear throughout, though the letters may still be legible.
An abbreviation for “Extra Fine” that refers to coins which have only seen light wear. Dings and scratches will only be present on their highest points with around 90% of their original design in tact.