How to Sell Silver Coins
Many people have either collected silver coins over the years, or have inherited silver coins from a family member. As with any asset, eventually it becomes time to cash out and take the profit that the rising market has provided.
There are many kinds of silver coins that are commonly bought and sold. Some of the most popular are pre-1965 US dimes, quarters, and half dollars. These 90% pure silver coins are also known as “junk silver” because they do not have numismatic (collectible) value and are valuable due to the silver content. Silver dollars produced in 1935 and earlier are also typical.
There are modern silver coins currently produced such as the US American Silver Eagle, which is one ounce of .999 fine silver and the Canadian Silver Maple Leaf coin which is one ounce of .9999 fine silver. There are many other silver coins produced by other nations such as the Chinese Panda, The British Brittania, and the Mexican Libertad. The list goes on and on.
The first step in selling your silver coins would be to determine exactly what you have and in what quantity. There are many resources online that can help in the identification of silver coins. The staff at the Silver and Gold Exchange would also be more than happy to identify what coins you have and can be reached by phone or email.
The next step to follow when you sell silver coins is to find out what they are worth. There are many buyers online that publish pricing on their websites, but a word of caution…. be sure there is no fine print, especially regarding minimums or condition. Most buyers tend to require minimums transactions of $10,000 or more in order to honor their advertised prices! Some dealers, especially coin dealers, will deduct from their promised price if they, at their sole discretion, decide that the condition of your coins are not up to snuff. At the Silver and Gold Exchange, we publish the prices we pay form many types of silver coins and we do not have minimums and we do not make deductions for condition issues.
Next, the silver coins need to be shipped to the buyer. We have found that the best practice for this is to take advantage of the United States Postal Service Priority Mail Flat Rate Box service. This way you can ship your coins quickly and will not pay a high price due to the weight. We always recommend double boxing the coins if possible. Additionally, it is always a good idea to insure the package. There are some dealers that provide “Free Shipping”, and this is something that we have done in the past. The problem with “Free Shipping” however, is that it is not free. The cost has to come from somewhere and inevitably it comes from lower prices being paid for the coins. In order to compensate for the expense of customers who misuse free shipping labels… either by shipping coins that do not contain silver, or by improperly packing using grossly oversized packaging, the prices that everyone gets paid for their silver is decreased.
A while back, the Silver and Gold Exchange eliminated “free shipping” and instead greatly increased the prices we pay. This works out to the benefit of everyone except the rare few who send in worthless materials.
Lastly, when selling silver coins, NEVER sell to a buyer that sends a check in the mail before getting your approval for the offer. This old “Cash For Gold” trick is the worst of all. These dealers decide what they want to pay for your coins that day, then mail off a check and declare that you have to return the check if you are not happy within a period of days or risk losing your coins and your money. Never do this! The Silver and Gold Exchange always will contact you with your final offer before sending a check. If for any reason you are not happy with the offer, you can make arrangements to have your coins returned. Instant payment via Paypal is also available.
Find out the current rates to sell silver.