How, When, and Where?
There are three big questions that come to mind when you have silver coins, silver jewelry, or sterling silver flatware you are considering selling.
Today, we are going to try to answer these questions and hopefully help you make the decision that is best for you and your situation.
How do I sell my silver?
Like everything else we will discuss here, this is going to largely depend on your current situation. You’ll need to start by getting an idea of what you have.
If you have silver coins, they are relatively easy to identify. The most common silver coins are US Dollars dated 1935 or earlier and US half dollars, quarters, and dimes dated 1964 and earlier. The modern US Silver Eagle and Silver Canadian Maple Leaf coins are also quite common.
Of course there are many more silver coins, and most of them can be found on our Live Price Chart.
You may also have silver jewelry. Almost all authentic silver jewelry will be stamped “Sterling” or “.925″. If the pieces do not have one of these stamps, then only a professional will be able to determine if it is actually silver.
Many families have had sterling silver flatware for generations. This type of silver, if produced in the USA, will be stamped with the word “Sterling“. If it is produced overseas, then there are many other stamps that may be on the items. More on this can be found on our “Is It Sterling” page.
Once you determine what you have, then you can get an idea of the value. Coins are valued on a “per coin” basis, and most jewelry and flatware is determined based on purity and weight. If you can locate a scale, you can weigh these items, then refer to our Live Price Chart to get an idea of their value. Once you know the value, you can then explore different avenues for selling your silver and decide which suits your needs and offers the best return.
When should I sell my silver?
Again, this is unique to your situation. Are you in a financial bind? Do you want to sell just to get rid of clutter? Or, Are you an investor looking to cash out on silver you purchased preciously?
The market is extremely volatile and unpredictable these days. Every indicator of the future price increase or decrease no longer seems to be valid. This is a unique time in the financial history of this country and many of the long standing rules no longer apply.
Many experts are also convinced that the market is being manipulated by certain governments and institutions. So, no honest “expert” can predict what silver will do next. For each expert that shouts that silver will reach $100 per ounce, there is another that exclaims it will crash to a fraction of today’s price.
So, while holding onto your silver to wait for the price to soar may seem like a smart strategy, dumping your silver today before the price plummets can seem just as wise. What I can promise you is that I cannot make a recommendation either way. I study the markets every day and I just do not know what is next. The bottom line is that you should sell when it makes sense to YOU. Forget about trying to predict the future or beat the market.
There are bigger players out there than you and I and they will win every time.
Where to sell silver?
You will probably expect the answer here to be “the Silver and Gold Exchange, of course.”, but again, this is something that needs to be suited to your personal circumstances. Yes, we would love your business and we feel we are the best place to sell silver, but we are not always for everyone.
For instance, do you need cash today? Is it an emergency that cannot wait a few days while the silver is shipped to us? Then, even though you may receive less cash for your silver, you will need to sell locally. Your local options include pawn shops, “We Buy Gold” places, coin dealers, jewelers, and individual buyers found on Craigslist, etc.
In an effort to help you, the consumer, we will try to help you decide between these options.
First, cross off the “We Buy Gold” places and the Craigslist guys. The Cash for Gold dealers will most likely pay the least and the Craigslist guys are operating illegally in many jurisdictions and are just plain dangerous. They are a good way to part with your silver at gunpoint.
If you are selling coins, then coin dealers will be your best local option, but you MUST get multiple offers from multiple dealers. There are great, reputable coin dealers out there, but there are also shady shops.
Jewelry and flatware can be offered to jewelers and pawn shops, but again, if you do not get multiple offers, you are at risk of being swindled. Proceed with caution and do not succumb to pressure to sell until you have competing offers.
Your other option, obviously, is to sell online. It may take a few days, but generally you will receive more money.
Again, you need to shop around and you ABSOLUTELY need to look for fine print. There are many buyers out there that either do not post the prices they pay for silver on their website or, if there are prices posted, the fine print shows that those prices are for a certain “minimum” amount.
Be certain that the buyer has a clean Better Business Bureau report, contacts you with an offer BEFORE mailing a check, and is available online or by phone to answer questions and provide customer service.
At the Silver and Gold Exchange, we are a Better Business Bureau A+ Rated buyer with zero complaints. We post our prices online on our Live Price Chart and offer a Best Price Guarantee which states we will beat any competitors written offer.
Best of all, regardless of whether you decide to sell to us or not, we are here to answer any questions about silver you may have and help you make sure you are treated fairly and honestly. Please contact us anytime.
Find out the current rates to sell silver.
Silver and Gold Exchange A+ rated by the Better Business Bureau. Our clients can have peace of mind knowing we hold ourselves to a higher standard of business practice.