5 Tips on How to Receive More When You Sell Your Silver Coins in Atlanta
The process of selling your silver coins in Atlanta can be a long, arduous and frustrating one unless you take an organized approach in doing so. While the city has many different buyers of silver coins from which to choose, including many reputable coin dealers, taking a haphazard approach to selling your coins could be to your detriment.
In this article, we’ll highlight 5 tips, or rather steps that anyone can take to increase their chances of a successful transaction when selling silver coins for cash.
Organize Your Coins
Many silver coin collections have been passed down through the generations and oftentimes are a jumbled mess. This means that there’s no rhyme or reason as to how the coins are organized. Going through the effort of organizing and categorizing your coins by type and denomination can help to save a good bit of time when it comes time to sell your silver coins.
In fact, if your collection is well organized, you may be able to obtain coin appraisals online, over the phone or via e-mail rather than taking the time to visit coin shops in person.
Sort Your Coins By Condition
Not only should you separate your silver coins by type and denomination, but you should also set aside silver coins that are in high end or uncirculated condition, as these coins may bring an additional premium; even if they’re common date coins.
For instance, the difference in price of common date Morgan silver dollars from the same year in circulated and uncirculated condition can range from $10 – $12. This is nothing to sneeze at – especially if you have a large collection of silver coins to sell.
Identify Key Date/Low Mintage Coins
What is a key date or low mintage coin and how does this affect a coin’s value? In the past and even today, there were several mints that produced coins. Not all of the mints produced the same number of coins, and in fact, some mints were well known for producing a relatively modest amount of coins. Mints, such as the Carson City mint, produced coins in smaller quantities; therefore, most Carson City-minted silver dollars, and many other Carson City minted coins sell at a premium over coins produced by other mints in the same year.
To obtain the mintage of the various coins in your collection, consider picking up The Official Blue Book: A Handbook of U.S. Coins”. Lower mintage coins should be set aside for further review by your coin dealer of choice.
Check the Spot Price of Silver
What is the spot price of silver and where can this information be obtained? The price of silver is set by the futures commodities market and fluctuates in value throughout the day. The futures market is open during regular stock market hours. Additional trading takes place after the market closes and before it opens in the morning.
The best resource for obtaining the current price of silver on a troy ounce basis is Kitco’s website, which can be found by clicking here.
Determine the silver value of your coins
For individuals unfamiliar with the silver coin market, and especially those individuals that have coins in their possession that are smaller than an ounce and that are composed of various purities, the task of calculating the silver value of your silver coins can appear to be overwhelming. Fortunately, we’ve covered this topic in a prior article that you can read by clicking here. As a point of clarification, the silver value, also referred to as the melt value of your coins, will be the greatest determining factor in the offer price for your common date circulated condition silver coins. This may not be the most accurate way in assessing the value of key date and uncirculated silver coins.
In summary, we’ve highlighted five steps that you can take to improve your chance of a successful transaction when you sell your silver coins in Atlanta. Once you’ve taken the time to organize your collection by type and denomination of coin, identify coins that are in high end or uncirculated condition that may sell at an additional premium.
Follow this up by obtaining the mintage of the various coins that you have in your collection and set aside low mintage or key date coins. Next, become familiar with the current price of silver in the commodities market and identify the silver value of the coins in your possession.