Bullion Showcase: Johnson Matthey’s Most Collectible and Rare Vintage Bars

For precious metals collectors and bullion enthusiasts, few names carry the same reputation as Johnson Matthey. Often abbreviated as “JM,” the historic British refiner became known worldwide for trusted bullion products, exceptional refining standards, and distinctive vintage bars that remain highly collectible today.

For Canadian collectors in particular, the Johnson Matthey & Mallory partnership holds special significance. Produced right here in Canada, these bars represent an important chapter in Canadian precious metals refining history.

The History of Johnson Matthey

Johnson Matthey traces its origins back to 1817, when Percival Norton Johnson established a gold assaying business in London, England. In 1851, George Matthey joined the company as a partner, leading to the formation of Johnson & Matthey. Just one year later, the firm was appointed official assayer and refiner to the Bank of England.

Throughout the late 19th and 20th centuries, Johnson Matthey became one of the world’s most recognized precious metals companies. The firm played an important role in scientific manufacturing, including producing the international kilogram reference standard and the International Prototype Metre. In the 1960s, Johnson Matthey Bankers (JMB) also became one of the five members of the London Gold Fixing.

Although JM later shifted much of its focus toward chemicals and sustainable technologies, the company remained active in precious metals refining for decades. In 2015, Johnson Matthey sold its gold and silver refining operations to Japanese firm Asahi Holdings, including facilities located in Utah and Brampton, Ontario.

Johnson Matthey & Mallory: Canada’s Refining Partnership

From 1947 to 1977, Johnson Matthey partnered with P.R. Mallory to operate Johnson Matthey & Mallory, a Canadian industrial metals refinery headquartered in Toronto.

During this period, the company produced a variety of poured and minted .999 fine silver and gold bars, including popular 1 oz, 10 oz, and 100 oz sizes. Many of these bars featured a distinctive Maple Leaf stamp identifying their Canadian production.

Today, Johnson Matthey & Mallory bars remain highly collectible due to their quality, historical significance, and relatively limited surviving quantities.

The Rarest Johnson Matthey Bullion Examples

While standard Johnson Matthey bars remain popular among collectors, some examples have achieved near-legendary status due to their rarity and unusual production history.

5g Prototype Silver Bar

 

 

Estimated Mintage: < 5

One of the rarest known Johnson Matthey pieces is the 5 gram prototype silver bar produced in the United States. The bar features the classic JM crossed hammers logo on the front with a blank serial number field, while the reverse remains blank.

What makes this piece especially significant is its .9999 fineness designation. The bar is believed to have been created as a purity prototype while Johnson Matthey experimented with higher-refinement bullion production standards, which is why these examples lack assigned serial numbers.

Johnson Matthey & Mallory 50 Grains Bar

 

 

Estimated Mintage: < 250

An exceptionally scarce Canadian issue is the Johnson Matthey & Mallory 50 grains silver bar. A “grain” is a traditional unit of weight used in precious metals, with 1 grain equal to approximately 0.0648 grams. This means the bar weighs just over 3.2 grams in total.

The piece features the JM&M circular logo and .999 purity. These miniature bars rarely appear on the market and remain highly desirable among vintage bullion collectors.

The “Trojan Bar” (1979)

 

 

Estimated Mintage: < 5

The famous 1 oz silver “Trojan Bar” is one of the most visually distinctive Johnson Matthey collectibles ever produced. Issued in 1979, the silver bar displays the JM crossed hammers logo on the front, while the reverse features a detailed Trojan horse head design surrounded by a decorative border.

Only a handful of silver examples are believed to exist today, with estimated surviving quantities of fewer than five pieces. Gold versions are also known to have been produced.

5g Shipwreck Silver Bars

 

 

Estimated Mintage: < 7,000

Among the most fascinating Johnson Matthey collectibles are the 5 gram “Shipwreck Silver” bars minted in 1980. These bars were produced using silver recovered from the wreck site of a Spanish treasure fleet lost in 1715.

Each piece features a Spanish galleon design alongside the JM logo and serial number. While some reports estimate a mintage of 20,000 pieces, collectors have noted that serial numbers above 7,000 have never surfaced, suggesting the actual production total may have been far lower.

A rumoured gold variation has never officially surfaced, but is believed to have an estimated mintage below 250 pieces.

1/10 oz Silver Bars

 

 

Estimated Mintage: < 250

Johnson Matthey’s 1/10 oz silver bars are another elusive collector favourite. Produced in the United States, these tiny bars feature serial numbers on the front and repeating crossed hammers logos across the reverse.

These fractional silver bars are rarely seen today, with some collectors noting that the last confirmed public sale occurred years ago.

Johnson Matthey & Mallory 10 oz Poured Bars

 

 

Estimated Mintage: < 50

Among the rarest Canadian-produced JM&M pieces are the company’s 10 oz poured silver bars. These bars feature the Johnson Matthey & Mallory oval logo alongside the Canada inner logo and a classic cast finish reverse.

Collectors particularly value these bars because of their extremely limited production numbers, with estimated mintages ranging between fewer than 10 and fewer than 50 examples, depending on the variation.

Some examples feature unique casting mould shapes, different font styles on the “oz” weight designation, and varying placements of purity and weight stamps, making each piece highly distinctive.

Vintage Poured Bars

 

 

Vintage Johnson Matthey and Johnson Matthey & Mallory poured silver bars remain some of the brand’s most recognizable products. Produced in sizes ranging from 5 oz to 100 oz, these bars are known for their deep stampings, classic poured appearance, and occasional “London” markings tied to the company’s British origins.

While more common than the ultra-rare examples listed above, these bars have become increasingly difficult to source as collector demand continues to grow.

Rare Gold Bars

 

 

Vintage Johnson Matthey gold bars, particularly early examples with the company’s distinctive green assay cards, are also becoming increasingly scarce. Their historical significance and trusted refining reputation continue to make them highly desirable among collectors and bullion enthusiasts.

Explore Vintage Bullion at Canada Gold

At Canada Gold, we regularly buy and sell a wide variety of vintage bullion products, including Johnson Matthey silver and gold bars. Inventory changes frequently, and rare collector pieces can appear at any time.

Visit a nearby Canada Gold location to explore available bullion inventory in person, or check current precious metals pricing online at Canada Gold. Whether you are building a bullion portfolio or searching for a hard-to-find collector piece, our team is here to help you navigate the world of precious metals.

 

All Photos Courtesy of allengelhard.com