There could many reasons why you may need to sell some of your silver for cashLocal Coin Dealers
Selling your silver coins at a local silver coin buyer is one of the fastest ways to get a decent price. Only trust reputed dealers who have been in business for a long time and have positive reviews from sellers. These dealers buy all types of coins and keep the transaction private. It’s a face to face transparent dealing and you get instant cash. The dealers mostly offer a fair price but it can depend from dealer to dealer.
2. Pawn Shops
With an abundance of pawn shops, sellers of precious metals often find them a convenient choice when in need of quick cash. Payment is instant when you sell your silver at a pawn shop. However, pawn shops have a bad reputation for paying much less than market value for items. If you’re looking to sell your rare coins, always have them graded first by an expert before visiting a pawn shop. Otherwise, you may end up selling your coins at an unfair price.
3. Online Dealers
You can sell your silver coins through online dealers. There are numerous reputed dealers who have online silver buying programs. You just need to give them a call and get a quotation. But there are certain disadvantages with this selling option. Payment isn’t instant and you have to ship your silver coins first. Shipping precious metals will add to your costs along with the risks of loss or delay. Also, your transaction will be electronically stamped and recorded. So, it won’t be a private affair.
4. Auction Sites
Auction sites like eBay and Craigslist have hundreds of thousands of listing for silver coins. It’s a good way of selling rare coins with higher premiums, apart from bullion coins. There are a lot of potential buyers. However, there are several fees involved like insertion fees, seller fees, shipping costs, upgrades, PayPal costs, etc. that are quite high and will significantly cut your profit margins.
5. Coin Shows
Coin shows are great events to find at least 30-100 coin dealers under the same roof depending on the size of the event. At these shows, you can find all type of silver coins. It’s one of the best possible ways to get several quotes from different dealers so that you can sell your silver coin at the best price. These shows also help in building a business relationship with a local coin dealer. Even if you don’t end up selling, you can at least get your coin graded at this event to have a better idea of the valuation you can get for your coins.
However, these shows aren’t organized regularly and they also involve a minimal entrance fee.
6. Smelters and Refiners
This is probably the last option you’ll want to consider if you need cash urgently.
Selling to a smelter or a refiner means only the silver content of your coins will be considered. You’ll typically only get the melt value or even lower. This option is better suited for selling large quantities of silver. If you own only a few silver coins, this isn’t the best option for you.
Hopefully, this blog has guided you as to where you should start. No matter which option you choose to sell your silver, always do some research about the dealer before you approach them.