Learn How to Sell Silver Coins, Fast
Selling your silver coins can be exciting, scary, or even a mixture of the two! For thousands of years silver coins have been traded and transacted with for goods and services. For many people in the world today, silver does not cross their mind often, but for collectors and investors, silver is often top of mind throughout the day. Not only is silver beautiful and valuable, it can also be volatile when it comes to the precious metals markets.
Despite silver coins having distinct characteristics, you might be surprised at how many times a 90% silver quarter, dime, or dollar coin is used in everyday transactions for their face value. Savvy investors, savers, or collectors know better than to just throw their pocket change in the middle of their car console or let it slip between the couch cushions.
Many people may have inherited a medium to large sized silver coin collection from a parent or grandparent, as silver coins were prevalent and readily available in the early 1900s up until roughly the start of 1965. No matter the method you used to accumulate your silver stack or rare coin collection, there may come a time that you decide to sell.
Most first-time sellers and even people who have sold silver before find it easy to drag their feet for many different reasons. Selling your silver coins involves more than most people may imagine, for example, a person might:
1. Research their coins and silver content
2. Compile a list of their coins, silver content, and any other relevant specifications they can find online
3. Compare their coin to other selling sites such as Etsy, eBay, CoinTrackers, or other similar sites. Unfortunately, more times than not, these sites lead a new seller into obtaining incorrect, misleading, or simply false hope as it relates to the value of their coin or coins.
4. Research coin dealers and other local shops that buy and sell gold and silver coins and bullion, sometimes leading to “paralysis by analysis”
How much is a silver coin worth today?
Silver coin prices, calculated in troy ounces, fluctuate on a daily, hourly, and even minute to minute basis, just as the stock market does on Wall Street. When looking at the current value of your coins, it is often best to look at the current spot price of silver (current market price) and the amount of silver or actual silver weight (ASW) in each of your coins.
United States coins such as dimes, quarters and half dollars that were minted in 1964 and earlier are composed of 90% silver. The value of these pre-1965 US silver coins are therefore highly dependent on the current price of silver. Examples of these coins include Walking Liberty and Franklin half dollars.
On the other hand, US silver coins such as the Morgan Dollar and the Peace Dollar are not as closely tied to the current price of silver as much as other coins. This is all despite containing a large portion of their weight in silver (.774 troy oz silver).
The value of silver dollars is affected by many factors, including its age, rarity, condition, and mint location of these coins. We’ve highlighted in a previous article how to sell silver dollars.
Other older silver type coins, such as those produced in 1892 and earlier also tend to sell at a premium above their underlying precious metals value. As with Morgan and Peace dollars, values will be dependent on the year, mint mark, rarity and condition of the coins.
Where Can I Sell Silver Coins for Cash?
Now that you have an idea of what to look for with your silver coins, how to value them, and what to be on the lookout for, it is now time to find a silver coin buyer.
Local dealers: More times than not, you can locate a coin dealer within 5-10 miles of your house. You can simply do a search for “coin buyers near me” to locate these dealers.
This route will certainly be the fastest way to sell your silver coins for cash, but while it may be the fastest, you want to take a few precautions first. Make sure to check their online reviews on sites such as Google, Yelp, and Better Business Bureau to get a better idea of what their previous clients have said about them.
Do keep in mind that there is no business who can keep all their customers happy, every time, but make sure to choose a local buyer that has at least a 4 star rating if possible.
Pawn Shops: Pawn shops can be great places to find a deal when buying electronics, construction equipment, firearms, and other tools. Many pawn shops buy and sell silver and gold coins, however, make sure you know the value of your coins before you walk in. Unfortunately, pawn shops have a bad reputation for offering “lowball” offers on most items, which means you could end up leaving a substantial amount of money on the table.
Online Dealers: There are many to choose from but do your research. Make sure to read into how the online dealer charges fees, whether it be a flat rate or percentage of your sale. These fees can add up after shipping the item and you could be left with much less than what you actually “sold” your silver coins or bullion for.
Auction Sites: When you sell your silver coins or bullion at online auction sites like eBay, just as an online dealer, make sure to consider the fees charged by eBay, shipping, and any taxes when pricing your items. Online auction sites are an avenue for selling your silver coins or bullion, but make sure to do your due diligence to verify that the fees don’t substantially affect the final value of your items.
Forums: Forums are a great place to find buyers that may be willing to pay in a way that you prefer and avoid high fees. Ideally, you can can name the payment options or terms and that is going to cause you to incur less fees versus online auction sites like eBay. When listing your silver coins for sale on a local forum, make sure that you think safety for every interaction.
If you find a buyer who wants to meet, do not be afraid to insist on a public meeting spot and even your local police station’s parking lot. Many police stations now offer specific areas for meeting up with individuals that you connected with through online forums.
How much do coin dealers pay for silver?
Every dealer is a bit different when it comes to what they offer for certain precious metals. Coin and precious metal dealers run a business with overheard, staff, and other costs of doing business. For this reason, most coin dealers pay below spot price for most silver coins and silver bullion. There are some exceptions for some dealers, such as silver American eagles which are highly sought after and normally sell for an even higher premium.
This is not a hard and fast rule, however in most cases when selling your silver coins and bullion, it is rare to receive 100% of spot price for almost anything other than American silver eagles. Between 95-98 percent is a good range to shoot for when entertaining offers from a silver coin dealer.
How To Choose A Reputable Coin Dealer
Finding a reputable coin dealer among hundreds that you may come across can sometimes be a challenge. Make sure you find a dealer that will give you fair value for your coin(s) and someone that is able to adequately address any questions or concerns you may have during the sales process. Here are some qualities to look into when researching a coin dealer:
Reputation: Research previous customer reviews about a dealer before finalizing a transaction. An online search could go a long ways in narrowing down your choices. Consider looking up your dealer on websites such as RipOffReport.com to confirm that they are reputable and not ill intended.
Experience: Consider finding a buyer who has a good understanding of numismatic coins and is willing to spend the time it takes to not only value your coins, but to explain the why behind their offer. Give priority to a coin buyer who is a member of professional bodies like the American Numismatic Association (ANA).
Longevity: A dealer who has been in business for some time has endured different markets and challenges, as well as gained a good bit of knowledge. Ideally, once you transact with a coin dealer and assuming all goes well, it will be nice to have a contact you can trust when looking to buy back into the market at a future date.
Ethics: Find a dealer who will take the time to provide you with their undivided attention and be patient enough to thoroughly evaluate your coins, explain their process, and address any questions or concerns that you might have throughout the process.
When it comes to tips on How to Sell Silver Coins, some of the items to focus on that will all but guarantee your success and satisfaction are:
1. Know what you have – take the time to learn about your silver coins or bullion and use credible coin and bullion sites for your research. Remember, listing prices on eBay and Etsy are not reliable sources when it comes to the value of a coin, round, or bullion of any kind.
2. Make an inventory list of your items with any defining characteristics you feel are important. If you believe that you have narrowed down a price range through reliable sources, feel free to add that on your inventory list as well.
3. Consider all of the potential factors before using online selling platforms. Online sales and auction platforms such as eBay, Amazon, or other smaller online sales applications are convenient, but a large selling fee often comes with that convenience. Do your research to find out if selling coins online makes sense after all the fees and shipping costs are deducted from the potential total value of your sold item.
4. Do your research on local coin dealers, including coin buyers that you’re willing to travel to. Check Google Reviews, Yelp, Better Business Bureau, and any other sites that you may have used for customer feedback for businesses in the past.
5. If a coin dealer or buyer is willing to sit down and spend time going through your coins with you, pay attention to their comments and recommendations. You may not agree with everything they say, but know that they likely have your best interests in mind. Positive reviews and comments from previous customers should help to reinforce that their information is accurate and reliable.
At the end of the day:
Use reliable sources from start to finish. Value your coins using unbiased and reputable resources. Look into fees associated with online sales sites and services. Research the coin dealers and shops in your area.
Make sure to check multiple review sites before making your final decision. Come prepared with your newly obtained knowledge, inventory list, and trust in yourself that you made the right decision when it comes to selling your silver coins or bullion.
At Atlanta Gold & Coin Buyers, we buy and sell silver coins of many different types. With our team of reliable coin experts, you can rest assured that we evaluate your coins fairly based on all the factors listed above. What’s more, our coin-buying rates for silver are among the best in the industry.
Our transparent pricing practices ensure that you will always know why we offered the price we did for your coins or coin collection, which can help you to make an informed decision.
You will be clear about whether you want to sell the coin for its numismatic value, keep it in your coin collection, or sell it for its melt value. In any case, we are here to make the process of valuing your silver coins simpler, more understandable, and more reliable. Contact us today to find out more about out to maximize the value for your silver coins.
Give us a call today at 678-515-5763!