CombiBar Silver

Valcambi Silver CombiBar

The CombiBar is Valcambi's patented divisible bar, a flat sheet of precious metal scored with breakable grooves that allow it to be separated into individual 1g segments by hand. The silver version, introduced in October 2011 following the original gold CombiBar's April 2011 launch, consists of 100 segments arranged in a 10 x 10 grid, totalling 100g of .999 fine silver. It is approximately credit-card sized, making it one of the most compact silver bullion products available.

Valcambi SA, based in Balerna, Switzerland, is one of the world's largest precious metals refineries, with an annual combined refining capacity of approximately 2,000 metric tonnes across all metals. The company has held LBMA Good Delivery accreditation for gold and silver since 1968, and LPPM Good Delivery for platinum and palladium. This institutional credibility underpins the CombiBar's acceptance across the global dealer network. Each CombiBar is sealed in tamper-evident PETG packaging with a serial-numbered assay certificate, and every individual 1g segment is stamped with the Valcambi name and the CHI Essayeur Fondeur mark (Swiss assay office mark).

The divisibility concept was designed for a specific use case: investors who want to hold a meaningful amount of metal in a single sealed package but retain the ability to liquidate in small increments without selling the entire position. For gold, where each 1g segment represents roughly $100-110 at current prices, this makes practical sense. For silver, the arithmetic is less compelling: at current prices, each 1g silver segment is worth approximately $1, making individual segments impractical as standalone units of exchange. The silver CombiBar is better understood as a compact 100g bar that happens to offer the option of future division, rather than a product designed for routine segment-by-segment use.

The product line spans four metals: gold (.9999 fine), silver (.999 fine), platinum (.9995 fine), and palladium (.9995 fine). The silver version is the largest by segment count (100 segments vs 50 for the other metals), reflecting silver's lower per-gram value and the need for more total mass to create a meaningful product.

Silver CombiBar Specifications

CombiBar Range Across All Metals

The tamper-evident packaging is a key design element. The PETG blister cannot be resealed without visible evidence of tampering, and it contains the assay certification linking the bar to Valcambi's production records. Once a segment is broken off, the remaining bar and the separated piece lose their original assay certification. Individual segments can still be verified by the Valcambi hallmark and weight, but they carry less provenance than a sealed CombiBar. Most dealers will buy individual segments based on hallmark recognition and weight verification, though potentially at a slightly lower price than a sealed unit.

The patented groove system allows segments to be snapped off by hand without tools. The grooves are precision-cut during manufacturing, adding to the production cost compared to a standard solid bar. This manufacturing complexity is reflected in the premium: a silver CombiBar typically costs 5-15% more than a standard 100g silver bar of equivalent purity.

Tax Treatment for the Silver CombiBar

The Valcambi CombiBar is a bar product (not a coin) without legal tender status. Tax treatment follows general rules for silver bars in each jurisdiction.

United Kingdom: Silver bars are subject to 20% VAT. The CombiBar attracts the full rate. No CGT exemption applies (bars are always subject to CGT in the UK, even if silver). Gold CombiBars are VAT-exempt as investment gold (.9999 fine, bar form). This creates a stark contrast within the same product line: the gold version is VAT-free, the silver version carries a 20% tax burden.

United States: The gold CombiBar at .9999 purity from an LBMA-accredited refiner meets IRA requirements. The silver CombiBar at .999 purity should also qualify, as the IRS minimum for silver is .999 fineness. However, some IRA custodians may have policies about divisible bars, particularly regarding the requirement that bars remain in original sealed packaging. Buyers should confirm with their specific custodian. State sales tax follows general bullion exemption rules. Capital gains are taxed at the collectibles rate of up to 28%.

Switzerland: Investment gold is VAT-exempt. Switzerland has no capital gains tax on private assets for individual investors, making it one of the most favourable jurisdictions for holding gold CombiBars. Silver, however, attracts Switzerland's 8.1% VAT rate, the lowest in Europe but still a meaningful cost.

European Union: Gold CombiBars are VAT-exempt under EU Directive 98/80/EC. Silver CombiBars attract local VAT rates, ranging from 17% (Luxembourg) to 27% (Hungary). Germany's 19% rate applies, with the margin scheme (Differenzbesteuerung) potentially available for pre-owned silver.

Canada: Silver at .999 purity exceeds the 99.9% GST/HST exemption threshold. GST/HST-exempt.

Australia: Silver at 99.9% purity in tradeable form qualifies for GST exemption. The .999 fine CombiBar should qualify.

Singapore: Silver bars at 99.9% purity and 0.5 troy oz or above qualify for Investment Precious Metals (IPM) GST exemption. The 100g CombiBar (3.215 troy oz) at .999 purity meets both requirements. GST-exempt.

Hong Kong: No tax on precious metals. No import duty. No capital gains tax.

South Africa: All silver is subject to 15% VAT. No exemptions.

Silver CombiBar vs Standard Silver Bars and Fractional Products

The silver CombiBar is a niche product that serves a specific buyer who values divisibility. Understanding when that feature is worth the premium requires comparing it against the alternatives.

A standard 100g silver bar from Valcambi, Heraeus, PAMP, or another LBMA-accredited refiner costs less per gram than the CombiBar because it is simpler to manufacture. No precision groove-cutting, no individual segment stamping. The premium difference is typically 5-15%. For buyers who plan to hold and eventually sell the bar as a single unit, the standard bar is the more efficient choice. The CombiBar only justifies its premium if the buyer genuinely expects to divide it at some point.

Individual 1g silver bars (from PAMP, Valcambi, or other refiners) carry very high per-gram premiums due to individual packaging and assaying costs. A CombiBar reduces the effective per-gram cost significantly by packaging 100 segments in a single assay. This is the core economic proposition: cheaper per gram than individual small bars, more divisible than a standard bar.

PAMP's Multigram product takes a different approach to the same problem. It contains multiple individually sealed and assayed small bars in a card that can be popped apart. Each separated bar retains its individual assay certification, which the CombiBar's separated segments do not. The PAMP approach preserves provenance at the segment level; the CombiBar sacrifices it for lower per-gram cost and the physical elegance of a single scored sheet.

For silver specifically, the divisibility argument is weaker than for gold. A 1g gold segment is worth roughly $100, making it a practical denomination for trade or gifting. A 1g silver segment is worth approximately $1. Fractional silver coins, such as 1/2 oz silver coins, provide smaller denominations with the added benefits of legal tender status, recognisability, and CGT exemption (in the case of UK legal tender coins). The gold CombiBar makes a stronger case for divisibility than the silver version simply because each segment has enough value to be useful.

The silver CombiBar is best understood as a compact, well-branded 100g silver bar from a tier-one Swiss refiner, with the bonus option of future division. It suits buyers who want Valcambi's LBMA-backed quality at the 100g weight point and who appreciate the conceptual appeal of the format. As a vehicle for pure silver weight accumulation, larger bars at 10 oz or 100 oz offer lower premiums per ounce. As a divisibility solution for silver, fractional coins may be more practical.