Silver is a precious metal that's frequently used to create many things you use every day. It can be fashioned into jewelry or molded into cutlery. Silver was even historically used to manufacture currency. While silver is no longer used to make money, many people choose to collect silver coins that were made in the past. If you've inherited a silver coin collection, or you've simply decided collecting isn't the hobby for you, you can make some money by selling the coins you already own. Here are some tips you can use when you're ready to sell your silver coins.
1. Research your coins
Silver is valuable in itself, but some coins are worth more than others. Older coins are typically worth more than coins minted more recently, but this isn't always the case. According to Coin Trackers, the most valuable silver coin is the Morgan silver dollar minted in 1901. This coin is worth over $400,000 in good condition. Thoroughly research all your coins before you sell them. The right kind of knowledge can prevent you from unknowingly selling a valuable coin for less than it's worth.
2. Find a silver coin buyer
You may be able to sell your coins at a pawn shop. However, a pawn broker is unlikely to give you the best possible price. Instead, look for silver buyers who specialize in coins. These buyers are likely to pay more for rare, collectible coins since they understand their worth. You can start your search by looking on the internet. Try to find a silver coin buyer in your area, but be willing to travel to find the right buyer if necessary.
3. Have your coins appraised
You may want to have your coins appraised before you bring them to a silver buyer. Many silver buyers will perform appraisals over the phone or by email if you ask. Before you call for an appraisal, make sure you're ready. Have a paper to write down the figures they give you. You should also be ready to provide pictures or detailed descriptions about your coin collection when asked.
4. Sell all your silver coins
It's likely that only some of your coins will be considered collector's items. These coins can fetch a high price. However, selling more common silver coins can still be worth your while. All silver coins are worth more than a comparable coin made of nickel or another cheap material. A silver coin buyer can give you a fair price for your silver, which can be calculated by weight. Your common silver coins may then be melted down to make jewelry and other products that people can enjoy.