Sell Silver Coins – How to sell silver coins?
Many people think about selling silver coins but don’t know how to start a successful selling process. There are many options to sell silver coins but sellers are generally aware of traps and lures. Especially the last 5 years where we have experienced a constantly raising silver price, more and more buyers opened their doors for seller and not all of them are trustworthy. Regularly, we find reports about scam and rip-off why we thought to talk the ways to sell and people’s concerns.
For that reason, our today’s topic is “How to sell silver coins?” and how you found our how much your silver coins are worth.
Overview about the selling options we want to discuss
We estimate that these three ways of selling represent about 95% of all silver coin selling transactions and we decided not to talk other ways to sell like the flea market option or selling to friends or family.
Before we get started, we want to talk about the value in your silver coins. We have to differ between 3 silver coins
Bullion and Tradable Silver Coins: bullion coins and tradable silver coins are usually made of .925 sterling silver representing 92.5% pure silver and 7.5% copper or made of .999 silver representing 99.9% pure silver. Selling bullion coins and tradable silver coins should be very fruitful to you because coins like that can compete with real money. There is a certain stock price for silver and selling silver coins should result in getting paid between 95% and 100% of the current silver price. A silver buyer who is not willing to pay you so much is not the place you want your silver coins see ending. Always ensure that you know your coins weight and purity to check how much they are worth. We recommend checking the commodity section of sources like the New York Times:
https://markets.on.nytimes.com/research/markets/commodities/commodities.asp
Rare and antique silver coins: an estimated percentage of 98% of silver coins in circulation are probably trading for the material value but there are some silver coins worth more or even worth MUCH more than the material value. There are pretty simple ways to check your coins for additional values besides the silver value just by searching Google. An easy way is just to enter the information minted on your coin into Googles search mask. Study the information you receive carefully and sort your silver coins for potentially valuable silver coins. There are some companies which are known to do reliable silver coin searches for free. reDollar.com or APMEX are places with high business standards and policies ensuring you to get treated fairly.
Scrap silver coins: scrap silver is a very interesting topic because so many people underestimate their scraps value. It’s a common practice to think something looking shabby can’t reflect value what is very often true but not appropriate to scrap silver. We have written an article about “Sell Scrap Silver” what could be from interest for people excited to find out more.
Scrap silver coins can reflect a high value and only because they are looking bad, they are not short on value. We have done some research to find out how reliable buyer handle damaged silver coins. APMEX is willing to accept silver coins with minor damages or scratches and nevertheless willing to offer a proper price while reDollar offers the same high price for both, tradable silver coins and scrap silver coins. Under all circumstances, find a reliable and trustworthy buyer what is the foundation for a satisfying selling transaction.
As you know, we investigated the three most important ways to sell silver coins and now we are happy to share our precious knowledge with you.
This way of selling is probably the easiest and fastest way to sell silver coins but frankly, very often the worst choice to do so. Doing some research and running a comparison, we found out that most local buyers offer bad deals. We experienced that buyers wanted to deduct 50% of the current silver value as their profit from the coins offered. That is a very bad deal and we can strongly recommend to head out of such locations as fast as possible. And we even recommend not to go in a negotiation with places like that. We think that margins in the range of 5% and 15% are fair and acceptable. For scrap silver probably 15% and for bullion probably 3% to 7%.
Always consider that also local buyers are not generally bad but it can take a while to shop around to find THAT outstanding place in your hometown.
Final Warning: we have even tested buyers with an outstanding reputation on Yelp or Google or both resulting in very bad offers. Very often reputations are falsified to attract prospective silver sellers. Don’t trust reviews alone. Ask for their binding purchase offer and compare THIS offer with the real situation at the stock market. You can really lose a lot of money.
Selling online can result in a very satisfying experience if you follow some simple rules. The key information you are curious about is that you have access to the entire United States and all buyers offering an online buying service for silver coins. Your probably most important benefit is that you are able to compare easily without wandering from store to store. As we still mentioned above, tow very reliable silver coin buyers are APMEX and REDOLLAR. We could find both in less than a 10 minute research.
Very important for you: an online buyer is only reliable if he is publishing BINDING purchase prices for silver coins. Companies just saying “we pay the most cash” or “highest prices paid” while refusing to state exactly how much they pay are NOT trustworthy. Just X the window and keep on searching until you find an online buyer with a transparent price list and a business philosophy meeting your needs.
Auctions can be very beneficial on the first view. You will see higher bids in auctions than from normal silver buyers BUT this is the very bad thing about auctions
THEY WILL COST YOU BETWEEN 15% AND 35% OF THE WINNING BID…
…making it uninteresting to auction silver coins as long as you don’t own highly valuable coins making it necessary to auction it for reaching buyers worldwide.