If you are planning to liquidate your silver coin collection, you need to know about the various sales channels that are available for the purpose. There has never been a better time to sell silver, as the value of this rare metal has been on the rise for quite some time. It is a seller’s market now, as far as silver is concerned.
Selling of silver is perhaps one of the oldest transactions that has been ever carried out on Earth, since our ancestors first mined for the shiny metal. There is evidence in the form of silver coins, dating back to times that even predate the arrival of Greeks.
Gold and silver have always been much coveted objects of greed and their rarity has been the reason for their immense value. Coin collecting is a passion for many. Buying and selling silver coins for cash has become increasingly simpler because of the access to a global market place, that we have today.
How to Sell Silver Coins For Cash
Compared to gold, the prices of silver are considerably more volatile. Still objects like rare coins from bygone eras have great value. The rarer and older the coin is, more will be its overall value.
One thing that you need to do before you can get an idea about selling silver coins is its grading method. The best way to get them graded is to go to expert coins dealers, who can certify them for you.
Here are the grading categories and meaning for silver and other rare coins.
- MS : Mint State (MS-60 to MS-70)
- AU : Almost Uncirculated (AU-50, AU-55 and AU-58)
- XF : Extremely Fine (EF-40 to EF-45)
- VF : Very Fine (VF-25, VF-30 and VF-35)
- F : Fine (F-12)
- VG : Very Good (VG-8)
- G : Good
- AG : Almost Good
- Fair : Worn Out
- Basal State : Worthless
Higher the grade of the coin, higher will be its value. For more accurate information on coin grading, refer to Whitman’s Redbook.
Since 1964, the US government stopped using a large amount of silver in the production of dollar coins, half dollars, quarters and dimes. This automatically created a demand for rare coins among collectors, which is only increasing with time and fetching more value. The value of old coins is obviously higher.Here are some ways of selling.
One of the best ways of selling coins is putting them up for sale on auction sites like eBay. Present actual photographs of the coins and provide accurate information about grading. eBay auctions provide you with a global exposure to find buyers.
Local Rare Coin Dealers
You could approach local coin dealers anytime. They can grade the coins for you and provide you with a reasonable price for them. This is a highly recommended option.
Local Auction Houses
If the coins you possess are very high grade, rare and old, it is better to approach local auction houses that can give you their high value. These places generally attract big coin collectors, willing to pay any price for rarity. This is also a highly recommended sale option.
Print and Online Classifieds
You can always put up an advertisement in local and online classifieds (like Craigslist), for the sale of your silver coin collection. This option will definitely fetch you a lot of prospective buyers. However, you should be ready to attend inquiry calls or screen through emails to select buyers.
Sell Through Online Stores
There are many Better Business Bureau accredited websites that act as online traders of silver. Most of them ask you to ship your silver coins or other silverware to evaluate its grade. If your coins match the expected grade they are looking for, you will be paid for it, according to market prices.
The silver shipment you send them is insured and they guarantee the safe return of your coins, if they are not found to be useful. This is ideal for sellers who want fast processing and don’t have time to go by conventional channels. Check for the Better Business Bureau authentication of the website and review the site reputation, before going ahead.
Selling silver coins for cash is a considerably simplified process now, with many sales channels available for you. The price on rarity is high and there is no better way of raising cash, than liquidating the rare silver coins collection, in a seller’s market.
As I said before, it is important that you grade the coins correctly before you put them up for sale. Remember that before you cross someone’s palm with silver next time.