Categories: Instruction and information
Word count/read time: 596 words; 2-1/2 minutes
How thin is a mil? A mil is correctly 0.001 inches. These junk silver bars and rounds littering
auction websites and flea markets are supposedly stamped as "100 mils of .999 silver."
They are not 100 mils because that is 100/1000 inch, or 1/10 inch. 100 mils on the top and 100 mils
on the bottom would equal 2/10 inch, or 5.08mm. Since these bars are actually thinner than 2/10 inch,
simple math says the coating can't be thicker than the bar itself.
The sellers probably interpret mils as millionths of an inch - mills, i.e. 0.000001 inch. Basically,
100 mills is a coating so thin that a well-placed fart would blow it off! Besides, there is no legal
definition of "mills" as it relates to thickness so it could be anything. Technically, mills
is a monetary term so these rounds and ingots might be violating USA currency laws by using the word.
Anyone who buys these thinking they have real silver value is mistaken. Granted, the seller might be
doing everything in their power to fool you. Don't complain about getting ripped off because it is
patronizing to those who are legitimately victimized by scams.
This is math for a standard-sized round; all measurements
are in centimeters and volume in cubic centimeters.
COMPUTATION FOR ONE OUNCE ROUNDS
Coating - 0.000254 (100 mills = 0.0001 inches times 2.54 cm/inch)
Diameter - 3.9 (average size of one ounce rounds)
Thickness - 0.3 (approximate thickness of said rounds)
Coating volume, top and bottom - 0.006068515 (volume of a disc: πr2h, then double it)
Coating volume, edge - 0.000478778 (volume of a cylinder edge is outer edge minus inner edge: 2πr1h - 2πr2h)
Total coating volume - 0.006547293 (top + bottom + edge volumes)
Grams 0.999 silver per medal - 0.068681109 (0.999 silver weighs 10.49 grams/cubic centimeter, so volume * 10.49)
Medals required to NET one ounce 0.999 silver - 452.8173856 (31.1 grams in one troy ounce, so divide 31.1 by grams per medal)
Decimal silver amount - 0.002208396 (or 0.221% silver content; your "ONE OUNCE 0.999 SILVER ROUND" is actually 0.002208396 silver!)
Actual silver value @ $19.10 spot pricing - $0.0422
For your additional viewing pleasure, here is the math for a standard-sized ingot. All measurements
are in centimeters and volume in cubic centimeters.
COMPUTATION FOR ONE OUNCE INGOTS
Coating - 0.000254 (100 mills = 0.0001 inches times 2.54 cm/inch)
Length - 4.0 (average size of one ounce ingots)
Width - 2.8 (average size of one ounce ingots)
Thickness - 0.3 (approximate thickness of said ingots)
Coating volume, top and bottom - 0.0056896 (volume of a cube: LWH, then double it)
Coating volume, edge - 0.001036475 (volume of a cube edge is outer edge minus inner edge: l1w1h1 - l2w2h2)
Total coating volume - 0.006726075 (top + bottom + edge volumes)
Grams 0.999 silver per ingot - 0.070556525 (0.999 silver weighs 10.49 grams/cubic centimeter, so volume * 10.49)
Ingots required to NET one ounce 0.999 silver - 440.7813448 (31.1 grams in one troy ounce, so divide 31.1 by grams per ingot)
Decimal silver amount - 0.002268699 (or 0.227% silver content; your "ONE OUNCE 0.999 SILVER INGOT" is actually 0.002268699 silver!)
Actual silver value @ $19.10 spot pricing - $0.0433
If you can purchase these medals for $0.0422 each or the ingots for $0.0433 each as of 5/30/2014 spot
silver pricing of $19.10/ozt, you will get your money's worth. But not really...there is no economical
way to recover the silver. Don't even buy them for novelty gifts - they are an insult to the recipient.
Get them real silver.
Posted by M: July 3, 2014
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