Special Scheme Silver
- What Is Special Scheme Silver?
- VAT Margin Scheme on Silver
- Second-hand Silver Coins and Bars
- How is VAT Calculated on our Website for Second-Hand Items?
- Second-hand One Ounce Silver Coins
- Second-hand Silver Rounds
- Second-hand Silver Medallion Sets
- Investment Silver Coin Bags
- How Do I Know This Second-hand Silver Is Genuine?
What Is Special Scheme Silver?
Basically, selected second-hand goods, including silver coins and bars, can be resold under a special scheme where VAT is only payable is on the dealers' margin. You will still pay the standard rate of VAT, however, you won’t pay it on the whole price. The actual VAT that you will pay on your pre-owned silver is almost negligible.
This makes second-hand silver coins and bars very attractive to investors looking to buy cheap silver bullion.
VAT Margin Scheme on Silver
The British government introduced a VAT margin scheme which taxes the difference between the price that the dealer has paid for the item and what it is then sold for. This can be applied when we sell second-hand silver, medallions and coin sets which are not legal tender.
Second-hand Silver Coins and Bars
Unlike the majority of UK bullion dealers, Chard offers the silver investor the opportunity to buy cheap secondary market silver! We sell selected silver bullion coins and bars that we have bought from our customers as second-hand silver. This secondary market investment silver is sold on the special scheme.
All our special scheme silver coins and bars are issued by LBMA approved refiners.
How is VAT Calculated on our Website for Second-Hand Items?
All special scheme products that show a VAT inclusive price are our selling prices, e.g., £525.
If the same item was taxable at 20% and not sold on the special scheme, then you would also see the actual selling price at VAT exclusive, e..g, £525. The VAT at the current rate is then added to show the selling price at VAT inclusive. For this example, it would be £630.
To elaborate, if you have a selling price of £525 and the product is sold on the special scheme, the final price would be £525 (inclusive of VAT) that you would pay. If the same product is sold on the taxable scheme, the selling price, inclusive of VAT would, therefore, be £630.
Second-hand One Ounce Silver Coins
The best selling one ounce coin is the most traded size all over the world. Issued by all the major mints, special scheme silver coins are a great way to buy cheaper Britannias, Maples, Eagles and Philharmonics.
Compare the price between our most popular one ounce silver coins:
Second-hand Silver Bars
We sell second-hand silver bars from 10g to 5 kilos. Generally, the heavier the bar, the lower the premium on the bar. Our most popular size bar is the one kilogram silver bar.
Compare the price between our most popular one kilo silver bars:
Second-hand Silver Rounds
Silver rounds do not have a denomination or face value so they are not classed as legal tender. A silver round is a piece of silver that is usually shaped like a coin. However, recently refiners have been more inventive in supplying more interesting forms of silver rounds, eg. cubes, buttons and skulls.
Silver rounds often feature designs that are very appealing to collectors as well as investors. For example, silver rounds were issued to raise funds for Donald Trump’s presidential election campaign. His supporters and collectors of political exonumia were keen to add them to their collection.
The price that we charge for special scheme silver bullion rounds will be competitive and compare favourably with individual purchases of silver bullion coins.
Second-hand Silver Medallion Sets
Medallions usually combine intricate designs, historical elements and highly defined finishes on silver. Whilst bullion coins are usually struck once or twice, medallions are usually struck between four and seven times and come in presentation boxes or folders.
We often sell special scheme silver medallion sets at a low premium above silver spot. These secondhand silver medallion sets offer a fantastic way to combine buying investment silver with numismatic interest.
Investment Silver Coin Bags
Did you know that we sell investment silver coin bags?
These bags are made up of old British silver coins from 1920 to 1946. These coins were composed of an alloy containing 50% pure silver. Each sealed bag contains a minimum 10 kilos gross weight of silver coins and therefore contains 5 kilos of pure silver. Including crowns, half crowns, florins and shillings, most of these coins will be very worn and will not have a collectors' value.
We offer these investment bags at prices very close to the value of the intrinsic silver content. Sold as special scheme silver, these bags are a favourite with investors who are also looking for silver with the numismatic interest of British coinage.
There is often a long waiting list for these 10kg investment silver bags, so if you are interested, don’t miss out, Register Your Interest here.
How Do I Know This Second-hand Silver Is Genuine?
Unlike gold, the amount of fake silver that we see is less common.
This is partly due to the low silver price compared to the price of gold per troy ounce. It simply is not usually worth a counterfeiters' time and effort to make fake silver coins or bars. We have seen larger weight fake silver bars but these are quickly identified by our team. Giveaway clues include the finish, the appearance, weight or that 'certain something' that just feels wrong.
Our pre-owned silver bars and coins pass through a number of checkpoints before they are sold. Our reputation as the UK's Bullion Dealer of the Year for the last four years is based on our customers' trust and respect. We guarantee that you will only buy authentic coins and bars from Chard.
You may wish to view all of our articles on our silver guide