Is this a good time to sell silver coins?

[G-Mac]

I really don't follow the gold/silver markets. I know that gold is way up right now and lots of places around here are trying to buy it...jewelry stores, pawn shops, companies that set up temporary shop in local hotel rooms, etc.

I've got some silver coins...mostly one ounce commemorative type stuff, some old U.S. coins...silver dollars, etc.

Just wondering if now is a good time to sell and also how do you get the most for it...in other words, who would you sell it to?

Thanks.

 

[Old 44 Guy]

I don't know if this is the time to sell silver. I'm holding onto mine.

 

[crsides]

It's as good as any. Gold is $1800 last week and silver is bouncing between $37 and $42. There's always people buying and selling. The sellers think it is not going any higher and the buyers think it's going straight up. If your ahead at $39/oz and want to sell, sell it. bottom line, nobody knows.

 

[CigarGuy]

A little off subject but not too far, I hope. Been thinking the same thing........
Are "silver dollars" an ounce of silver? Maybe before a certain date? Just wondering if they are now being priced on their weight and not their (lack of) availability?

 

[Raider]

I have a few silver coins. They aren't eating anything and prices are going up. I'd wait until I really needed the money.

Charlie

 

[cowart]

Are "silver dollars" an ounce of silver? Maybe before a certain date?

Silver dollars made between 1921 - 1935 contains 90% silver, 10% copper, and weigh 26.73 grams.

Note that when people talk about the price of gold and silver in ounces, they are talking about TROY ounces, which are not the same as regular Avoirdupois Ounces.

A troy ounce weighs 31.1 grams. A metric ounce weighs 28.3 grams.

 

[cowart]

I've got some silver coins...mostly one ounce commemorative type stuff, some old U.S. coins...silver dollars, etc.

Just wondering if now is a good time to sell and also how do you get the most for it...in other words, who would you sell it to?

Old US silver coins are pretty much always worth more for their numismatic value than their melt value. Two almost identical coins can have wildly different values based on the date and mint mark. You can look up the values on the net.

To sell them quickly, take them to a well established coin dealer. To get the maximum price, look up the value on the net, and advertise them on Ebay for that price, plus or minus your best guess.

 

[Moonman]

G-Mac,
Don't sell to the TV people or hotel setup dealers. Do some research and try the E-bay sales deal.
The metals market is definitely establishing a BUBBLE and it will burst too, just like housing in recent times and the metals market did back in 1980. I know people still holding $50 silver from back in that time-frame.

 

[roundgunner]

I have a bucket of recovered silver halide from our photo printer. Someone told me that is very good silver but the last time I sent it in I got no money for it. They said they never got it.

Any body know a trustworthy business?

 

[gunlovingirl]

I'd say old silver coins such as silver dollars, no. Hold on to them. Bullion items, such as rounds and bars, yes.

 

[Andy Griffith]

Old US silver coins are pretty much always worth more for their numismatic value than their melt value. Two almost identical coins can have wildly different values based on the date and mint mark. You can look up the values on the net.

To sell them quickly, take them to a well established coin dealer. To get the maximum price, look up the value on the net, and advertise them on Ebay for that price, plus or minus your best guess.

I agree with this, but just because a "dealer" is old and well established doesn't mean he won't try to get one over on a seller. Seller beware!
Just as you would a gun dealer.

 

[Marshwheeling]

My brother and I just sold a 100 oz. bar that we had been holding for a lot of years. The price the day we sold it was $38-something. With whatever fees the broker raked off the top, we netted just over $3600.00. My half was nice to have just as I was getting ready to go to Sturgis.

 

[Stevens]

Unless you really need the money, or want to buy something that will appreciate in value more than the silver why trade good silver for bad dollars?
Steve W

 

[zercool]

Private sales for a fair price or an auction on ebay are your best bet; a dealer will pay you wholesale so he can keep the lights on.

I tend to agree with the "good silver/bad dollars" comment above. That said, if you want to move something, please drop me a note. ;-)

 

[Moonman]

Good Question, but bad dollars are better than "Getting Caught Holding The Old Maid" if and when (which it eventually will) the Bubble Price Bursts.

 

[LoadedRound]

A good place to set a value for coins is
Silver Coin Melt Values - Coinflation.com (Updated Daily)

I sold my coinage when the price was around the $45 mark. Around May best I can remember. At the time the local coin shop was paying melt value minus 10% and selling at melt. I found an individual that gave me melt minus 3%. His shop had been charging him melt plus 3%. I worked out well for both of us.

Keep in mind that physical silver can be hard to sell in a falling market.

 

[Moonman]

Back before 1980 when I was in college a young lady in one of my classes was in a quandary as she was also a silversmith. The lady had 5000 ounces of silver and silver went $50 thanks to the Hunt brothers trying to corner the market.

Young lady, college student, 5000 ounces times $50= $250,000 over 30 years ago.

I really don't know what she eventually did, cash in, stay a student and a silversmith, whatever?

That bubble burst, but she needed silver to stay a smith if that's what she decided to do.