1971 Paul Revere
Great Patriots of the United States
Sterling Silver Medal
A silver bullion lesson from a silversmith himself, Paul Revere
Although Paul Revere warned his countrymen that the British were on the march, let him warn you that a medal that contains an ounce of pure silver is sometimes misleading.
This is a sterling silver medal and weighs about 30.6 grams.
Since sterling is .925 pure, then .925 x 30.6 = 28.305#8236; grams
Yes, that is quite close to an avoirdupois ounce isn't it?
However, a troy ounce is heavier and generally most silver bullion rounds are 1 troy ounce .999 silver.
A close (rounded off) comparison
1 avoirdupois oz = 28.35 grams
1 troy oz = 31.1 grams
I paid $13.75 in total including tax & shipping for this medal on a day that silver was $17.74 per troy ounce.
Since there is always a "refining fee" for silver that is less than .999, that takes about 10% off the top if I were to cash it in at a bullion dealer.
So today this medal has about $15.97 worth of pure silver in it.
That would be about .51 cents a gram and since this has 28.3105 grams I would get around $14.44 cents selling this Paul Revere medal from a bullion dealer.
If I were to go to that same bullion dealer, the 10% goes the other way, a "buyers premium" and I could expect to pay about $17.55 for this medal.
I am ahead on this medal I got today for two reasons.
1. I beat todays spot price.
2. I collect Paul Revere medals and this is one I rarely seen before.
There are markings on the edge, In the first square I see CO which I believe is for minted in Cincinnati, Ohio as that is where the 60 Great Patriots of the United States sterling silver medals were minted. After that, in the second square is the logo for the Danbury mint. Then I see 71 in the third square so I know that is the year it was minted. The fourth square has what looks like a letter P, which I am informed is for "Proof" finish.
I am pretty sure this is from the Danbury Mint, Westport, Connecticut.
Danbury Mint historically marketed high quality medals and ingots produced by others exclusively for them.