If you are like other people, you probably have stacked silver for some reasons. Perhaps you see the metal as insurance against economic uncertainties and protect yourself against the potential crash. When selling silver, you must know how to get the best possible price and how to get the cash you need without getting scammed.
Before you decide to sell your silver collection, know what you have and how much it might be worth. Focus on arming yourself with the spot price of silver. Below are the kinds of silver it might be worth selling:
Bullion Coins
These coins come from government mints as .999 fine silver. Usually, these bullion coins will sell at a premium to the spot price of silver. For instance, American Silver Eagles often come $2 to $3 over the spot price. However, when selling these coins back to the dealer, you may only get $1 to $1.50 premium over spot.
Rare Silver Coins
Valuable rare or numismatic coins are those you might have inherited from your grandparents. Depending on the coins’ rarity, strike, age, and quality, these coins can sell at a very high premium. If you possess these coins have them appraised by at least two professionals first before you try to sell them. Also, you can submit the coins to the Professional Coin Grading Service that will professionally grade your coins for a fee. Their services will inform you about the type of price you can expect from your rare silver dollar. Being armed with such information will help you ask for a higher price if you are ready to sell your coins.
Junk Silver
These are U. S. coins issued before 1965 with 90% silver. This category includes half-dollars, dimes, dollars, and quarters. For this kind of silver, you can expect melt value or below melt value.
Scrap, Bars, and Rounds
These are also .999 fine silver. However, they will not carry as high as premium as bullion coins. Usually, this silver will only sell for melt or spot value. Melt value means for 10 ounces of silver, you get 10 ounces of the spot price of silver.
Sterling
Sterling silver is a silver alloy with 92.5% silver and 7.5% other metal like copper. This silver has been used in different countries as cutlery or dishware. You can identify this silver through a 925 mark or trademark on the metal. For this silver, you can expect the melt value unless you have a vintage sterling item or a rare antique.
