Green Moolaa

Selling Silver Coins In Canada: A Beginner’s Guide

Silver, gold, and platinum are some of the most valued precious metals. They are deeply desired by everyone and can be bought and sold for high prices. Most people also happen to own gold and silver thanks to their popular use in jewellery and coins.

Anyone looking to make some extra cash fast should consider selling their old Canadian or international silver coins. Many historical coins have increased in value over time, causing them to go for high prices on the Canadian market. However, many people are unsure of where to start when selling gold and silver coins. In this article, we will outline how you can sell silver coins for top dollar.

1. Monitor Silver & Gold Prices

Much like gold, the price of silver changes day to day depending on the international and Canadian market. This can cause prices to rise and fall drastically overnight. Before selling your coins, watch the Canadian market to determine whether it is a good time to sell or not. If it is a particularly difficult or uncertain time in the Canadian and worldwide economy, consider waiting to sell. After all, you don’t want to get anything less than the best prices for your silver!

2. Determine The Worth Of Your Silver Coins

After deciding whether it is the right time to sell silver, try to determine its approximate worth. While some sellers may wait until they visit a gold/silver shop to determine the value of their silver, we recommend familiarizing yourself with your coins first. This is a good idea to know what you are truly working with.
Most silver coins sell based on the spot price for their actual silver weight (ASW). The actual silver weight is determined by the weight of the coin in grams and the fineness of the coin. In order to determine the ASW you will need to:

  • Weigh the coin in grams
  • Multiply the weight by the coin’s fineness (e.g., 90%)
  • Divide this number by the total number of grams in troy ounce

If you are unable to measure your coin’s ASW by yourself, we recommend searching online for a silver calculator. If you cannot identify the bullion, try visiting a gold/silver store and requesting their appraisal service to estimate the value of your silver coins.

Recognized Silver Bullion

Alongside measuring the value of their coins, sellers should identify the types of coins that they plan to sell. In Canada, there are many recognized silver bullion that will sell for a great deal of cash. These include:

  • Canada Maple Leaf Coins
  • Royal Canadian Mint Issued Bullion
  • U.S. Silver Eagle Coins
  • Montreal, Calgary, or Vancouver Olympics commemorative coins
  • Royal Canadian Mounted Police (RCMP) centennial coins

Commemorative collection coins sell for more money because they’re rare. It’s important to identify what sterling silver coins you have before visiting a gold or silver dealer. However, be aware that it is possible to identify your coins incorrectly.

Fun fact: Bullion is a metal that has been reformed to the highest degree of elemental purity. Due to its high level of purity, bullion metal will sell for a higher price than non-bullion both in Canada and around the world.

3. Where To Sell Your Precious Metal Coins

After determining that you would like to sell your silver coins, you may be wondering where to turn to sell them. There are many pawnshops, gold/silver buyers, and jewellery stores that will offer to pay for your silver. Do a simple Google search to find local precious metal buyers and compare them. Buyers that have a reputation as knowledgeable and trustworthy are the best to do business with so definitely take your time to read through their online reviews.

In order to determine whether they are willing to buy, we recommend that you connect with buyers ahead of time. Call them before visiting the store and speak to them about your collection of silver coins or bars that you are looking to sell.

4. Compare Prices

One of the most important things to remember is to not sell your coins to the first buyer. Often, pawnshops, jewellery stores, and banks will offer different rates that they are willing to buy coins for. While one store may offer you $40 dollars, another may be willing to pay $60. This makes it incredibly important to call around and receive different payment offers before choosing to officially sell.

If you’re considering using an online service to sell silver, ensure that there are no hidden costs. If you are required to ship your silver or gold bars to a place on the other side of the world, shipping costs will likely cost quite a number of dollars, reducing the amount of money you actually earn on the sale.

5. Sell Silver Coins

Once you’ve made the call and decided who to sell to, the final step is to actually sell silver! Complete the transaction with the buyer and hand over your silver for cash.

Most buyers will make their payment in cash, a cheque, or a bank transfer when they buy silver. If they choose to use a bank transfer or cheque, call your bank and tell them to expect the money to come into your account. Accountants will monitor your account and will call you if something goes awry.

We Want To Buy Your Silver!

Are you looking to sell your silver coins? Green Moolaa would like to buy them! Contact us today to learn more.


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