A generic Silver round refers to a round produced by any mint and can be found in new or used condition. One of the pros to buying pre-owned generic rounds is that they are often cheaper per ounce of metal due to the fact that they are not in brand-new, uncirculated condition. This is most convenient to physical Silver investors who don’t necessarily care about the condition or design on the round but are buying purely for the Silver content.
Since you are not buying a specific brand, generic Silver rounds can contain a wide range of designs. Some designs may be intricate and contain elaborate artwork while others will be plain and simple. One of the most common designs found on generic rounds is the popular buffalo design, while many rounds may just contain the logo of the refinery or mint who produced them. Though the design may vary, each round will always be marked with its silver purity and weight. If you are ordering larger quantities of them, you may receive all of the same round or even a variety of rounds containing different designs.
Purities and Sizes
Generic Silver rounds can contain anywhere from .925 to .9999 fine Silver while most are found in .999 or 99.9% purity. The dealer you are buying your rounds from should state the minimum purity before the point of sale so you will have a better idea of the Silver content in the rounds you will be purchasing. While most generic rounds are available in 1 troy ounce sizes, you may still find them in fractional or 5 ounce sizes (though these are not as common). The selection of generic rounds will depend solely upon the dealer you are buying from and their inventory.
Prices and Availability
Most generic Silver rounds are listed for sale at premiums of $1.00 or less over the current spot price of Silver. This is much lower than some bullion coins which can carry premiums of as high as four or five dollars over spot price per ounce. That is why generic rounds are a top choice to the savvy investor looking to buy Silver bullion at the lowest prices possible. Generic rounds are usually available at online dealers and can often be found at local coin shops as well. Since Silver rounds have been being produced for decades by a number of private mints, there are tons of them in private collections. This means that there is usually a steady supply of generic rounds available in the open market.