Ohio Precious Metals

Ohio Precious Metals was a gold, silver, platinum and palladium refiner and private mint producing a range of different bullion products. It also provided services to the jewelry industry including precious metal recycling and stone removal.

The mint was founded in 1974. In 2012, it merged with Dallas-based NTR Metals—which later changed its name to Elemetal. Within a few years, however, Elemetal became involved with a major scandal that involved three employees who were charged and convicted of smuggling illegal gold sourced from Latin American drug cartels into the United States.

As a result of the scandal, Elemetal and its related companies, including Ohio Precious Metals, lost the good delivery status of its gold bullion. The gold refining operation at Ohio Precious Metals, one of four in the United States, was forced to shut down with most of its 280 employees losing their jobs.

Elemetal still owns the smelting and refining facility in Jackson, OH.

Reviews of Ohio Precious Metals

While OPM is no longer producing new products, there is a healthy secondary market for their previously minted rounds and bars. The company had a long and successful run, despite its unfortunate ending. Collectors still prize bullion from Ohio Precious Metals, which are stamped with the letters ‘OPM’. The company previously provided itself on conflict-free materials sourcing and its commitment to sustainable environmental practices.

While its association with the Elemetal gold smuggling scandal may give some investor’s pause, the company had a solid reputation prior to their merger and most collectors and investors continue to give OPM bullion high marks for quality and purity.

Mint Location

Ohio Precious Metals was located in Jackson, OH. The refinery and mint is located at 16064 Beaver Pike and is now operated by Elemetal.

Ohio Precious Metals’ Claim to Fame

Ohio Precious Metals rose to become one of just a handful of U.S. gold refiners, and refined billions of dollars of scrap gold into bullion bound for investors around the world. Located in a small rural town in Appalachia, OPM’s refinery was located in an unlikely place. But due to the soaring prices of gold at the time, it was able to run an effective and profitable operation. Ohio Precious Metals actually originated as Jackson Precious Metals, which was established to recycle tiny amount of gold from scrap circuit boards and telephones.

Examples of Ohio Precious Metals Bullion

Below are a few examples of bullion produced by Ohio Precious Metals prior to its operations winding down.

Here is an example of an engraved 1 ounce silver round from OPM.

 

Shown below is a pair of 1 kilo fine gold bars by OPM. The mushroom image is a commonly imprinted feature of OPM products, as is the recycled logo.

Finally, here is a 100 ounce silver bar created by Ohio Precious Metals. It also features the recycle logo, signifying it was manufactured using reclaimed silver.

Videos of Ohio Precious Metals

Below is a video from a collector unboxing a 1 kilogram silver bar from the private mint.

Executives

Ohio Precious Metals was originally founded by Walter Luhrman. In 2004, local Jackson, Ohio business man Alan Stockmeister purchased the company. In 2012, the company merged with NTR Metals and later became a subsidiary of Elemetal.

 

 

 

 

Content updated on Jan. 1st, 2023