What Is Ingot Silver?

by Gregory Hamel ; Updated July 27, 2017

In metallurgy, an ingot is typically defined as a bar or plate of metal; precious metals such as silver are often shaped into ingots of specific weights to serve as a store of value.

Purpose

Silver ingots are mainly used as a store of value for silver as a commodity; for instance, an investor interested in silver might buy several ingots with the intent to sell them at a future date.

Types

Although ingots typically refer to metal bars, the term sometimes represents rounds or coinage; more often, rounds and coinage are referred to as coins or bullion.

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Size

The size of silver ingots can vary significantly; one might weigh only a few ounces, whereas large bars can weigh 1,000 oz. or more.

Benefits

Ingots are beneficial in that they are often formed into weights, which allows for easy counting of large amounts of precious metal.

Considerations

Other precious metals such as gold and platinum are also commonly formed into ingots.

About the Author

Gregory Hamel has been a writer since September 2008 and has also authored three novels. He has a Bachelor of Arts in economics from St. Olaf College. Hamel maintains a blog focused on massive open online courses and computer programming.

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