By Cade Morris
This article aims to give you the basics of selling silver coins. Selling precious metal assets such as gold and silver coins is a viable way to make aprofit today, especially in an economy that has seen an increase in papercurrency volatility. Because of the way that fiat currency has devalued,particularly in the U.S., precious metals such as gold and silver has seen theirvalue rise steadily over the last decade. This article will focus on how to makeselling silver coins work for you and receive the highest value in return that you can get.
Coin dealers and collectors are always seeking your coins, especially older ones with rare, uncommon dates, or are in good condition. But now matter how much the value of silver has moved through these year, buyers will always pay for that silver content in your coins, depending on its percentage. Precious metals are called “precious” because of just that– their value is always in demand. Aprimary reason for silver’s quick rise in value today is because silver is usedin all kinds of modern technology such as cell phones and appliances and computertablets. Gold isn’t used as much as silver so their demand isnot climbing as rapidly as silver is. For this reason, selling your silver coinstoday may indeed be more profitable than doing so just a few years ago. | Coin dealers and collectors are always seeking your coins,especially older ones with rare, uncommon dates, or are in good condition, orhave important mint marks, which is a designation of which mint the coin wasproduced in (examples are P for the Philadelphia Mint, D for the Denver Mint, Wfor the West Point Mint, and S for the San Francisco Mint). As silver coins haverisen in value, the search for them from precious metal commodity professionalshas also increased in recent years. Now matter how much the value of silver hasmoved through these year, buyers will always pay for that silver content in yourcoins, depending on its percentage. Coins with silver content can be found most anywhere. Do a quick sweep of yourold valuables in your closet or attic and I’ll bet you find precious metal coinsthat you can flip for some cash.
You will need to buy a recent retail price guide for coins such as RedBook. Remember that these guides list the retail price, not the dealer wholesale price. A price guide will help you to determine the estimated prices ofthe coins and/or collection of coins that you have in your possession. This willmake sure you have a baseline by which you can measure whether you are beingripped off or not. Remember, dealers need to make a profit too so they may under-rate your coin(s) in order to a make a profit. Nothing wrong with that. But as a seller, the Red Book will help guide youtowards a price point that is comparable between you and the dealer. When selling silver coins, if you are certain ofits value, then don’t settle for a price you may find way below yourexpectations. But at the same time, be sure to temper your own expectations onhow much you will get paid when selling silver coins as many variables can comein play to determine the price.
Anotherthing you can do before you start to sell your silver coins is to get anappraisal. An appraisal is especially worthwhile if you have a large collectionof coins, perhaps a family heirloom or a random collection gathering dustsomewhere.
A primary component of evaluationg your silver coins for selling is to separate them into two distinct categories: numismatic and junk silver. Numismatic silver coins are rare, historic coins whichcollectors find valuable. Junk Silver is a term used are coins that have no valueother than their silver content within the coin itself and not for any othernumismatic quality.
Please remember whenselling your coins to a dealer, you will not be getting the retail prices onthose coins, only wholesale prices because the dealer needs to make a profit,which is why he is in business in the first place. Of course, you always have theoption of not agreeing to the sell price and to try hocking your coin waresthrough other channels. Again the main key is to review the best overall estimateof the retails prices of your coins through price guides or Red Book so that youare prepared when given the price or value the dealer is willing to give you. Be sure to also obtain the Coin Dealer Newsletter which is otherwise known asthe Gray Sheet. The Gray Sheet gives the average prices that dealers are payingfor U.S. coins. Again this is just more useful informationto have before meetingwith a dealer. All of this takes preparation, but it is worth it for getting thebest bang for your buck (or should I say, cash for your coin?) Be sure to ask the dealer how much he would pay for the whole set(or lot) of coins you have; more often than not you’ll get better value whenselling it as a collection.
If you want to go to the online route when selling silvercoins, then two channels you can utilize are eBay.com or Overlook.com. Be asdetailed and as honest as you can with your silver coin product description. Someexperts think that it is beneficial to stagger out the selling of your silvercoins with offering lower-priced ones first and then gradually offering higher-priced coins once your customer’s trust in you builds.
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