What are silver rounds?
What are silver rounds? Silver rounds or generic silver rounds are in essence privately minted silver bullion coins in the traditional or conventional sense. The reason silver rounds are called silver “rounds” and not silver “coins” or silver “coin” is simply because it’s illegal according to U.S. Law for private mints to use the term “coin.” The term “coin” is exclusively reserved for the U.S. Mint which mint and circulate Government Issued legal currency such as American Silver Eagles.
Privately minted silver rounds “… usually have a set weight of 1 troy ounce of silver (31.103 grams of 99.9% silver), with the dimensions of 1/10 inch thick and 39 mm across. These carry all sorts of designs, from assayer/mine backed bullion to engravable gifts, automobiles, firearms, armed forces commemorative, holidays, etc.” (Wikipedia).
In addition to the above, silver rounds must not and cannot be classified as legal tender since it has no face value and don’t have to be accepted as a form of payment for debt. Creditors thus have no legal obligation to accept silver rounds as a form of payment for debt. On the other hand, official government-issued silver bullion coins such as American Silver Eagles, Canadian Silver Maple Leafs, Mexican Silver Libertads, Chinese Silver Pandas, Australian Silver Kookaburras, Australian Silver Kangaroos, British Silver Britannia, Austrian Silver Vienna Philharmonics, etc. have a face value and must be accepted as a form of payment for debt.