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Sell Silver CoinsPosted on: 22nd February 2017 By Alisson
If you are looking to sell silver coins in New Zealand, you are in luck. There is a consistent demand for this precious metal across the country and the rest of the world. Let’s delve into the details of selling silver coins to help you get top dollar for your precious metals.
Selling Silver for Cash
Turning silver into cash is not as straightforward as most assume. You have the precious metal in your hands, be it in the form of scrap silver, sterling, bars or coins. The question is how to obtain the best possible price. Furthermore, you want to make prudent use of your time. If it takes you weeks or months to find the right price, you will have wasted valuable time. Do not lose sight of the opportunity cost involved with selling silver as well as every other endeavour in life. The time you invest in finding just the right price has a cost in and of itself. Perhaps you need quick cash for a car purchase, car repair, home repair or other matter. Wait too long to pinpoint the perfect offer and your life might suffer in other aspects. In the end, no one wants their time to be wasted. After all, time is money. Here is exactly what you should consider when attempting to sell your silver for a fair price without delay.
Understand What You Have
Do not sell to the first prospective buyer. Though you might be in a rush and need cash quickly, you will do yourself a disservice if you do not get an accurate gauge on what you actually have. Invest the time necessary to determine the true value of your silver coins or other silver pieces. Pay attention to the spot price of silver in the days leading up to your sale and on the actual day of the sale. Pinpoint the type of silver you have and get an accurate gauge of its portion.
Bars, Rounds and Scrap
This style of silver is .999 fine silver. However, it does not carry as high of a premium as silver bullion coins. In most instances, this style of silver will sell for melt value or spot value. Melt value means if one has 15 ounces of bars, rounds or scrap silver, he will receive 10 ounces of silver’s “spot price”.
Flatware or Sterling Silver
Sterling silver is defined as silver alloy with 92.5 percent silver. The remaining 7.5 percent is another metal like copper. This style of silver has a storied history in an array of countries where it was used as cutlery or dishware. It is identified with its 925 mark or trademark along the metal. Such silver will yield melt value unless it is a highly coveted vintage sterling piece or a rare antique.
Bullion coins produced from government mints with .999 fine silver typically yield a premium over silver’s spot price. As an example, when one purchases American Silver Eagle bullion coins, they usually sell at $2 or $3 above the spot price. However, when one sells these bullion coins back to the dealer, the premium over the spot price might be a dollar or $1.50.
A Word About Junk Silver
Junk silver is a term for United States coins created before 1965 that are made of 90 percent silver. Dollars, half-dollars, quarters and dimes are a part of this category. Preppers tend to acquire junk silver in bulk. If you have junk silver, you should expect melt value or slightly below melt value.
Rare Silver Coins and Silver Collectibles
One who has a graded/slabbed silver coin or was provided with a silver coin collection from family members or an estate could have quite the valuable collection. If any of these coins or collectibles are considered rare or numismatic, they might fetch quite an attractive sales price. The exact premium will hinge on the silver’s quality, age, coin strike and rarity. If you suspect you have rare silver coins or silver collectibles, be sure to have them appraised by a few professionals before attempting to sell them. You just might find they are worth much more than you originally anticipated.
Gold Smart Wants Your Silver and Other Precious Metals
Gold Smart is the fully licensed and trustworthy precious metals buyer you have been looking for. Do business with our precious metals buyers and you will receive top dollar for your silver. We are also interested in buying gold, platinum and other pieces made of precious metals. Contact us today to schedule an appointment for a free appraisal. You will find our team is friendly, helpful and as fair as it gets when it comes to precious metal pricing.