It’s heartbreaking to exchange cash for silver only to discover afterward that the silver was worth more. This occurs to many people on a regular basis, but never again.
Whether you inherited your silver from a family member or came across them while cleaning your house, this article will guide you through the process of determining where and how to sell silver quickly and easily.
The Benefits Of Silver
There are three advantages to having silver in your possession:
They can be transformed into something else
By melting and reforming silver, it is possible to transform it into something different. Metals such as titanium can be combined with other metals or used as an alloy with gold to reinforce other metals, such as in jewelry.
They are still in use as a form of currency today.
People who pay attention will observe that some silver coins are currently being utilized as cash.
For example, the silver quarter currency of the United States is still in circulation even though its manufacture was discontinued in the 1960s.
Silver appreciates in value as it gets older
If you hold a silver coin from ancient times, you have a precious treasure. However, the majority of the coins discovered date back to World War I and World War II and are therefore the most valuable.
See Also: Is Silver a Good Investment? 13 Secrets you must Know About It
Types Of Silver Coins
Bullion coins
They are made of 999 pure silver and are available for purchase from government mints at the current spot price of silver.
Junk Silver
These United States coins, which contained 90 percent silver and were produced before 1965, are still in circulation. Half dollars, dimes, dollars, and quarters are among the denominations.
They are worth melt value or less than melt value and are primarily used by preppers to store their food.
Scrap, rounds, and bars
These coins have the same purity as the bullion coins: 999. The distinction is that they are not as expensive as bullion coins when compared to them.
Collectibles and rare coins
Depending on the age, strike, rarity, and quality of the silver coins you have, you may be able to negotiate a better price for yourself. Professionals must be involved in the production of these coins.
Is It Possible To Make Money Selling Silver?
Whatever the price of silver fluctuates, you are virtually always assured to be able to locate a buyer who will be willing to pay you cash for your metal, regardless of the market conditions.
Therefore, you can always make money when you sell silver, albeit the amount you make will depend on how much you paid for your silver and the current market price.
How Much Can You Sell Silver For?
Silver is worth whatever a customer is prepared to pay for it at any given time. The price of silver often fluctuates from day to day, week to week, and month to month, depending on whether or not there is a demand for silver.
When demand is high, the melt value of silver rises, and when demand is low, the melt value of silver falls.
Those containing a significant amount of silver will be worth significantly more than items containing a smaller amount of silver.
Silver that has been stamped with the markings 950, 925, 900, 800, Sterling, or Coin includes a high concentration of silver and will be the most valuable of the lot when sold.
As a result, goods designated Plate will be worth the least because they are not pure silver and have a thin coat of silver applied to the exterior layer of their construction.
Currently, silver prices are closing at $22.898 per ounce, or $0.74 per gram, at writing. It is worth noting that this indicates a 1.55 percent increase in price over the last 60 days and a 16.01 percent decrease in price over the previous 12 months.
Also read: Is Gold a Good Investment? Everything you Need to Know
How To Value Your Silver?
The first thing to make sure of is that you understand the value of your silver before you sell it.
Please keep in mind numerous aspects that may affect the value of your coins: rarity, condition, date, mintmark, and demand. Rarity, condition, date, mintmark, and direction are just a few of the factors to consider.
All of these considerations can assist you in determining the worth of your silver coin. Of course, it’s difficult to predict elements such as demand until you speak with a dealer about it.
In general, the higher the value of a silver coin, the older it is, especially if it is of high quality. A coin that was produced before the 1940s can be valued at a premium to the price of base silver.
Consider the following scenario: you have a silver coin that was produced before 1916; it is worth more than silver unless it is of poor quality.
Best Place To Sell Your Silver Coins?
As soon as you’ve determined the worth of your silver coins, it would help if you began looking for the best place to sell silver. There are a variety of options for selling silver.
This will assist you in determining the ideal locations by detailing both the advantages and disadvantages of each place before making a decision.
Coin Vendors in Your Neighborhood
You might begin by contacting your local coin dealer. It is simple and convenient, especially if you sell silver coins on a daily basis. Developing a positive working connection with your local dealers will help you obtain competitive pricing.
Pros
- It is close by and easily accessible.
- You will be able to receive the funds immediately.
- Face-to-face transactions result in more profitable transactions.
Cons
- If the shop is not closed, the amount of convenience is reduced.
- A shop may not be able to offer you the greatest value on the market since they must cover the costs of utilities, energy, and rent.
Pawnshops
Pawnshops have a poor reputation for a reason. Going to a well-known pawnshop will ensure that you obtain the finest offer possible. Make a thorough investigation into which pawn shops are worth your time and effort.
You have two options for dealing with your silver: pawn it or sell it. When you sell silver right away, you will receive a higher price than if you pawn your stuff first.
Pros
- There are numerous pawnshops to choose from, and there is a good possibility of finding one that is well-regarded.
- You will receive your money quickly.
Cons
- Because of the owner’s financial obligations, such as rent, energy bills, and other utility payments, you will receive a reduced price for the property.
- Selling historical and rare coins are not the best option in this situation.
- If you have to mail something to a pawn shop, you should think about all of the fees and hazards involved.
Manufacturers of Refining and Smelting Equipment
For coins of little or no worth, taking them directly to the smelter can yield a higher premium than selling them through a coin dealer. If you have a large number of coins, you can get a fantastic price at the smelters by cutting out the middleman and buying directly from them.
Pros
- Going to the smelter is an excellent alternative if you have a large collection of coins to spare.
- If you also have silver things, such as sterling silver silverware and jewelry, visiting the smelters is the most acceptable alternative for you to consider.
Cons
- If you have historically important or uncommon coins, you should avoid taking them to the smelters.
- Smelters only pay a small amount more than the smelt value.
Coin Shows
It is possible to sell silver coins at coin shows held once a year or in the middle of the year, which might be an excellent place to start.
By visiting numerous dealers simultaneously, you have a better chance of getting the most excellent price for your coin.
In addition, you will have the opportunity to mingle with notable coin collectors and professionals.
Pros
- You only need to go to one area to access a variety of buyers.
- You will be able to compare several different costs before selecting the best price for your situation.
Cons
- The emphasis of the shows is not on the purchase of coins. They are there to sell coins to coin collectors, which is what they do.
- If you don’t have a chance to see a concert, you’ll have to wait months before you can see another one.
- Some people, particularly those living in rural areas, must travel considerable distances to attend the show.
Also read: Places to Sell Gold Jewelleries Online for the Highest Bid in 2022
Where You Can Sell Silver Online?
There are numerous places online where you can sell silver, including the following:
eBay
Using eBay, you may access 182 million individuals who are actively looking to purchase anything.
Pros
- You can either sell silver at a fixed price or at an auction to make money.
- You can reach a large number of individuals.
Cons
- Every item you sell on eBay is subject to a 10% cut by eBay.
- Because there are so many people selling silver, the level of competition is high.
- In addition to selling coins, it also sells other collectibles.
Modern Car Mart
Modern car marts also send the money after they have inspected the coins in their possession.
Pros
- Almost always, you will be able to sell your coins.
- It is a fantastic alternative if you only have one or two valuable coins in your possession.
Cons
- Considering that you have to transmit your silver to a stranger before you have reached an agreement on a price, it is a significant risk to incur.
- If the value of your silver is less than $3000, you will receive a check, which means you will have to wait longer to receive your money.
- Because they aim to make a profit, you will not obtain the greatest deal available on the market.
Ampex
It is a website that operates on the same model as pawnshops, offering fixed prices and competitive pricing.
Pros
- It’s a massive organization with many employees.
- You will nearly always be able to sell.
- You are under no obligation to list your silver in an internet store.
Cons
- They must first inspect your silver before they would pay you.
- You are not permitted to sell anything for less than $1000.
Heritage Auctions
Heritage auctions provide sellers with two options, including the opportunity to sell outright or on consignment. Selling your coins outright entails mailing your coins to the buyer and then receiving payment. On the other hand, consignment entails sending in your photographs and receiving information on the price before purchasing the item.
Pros
- They provide you with two different selling options: consignment or outright sale.
- They cater to a significant number of people interested in collectible coins.
- You will not be required to list your coins.
Cons
- Following the item’s sale, you will be charged a 10% fee.
- The money is received 45 days after the auction concludes, which is the end of the bidding period.
- Before you can receive the funds, you must first ship your silver coins to the bank.
- If you have silver coins with a low face value, they will not receive as much attention.
Coins for sale
Coins for sale are a marketplace where you may sell your silver coins, although they are not widely known. They perform similar functions to pawn shops and coin sellers.
Pros
- They charge a 5 percent commission on sales.
- They do not resell silver in the same way that pawnshops do.
- There is no limit to the number of free listings.
Cons
- It is still a relatively new product on the market.
- You will not be able to contact a significant number of people.
- You will not be able to auction off your coin.
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FAQs
Whatever the price of silver fluctuates, you are virtually always assured to be able to locate a buyer who will be willing to pay you cash for your metal, regardless of the market conditions.
This means that, yes, you can always make money by selling your silver, though the amount of money you make will depend on how much you paid for your silver and how much the current market price is for silver.
Currently, silver prices are closing at $22.898 per ounce, or $0.74 per gram, at the time of writing.
As the price of platinum and other precious metals, Silver’s price is subject to significant fluctuations.
Kitco silver prices closed at $0.74 per gram on January 3, 2021, according to the company’s website. It is worth noting that this indicates a 1.55 percent increase in price over the last 30 days and a 16.01 percent decrease in price over the previous 12 months
Silver prices tend to fall when investors seek higher returns or when customers purchase fewer things that are made of silver.
Silver prices and demand are at their peak levels during the time period in which you want to sell your silver.
As a general guideline, pawnshops will often pay roughly 50 percent of the item’s resale value when purchasing an item. Therefore, if you have $100 worth of sterling silver, you will most likely receive roughly $50 for it if you sell it to a pawn shop. In addition to getting cash quickly, internet silver buyers typically provide better offers and pay within a few days of receiving the silver.
Conclusion
Buying and selling silver are not the same thing. However, by understanding the worth and knowing where to sell, you can make the process simple and straightforward. You should now be armed with all of the necessary information about how and where to sell your silver coins.
It’s time to start earning money that’s worth your silver coins’ worth.
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