Get Cash for Your Silvers: The Easy Guide

You might have a few silver coins you want cashed in. For others, it would be silver bars or jewelry. It does not matter the project you want to finance—a car down payment, paying for a milestone event, or even as part payment of another precious metal like gold—silver can finance them all.

Selling silver is not easier than ever, with online dealers all over the place. Although a number of online dealers are scammers, there are genuine coin dealers who would purchase your coins for a decent price. How do I go about it, you ask? 

Here is how.

Organize Your Silver Pieces

Before you can generate any cash for silver in Rochester MI, you need to first separate the silver pieces at your disposal. Evaluating your portfolio will help you group similar silver classifications together and assign them the right valuation. Classification of silver pieces also helps in general coin organization and accessibility.

Here is how you classify your silver pieces:

• Silver bars: Silver bars are known to be rectangular, mostly with a defined weight and size. They have marks that explain their country/place of origin, the name of the manufacturer, purity levels, and serial number. Silver bars have a silver composition of about 99.9%.
• Silver coins: The silver coins from the government mints are considered legal tenders, which makes them desirable to coin dealers. Such coins include American Silver Eagles and Canadian Silver Maple Leaf Coins, among others.
• Numismatic silver coins: These silver coins are quite rare, and they are always worth more than their face value. Most people have inherited them from loved ones or bought them at a premium price at a coin shop. Numismatic coins include the Morgan silver dollar, among others.
• Silver jewelry: Expensive silver jewelry is made of 925 silver. These pieces are worth the most and are specifically aimed at a certain group of people. 

Find a Reputable Dealer

Always work with a reputable dealer to avoid any frustration in either the selling or buying process. The dealer must not only have a clear and simple transaction system but also a great customer service department to handle any query.

Assess The Value of Your Silver

Before any dealer gives you their valuation, you need to have ascertained your silver's value beforehand. You can buy an XRF Spectrometer, which will determine the silver's purity. With pure silver, you can have more confidence when setting a high price for it.

Be Ready to Receive the Offer Price

The buyers will also make you an offer based on the XRF testing results. As you can imagine, the offer will not necessarily match the price you want. If your silver is not well refined, the buyer might charge you an extra amount for refinement. 

Be Ready to Walk Away

The value of any seller is determined by their ability to walk away. If the price is not right. Be ready to leave the table.

For example, the buyers might offer you a price for a silver coin, yet you have a numismatic coin. Although the sellers will try to explain how they arrived at their evaluation, you do not have to agree with the valuation. The desire to make cash for silver in Rochester MI, should not make you sell short your precious coins.

Get Cash for Your Silver Pieces

It is now time to make some cash. You have agreed on the prices, the valuation seems fair, and you do not have any problem with the buyer’s mode of payment. By all means, sell your silver pieces.

When selecting a payment method, you might have to choose a different mode than cash. Some cons are quite valuable, and carrying such a huge amount in your pocket might be risky. Again, you do not know who is looking!

Some investors re-invest the money by buying gold, depending on the underlying valuation. Whichever way you want to go, ensure that your money is safe.

Conclusion

There you have it. The above steps are easy to follow and should give you an advantage. Ensure you apply due diligence at every stage to avoid any risk of financial loss. 

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