A
Alloy
A mixture of two or more metals. Sterling silver, for example, is an alloy of silver and copper.
Ask Price
The lowest price a seller is willing to accept for a precious metal. Also called the "offer price."
B
Bar
A rectangular piece of refined precious metal, typically stamped with its weight, purity, and mint of origin.
Bid Price
The highest price a buyer is willing to pay for a precious metal at a given moment.
Bullion
Precious metals in bulk form — bars, rounds, or coins — valued primarily by their metal content and weight rather than face value or collectibility.
F
Fine Silver
Silver that is 99.9% pure or higher. Most investment-grade silver bars, including those sold by McFarland Metals, are .999 fine silver.
Fineness
A measure of the purity of a precious metal, expressed as a decimal or parts per thousand. For example, .999 means 999 parts per 1,000 are pure silver.
M
Mint
A facility that produces coins, rounds, or bars from precious metals. Examples include the U.S. Mint, Royal Canadian Mint, and private mints.
Melt Value
The intrinsic value of a precious metal item based solely on its metal content and the current spot price.
P
Premium
The amount paid above the spot price for a bullion product. Premiums cover minting, distribution, and dealer costs.
Proof Coin
A specially minted coin with a mirror-like finish, produced for collectors rather than circulation.
R
Round
A privately minted coin-shaped piece of silver or gold. Unlike government-issued coins, rounds have no face value.
S
Silver Spot Price
The current market price for one troy ounce of silver for immediate delivery. Spot prices fluctuate throughout the trading day based on global supply and demand.
Spot Price
The real-time price at which a commodity — such as silver or gold — can be bought or sold for immediate delivery.
T
Troy Ounce
The standard unit of weight used for precious metals. One troy ounce equals approximately 31.1 grams — slightly heavier than a standard (avoirdupois) ounce of 28.35 grams.
Troy Weight
A system of measurement used for precious metals, based on the troy ounce. Commonly used weights include the grain, pennyweight, troy ounce, and troy pound.
U
Uncirculated
A coin or round that has never been used in commerce and retains its original mint condition.