Silver Bars Secondary Market: What Buyers Pay

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Last updated: August 15, 2026 · By White Metal Resources Editorial

The private silver bar market is unusual. The underlying value is a public number anyone can compute in ten seconds. Yet a seller can walk out with anywhere from 88 to 98 percent of spot on the same bar. Brand, size, condition, and buyer type set the gap. That gap is not luck. It follows a small set of rules that dealers use openly.

This page covers the mechanics of a private silver bar sale in the United States. It walks through the four common retail bar sizes and the recognized refiner names that reduce dealer friction. It also covers LBMA Good Delivery status for large trade bars, and the buy-back structure a private seller should expect from a bullion dealer. A worked example on a 100 oz recognized bar at an illustrative silver spot follows the theory.

Every quote is a percentage of spot, not a shelf price

Every honest silver bar quote starts from the day's silver spot price per troy ounce. Multiply the bar's weight in troy ounces by the current spot per troy ounce, and the result is the bar's melt value. Every commercial buyer prices as a percentage of that number.

The wholesale reference for silver spot is either the LBMA Silver Price benchmark (published daily by the London Bullion Market Association) or the near-month COMEX silver futures contract at CME Group. Bullion dealers quote against one of these two references. Ask which one before comparing quotes.

The spot number moves continuously during market hours. A quote that was firm at 9 a.m. Central may need a reprice by 2 p.m. Ask the dealer whether the quote is firm at delivery or subject to a spot adjustment at the settlement window. Both models exist, and both are legitimate as long as the mechanism is disclosed in writing.

At an illustrative silver spot of 30 dollars per troy ounce, a 1 oz recognized bar holds 30 dollars in melt content. A 10 oz bar holds 300 dollars, a 1 kg bar (32.1507 troy ounces) holds about 964.52 dollars, and a 100 oz bar holds 3,000 dollars. Substitute the day's real spot to reprice any of these numbers.

The four retail bar sizes and what each weighs

The US retail silver bar market runs on four standard sizes. Each size targets a different buyer profile and carries a different spread when sold back to a dealer.

A 1 oz silver bar contains exactly 1 troy ounce (31.1035 grams) of at least .999 fine silver. It is the entry-size product for a first-time bullion buyer. Because the fixed cost of intake and inventory falls on a smaller ounce count, dealer buy-back spreads on 1 oz bars are usually wider than on larger sizes.

A 10 oz silver bar contains 10 troy ounces (about 311 grams) of at least .999 fine silver. It is the workhorse size for a mid-sized stack. The 10 oz size hits a balance between per-ounce premium (lower than 1 oz) and portability (a single bar fits in a jacket pocket).

A 1 kilogram silver bar contains 1,000 grams, which equals 32.1507 troy ounces of at least .999 fine silver. It is more common in European and Asian markets than in the United States but is sold by every major US bullion dealer. The kilo size is a popular pension-account and physical-stack unit outside the US.

A 100 oz silver bar contains 100 troy ounces (3,110.35 grams) of at least .999 fine silver. It is the largest common retail size and the one most bullion buyers accumulate for large physical stacks. Buy-back spreads on 100 oz bars from recognized refiners are usually the tightest of any retail size because the fixed intake cost spreads across the most silver.

Above 100 oz, the market shifts from retail to institutional. The London Bullion Market Association Good Delivery silver bar (covered below) contains 900 to 1,100 troy ounces of at least 999.0 fine silver. Those bars move between wholesale market makers and vaults, not between a private seller and a bullion dealer.

Recognized refiners: what the name buys you

A silver bar is a piece of stamped metal. The stamp on the bar names the refiner that cast it, the weight, the fineness, and (on most modern bars) a unique serial number. The name on that stamp determines how a dealer prices the bar back.

PAMP Suisse is a Swiss precious-metals refiner, part of the MKS PAMP group. Its retail silver bars, most famously the Fortuna design, are LBMA Good Delivery accredited and widely traded in the United States. A dealer usually accepts a PAMP Suisse bar on sight, without an assay, and quotes a tight percentage of spot.

Valcambi Suisse is another LBMA Good Delivery accredited Swiss refiner. Its silver bars, including the CombiBar format that separates into smaller units, are recognized at every major US bullion dealer. The dealer accepts the bar without assay on sight of the Valcambi hallmark and matching packaging.

Sunshine Minting is a US-based refiner headquartered in Idaho, LBMA Good Delivery accredited for silver. Its bars carry the Sunshine sun-ray logo and, on modern production, the Mint Mark SI security feature, a laser-etched mark visible only through a supplied decoder lens. That security mark makes Sunshine bars especially quick to authenticate at a coin counter.

Engelhard was an American refining company founded in 1902 and acquired by BASF in 2006. Vintage Engelhard silver bars are no longer produced. They came in a range of sizes from 1 oz to 100 oz, both poured and extruded. That scarcity drives an active collector market above pure melt for the poured tall-bar formats and the "waffle-back" pour marks. Modern retail buyers value the brand history, and dealers usually pay a small qualitative premium over generic bars for Engelhard.

Other refiners a private seller should recognize:

• Johnson Matthey, the historical UK-founded refiner, now integrated into other operations.
• Asahi Refining, US operations across former Johnson Matthey facilities.
• Republic Metals, a historical US refiner.
• Metalor, Argor-Heraeus, Umicore.
• Sovereign mints such as the Royal Canadian Mint, Perth Mint and Rand Refinery.

All appear on or have appeared on the LBMA Good Delivery accredited list for silver.

The practical rule for a private seller: a bar hallmarked with any of the names above sells at a tighter spread than a bar from an unknown mint or an anonymous poured pour. The dealer trusts the fineness stamp and skips the assay step.

LBMA Good Delivery and what it does for retail bars

The London Bullion Market Association Good Delivery standard is the trade specification for large silver bars that circulate in the wholesale London bullion market. It is not the specification for a retail 100 oz bar, but it matters for retail because it certifies the refiner.

Under the LBMA rules published in January 2026, a Good Delivery silver bar must contain 900 to 1,100 troy ounces (about 28 to 34 kilograms) of at least 999.0 parts per thousand fine silver. Effective January 1, 2025, the LBMA raised the minimum weight from 750 troy ounces to 900 troy ounces. Every Good Delivery bar carries a serial number, the refiner's hallmark, the fineness stamp, and the year of manufacture.

A private seller of a 100 oz bar will not be selling a Good Delivery bar. Good Delivery bars weigh about ten times more and move between wholesale vaults and market makers. Retail bars are a separate product category made by many of the same refiners.

What Good Delivery status does for retail is signal the refiner's credibility. A refiner on the LBMA accredited list has passed independent assay tests, a responsible-sourcing audit, and a physical-appearance review. That certification transfers to the dealer's confidence in the smaller retail bars that same refiner produces. A dealer buys a PAMP Suisse 10 oz retail bar without an assay because PAMP Suisse is on the LBMA silver accredited list.

The CME Group COMEX silver futures contract uses the same 999.0 fineness minimum. Contract specifications require delivery of 5,000 troy ounces of silver, delivered as five refined bars of about 1,000 troy ounces each, with a 10 percent weight tolerance and a minimum fineness of 999. Only bars from COMEX-approved refiners qualify for delivery. Most COMEX-approved silver refiners are also LBMA-listed.

How the dealer buy-back offer is built

A dealer quote is a formula, not a single number. It has three components: the reference spot price, a fineness or weight assumption, and a paid percentage of spot that reflects the bar's brand and condition.

The reference spot is either the LBMA Silver Price fix or the current COMEX near-month contract. The fineness assumption is usually .999 for any bar hallmarked as .999 or higher. The weight is either the stamped weight (accepted on sight for a recognized refiner bar in good condition) or a scale weight (for a bar under any suspicion or from an unknown mint).

The paid percentage of spot is the variable that captures the dealer's margin. On a recognized refiner bar in usable condition, that percentage typically sits in a tight band below spot. On a generic bar or a bar with condition issues, the percentage widens. On a suspect bar or a bar without a hallmark, the dealer applies an assay-first policy and pays on the confirmed silver content, not the stamped weight.

The dealer's cost structure explains the pattern. A recognized 100 oz bar clears at auction or through the wholesale bullion network at close to spot on the day it is bought back. The dealer needs only a small margin to cover intake, storage and reshipment. A generic bar has fewer buyers on the exit side, which means the dealer holds inventory longer and needs a wider margin to cover that carry cost.

Some dealers publish a paid-percentage-of-spot schedule on the public site. Others quote by phone or email against the day's spot. Both models are legitimate. The seller should always ask for the paid percentage in writing before the bar leaves the seller's hands.

Generic and off-brand bars: the wider spread

Generic silver bars are the discount-tier product. They are cast or minted by anonymous private mints, hallmarked with a weight and fineness stamp but no widely recognized brand. They usually meet the .999 fineness stated on the bar, but a dealer has no established trust in the mint and treats the bar with more caution than a recognized brand.

The practical effect is a wider spread below spot at buy-back. A generic 100 oz .999 bar in usable condition usually clears at a lower percentage of spot than a PAMP, Valcambi or Sunshine bar of the same size. The gap tightens somewhat on very large sales where the dealer can pool the generic bars with other unrecognized inventory for a wholesale refiner sale.

Off-brand bars from small US private mints that have been in business for years and have a reasonable reputation (Silvertowne, Geiger, Prospector) sit in a middle tier. Dealers accept them on sight and pay closer to the recognized-brand percentage than to the pure generic. The reputation is regional and the seller should ask a specific dealer about a specific mint before assuming any premium above generic.

Some generic bars are actually private-label runs made by an LBMA refiner for a bullion distributor. The refiner's stamp is on the reverse, and a dealer familiar with the distributor may treat the bar as branded. Turn the bar over and check the hallmark before assuming it is a true generic.

Damaged, defaced or suspect bars: the assay path

A damaged or defaced silver bar goes through a different intake path than a clean bar. The dealer or refiner treats the bar as unknown metal and confirms its fineness before making an offer.

Common damage that triggers an assay-first policy:

• Deep scratches or gouges that cut through the hallmark or serial number.
• A missing or trimmed corner, drilled holes, or resurfaced faces.
• Chemical residue that suggests cleaning attempts.
• Repackaged bars where the original assay card is missing.

Any of these features signals the bar may not weigh what the stamp says.

Suspect bars go to fire assay or X-ray fluorescence (XRF) testing. Fire assay is the traditional method: the bar is melted, sampled, and the sample is chemically analyzed to determine exact fineness. XRF is a non-destructive surface scan that reads the top layer of the bar and is faster but only accurate to the outer few microns. Reputable refiners use both, and both are standard bullion-industry practice.

The assay fee is deducted from the settlement. A fire assay on a large lot typically runs one to a few hundred dollars, more on very small lots where the fixed cost is not amortized. XRF is usually free or nominal at a bullion dealer counter for a spot verification but a full destructive assay is billed by the refiner.

Counterfeit silver bars exist. The most common fakes are tungsten-cored or lead-cored bars with a thin silver layer, or copper-cored bars electroplated with silver. Weight, dimension, magnet, and ping-test checks catch most consumer-grade fakes at home. A dealer running a spot XRF or ultrasound thickness scan catches the industrial-grade fakes at the counter. Details on the home checks are covered in our counterfeit silver and gold identification guide.

How to get three competing quotes on the same bar

The fastest way for a private seller to capture the available spread on a silver bar is to compare three quotes on the same day for the same bar. The method takes about an hour and usually recovers several percentage points of spot over a single-door sale.

1. Compute the melt value. Multiply the bar's stated weight in troy ounces by the current silver spot per troy ounce. Note the source of the spot (LBMA Silver Price fix or COMEX near-month) and the time you pulled it. The result is your melt reference.
2. Identify the refiner and confirm hallmarks. Photograph both faces of the bar and the assay card if present. Note the refiner name, weight stamp, fineness stamp, and serial number. Compare the hallmark against images on the refiner's official product page or a bullion reference site.
3. Select three candidate buyers. One local coin shop with a stable Better Business Bureau history, one national online bullion buyer with a published paid-percentage schedule, and one specialty precious metals dealer or wholesale refiner (if the lot is large enough to meet the minimum).
4. Call or email each buyer with the same brief. State the refiner, the weight, the fineness, the condition, and any packaging. Ask for the paid percentage of spot, the spot reference the buyer will use, and whether the quote is firm at delivery or subject to reprice.
5. Convert every quote to a dollar payout. Different buyers use different spot references and different intake timings. Only the final dollar payout on the same bar, at the same moment, is comparable across buyers.
6. Confirm the settlement mechanics in writing. Before the bar leaves your hands, get the paid percentage, the spot reference, and the settlement time in writing on the intake ticket. A verbal quote that becomes a lower written offer at settlement is a walk-away signal.

The paid-percentage gap between the best and worst quote on the same bar usually justifies the extra hour. A recognized 100 oz bar might quote at spot minus 1 percent from one dealer, spot minus 3 percent from another, and spot minus 5 percent from a third. The seller keeps roughly 120 dollars of spread on a 3,000 dollar bar just by comparing.

Bar type and payout comparison table

The table below summarizes the typical dealer buy-back positioning for the four common retail bar sizes across the three broad brand categories. Percentages are indicative bands drawn from published dealer buy-back schedules and industry practice, not commitments from any specific dealer on any specific day.

Ranges are qualitative bands drawn from published dealer buy-back schedules and industry practice as of August 2026. Actual quotes on any given day depend on the day's silver spot, the specific dealer's inventory position, the bar's condition, and any packaging or assay card that accompanies the bar. Sources: LBMA Good Delivery rules and refiner accredited list, CME Group COMEX silver contract specifications, FTC Guides for the Jewelry, Precious Metals, and Pewter Industries. Every bar is priced against the day's silver spot on the LBMA Silver Price benchmark or the COMEX near-month contract.

Worked example on a 100 oz recognized bar at illustrative spot

The math below runs a full melt-and-payout calculation on a single 100 oz PAMP Suisse silver bar in usable condition at an illustrative silver spot price. The example makes the gross-versus-realistic-offer gap concrete in raw dollars first, then in percentages of spot.

Limits and honest caveats

Everything on this page is a computation or a pattern rather than a specific quote from a specific dealer. A few honest limits are worth stating clearly.

Every dollar figure derives from a stated illustrative silver spot price. Real silver spot moves continuously during market hours and can swing by a dollar or two per troy ounce in a single session. Substitute the day's real spot to reprice, and expect the melt ceiling to move with the market.

Paid percentages of spot are indicative bands drawn from published dealer buy-back schedules and industry practice. Real quotes on any given day vary by lot size, region, the specific dealer's inventory position, packaging and paperwork, and the current dealer-network premium environment for silver. The bands in the tables above are common patterns, not commitments.

Antique or collector premiums above melt on silver bars are qualitative rather than quantitative on this page. Vintage Engelhard poured tall-bar formats, early Sunshine Minting Sunshine Rose bars, and other historically significant retail bars can trade above spot with collectors, but a scrap desk pays melt regardless of age. Get a specialist appraisal before selling a piece with collector interest to a bullion desk.

Collectible coin values belong to a different domain than this page covers. This site owns the melt and metal-value question. If the topic edges into rare-coin numismatics, get a specialist numismatic opinion before selling any coin at melt.

Silver held for retirement is a different topic entirely. IRA silver must sit at .999 fineness or better in an IRS-approved depository, and the buy-back structure that applies to a private seller in the open market does not apply to a retirement account. That topic is covered in our IRA-eligible silver bars guide.

Better Business Bureau ratings, Google Reviews, and state consumer complaint records are the practical trust signals for a specific dealer. Check them before you visit or ship. No page can vouch for a specific business by name because ratings and complaint history change over time.

Silver bar resale questions, answered

How much below spot does a dealer pay for a 100 oz silver bar?

On a recognized refiner bar (PAMP, Valcambi, Sunshine or vintage Engelhard) in usable condition, most bullion dealers pay a small percentage below spot on a 100 oz bar. Generic bars and bars with condition issues clear at a wider percentage below spot. The exact percentage depends on the day's silver spot, the dealer's inventory position, and any packaging or assay card that accompanies the bar.

Is a PAMP Suisse silver bar worth more than a generic bar of the same weight?

Yes, at buy-back. A PAMP Suisse 100 oz bar in usable condition typically clears at a tighter spread below spot than a generic 100 oz bar of the same .999 fineness. The dealer accepts the PAMP hallmark on sight, skips the assay step, and can resell the bar quickly through the wholesale bullion network. The generic bar takes longer to resell and needs a wider dealer margin.

What is LBMA Good Delivery and does my retail bar qualify?

LBMA Good Delivery is a wholesale London bullion market standard. It applies to large silver bars of 900 to 1,100 troy ounces at least 999.0 fine. Retail bars (1 oz, 10 oz, 1 kg, 100 oz) are not Good Delivery bars. What matters for retail is that the refiner is on the LBMA accredited list.

A retail bar from an LBMA-listed refiner sells at a tighter dealer spread than a bar from an unknown mint. Names on that list include PAMP Suisse, Valcambi Suisse, Sunshine Minting, Argor-Heraeus and Asahi Refining.

What happens if my silver bar is scratched or missing its assay card?

Cosmetic scratches that leave the hallmark and serial number legible usually do not affect the offer on a recognized refiner bar. Deep scratches through the hallmark, a missing or trimmed corner, drilled holes, or a resurfaced face trigger an assay-first policy at most dealers. A missing assay card also widens the spread on recognized brands where the card is expected. The dealer treats the bar as unknown metal until fire assay or XRF confirms the silver content.

How is a suspect or possibly counterfeit silver bar verified?

A dealer runs a spot X-ray fluorescence scan at the counter to check the surface composition and an ultrasound thickness scan or specific-gravity test to catch tungsten or lead core fakes. A refiner runs a fire assay by melting the bar, sampling the melt, and chemically analyzing the sample for exact fineness. The assay fee is deducted from settlement, and the offer is made on the confirmed silver content, not the stamped weight.

Do I get a better price selling a 100 oz bar or ten 10 oz bars?

Usually a better paid percentage of spot on the single 100 oz bar. The dealer's fixed intake cost (weighing, authentication, paperwork, storage) is roughly the same for one bar or ten bars. That fixed cost spreads across more ounces on the single large bar.

On a matched-brand comparison of ten PAMP Suisse 10 oz bars versus one PAMP Suisse 100 oz bar, most dealers quote a slightly tighter spread on the 100 oz. Actual differences are small and depend on the dealer.

Do vintage Engelhard silver bars sell above spot?

Sometimes, with a collector rather than a scrap desk. Vintage Engelhard poured silver bars in original packaging with the matched assay card can trade at a small qualitative premium above spot with specialty bullion dealers and collectors. A scrap desk or generic buy-back service pays melt on the Engelhard hallmark regardless of vintage. Ask a specialty precious metals dealer or a bullion auction house before selling a vintage Engelhard piece into a scrap channel.

What is the best way to sell a large silver bar lot?

Sort the lot by refiner and by size. Get quotes from at least three buyers on the same day. Use a stable local coin shop, a national online bullion buyer with a published buy-back schedule, and a specialty dealer or wholesale refiner if the lot exceeds the refiner's minimum.

Convert every quote to a dollar payout on the same lot. Split the lot between buyers by category if two dealers each quote best on a subset. The comparison method usually captures the largest available spread.