Sell Silver Dollars for More By Following These Guidelines
If you find yourself in need of extra cash or would like to rearrange your coin collection, you might want to sell silver dollars to receive the funding to do so. With the high price of silver, and the strong performing silver coin market, you might be surprised how much cash you can receive these days when selling silver dollars. If you haven’t been following the precious metals market lately, you might be shocked to know that the price of silver has nearly tripled over the past three years, making it an ideal time to sell your coins to an ethical silver coin dealer.
However, before you make the decision to sell silver dollars, it would be helpful to have a general idea of the value of your coins. While common date average circulated condition silver dollars are likely to fetch a set rate from a silver coin buyer, some silver coins have additional value based on the year that they were minted, where they were minted, the number minted, and the condition of the coins. Coins that have a lower mintage or that contain additional value due to the condition of the coins are commonly referred to as numismatic or collectible coins. These coins can sell for many times the price of the underlying silver metal value of the coin.
Once you have a general idea of the value of your coin, it’s now time to find a coin dealer that will treat you fairly, patiently answer any questions that you might have, and provide you the rationale for how they determined the offering price when you sell silver dollars. Consider the following guidelines to help you narrow down the silver coin dealer that is right for you:
1. The most reputable coin dealers typically also pay the best prices for your coins. Obtaining more than one quote, especially if the initial quote appears to be on the low side, will help you maximize the price that you’re able to receive when selling silver dollars.
2. Find a coin dealer that you feel comfortable establishing a relationship with. This is especially important if you don’t sell all of your silver dollars at once, and plan on routinely selling silver dollars for extra cash or for the purposes of building or completing targeted sets. You may even find a coin dealer that is willing to trade coins with you so that you both benefit.
3. While not always the case, generally speaking, family owned and operated coin dealers tend to be your best choice, as they generally place a high value on establishing long term relationships and operating in an ethical manner. On the flip side, some of the fly-by-night “we buy gold” stores that have been popping up aren’t always known for operating in the most ethical manner.
As a last point on the topic, it’s generally not in your best interest to sell silver dollars through online auction sites. The reason is two-fold: typically speaking, the listing and final auction fees, or commissions that you pay, are typically cost prohibitive. Additionally, if you don’t know who you’re selling your coins to, you may run into some issues once the transaction is complete.
While online auction sites might not be the best approach to sell silver dollars, don’t hesitate to do business with a highly reputable online dealer. You can check the silver coin buyer’s reputation online and through the Better Business Bureau to ensure that you’re dealing with an ethical coin dealer. Selling silver dollars online, especially when properly insured, is just as safe as taking your silver dollars to a local coin dealer. Furthermore, you’re able to sell your coins without ever leaving the comfort of your home, which is a nice option for folks that live in more rural areas or that have schedules that prevent them from doing business with a silver coin dealer during regular business hours.