How to Choose the Right Silver Coin Dealers

When this article was originally published, WE BUY GOLD & SILVER signs were easy to spot. Readers may also have heard late-night television advertisements strongly urging them to buy silver right now! With so many gold and silver coin-dealer choices, how could someone identify the purchasing option best suited to their needs?

At first glance, locating the best silver coin dealers can seem intimidating and outside a person’s comfort zone. That was often true for Atlanta Gold & Coin’s newer clients who wanted to become silver stackers or invest in silver for the long term. Although the industry included numerous silver coin dealers, both local and online, prospective buyers should remember that dealers did not all offer the same standards or experience.

Using the following straightforward suggestions could significantly improve the overall experience, reduce acquisition costs, or help a seller receive stronger value for silver coins.

Although this article centered on purchasing silver, the same considerations applied to people preparing to sell silver coins. Whatever a reader’s purpose, the original article was intended to provide useful guidance.

Affiliations

When putting hard-earned money to work, people generally want a reputable counterpart. The leading silver coin buyers in the industry were commonly connected with established, respected organizations. First, a coin dealer should have been a member of good standing with the Better Business Bureau (BBB). That meant holding an “A-” rating or better, having no unresolved complaints or claims, and showing only a very limited history of prior claims.

At publication, Membership in the American Numismatic Association (ANA) could also indicate that a silver coin dealer was committed to ongoing education and prepared to follow the organization’s strict standards of conduct. With the ANA specifically, readers were encouraged to seek coin dealers that were “lifetime members.”

Silver coin dealers recognized by their peers were also often authorized dealers for the industry’s two leading third-party grading companies, PCGS and NGC. They could additionally have affiliations with, or memberships in, respected dealer networks such as Certified Coin Exchange (CCE), Coin Net, and Roundtable Trading, among other examples.

Transparency

Transparency is a frequently used buzzword, but what did it mean when evaluating silver coin buyers? In practical terms, it meant that the dealer was open and direct about rates and about the way the business handled transactions.

Dealers unwilling to disclose their purchase and sale rates, or unwilling to explain the process so customers knew what to expect, were ones to avoid. An additional benefit came from those coin dealers who are willing to share their buying or selling rates online, because that could substantially lessen uncertainty about a purchase price or a collection’s value.

Pricing

If someone knew which kind of silver they wished to add to a portfolio—silver bars or coins—that preference could guide price checks among several silver coin dealers. Beyond reviewing clearly stated buy and sell rates, prices could be compared with online competitors and other local businesses. The important point was to compare several different items. Comparisons should also have been made on the same day, ideally at roughly the same time, because markets could move quickly.

For instance, most dealers likely carried government-minted coins such as the 1 oz American silver eagles or 1 oz silver Canadian Maples. For silver bullion, 1 oz silver rounds and 10 oz silver bars were commonly requested items that dealers may have held in inventory when this article was originally published.

The purpose was to determine whether a dealer’s prices were comparable or competitive. Listed prices and quoted amounts should have been consistent with, or better than, those offered elsewhere.

Still, price was only one of several factors to weigh when choosing a silver coin dealer, since the least expensive choice was not automatically the best choice. Other considerations included whether the dealer could serve as a useful resource, the convenience or simplicity of the transaction, and shipping expenses, among other points.

Policies

When this article was originally published, readers researching or contacting several silver coin-dealer choices were encouraged to consider each business’s buy and sell policies. After confirming that a dealer sold the desired items at competitive prices, the next question was whether it would also serve as a resource for buying back silver. Some businesses were structured only to sell. Others might buy back an investment and, for existing clients, possibly provide a rate better than the published price.

Because silver-coin and bullion prices and demand could be volatile, a silver coin dealer might not have been able to provide an exact buy rate, particularly if the market moved between the original purchase and the point at which a person was ready to sell.

Even so, obtaining at least a general understanding of the policy was worthwhile, helping a person plan appropriately and make a final decision about whom to trust with the items.

Privacy

Anyone who had withdrawn a substantial sum from a bank could understand why privacy matters. When handling high-value items such as silver coins, few people would want to spread a coin collection across a display case in the middle of a shop where everyone could view it.

When selling silver coins, a person should have expected privacy. That meant meeting in an office separated from general foot traffic, allowing both the individual and the transaction to remain secure and private.

Many people involved with precious metals placed a strong value on privacy and discretion. Beyond that, conducting a transaction openly could expose someone to possible theft if a bad actor happened to observe it.

Expertise

Despite what some people may have heard, silver coins were not all alike. Certain coins, including Carson City Morgan silver dollars, 1932 D&S Washington quarters, 1916-D Mercury dimes, and Seated Liberty quarters, among other examples, were all higher valued coins that should sell at a premium.

A person selling silver coins to a pawn shop or similar business would likely receive a percentage of melt value determined by the coins’ weight. Selling in that manner could potentially leave hundreds, or even thousands, of dollars unrealized. It was important to work with a silver coin dealer who understood key-date coins and who could offer a competitive rate based on both the coin type and its condition.

Simply because a business bought silver coins and bullion did not necessarily make it an expert in silver coins. Anyone with concerns was encouraged to ask how coins were valued. If the explanation was not satisfactory, the original guidance was to look elsewhere.

Reputation

Although reputation was implicit in the qualities already discussed, people should have independently researched a coin dealer’s reputation thoroughly before doing business. Along with checking Better Business Bureau standing, an online search could often pair the dealer’s name with the words “reputation” or “reviews.”

At publication, The original article recommended using sites such as Google, Yelp, Trust Pilot, Facebook, and similar sources to understand how a dealer had treated earlier customers. In the years before publication, the Better Business Bureau had also added a review feature to its website. A transaction was worth considering only after a person felt confident in the dealer’s reputation.

Summary

Although many silver coin dealers operated locally and online, careful due diligence could help eliminate weaker choices. The original article advised reviewing affiliations, buy and sell policies, approaches to privacy and transparency, expertise with the silver coins a person hoped to buy or sell, and treatment of prior customers. Completing that research could put a buyer or seller on a better path toward a positive, profitable experience.

If this article had eased concerns and offered guidance during a silver coin-dealer search, Atlanta Gold & Coin Buyers was among the businesses readers were invited to consider at publication.

At the time of publication, Atlanta Gold & Coin described its customer service as industry-leading and stated that it had the knowledge and experience to answer any precious metal-related questions that readers might have needed.

At publication, When originally published, readers were invited to call Atlanta Gold & Coin at 678-515-5763!

Wishing readers happy treasure hunting!