Silver is perceived as an appealing substitute to gold, which has shown high price volatility as time goes by. Silver bars and coins are a favoured investment as they can be sold relatively fast and will forever maintain a reasonable amount of value. A day will come when you have to sell your silver coins and bars so you’ll need to obtain the best prices and complete the transaction there and then.
Here, we will guide you on how to sell this precious metal.
How Much Are You Selling?
Before you can place a practical best price for your silver bars or coins, you have to determine the authentic resale value of your silver items. You need to receive an offer near or higher than the spot price of your silver.
If you own a combination of silver bars and coins, bring them to a silver or gold appraisal service and have them checked. The appraiser will be able to deduce if you have something particularly rare, such as a minted bar by a well-known manufacturer that is already closed down.
Silver is an exceptionally volatile asset, particularly when compared to gold and other precious metals. Silver coins are likely to have a broader range on the basis of pricing than bars do. Good research of the silvers within your possession will provide an approximate price. Wait until the market peaks and sell your silver before it begins to decline again if you truly want to acquire the most money for your silver since everyone is thrilled about selling their silver.
If you have knowledge about the right value of your silver, then you won’t be fooled. You shouldn’t need to trust a buyer to compute the price for you.
Where To Sell Silver Bullion
Online Dealers
One method to cash for your silver is via an online dealer. Selling silver to some online dears is profitable since they are conversant with the buying and selling process of silver bars and coins. They offer feasibly the best gold and silver prices, though they need a minimum dollar amount to buy silver from you. You are also required to mail the bars to them (at your expense) and wait for payment.
Local Coin Shop
If you live near a local coin shop, then it’s the best place to go. Coin shops are an immediate and effortless way to sell silver coins and bars. This route is favourable as you get an on-the-spot appraisal and offer price, rather than shipping your silver bars and waiting for a couple of days to receive the payment. You also won’t need to settle any shipping and insurance fees. Pick the shop with the highest price higher than the existing silver prices.
Jewellery Store
Other than sterling silver jewellery, jewellery stores might be willing to purchase silver coins and bars in perfect condition with a high resale value. Locally-owned stores may purchase your bars with cash after your silver has been appraised. Some jewellers may pay up to 70% of the melt price.
Scrap Dealers
You may look for scrap dealers that purchase junk silver. Junk silver pertains to silver that is damaged or has been cleaned, bars that are not fine silver or less than 99.9% pure, and coins that are minted after 1965. Most shops will not buy junk silver, so search the internet to find scrap dealers near you. Bring your silver to a store and sell your valuable stockpile of silver bars in bulk.
Local Pawn Shop
As with coin shops, pawn shops also buy and sell gold and silver. Generally, they will give figures roughly equal to coin shops, but it will vary shop-from-shop. Some may not even know the real market price of a certain silver coin or bar. Negotiation is indeed possible, but you’ll almost always gain much lower than what a bullion retailer will offer. You may be thinking that this route must be your last resort because they offer the lowest return. This isn’t true, especially at Green Moolaa. We offer customers the best prices for their silver bullion, coins, or jewellery. We care about fairness.
eBay
Selling precious metals on eBay is a worthy alternative for any type of silver, such as silver flatware, sterling silver, and even silver bars. However, buyers on eBay commonly won’t propose as much as a silver bullion dealer, since there’s more vagueness in a website like eBay. eBay’s merchant fees range from 12% to 15% of the value of the final sale. You also risk deceitful processes or scammers.
How To Find A Reputable Bullion Dealer
Make an effort and have ample research when selecting a dealer or investors to sell your silver to. The U.S. Mint provides details on retailers who are a member of the American Buffalo and Eagle Gold Coin Program. This must be the first centre of attention for those who want trusted national and local retailers.
Refrain from selling to boutiques, some you show on TV ads and the likes that swear fast and easy money for your precious metals. These services are often treacherous, and they would apply whatever means to convince you to sell your bullion for much lower than their financial value.
General Advice for Selling
To obtain the best deal, you have to learn some negotiating strategies. You and the buyer will have to compromise on a fair price. Suppose you like to have a fast transaction, you will have to go over the existing retail price, so you and the customer can break the bank.
Don’t be compelled to reach a decision you aren’t pleased with. While you negotiate, be willing to say no to low-ball offers and leave. This will push the potential buyer to offer you their largest deal. Take note that there are many buyers out there, so when a transaction is a bit awry, then it’s absolutely okay to simply walk away.
Wrap Up
Selling a silver bar is not as simple as purchasing it, though it can be an easy process. There are various places you can market your silver online and locally for cash. Be cautious in your sale to avoid rip-off and the probability of onslaught, and conduct your research properly to discover the best price for your bullion.