How to Find the Best Silver Coin Dealers
These days you don’t have to look far to find WE BUY GOLD & SILVER signs. Or maybe you’ve heard those late night tv ads urgently pushing you to buy silver right now! With so many different options for gold and silver coin dealers, how do you know the best purchasing option for you?
On the surface, the thought of locating the best silver coin dealers may appear to be a daunting task pushing you out-of-your comfort zone. At least that’s the case for many of our new clients who are looking to become silver stackers or those looking to invest in silver over the long-term. While there are a multitude of silver coin dealers in the industry, both locally and online, it’s important to remember that not all silver coin dealers are created equally.
By following these few simple tips, you’ll likely vastly improve your experience and acquisition costs or the value that you’ll receive for your silver coins, if selling.
While the focus of this article is on buying, the same guidelines also apply if you’re in the market to sell silver coins. Regardless of your needs, we hope that you find this article to be helpful.
When you’re investing your hard-earned money, you want to work with someone reputable. Premier silver coin buyers in the industry are typically affiliated with well-known and respected organizations. First and foremost, the coin dealer should be a member of good standing with the Better Business Bureau (BBB). This means that they should have an “A-” rating or higher, have no outstanding complaints/claims, and have very few previous claims.
A membership with the American Numismatic Association (ANA) will also show that the silver coin dealer is committed to continuing his or her education and that they’re willing to abide by the strict standards of conduct set by the organization. With respect to the ANA, look for coin dealers that are “lifetime members.”
Silver coin dealers that are respected by their peers are oftentimes also authorized dealers of the two leading third-party coin grading companies in the industry, PCGS and NGC. They may also be affiliated or be members of respected coin dealer networks, such as Certified Coin Exchange (CCE), Coin Net and Roundtable Trading, just to name a few.
Transparency is an often-used buzz word, but what exactly does it mean with respect to silver coin buyers? This essentially means that the silver coin dealer is very open and forthright about their rates and how they conduct business.
Coin dealers that are unwilling to share with you their buying and selling rates or that won’t take the time to walk you through the process so that you know what to expect should be avoided. An added plus is those coin dealers who are willing to share their buying or selling rates online, which greatly reduces the uncertainty of your purchase price or the value of your collection.
If you know what type of silver you’re looking to add to your portfolio, silver bars or coins, use that as your guide to check prices of a few silver coin dealers. In addition to transparency on stated buy/sell rates, compare those prices to both online and other local competitors. The key is to compare pricing on a few different items. You should also do so on the same day, and ideally the same time of the day, as markets can change in a hurry.
For example, most dealers will likely carry 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 are commonly requested items they may have in inventory.
The goal is to confirm if their prices are comparable or competitive. Make sure the prices they have listed or what they have quoted is consistent or better than others.
However, this is just one of a few criteria to take into consideration when selecting a silver coin dealer bearing in mind, the cheapest option doesn’t always mean it’s the best option. Other factors should be taken into consideration, including having the coin dealer as a valuable resource, the convenience and/or ease of the transaction, and shipping costs, just to name a few.
When contacting or researching a few silver coin dealer options, consider their buy/sell policies. First, you’ve confirmed they sell the items you’re looking to purchase at a price that’s competitive. The next question is to confirm if they will also be your resource in buying back your silver. Some businesses are only set-up to sell. While others will not only buy-back your investment, as an existing client, they may even give you a better rate than the published price.
Due to the volatility in the price and demand for silver coins and bullion, the silver coin dealer may not be able to provide you with an exact buy rate, especially if the market changes between the time you buy and when you’re ready to sell.
However, it’s always worth at least getting a general idea of their policy so you can plan accordingly or help make the final decision on who to trust with your items.
If you’ve ever been to the bank and have withdrawn a substantial amount of money, you’ll understand the importance of privacy. When dealing in high priced items, such as silver coins, the last thing you want to do is lay your coin collection on a display case in the middle of a shop for everyone else to see.
When selling your silver coins, you should expect and demand privacy. This means meeting in an office away from general foot traffic so that you can feel secure that both you and your transaction will remain safe and private.
Many people that deal in precious metals place a high emphasis on privacy or discretion. Not only that but conducting business out in the open also exposes you to possible theft if a bad actor witnesses the transaction.
Contrary to what you may have been told, not all silver coins are created equally. Some silver coins, such as Carson City Morgan silver dollars, 1932 D&S Washington quarters, 1916-D Mercury dimes, and Seated Liberty quarters, just to name a few, are all higher valued coins that should sell at a premium.
If you’re selling your silver coins to a pawn shop, or similar establishment, you are likely to be paid a percentage of the melt value based on the weight of the coins. By selling this way, you could potentially be leaving hundreds, if not thousands, of dollars on the table. It’s important to do business with a silver coin dealer that is not only familiar with key date coins but who will also pay you a competitive rate based on the type of the coin as well as its condition.
Remember that just because someone buys silver coins and bullion doesn’t necessarily mean that they’re a silver coin expert. If you have any concerns, don’t hesitate to ask how they go about valuing coins. If you don’t receive a satisfactory answer, look elsewhere.
While reputation is implied in the qualities to look for listed above, it’s important that you thoroughly research the reputation of a coin dealer on your own before conducting business with them. In addition to checking their standing with the Better Business Bureau, you can oftentimes conduct an online search for the name of the coin dealer along with the words “reputation” or “reviews.”
We recommend utilizing sites such as Google, Yelp, Trust Pilot, Facebook, etc. to get an idea of how the coin dealer has treated previous customers. Even the Better Business Bureau has added a review feature to their website in recent years. Only when you feel confident that you’re dealing with a reputable coin dealer should you consider proceeding with a transaction.
While there are many silver coin dealers in business locally and/or online, you can weed out the lesser options by doing your due diligence on the silver coin buyer that you’re considering. Be sure to check their affiliations, their buy/sell policies, their approach to privacy and transparency, their level of expertise in the silver coins that you’re interested in buying or selling and how they’ve treated their previous customers. Once you do so, you’ll be well on your way to having a positive and profitable experience.
If we’ve helped alleviate your concerns and provided some guidance regarding your silver coin dealer search, we welcome you to consider Atlanta Gold & Coin Buyers.
Not only do we offer industry-leading customer service but have the knowledge and experience to answer any precious metal-related questions that you might have.
Give us a call today at 678-515-5763!
Happy Treasure Hunting!