If you have silver coins on hand and you are thinking of getting some cash for them, the first thing you must know is that simply selling silver coins is not as straightforward as you might think. In fact, it’s easy to be shortchanged if you don’t educate yourself on a few things before you buy silver coins or sell them.
The Silver Institute is predicting a rise in the silver markets and that the worldwide demand may increase by 8% from last year. This would be a record high in the year 2022 at 1.112 billion ounces.
The record silver industrial fabrication we are experiencing will drive this rise, as investment demands for bullion coins and physical silver bars are expected to increase by 13%, a seven-year high for 2022. Silverware demand expects to rise by 21% and silver in jewelry by 11%. So the best time to buy silver coins is always now.
As the demand for silver precious metals rises, so should your expectations for the price. We have five tips to help you get the best dollar amount when you go to sell silver coins.
1. Research Your Silver Coins
A typical mistake that a seller will make is that they possess a lack of information. Prior to speaking with a shop or dealer, you must know what it is you are selling and for how much.
Unfortunately, there are too many “sharks” out there that will hand you a lowball offer and minimize its value. You can tell that an offer is good if you assemble the following details ahead of time:
- Silver coin type
- Minting date
- Mintmark
- Coin Condition
- Key dates
- Rarities
- Errors
- The typical price for a similar silver coin
If you wish to sell silver coins that are common, finding their value is simple. For rarer precious metals, it is more difficult to find an estimate, although the price is usually much higher.
Not organizing your affairs and accepting any offer that comes your way can cost you big, so come to the table prepared.
You can try searching on Google images looking for inscriptions that are like what you have. It’s possible to find everything you need to know quickly with a few keyword searches.
If you cannot find your silver coin on the internet, then try finding someone with expertise that you can trust to help you. You can check the current price for silver, too, on the market.
2. Find Your Silver Coin Type
Three types are most common in the silver coin market. These include collectibles, bullion silver coins, and junk silver. We will discuss these three types in further detail.
Collectible Silver Coins
The highest price will go to a collectible silver coin, particularly one with a high grade. If it is rare and highly appreciated, it could cost as much as thousands or millions of dollars. Here, definitely ask an expert over the internet to help you assess the price.
The two most reliable grading services for estimating silver coins are NGC (Numismatic Guaranty Corporation) and PCGS (Professional Coin Grading Service). Check out both organizations.
Bullion Silver Coins
Bullion coins that are made of precious metal are easy to recognize, whether it’s silver or you are looking to buy gold. All you need to find is a sign of a government-issued specimen like American Silver Eagle, Canadian Silver Maple leaf coin, and Australian Silver Kangaroo.
Junk Silver
Widely circulated silver coins in lower than “good” grade conditions are junk silver. They usually contain 90% silver. So, you can still sell these coins at the current market value.
3. Do Not Clean Silver Coins
You may think that cleaning your silver coins will make them more appealing to a dealer, but the opposite is true. If they look dark, old, and dirty, it’s a good thing. It makes them more valuable.
Silver coins that are old in appearance are typically more valuable than the new and shiny ones.
Using chemicals or polishing silver coins can remove natural oxidation, and that can cause a chemical reaction that can cause damage beyond repair to your silver. That’s why cleaning silver coins can decrease their value.
4. Locate the Right Seller
If you have followed our first four tips, you are ready to sell silver. Don’t jump to the first place you find. Reach out to at least three options and compare offers from all of them.
Local dealers are good if you are looking for a quick sale because it is near your home. Ask how many years the dealer has been in business and determine if they are trustworthy. Ask around to get some opinions and referrals too.
Next, there are online dealers. In the digital age, it’s no secret that selling your items online is a popular choice and you are likely to get a better price. The reason for a higher price is that an online dealer doesn’t have the same business operating expenses as a brick-and-mortar does.
Lastly, if you have a rare silver coin collection, your best option is an auction. You can search online for an auction house that is near your home or look for a reputable virtual estate auction. If you do, analyze their history of sales and try to attend one of their auctions before you go this route.
Especially if you have a rare silver coin collection, take the extra steps to research the auction house, as they should impress you if you want to get the best price for what you have.
Sell Silver Coins
In conclusion, don’t rush the process when you are looking to sell silver. Learn what you can and research your options. Look at it like more of a marathon than a sprint.
You want to make sure you take the time to sell silver coins for what they are worth, not to the first person who makes you an offer. We hope you found this to be valuable, money-making advice.
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