Silver coins have been around for thousands of years. Coin collecting and selling have become a popular hobby and can be a profitable business. In order to turn this into a lucrative operation, people need to know as much as possible about selling coins.
So, if you have ever wondered how to sell silver coins and make good money doing it, this article will fill you in on the ins and outs of cashing in with silver.
Learn How to Sell Silver Coins
Learning as much as you can before you start selling is important. Here are some essential things to keep in mind when starting out selling silver coins.
Know Your Worth
It would be best if you first learned the real value of the coins you have. Take inventory of everything you're hoping to sell and do some research on what each coin is worth before you start looking for buyers.
Businesses like American Precious Metals will tell you what your collection should sell for.
Decide What Type You Want to Sell
There are three main types of silver coins to buy and sell. Learning more about the different choices can help you decide what you want to sell.
Rare Coins - Rare coins are usually the most valuable. Depending on how unusual or scarce the coin is, you can make a great deal off of these.
Junk Silver - These are coins the were issued in the United States before 1965. They are made of 90% silver and are usually worth their melt value.
Bullion Coins - These are made of .999 fine silver. Bullion coins are more profitable than junk silver.
Where to Buy
If you don't already have a collection of silver coins, you need to find a reputable seller. Wholesale sellers usually charge less but mostly only work with retail sellers.
Your best bet is to find a trustworthy retail seller and do some research beforehand to know how much you should be paying.
Where to Sell
There are many different places to sell silver coins. Finding the right place is important as they aren't all created equal.
Local Coin Dealers - A convenient option if you are looking for cash quickly.
Online Buyers - Are good if you have something very rare since you widen your pool of potential buyers.
Pawn Shops - Will usually take just about any silver, but you may not get as much for it.
Avoid Mail-In Cash for Silver
Some people may wonder about mail-in for cash offers for silver coins or other precious metals. These are generally best to be avoided as they are usually silver scams or won't pay enough for it to be worth it.
Start Making Money
Learning how to sell silver coins can really pay off in the future. The key is to have a good grasp of what your coins are worth and makes sure that you're selling to a reputable and trustworthy buyer.
Are you interested in other ways to make more money besides silver coins, gold, or other precious metals? Check out more informative articles here on our blog to learn about other lucrative business opportunities.
