The Do’s and Don’ts of Selling Silver Coins
Most people who own silver coins typically don’t plan on ever selling them. They’re an investment, right? Something you hold onto with confidence knowing it isn’t as prone to deflation like something as unstable as the USD.
Unfortunately, most electric companies and mortgage lenders don’t accept silver coins as payment when you’re in a monetary bind, so sometimes you have to let go of your precious shiny coins to take care of business. And that’s okay! Really, that’s what silver coins should be used for – ideally as a strong, steady investment, but also as a backup plan in times of need. However, selling silver coins isn’t just as easy as heading over to your bank of choice and trading them in, or going to Walmart, buying a pack of gum and choosing the “money back” option. No, you’ll have to go to some lengths to sell your silver coins, at least if you want to get what they’re really worth. Pawn shops are always ready and willing to take your expensive goods off your hands… for about 1/2 their actual worth.
So let’s get to it. The all-important do’s and don’ts of of selling silver coins:
It looks like you’ve got this one covered – you’re on this site right now, reading this! Good job! Doing proper research is always important when it comes to any sort of large transaction, be it buying or selling, but it’s especially important with things like precious metals and gems. Despite the fact that silver is probably the cheapest of all the precious metals, depending on how much you actually have, you could be dealing with thousands of dollars here. It’s nothing to joke around about and should be taken very seriously!
Don’t: Sell to the First Joe You Find
With so many options available when it comes to silver coin buyers, both online and in the real world, it’s extremely foolish to take the first offer you get for your silvery prized possessions As I’m sure you know, many guys, even the reputable ones, will try to lowball you. That’s why it’s up to you to shop around! Shopping around when you’re looking to sell is just as important as it is when you’re looking to buy! Shopping around is what a savvy consumer would do, and you’re pretty savvy, right?
Do: Find Out the Market Value of Silver Coins
If you don’t know how much your silver coins are even worth, then you’ll have no clue if the offer you get from anyone is good or bad. One guy offers you $200, then another offers you $300, and you think “wow, I should definitely take the $300″, until later when you find out what you had was worth $500. Knowing the market value of silver coins is the most important piece of knowledge to have if you want to keep yourself from getting ripped off. One silver coin typically weighs one ounce, so find out the price per ounce and multiply it by the number of coins you have, and voila! You have the value of the silver you have. Simple, right?
Following just these few tips will be a big step in the right direction towards getting the maximum value when making the big decision to sell off something that was supposed to be an investment. Remember: as shiny and awesome as silver coins are, they’re more or less worthless in today’s word until you convert them into spendable money. Why don’t you dig those old coins out of that desk drawer, sell ‘em off and take a trip to Vegas?
I kid, I kid. Selling silver coins should really only be a last resort in a time of desperation – if you can’t afford that vacation without pawning off some of your valuables, you probably shouldn’t go!