Topic: 1 gram .999 fine silver "bitcoin" rounds *********type 2*********** - page 11. (Read 56218 times)

This has been discussed a few times in the thread already.  I won't get into whether they are a good or bad investment.  But the price and premium is comparable to other 1 gram bars and rounds if you search around.  You're paying the premium for the size, not for the bitcoin artwork.  You get that for free!

P.S. Just an FYI, coins silver is weighed in troy ounces, so there are 31.1 grams in an ASE or Maple Leaf.  Worth knowing if you invest in precious metals.

These are cool little items.  I wouldn't mind having a few for souvenirs or to use as party favors or put in Christmas stockings.  But as an investment?  Probably not, at least not in any great quantity. This is why.

The coins are 1 gram silver, costing 1.5 GPB each.  So I did a bit of calculating to come up with the price in dollars per ounce, which are the most common units cited in commodity pricing....

1 gm * 28.35 (conversion to ounces) = 28.35 oz
28.35 * 1.5 GPB = 42.525 GBP per oz
42.525 * 1.639 (conversion to USD) = 69.7 USD/oz

Today's commodity price for silver of this quality is just under $39 US per ounce.  Coins do cost a bit more than the commodity price for a precious metal.  However, American Eagle 1 oz silver coins were just over $43.00 apiece on Friday.  I didn't find any other commodity silver coins available for purchase, but for comparison, the gold commodity price was at $1,649/oz this morning.  1 oz Krugerrands were running from 1,680 to 1,750 apiece, with Canadian Maple Leaf and American Eagle 1 oz gold coins priced similarly.

Purely from the standpoint of an investment in precious metals, the $43 silver American Eagles are worth exactly the same amount as between 28 and 29 1 gram bitcoins costing around $70.   Only you can decide if the coolness factor is worth paying the premium, of course. :-)  But I recommend keeping in mind that, if the 1 gm silver bitcoin is considered as an investment, it is an investment in something akin to artwork or jewelry.  The metal value alone (as with jewelry) isn't worth the price.

I've got some of these fantastic coins I can send to UK buyers - 0.5 BTC each.

PM name, address & quantity.

Second batch of 1000 currently on order : to reserve some please follow instructions at the top of the thread

That looks like a coined bit to me!

My order arrived today!

Looked great!

Hi kermee, Thanks for posting , I'm glad you like the rounds , its always a relief to hear when they arrive  and specifically how long they take  , I've sent to quite a few location in the US , my post office have put a broader range on the shipping time of 3-10 working days , I think this is to give a greater allowance for possible delays along the way .

cheers Mick 

Mine were shipped on Wednesday July 27th, 2011 to the U.S. (West Coast) via Royal Mail.
Arrived on Wednesday August 3rd, 2011 -- So 5 business days.  Royal Mail claims 5-7 business days 'on average' to the U.S. so I was a bit on the 'earlier' side.

Rounds look great and all arrived!  Thanks, Mick!  I'll save up a bit more and order from your second batch!

Cheers,
Kermee

EDIT: Quick and dirty picture from my aging Blackberry camera...

1 gram .999 fine silver "bitcoin" design rounds - availability update

02/august/2011 1st batch of 1000. ******SOLD OUT******

I intend to order a 2nd batch of 1000 , please follow the "instruction steps 1 and 2 posted at the top of the thread (purple text) to reserve your silver rounds  - I will then work my way through the orders (in the order I received them) once I take delivery of the 2nd batch  

they look just like page 1 just well smaller .

If I find my charger for my proper cam I will take some nice snaps. Using my phone would not do them justice.

Anyone have photos of there coins yet?

100 remaining of 1st batch of 1000

I love the image, wanna make a small donation, what's your address?

I agree with this. It seems silly to post on a thread selling very unique bitcoin rounds, proclaiming that you only care about the bullion.

Believe me, I have bought a lot of old currency (90% silver) on Ebay for under spot throughout the years, but this is very clearly not 'just bullion'.

I don't think that's a fair comparison.  Even in the US, if you just want to buy rounds as cheap as possible because you only care about the bullion, that's going to limit your options.  Good luck getting an ASE or a Panda for the same rate as that round that celebrates the Penguins 1992 Stanley Cup championship.  You don't get to complain because there's some tarnish.  You're stuck with the leftovers.  Which of course is fine if you only care about the bullion.  But you don't get to have it both ways:  You can't pay rock bottom prices and pick any coin/round/bar of any size that you want.

I would love to buy some 1oz or maybe 25g coins if you end up making any.

Which country?

Cheers,
Kermee

We can only dream of silver bullion for spot + 10% here in the uk . Typically a 1oz round would be spot + 35-40% (20% of that being vat) at very best .

I could sell them individually , but then they would really be expensive . Just to cover my time alone , to invoice pack post etc.

I recall a couple of years ago being able to get 1 gram rounds for 60-70p each over here , so they can in theory be profitable in the long run. Typically the premium remains with the round , you pay it when you buy and get it back when you sell   , but I do agree core position wise you would go for The cheapest most cost effective option , which wouldn't be a 1 gram silver bitcoin.

To be quite clear on my costs , as I stated earlier in the thread , in real terms I'm making 20p per round , this just covers the die fees on this first batch of 1000 .

For people in the US that want one coin, I'll gladly sell you a single coin for 0.5 BTC.  Just keep in mind you can get 10 for about 2 BTC from the original seller.  The minimum quantity isn't all that expensive.

I would also like a few, but not 10.