I want to sell my silver coins, how do I go about this? This is a question that is asked often by silver investors as soon as they have a need for money, or their investment has matured. In today’s post, we shall address exactly what you ought to do, so that you can have an easier time selling your silver assets. If this sounds interesting to you, then stick on to every end of this article to find out more.
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Selling silver is not as easy and straightforward as some people may think. You may have this precious metal in the form of coins, bars, rounds, and some scrap silver, but how can you possibly fetch top-dollar for your items? What may be the fastest way to cash out your precious metals without having to deal with scammers?
Well, silver investors are wise in stacking silver to counter inflation and other negative market forces. At a time when governments are printing absurd amounts of fiat currency, then it goes without saying that silver and other precious metals such as gold are a must-have. When the financial storms pass ( I am not sure a time will come when there are no upheavals in the global economy though), you can sell some or all your silver safely.
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Know the type of silver you have
The first step to selling silver, or any other asset for that matter, is establishing what type of silver you have and how much it is worth. The day you decide to sell the silver, you will need to know the spot price of silver. The spot price will help you know how much people are selling and buying the type of silver you have at the time.
You may, from your assessment or that of a precious metal expert, determine that you have any of the following types of silver:
These come from the government as 0.999 fine silver, hence are sold at a premium to the spot price of silver. For instance, you can purchase American Silver Eagles at a price that is $2 to $3 over the spot price of silver. When it is time to sell these back to the dealer, however, you may only end up selling them at a spot price of about $1 to $1.50 premium over the spot price.
Also read: How to Invest in a Silver IRA | Quick Guide For Newbies!
Rounds, bars, scrap
Silver in this form is 0.999 fine, but may not carry as much premium as bullion coins. This type of silver may in most cases sell for spot or melt value, implying that if you show up with 20 ounces of silver, you will only end up with 20 ounces of the spot price of the silver.
Rare coins and collectibles
If you have a graded coin, or silver that was handed to you as part of your estate, then you can sell them at a premium, depending on several factors, including:
- Their rarity
- Strike of the coin
It will be necessary to get an appraisal of such coins from 2 to 3 professionals before selling them.
If you are certain that the coins in your possession are very rare, you may submit them to the Professional Coin Grading Service (PCGS), where they will be graded for a fee. They will inform you of the price that your items can fetch, and you can, with this knowledge, command even higher prices if you wish to. It is a good idea to watch out when buying rare coins if you aren´t educated and the seller try to convice you on how “rare” the coin is…
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Who should you sell your coins to?
Now that you know what type of silver you own, it is time for you to sell them for cash. Below are the options you have to do this:
1. Local Coin Dealers
This is your best option if you know any local coin dealer near you. You can sell the coins fast and conveniently by simply driving or walking into such stores with your assets. The downside (or upside) to this option is that you can only expect a decent price for your silver, depending on whether the store owner is honest. It is a good idea to first establish a rapport with the coin collector before selling to them, and second, do business with them only after establishing that they have been operational for many years. You should also walk out of the store with your cash, and shouldn’t have to wait for a check to be sent.
2. Online dealers
In the present day world, this is perhaps the most popular way to not only sell your coins but to also buy them. There are many online platforms owned by companies that purchase silver from investors, that you can turn to, and sell whatever type of silver you may be in possession of, provided that they are currently buying that type of silver.
Some reputable dealers in the industry include Provident Metals, Apmex, GoldSilver, and Kitco. Before buying from any online dealer, you need to ascertain that its customers are happy with the services offered. You should check through the customer reviews on consumer trust sites such as Trustpilot, the Better Business Bureau, etc.
This is a popular platform in which buyers and sellers interact to exchange goods for money. There are many listings of silver products on this online platform, which means that it is also highly trusted for the selling of silver. The only downside to this option is that high fees are associated with it, including:
- Standard fees
- Insertion fees
- Shipping fees
- PayPal charges etc.
You have the option to list your silver auction-style, but this may, unfortunately, lead to you only underselling your items.
4. Smelters and refiners
You can also sell your silver directly to a refiner or smelter. Doing this enables you to undercut the middle man especially if you are selling silver that needs to be melted for content value to be determined.
Selling to a refiner or smelter is a good option for those who own scrap silver, not bullion coins. If you own bullion coins, then you are better off selling them to online dealers or local dealers. For the smelter and refiners action, it is a good idea to work with a local business, as opposed to one in which you will be required to ship your silver in the mail.
If you own about 10 ounces of silver, then a refiner or smelter may not be interested in purchasing it, so you can proceed to a local dealer’s shop instead.
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Frequently Asked Questions on “I want to sell my silver coins”
1. How much will I get compensated for my silver coins?
The amount of money you receive for your silver coins is dependent on a number of factors, with the fineness/purity and silver content being the two main ones. You should always check what other platforms and dealers are purchasing your silver items for so that you can settle for the best offer.
2. Is there a maximum amount of silver I can sell?
Here, you may need to check in with the buyer, as you ask them whether they have any set limits. With most of the well-established dealers, however, you may find a market for as much silver as you may possibly need to sell. Note that the terms and conditions of every buyer may be different.
3. What is the current spot price of silver?
The spot price of silver is not fixed. It rises and falls with time. If you are interested in knowing the current spot price of silver, then you can do a quick search on any search engine. If you have established ties with your local dealer, he or she may also be willing to provide you with this information for free.
4. Do I have to deliver the silver I am selling in person?
Depends on the selling approach. If you want to sell your silver to a local dealer or refiner ( or smelter), then you need to deliver the silver in person. If you are selling your silver to an online dealer, however, you may need to ship your silver to them.
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That will be all for this post on “I want to sell my silver coins”. I hope the post was helpful, and that you now know what to do with your silver assets. If you have more questions about how to sell your silver, let me know by dropping me a question in the comments section below- I will get back to you ASAP!
I wish you well,
Eric, Investor and Team Member at Gold Retired!
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