Today’s investment coins and bars are made from 999 silver, which means they have a silver content of 99.9 percent. According to Ophirum, collector coins and medals, on the other hand, have a much lower silver content and achieve prices that depend largely on their rarity, minting motif and design. The same goes for silver jewelry.
Basically, the larger the denomination and the more common the product, the lower the premium and production costs. Additionally, when purchasing silver, buyers are currently allowed to remain anonymous up to an amount of 1,999.99 euros, according to Ophirum. Starting from 2,000 euros, the dealer must make a copy of his ID. This is intended to prevent money laundering.
Sales of silver – like gold – are exempt from withholding tax if the investor has previously owned the silver for at least twelve months. However, precious metals trader Ophirum stated that buyers of silver coins or bars would have to pay VAT of 19 percent – a tax that does not cover gold.
