Do you have silver coins in your house and you would like to sell them? Are you wondering where and how you can get the best deal possible? I have exchanged silver coins for cash a couple of times, and I am here to share what I know.
It’s devastating to exchange cash for your silver coins and find out later that they were worth more. This has happened to me more than once but never again now that I am ‘silver coin guru.’ Whether you inherited your coins from a family member or just came across them when cleaning your house, this article will help you know where and how you can sell them.
What Is The Advantage of Silver Coins?
There are three advantages of having silver coins:
- They Can Be Reformed Into Something Else – Silver can be made into something else through melting and reforming. It can be combined with other metals or used as an alloy and gold to strengthen it, for example, in jewelry.
- They Are Still Used As Currency Even Now – Keen people can notice that several silver coins are being used as currency currently. For instance, the silver U.S. quarter coin is being used even though its production was halted in the 1960s.
- Silver Coins Increase Their Value With Age – If you have a silver coin from ancient times, know that you have a gem. However, most of the coins found date back to World War 1 And World War 2, which are the most valuable.
Which Silver Coins Do You Have?
The reason why I was scammed is that I didn’t know which coins I had. I just wanted a quick transaction and failed to do my research. I ended up selling my silver coins that dated back to 1916 World War I for money worth a bag worth of peanuts.
It hurt like hell when I later found out that I had a gem. To avoid going through my painful experience, let’s look at the different type of silver coins that exist;
- Bullion coins – They come as .999 fine silver from government mints, and you can sell them at the spot price of silver.
- Junk Silver – These U.S. coins contained 90% silvers and were issued before 1965. They include half dollars, dimes, dollars, and quarters. They are worth melt value or less than melt value and are mostly used for preppers.
- Scrap, rounds, bars – These are also a .999 as the bullion coins. The difference is that compared to bullion coins, they are not as premium.
- Collectibles/Rare Coins – Depending on the age, strike, rarity, and quality of the silver coins you have, you can get yourself a premium deal. With these coins, professionals have to be involved.
How Will You Value Your Coins?
The first thing to ensure is that you know the worth of your silver coins before selling them. It would be best if you kept in mind several factors that will affect the value of your coins: Rarity, condition, date, mintmark, and demand. All these factors can help you estimate your silver coin’s value. Of course, factors such as demand can be hard to tell not until you talk to a dealer.
Generally, the older the silver coin is, the higher the value, especially if it’s of good quality. A coin that was minted before the 1940s can be priced above base silver. Suppose you have a silver coin that was minted before 1916; it is valued above silver unless it has terrible quality.
What Is The Best Place To Sell Your Silver Coins?
Now that you know how to value your silver coins, it’s time to look for the best place to sell them. I have sold my silver coins on different platforms. I will help you figure out the best places by outlining both pros and cons to make an informed decision.
Local Coin Sellers
You can start with your local coin dealer. It is easy and convenient, especially if you regularly sell silver coins. Creating a good relationship with your local dealers can get you fair prices.
- It is close and convenient.
- You can get the money immediately
- Face to face transactions result in better deals
- The level of convenience goes down if the shop is not closed.
- A shop might not give you the best deal in the market because they pay utility costs, electricity, and rent.
Pawnshops often have a bad reputation. You can go to a well-respected pawn shop and get the best deals. Do your research on which pawn shops are worth your effort. You can either pawn your silver coins or sell them. If you sell them immediately, you get a better price than when you pawn your items.
- There are many pawnshops, and there is a big chance of getting a well-respected one.
- You get cash immediately.
- You get a lower deal because of the owner’s financial responsibilities such as rent, electricity bills, and other utility bills.
- It is not the best place to sell historical and valuable coins.
- If you have to ship to a pawn shop, you should consider all the costs and risks.
Refiners and Smelters
Going directly to a smelter can give a better price for coins, especially if they are of little or no value. If you have a lot of coins, you can get a good deal at the smelter’s, eliminating the middleman.
- If you have a bulk full of coins, going to the smelter is a great option.
- If you also have silver items such as sterling silver cutlery and jewelry, going to the smelters is the best option.
- You should not go to the smelters if you have historically valuable or rare coins.
- Smelters only give a little over the smelt value.
There are coin shows that run annually or in the middle of the year, which can be a great place to sell. Here you get a chance to get the best value for your coin by visiting multiple dealers at once. Additionally, you get to hang out with a bunch of interesting coin collectors and experts.
- You only have to visit one location to reach different buyers.
- You will be able to get different prices before settling for the best price.
- Shows do not focus on buying coins. They are there to sell coins to collectors.
- If you don’t get a chance to get to a show, you will have to wait for months.
- Some people have to travel long distances to get to the show, especially in rural areas.
Can I Sell My Silver Coins Online?
Yes, you can. There are many online platforms that you can use to sell your silver coins, such as;
On eBay, you can reach 182 million people who are looking to buy anything. However, even though it has a large audience, it has its cons;
- You can sell your silver coins at a set price or at an auction.
- You can reach a lot of people.
- eBay cuts 10% of every item you sell.
- There are so many people selling coins; hence the competition is high.
- It does not specialize in selling coins alone.
Modern Car Mart
Modern car marts also send the money after they have seen the coins.
- You will almost always sell your coins.
- It is a great option if you have one or two valuable coins.
- It’s a great risk to take, considering you have to send your coins to a stranger before you have agreed on any price.
- If the price of your silver coins is less than $3000, you will get a check meaning you wait longer before getting the money.
- You will not get the best deal in the market since they are also looking to profit.
It is a site that uses the same model as pawnshops with locked-in prices and competitive pricing.
- It is a huge organization.
- You will almost always sell
- You do not have to list your silver coins in an online shop
- They have first to see your silver coins for them to pay
- You can’t sell anything less than $1000
Heritage auctions give sellers two options which include selling outright and consignment. Selling outright means shipping your coins to them then getting paid. On the other hand, you can choose consignment, which involves sending your pictures and getting information on the price.
- They give you two selling options; consignment or selling outright.
- They have a large audience for collectible coins
- You won’t have to list your coins.
- There is a 10% fee after you sell the item
- Money is received after the auction closes, which is after 45 days.
- You have to ship your silver coins first before getting the money.
- If you have small value silver coins, they will not get as much attention.
Coins For Sale
Although not popular, coins for sale are a marketplace where you can sell your silver coins. They do work like pawn shops or coin retailers.
- They only charge 5% to sell
- They do not resell coins like pawn shops.
- Unlimited free listings.
- It is still new in the market.
- You cannot reach a large audience
- You can’t auction your coin.
Selling is not the same as buying. But you can make it a simple and easy process by knowing the value and where to sell. Now you have all the information on how and where to sell your silver coins. It is time to make money that is worth your silver coins.