What Is A Silver Trade Unit?
Silver Trade Unit Means It is Produced By A Private Mint Company
The definition of a silver trade unit is a term used to identify a silver piece produced by a private mint company, as opposed to being minted by a government entity. There are innumerous private mints out there today. Some common ones are Africa Mint, Alaska Mint, Custom Medals and Coins, Evergreen Mint, Nevada Coin Minting, Northern Mint and many others. Not all coins made by private mints are of supreme quality. Before you invest in silver coins or bullion through a private mint, make sure they are known for producing high quality, well-defined silver pieces that are at least .999, or 99.9%, fine silver.
Silver Trade Unit Follows The Weight Of Silver Being Sold
The use of the term “silver trade unit” typically follows a weight and form of silver for a particular silver product being sold. For example, if you see a newspaper or online sales ad that states, ”One Troy Ounce Round .999 Fine Silver Trade Unit,” that means what is being sold is a product that weighs one Troy ounce, is in the form of a coin (round), is 99.9% pure silver and is produced by a private mint (silver trade unit).
It is important to note that one Troy ounce does not equal one U.S. Standard ounce measurement. Instead, a Troy ounce equals about 10 percent more of a standard U.S. ounce, which is around 1.1 U.S. ounces. Troy weights are weights used to determine the weight of precious metals. If you want to invest in silver, then you will see the terms silver trade unit and Troy ounce used quite often together. In addition, you will most often see those two terms used in the selling of silver coins, medals, medallions, lapel pins and key chains, since these are the most popular items being produced by private mints.