Buying And Selling Silver 101

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Buying And Selling Silver 101

22 February 2019
 Categories: Finance & Money, Blog

Buying precious metals is a great way to set aside something for a rainy day or in the event of a major catastrophe that threatens the banking system as it is currently known. Silver is a good place for beginners to start as it is far more affordable than gold. Here is what you should know.

What Forms Does Silver Come In?

Up until the early-to-mid-1960s, American coins were made from 90 percent silver. There are still a lot of these coins in circulation. They are referred to as "junk" silver as they aren't pure. They must be melted down to separate the silver from the other impure metals. As the coins aren't particularly old or otherwise unique, they don't have much additional value to numismatists, or coin collectors. Sterling silver and flatware are other options that aren't pure, but they still have melt value. These items also have value to the prepper as they can be sold or traded as needed.

Silver bouillon coins come either from the government mint, such as American silver eagles, or a private minter that tends to deal in new collectible coins. The other option is bars, which are preferred by those who simply want to stockpile silver. They come in different weights.

Where Is The Best Place To Buy Or Sell Silver?

You have several options, but some are better than other, depending on whether you are buying or selling, and what specific form the silver is in.

  • Neighborhood Coin Shop—A silver coin shop is the best place to sell any junk silver coins you may have laying around. It's quick, easy, and you'll leave with cold, hard cash. A neighborhood coin shop is also going to naturally be the best bet for coin collectors looking to add to their collection, but their goals are generally different than those of the serious prepper or investor. Additionally, coins shops usually sell various weights of silver bars and bouillon.
  • Pawn Shop—While coin shops are usually only found in larger cities, almost every town has a pawn shop, which makes it a convenient option when you need to sell fast. Don't expect to get the best price for a rare coin, however. Stick to selling silver for its melt value at pawn shops.
  • Coin Shows—Coin shows are a great option for not only selling your silver coins but purchasing new coins as well as silver bars and bouillon.