Exhibit 4.1


 


SPROTT
PHYSICAL SILVER TRUST


 


ESTABLISHED UNDER
THE LAWS OF THE PROVINCE OF ONTARIO


 


THIS CERTIFIES THAT


 


*SPECIMEN*


 


	
  NUMBER

  	
   

  	
  UNITS

  
	
   

  	
   

  	
  **9,000,000***********

  
	
  CERT.9999

  	
   

  	
  ***9,000,000**********

  
	
   

  	
   

  	
  ****9,000,000*********

  
	
   

  	
   

  	
  *****9,000,000********

  
	
   

  	
   

  	
  ******9,000,000*******

  



 


CERT.9999
* **9,000,000***************************** *
***9,000,000**************************** *
****9,000,000*************************** *
*****9,000,000************************** *
******9,000,000************************* * JANUARY 01, 2009 * NINE
MILLCERT.9999 * **9,000,000***************************** *
***9,000,000**************************** *
****9,000,000*************************** *
*****9,000,000************************** * ******9,000,000*****CERT.9999 *
**9,000,000***************************** *
***9,000,000**************************** *
****9,000,000*************************** *
*****9,000,000************************** * ******9,000,000*****CERT.9999 *
**9,000,000****************************


 


	
   

  	
  is the registered owner of

  	
  CUSIP:85207K107

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ISIN:
  CA85207K1075

  
	
   

  	
   

  	
   

  
	
   

  	
  * NINE MILLION AND 00/100 *

  	
   

  



 


CERT.9999
* **9,000,000***************************** * ***9,000,000****************************
* ****9,000,000*************************** * *****9,000,000**************************
* ******9,000,000************************* * JANUARY 01, 2009 * NINE
MILLCERT.9999 * **9,000,000***************************** *
***9,000,000**************************** *
****9,000,000*************************** * *****9,000,000**************************
* ******9,000,000***CERT.9999 * **9,000,000*************************


 


FULLY
PAID AND NON-ASSESSABLE UNITS OF


 


SPROTT PHYSICAL SILVER TRUST


 


transferable
only on the books of the Trust by the registered holder in person or by duly
authorized Attorney on surrender of this Certificate properly endorsed.


 


This
Certificate is not valid until countersigned and registered by the Transfer
Agent and Registrar of the Trust.


 


IN
WITNESS WHEREOF the Trust has caused this Certificate to be signed by its duly authorized
signatories.


 


	
  SPROTT ASSET MANAGEMENT LP,

  by its General Partner, SPROTT ASSET MANAGEMENT 

  GP INC.

  	
  DATED
  JANUARY 01, 2009

  



 


	
   

  	
  COUNTERSIGNED AND
  REGISTERED by

  Equity Transfer & Trust Company Toronto, Ontario, Canada as

  Main Transfer Agent and Registrar

  or

  Registrar and Transfer Company, Cranford, NJ, USA as

  Co-Transfer Agent

  



 


	
   

  	
  

  	
   

  	
  

  	
   

  	
   

  	
   

  
	
   

  	
  Eric Sprott

  	
   

  	
  Steven Rostowsky

  	
   

  	
  By:

  	
   

  
	
   

  	
  Chief Executive Officer

  	
   

  	
  Chief Financial Officer

  	
   

  	
   

  	
  AUTHORIZED
  OFFICER

  



 


The Units represented by this Certificate are transferable at the
offices of Equity Transfer & Trust Company, Toronto, Ontario, Canada,
and at the offices of Registrar and Transfer Company, Cranford, NJ, USA.


 















 


	
  FORM OF
  SILVER REDEMPTION NOTICE 

  	
   

  	
  Instruction

  	
   

  	
  FOR VALUE RECEIVED,                         hereby
  sell, assign and transfer unto

  
	
   

  	
   

  	
  Fax redemption notice to:

  	
   

  	
   

  
	
  DATE:

  	
   

  	
   

  	
  (1)  Equity
  Transfer & Trust Company (Attn. Corporate Actions) 

  Fax: (416) 361-0470 

  	
   

  	
  PLEASE INSERT SOCIAL
  INSURANCE NUMBER OF TRANSFEREE

  
	
   

  	
   

  	
   

  	
   

  
	
  TO: Equity Transfer & Trust Company ("Equity
  Transfer"), as the registrar and transfer agent of the Sprott Physical
  Silver Trust (the "Trust")

  	
   

  	
  (2)  Sprott
  Asset Management LP, Compliance Department 

  Fax: (416) 943-6497 

  	
   

  	
  (PLEASE PRINT OR
  TYPEWRITE NAME AND ADDRESS OF ASSIGNEE)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
                              Units of the Trust represented by
  the within Certificate, and do hereby irrevocably constitute and appoint                             Attorney
  to transfer the said Units on the Books of the within named Corporation, with
  full power of substitution in the premises. 

  
	
  Ticker Symbol:

  	
  PHS.U (TSX) /
  PSLV (NYSE Arca)

  	
   

  	
  FORM OF CASH REDEMPTION NOTICE

  	
   

  
	
  (cross out where
  appropriate) 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  DATE:

  	
   

  	
   

  
	
  CUSIP number: 

  	
  85207K107

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TO: Equity Transfer & Trust Company ("Equity
  Transfer"), as the registrar and transfer agent of the Sprott Physical
  Silver Trust (the "Trust") 

  	
   

  	
  Dated:

  	
   

  
	
  AND TO: 

  	
  Sprott Asset
  Management LP (the "Manager"), as the manager of the Trust

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Signature

  
	
  RE: 

  	
  Silver Redemption Notice under Section 6.1 of the
  Trust Agreement of the Trust 

  	
   

  	
  Ticker Symbol

  	
  PHS.U (TSX) /
  PSLV (NYSE Arca)

  	
   

  	
   

  
	
   

  	
   

  	
  (cross out where
  appropriate)

  	
   

  	
  NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST
  CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN
  EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE
  WHATSOEVER, AND MUST BE GUARANTEED BY A SCHEDULE 1 CANADIAN CHARTERED BANK OR
  AN ELIGIBLE GUARANTOR INSTITUTION WITH MEMBERSHIP IN AN APPROVED SIGNATURE
  GUARANTEE MEDALLION PROGRAM. 

  
	
   

  	
   

  	
   

  	
   

  
	
  The undersigned (the "Unitholder"), the
  holder
  of                       units
  of the Trust (the "Units") designated above by its Toronto Stock
  Exchange or NYSE Arca ticker symbol and CUSIP number, requests the redemption
  for physical silver bullion of the aforementioned Units in accordance with,
  and subject to the terms and conditions set forth in, a trust agreement of
  the Trust dated as of June 30, 2010, as the same may be amended, restated or
  supplemented from time to time, and directs Equity Transfer to cancel such
  Units on
                                    .
  All physical silver bullion shall be delivered to the following address by
  armored transportation service carrier, which the undersigned hereby
  authorizes the Manager or its agent to retain on the undersigned's behalf.
  The Unitholder has instructed his or her broker to withdraw such Units in
  physical certificate form. 

  	
   

  	
  CUSIP number

  	
  85207K107

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  AND TO: 

  	
  Sprott Asset Management LP (the "Manager"),
  as the manager of the trust 

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  RE: 

  	
  Cash Redemption Notice under Section 6.3 of the Trust
  Agreement of the Trust 

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signature Gurantee

  
	
   

  	
   

  	
  The undersigned (the "Unitholder"), the
  holder
  of                   units
  of the Trust (the "Units") designated above by its Toronto Stock
  Exchange or NYSE Arca ticker symbol and CUSIP number, requests the redemption
  for cash of the aforementioned Units in accordance with, and subject to the
  terms and conditions set forth in, a trust agreement of the Trust dated as of
  June 30, 2010, as the same may be amended, restated or supplemented from time
  to time, and directs Equity Transfer to cancel such Units and wire such cash
  in accordance with the following wire instructions. 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  RESTRICTIONS

  
	
  Delivery Instructions:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signature of Unitholder

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature of Guarantee

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Wiring Instructions:

  	
   

  	
   

  	
   

  
	
  Print Name

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature of Unitholder

  	
   

  	
   

  
	
  Print Address

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature of Guarantee

  	
   

  	
   

  
	
  Print Broker Name and
  DTC/CDS Number

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print Name

  	
   

  	
   

  
	
  Unitholder's Brokerage
  Account Number

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print Address

  	
   

  	
   

  
	
  Print Broker Contact
  Name and Telephone Number

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NOTE: The name and address of the Unitholder set
  forth in this Silver Redemption Notice must correspond with the name and
  address as recorded on the register of the Trust maintained by Equity
  Transfer. The signature of the person executing this Silver Redemption Notice
  must be guaranteed by a Canadian chartered bank, or by a medallion signature
  guarantee from a member of a recognized Signature Medallion Guarantee
  Program. 

  	
   

  	
  NOTE: The name and address of the Unitholder set
  forth in this Cash Redemption Notice must correspond with the name and
  address as recorded on the register of the Trust maintained by Equity
  Transfer. The signature of the person executing this Cash Redemption Notice
  must be guaranteed by a Canadian chartered bank, or by a medallion signature
  guarantee from a member of a recognized Signature Medallion Guarantee
  Program. 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Instruction 

  	
   

  	
   

  
	
   

  	
   

  	
  Fax redemption notice to: 

  	
   

  	
   

  
	
   

  	
   

  	
  (1)  Equity
  Transfer & Trust Company (Attn. Corporate Actions)

  Fax: (416) 361-0470 

  	
   

  	
   

  
	
  

  	
   

  	
  (2)  Sprott
  Asset Management LP, Compliance Department 
  

  Fax: (416) 943-6497