I think you basic assumption is correct Peter. Especially when considering the smaller pieces. I have never dabbled with non-mint struck metal and my information is from acquantainces who have had issues. From what I understand the larger the bar (usually) or piece of silver (usually) the more likely the buyer would have qualms about not getting it assayed. A lot of funny business can go on with a 100 oz. bar of silver if in the hands of someone not on the up and up.
There would be counterparty risk in a situation like that, IMHO.
I did not mean to intimate that the premium associated with state minted coins over plain bars is due to verification - I am sure they are simply more expensive to produce. Just that anyone who walks into a coin dealer with a 100 oz silver bar and plunks it down on the counter is likely going to have a different experience that if they bring in 5 US mint silver eagle tubes.
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