Making a Sale: Your Complete Step-by-Step Guide to Selling Your Silver

If you have silver that you need to sell, then you have plenty of options available. Silver has been valued as a precious metal for thousands of years because there are so many things that make silver valuable. Silver is a very successful conductor of electricity and silver is often used in water filters to avoid the buildup of algae and bacteria just to name a couple of things. It also has numerous health benefits believe it or not. There are so many things and benefits that come along with silver. It’s no wonder that it’s so popular when it comes to selling or buying it. Silver prices are in constant fluctuation on a daily basis and it’s traded in very diverse markets. The price is never predictable and the price can go up one day and drop drastically the next.

There are sellers who want to sell their silver but they feel they should wait for the right time. However, there is no real ‘right’ time to sell your silver because the market is so unpredictable and no one can really predict the market and its prices. So if you’re going to sell it, you may as well just do it and not wait. And while there are many places to sell your silver, some places are much better than others. Whatever you decide to do, you want to get the best price available for your merchandise. Also, keep in mind, it’s not always as easy as it seems.

There are a few things that you should look at when trying to sell your silver.

  • Separate your silver
  • Determine if your silver is sterling or plated
  • Do not polish the silver
  • Get your silver appraised from a professional
  • Choose a buyer

SEPARATE YOUR SILVER

Before you do anything, separate your silver so you know exactly what you have. Most silver are bullion coins, collectibles, scrap silver (which can include rounds and bars), sterling, flatware, or junk silver. Bundles of bullion coins come directly from the government and will most times sell at an exceptional rate. Make sure you learn and follow the rules of selling your bullion.

Other types of silver include, rounds, scraps, and bars. This type of silver is also considered refined. Unfortunately, the value is not that of bullion. But you can still sell this type of silver and get a fair amount.

US coins that were issued before or during 1965 can pretty much be considered junk silver. The loose change you carry and the change that you have in your piggy bank would also be considered junk silver. You shouldn’t anticipate much for this type of silver.

Sterling silver is similar to the jewelry that you may purchase.  It is also normally used in most places as tableware or flatware.  You would know what kind of silver you have by the marks on it. This silver goes for whatever the current market value is when sold.

There are different types of rare coins; you may collect coins that are showcased in its own case and these too can have some value to them as well. When you decide to sell these, you should get them appraised because they can be of an extreme quality.

Once you separate them, then you’ll be able to determine who you can sell each of them to.

DETERMINE IF YOUR SILVER IS STERLING OR PLATED

Silver that is plated is not worth more than silver that is sterling. Evaluate all of your silver to make sure it is worth something and try to sell your finest pieces. If you see certain marks on your silver you will know if it is sterling or not because it will say ‘ster’. If it shows any other markings it more than likely a cheaper brand of silver such as a plated silver.

DO NOT POLISH OR CLEAN THE SILVER

It’s very important that you do not polish or clean your silver before selling it. Polishing your coins will reduce the value. Simple as that!

GET YOUR SILVER APPRAISED FROM A PROFESSIONAL

Try to get your silver appraised by a professional at a local pawnshop. They should be able to tell you what your silver is worth.

CHOOSE A BUYER

Compare prices with different buyers.  I would steer clear of pawn shops, simply because they feel you are desperate when you come there and you need cash fast, so they won’t offer you the best price. They will try to buy it off of you at a low price. You can sell your silver online or you can try to sell your merchandise on buy silver. You can also go to coin shops, eBay, cash for gold stores, refinery’s and bullion retailers to sell your silver. Some of these places may not give you the true value for your silver, so take your time and research. Also, don’t be afraid to walk away if you don’t feel the price is fair. If you choose to go this route, make sure these places have been in business for a long time. Sometimes you can find these types of places by word of mouth as well. I would take a recommendation over finding one on my own. At least someone I know used their service.

After saying all of that, I’m sure that you want your silver transaction to be fair, safe and most of all convenient. Avoid all cash for silver and gold scams and whoever you end up selling to, make sure you read the fine print and review the terms and conditions. Check to make sure if you need to report your sale and check everyone’s credentials proving that they are licensed by the state to buy gold and silver. If they fail to ask you for an ID, I’d definitely take my business elsewhere, because chances are they may be into some illegal and shady practices. Lastly, always go in with an estimate, at least you’ll know what price range you should be in when you start the negotiating process.

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