June 13, 2024

What options do you have to sell your silver

If you need cash now is the time to look at all those assets you invested your money in. Deciding to sell silver or knowing when to sell are two different things. Once you have worked things out for yourself, you will have to find out where yo sell your silver for the best cash. There are various options open for you. 

A coin dealer near you

If you live near a coin dealer, you should take your silver there. That is the quickest and most convenient way to sell silver. Look for a dealer with a good reputation known for dealing honestly with customers. Look for a dealer that has been around for years and has been operational for a number of years.

Here’s a secret most dealers won’t tell you: they don’t like to keep silver over the weekend because prices tend to be volatile over weekend. So if you are going to sell your silver, you should not sell it on a Friday.

Advantages of selling to a coin dealer

  • It is usually next to your home, within easy reach
  • You get cash immediately, you don’t have to wait for a check to be made or for bank transfers to clear
  • You deal with the buyer face-to-face, this way you get an honest answers
  • You always have an expert on hand who will assure you of a fair price
  • It is private

The disadvantage of this option is that there may not be a coin shop in your town.

A lot of coin shops buy coins they can get a good profit on so if the coin isn’t in high demand, the dealer will mostly offer you the melt value of silver

Pawn Shops

Pawn shops are know as the best place to sell unwanted good. They buy anything from television sets to diamond rings. That is not all they buy, they also buy silver

The advantages of going to a pawnbroker are:

  • You can find a pawnshop virtually anywhere in the country.
  • They pay cash for silver which means you get a private sale that leaves not trace of transactions.
  • They accept all kinds of silver however they don’t offer a fair value. 

Coin Shows

Coin shows are ideal for those coins with a collectible value. They are fun ways to sell but more importantly a good place to study and understand what coin collectors and coin dealers look for. These shows might be more about showing off than selling, it could be the best way to find dealers near you. 

Online Dealers

Selling silver online is becoming very popular these days. There is never a shortage  of online bullion dealers. Probably the most popular way to buy and sell silver is through online dealers. To find the best one, there are numerous online reviews. This is becoming a very popular way of doing business for bullion dealers and even the big-name dealers are actively buying and selling online. The biggest disadvantage is the shipping.  Another disadvantage is that payment isn’t instantaneous.  The idea of shipping precious metals can make most people feel uneasy. If you bought your silver from an online dealer before find out if they have a buy back policy.

You can buy pas all those silver buyers and dealers and sell your silver straight to a smelter. Smelters generally don’t deal with small volumes, if you have a small amount like 5 or 10 ounces you might want to sell the solver elsewhere.