Silver Redemption Query/Discussion

I have just taken hold of my Silver bullion redemption delivered today via UPS to the UK. Tax charge was £134 or so, slightly higher than expected but there or there a bouts. My question is to more experienced bullion purchasers about the condition you would tend to expect of the bullion you purchase. I ask because I am slightly bothered by the quality of the silver bullion I have personally received, they were simply placed in a ziplock plastic bag all jumbled together, no protection and the quality of each individual ounce bar varies a lot, but all of the silver received is either scuffed, slightly degraded or has a some early stage rust in its appearance.
Should I be expected to receive this quality of silver via GoldMoney redemption?
There is certainly no disclaimer at checkout/redemption which states the quality you should expect to receive either way that I could see.
I am perfectly willing to be told that I am being naive and that in redeeming silver the value lies purely in the silver itself regardless of its condition.

Comments

  • UvasUvas Posts: 680 Silver ✭✭✭✭
    edited March 2017
    I think the only thing that is guaranteed is the weight and the purity when it comes to bars. Which brings a question to my mind, when we receive bullion coins, is there any quality minimum for the coins we receive? I certainly wouldn't want to receive scratched or dented gold bullion coins...

    @Melanie
  • jonbokajonboka Posts: 3 Tin ✭
    To follow up, here's a standard quote from the majority of UK bullion outlets "Our 1 ounce silver bars are brand new, pure 999.0, direct from the manufacturers". If I had been aware of the condition of the silver I was redeeming prior to doing so I wouldn't have wasted my time importing it from the States/Canada for what little money I actually saved on the spot price.
    Look forward to hearing what GoldMoney come back with in regards to this and any other experiences by current members good or bad would be interesting to hear also.
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    I would be concerned if I were purchasing collector coins. However if you are buying silver bars, it really does no matter. All that matters is the weight and purity. That's the only thing people are going to care about when they buy the bars back from you. One kilo bars are stack on wood skids and get banged around in the vault. The smaller 10 oz bars are often stored in wood boxes. And the one once bars piled in pales. It's just metal. You were expecting something shinny and pretty. Unfortunately your expectations were not met. Not to worry the value is there and you will have no problem cashing out when you choose to do so. Best regards.
  • GoldStandardCanadianGoldStandardCanadian Posts: 148 Bronze ✭✭✭
    edited March 2017
    You might be more shocked at the condition of paper money, germs etc. At least gold and silver are inert and anti-septic to a fair extent. Even read an article recently on gold's qualities which is being used for experimental anti-cancer therapy.

    I ordered a 100oz silver bar a little while ago and was relieved there were scratches on it. When I get it redeemed the buyer might not hesitate to scratch again to test it out. Unlike a fancy shiny bar. I figure if silver ever reaches its intrinsic value it will probably just be melted anew anyway. There is numismatic stuff for people who like pretty metals, and you can always pay regular price at dealers for brand new minted bullion, but personally I'm quite happy with used bars. If there is any tarnishing on silver bars you can use water and baking soda to clean it off, it will give it its original shine again, minus the scratches.

    From Google:
    "Bring one liter of water, one tablespoon of baking soda and one piece of aluminum foil to a boil. Drop silverware in the pot for 10 seconds (longer if it's very tarnished), then remove using kitchen tongs. Magic! If built-up tarnish persists, make a thick paste with 1/4 cup baking soda and two tablespoons of water."
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