You came across this article because you have serious plans to sell silver coins. Let’s help you a bit by making a sound selling decision. Some basic knowledge about coins is very helpful before you start off. It really helps a lot if you are able to classify the coins you own. Some silver coins may be worth the scrap price, others may be collectible, and some may even have numismatic value. Knowing if your item is worth just scrap or a good amount of money makes selling way easier.

Sell Scrap Silver Coins & Bullion Coins

Scrap silver coins are easy to sell. What you need is either knowledge about the weight of your coins or a simple scale to determine the weight. Either way is fine. Many coins in the US will be either 99%, 90% pure silver, or 92.5% pure silver (also known as sterling). Morgan dollar silver coins, Peace dollar coins, half-dollar coins, quarter coins, and many half-dollar coins are 90% pure silver. Many medals may be made of sterling silver. Typically, bullion coins are made of 99% pure silver and are often even marked “.999,” which makes identifying them easier. After knowing the weight and the purity, calculating the current value is the easy part. You can either look up the current silver price or use a silver calculator to get an estimate.

Most renowned buyers will offer a very high purchase price for both, scrap silver coins and bullion coins. Getting back about 80% for scrap silver coins and about 95% for bullion coins seems to be fair. Watch out, many buyers such as pawn shops try to get away with offering you only 40% or 50% for you coins.

The easiest way to sell silver coins is online. You can easily distinguish between a great buyer and a bad buyer. First and foremost, a trustworthy buyer will always publish the current buy back prices on their website. Knowing how much they pay is narrowing down the list of potential buyers. The second step would be checking reviews. Google and TrustPilot are usually the best places to check for reviews. If you see pretty much only 5-star ratings, you should be good to go. If you want to go a step further, reaching out to a potential buyer for double-checking their prices doesn’t hurt and will let you gain additional confidence once the quote was confirmed.

Some people also sell silver coins trough auctions. It’s for sure something to think about but what most sellers miss out on the first glace are the selling fees. They get excited too early because they don’t check the fee schedule in detail. Selling fees from 15% (for online auctions) all the way up to 35% make the deal look really bad. Once sold, it’s too late. You committed to sell your coins and the charges are due. For rare coins, auctions may be a good way to sell but better be very selective with your choice.

A really great place to sell silver coins is reDollar. They do offer the highest prices in the industry (95% for bullion coins) and they have a great consignment program for rare and very valuable coins (10% commission rates start at only 10%). They do allow you to take out equity; even before your silver coins sell. They

Sell Numismatic Silver Coins

Very rare and very valuable coins are a special topic and should be treated completely differently. If you know or assume that you own a very rare and very expensive coin, getting this coin graded may be a good start. Grading companies don’t only tell you the condition grade of your silver coin; they also verify that your coin is authentic and not a counterfeit. Fakes have become so “good” over the last few years that, if dealing with coins is not your daily business, identifying those bad guys can be a true challenge. PCGS or NGC are the most respected coin grading companies in the US, and working with one of these two is highly recommended. Coin grading services are not inexpensive, so be sure to submit only quality coins. The amount due for grading may outperform the selling proceeds if you submit coins that won’t pay off.

Some coin dealers are also specialized in rare and numismatic coins. They sometimes offer coin consignment with upfront payments to take out some equity. Consignment is usually the better deal compared to selling off your rare silver coins for a quick buck. Consignment rates start at as little as 10% with the possibility of taking out an upfront payment. Select your coin dealer carefully.