On the surface, the prospect of locating the best silver coin dealers may appear to be a daunting task. 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 drastically improve your experience and the value that you receive for your silver coins.
Affiliations
The 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 be rated as “A-“ 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.
Transparency
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 forthright with respect to their rates and how they conduct business. Coin dealers that are unwilling to share with you their buying and selling rates and how the transaction takes place should be avoided. An added plus is coin dealers that are willing to share their buying or selling rates online.
Privacy
If you’ve ever been to the bank and have withdrawn a substantial amount of money, you’ll understand the importance of privacy.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 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 your transaction will remain private.
Expertise
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, and are just being paid a percentage of the melt value, based on the weight of the coins, 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 will also pay you a competitive rate based on the number minted and condition of the coins.
Reputation
While reputation is implied in the previous attributes described above, it’s important that you thoroughly research the reputation of a coin dealer 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 “ratings.” Also, be sure to check popular directories and social media sites, such as Kudzu, Google Places, Yelp, etc. to get an idea of how the coin dealer has treated previous customers. Only when you feel confident that you’re dealing with a reputable coin dealer should you consider proceeding with a transaction.
In summary, while a number of silver coin dealers are in business, you can separate the wheat from the chaff by doing your due diligence on the silver coin buyer that you’re considering. Be sure to check on their affiliations, their approach to privacy and transparency, if they have expertise in the silver coins that you’re interested in 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.
