How and Where to Sell Your Silver Coins
Selling your silver coins—in other words, finding someone to buy them—is actually quite easy! Silver bullion is a highly liquid asset, which is one of the key benefits of owning precious metals.
Above all else, you’ll want to find a reputable coin dealer.
There are several reasons a bona fide coin dealer will pay you a fair price and provide a better selling experience. This holds true whether you sell in person or over the internet.
We’ll also go over your other options, such as selling silver coins directly to collectors.
Where to Avoid Selling Your Silver Coins
First, you need to be aware of some common pitfalls.
You’re best off avoiding jewelry stores, pawn shops, and other non-specialized buyers. These places may not be interested in your coins to begin with, or they will offer distorted prices because their expertise is not in the coin business. It’s simply not worth their time to make a fair offer.
By contrast, a numismatist (coin expert) can give you a reliable appraisal of your coins. He or she can provide a general explanation for why a coin or group of coins is worth what they offer to pay you—based on its metal content, its condition, how often it is available on the market, etc.
Not all numismatists are coin dealers, but all trusted coin dealers will be—or will employ—numismatists.
Find a Trusted Coin Dealer
Credible coin dealers have an obvious incentive to offer a fair price (known as their “bid price”) for your coins. They operate a two-way market of buying and selling coins, meaning a dealer will always buy from the public the type of silver coins and bullion products that they offer for sale themselves.
Always bear in mind, of course, that coin dealers are in business to make a profit. They generally operate on very thin margins.
How can you tell if a seller is reputable? You can usually find customer reviews for any coin shop online. Be sure to check each company's rating with the Better Business Bureau (BBB), as well.
Image courtesy of CoinWeek
Selling Silver Coins Online vs. In Person
Now that you're armed with the information above, you'll have no problem finding a buyer. You'll be empowered to get the best value possible for your coins.
There are benefits and drawbacks to each option—whether you sell your coins online or at a brick-and-mortar establishment.
There is a thriving online marketplace for selling coins. Collectors can connect with each other more easily than they could before the advent of the internet.
With some patience and savvy, you may be able to sell your coins, depending on what they are, for a modestly higher price in a peer-to-peer transaction.
This means selling through:
- online forums or Facebook groups;
- other social gatherings
Keep in mind that eBay will deduct 11% from your final sale price just for using the platform.
Compare Your Options
If you want a truly hands-on experience, you may consider selling to a dealer at a coin show.
Coin shows are an excellent opportunity to learn about how the coin market works firsthand. You may have to travel to another city or state for the opportunity, however. Review the upcoming coin show schedule and plan accordingly.
All of the other options mentioned above will require more time and effort on the part of the seller to find a willing buyer.
That’s the trade-off. When you sell your coins to a professional dealer, you’ll be paid a reasonable price right on the spot. It bears repeating: All coin dealers maintain a two-way market.
There's nothing wrong with asking a coin dealer for a quote or offer and walking away to find a better deal. You may find a collector willing to pay slightly more, but you’ll likely have to wait for weeks or months for such an encounter.
Gainesville Coins not only operates a showroom where you can sell coins in person, but we also make it easy for you to sell to us from the convenience of your computer or smartphone.
Sell Silver Coins Near Me
If you’re interested in selling your silver or gold bullion, Gainesville Coins will always make a competitive offer for your items. You can call to speak to one of our traders at (813) 482-9300.
Visit us at the locations below or place a sell order on our website anytime!
Main offices and showroom (United States):
14860 North U.S. Highway 41
Lutz, FL 33549
Phone: (813) 482-9300
01530, Vantaa, Finland
Phone: +358 93540 7115
Building 3 Chiswick Park
566 Chiswick High Street
London, Greater London, W4 5YA, U.K.
Phone: +44 2039 299556
1 Harbourfront Place
HarbourFront Tower One
Phone: +65 6722 3926
Everett has been the head content writer and market analyst at Gainesville Coins since 2013. He has a background in History and is deeply interested in how gold and silver have historically fit into the financial system.