Do you have silver and your are wondering what the best way to sell silver is? This is a question you should ask right at the beginning when you buy or inherit some items made from this precious metal. There are a couple of factors you need to consider. Here are some of the factors that you should consider:
- Find the Right Buyer
The first important question that you should get an answer to is: “who is the best person to sell my silver to”.
You should be able to trust the buyer you are selling your silver to. There are some shady dealers that will offer you a price that is way less than what it is really worth.
If you are not confident or don’t like the price you are being offered then, can you leave and return later when silver is doing better in the commodities market? What if you want cash for a short period but aren’t quite sure you want to part with the silver.
To be confident you need to know what your silver is worth. This means finding out how silver buyers do their calculations. Find out what is a reasonable price.
Research the buyer you are trying to sell silver to. Do they have a verifiable physical premises. Check with the Better Business Bureau (BBB), Trustpilot and other consumer websites. Ask around. A gold buyer that has been around for a while will most likely have an extensive reputation.
- Know the silver that buyers love to buy
When you have decided to sell your silver, you should consider the type of silver that is acceptable in the market. Generally, precious metal buyers accept specific products more than others. You should find out what your chosen buyer prefers more bullion, collectible coins, silver bars, etc.
- If it’s silver bullion here are some products that most people are willing to buy
- American Eagle Coins created by the U.S Mint. These have been in circulation since 1986.
- Buffalo Coins created by the U.S mint in 2006, commemorates the Native American native tribes as well as the Buffalo.
- European coins have been around from 1880 to 1930. These include coins minted in Britain, France, Italy, Australia, Switzerland and others. These aren’t just bullion coins but collectible coins. Dealers accept the likes of Australian Gold Kangaroo, Canadian Maple Leaf, South African Krugerrand, Austrian Philhamornic.
You can also sell silver bars. Silver bullion bars are made from the highest purity but they cost less to buy that gold buyers and the spot price is low because they are minted by government mints.
Gold bars come with a stamp that shows the fineness, weight, weight and serial number for security. They sell well.
When you sell your silver jewellery, you cannot get the same amount as the resale value of the jewellery. Silver often contain alloys affects the purity of the silver jewellery. A refinery will melt the silver and then refne the silver to remove impurities and produce coins, bars and rounds.