When Selling Silver Coins, You Are Sure To Get Your Money’s Worth

[silver coins]

The value of silver has been steadily rising over the last five to ten years, and many investors have turned to silver coins as a way of buying the precious metal. Silver coins have been a good investment for many years and are valued not only for their precious metal, but also for their small size, portability, and ease of sale.

While silver coins are easy to liquidate, the timing may or may not be right for a particular investor to start selling silver coins. In order to get the best return on an investment in coins, an owner needs to educate himself on a few key points before he starts selling off his collection.

Many people get caught up with the various bullish factors and the options for investing in silver. For a great way to get started now selling silver coins, download our Free Guide To Investing In Silver Coins

Know The Value Of A Silver Dollar

Before any collector starts selling silver coins, he should know what it is that he has. There are always stories circulating about rare and valuable coins turning up in garage sales or sold off with a bulk lot of junk coinage. Some sellers are their own worst enemy.

[silver coins]

A seller should check his bulk lots for any coins that may be of a higher value before selling them. A few factors contribute to the value of a coin.

  • Rarity or scarcity
  • Condition
  • Date
  • A particularly scarce coin may fetch a much higher price if sold on its own rather than as part of a bulk bag of junk coins. A 1921 Morgan Silver Dollar, for instance, is a very desirable coin among collectors. Because it is rare, it would be worth more than a similar coin of the same weight and size, even it was of a similar age.

    Along with rarity, condition plays a part in the value of coins. Even junk coins hold a higher value if they are in excellent or mint condition. This is because less of the silver has been lost to wear and tear.

    Certain dates also make an individual coin more valuable than others. A little time spent online or in a local library can mean a lot of money in the bank.

    How To Start Selling Silver Coins

    There are several ways to begin selling silver coins and, again, a little research will help a seller find and choose the best method for his own collection. There are pros and cons to each of these methods.

    [silver coins]

    Personal Selling: This method offers the seller the most control over the sale. However, it also is the least safe and most difficult. A seller must do all the legwork himself, getting the coins appraised, finding an interested party, waiting on payments to clear and so forth.

    Selling to a dealer: This is much safer than selling to an individual. You can check out dealers through referrals, trade associations, and the Better Business Bureau. But keep in mind, dealers will buy only at wholesale prices, not retail, in order to make a profit and stay in business. It’s not a rip-off; it’s just how a business is run.

    Public Auction: For selling very valuable coins, a public auction is a great choice. The drawbacks are the fees involved and the fact that most auction houses only consign items of a particular value or higher.

    Online auctions: For a private seller, online auctions are a fast, easy, and low-fee way to sell coins. The seller determines the parameters of the sale and the desired price. The final price can be unpredictable, though, particularly if bidding is slow.

    Online auction tips

    The best thing a seller can do to improve their online auctions when selling silver coins is to take excellent, clear, close-up photos and lots of them. Buyers will want to see what they are getting and they will not trust blurry pictures, even if the description is great.

    Many people get caught up with the various bullish factors and the options for investing in silver. For a great way to get started now selling silver coins, download our Free Guide To Investing In Silver Coins

    Investing For The Long Run

    As with any investment, time is an ally for the value of silver coins. Even as the economy wavers, the price of silver has remained fairly steady and is likely to continue to rise. Coin owners should carefully weigh their options and do their homework before selling silver coins.

    To get started on your research for selling silver coins, click here.

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