One of the more popular forms of investment in silver is to sell junk silver coins. Whether you have many or just a few coins to sell, junk silver coins are more than guaranteed to earn you a decent amount. Provided that you are familiar with how the industry works, you should be able to sell junk silver coins and profit out of the transaction.
But first thing's first, how does one draw the line between junk silver coins and high value silver? The answer lies in the amount of silver contained in the coin. A good number of minted silver coins are made out of 99% silver. A few examples include the American and Canadian silver dollars. Contrast this with junk silver coins which are those made from 40% to 90% silver. While the lower amount of precious metal lowers the value of the coin a bit, those who sell junk silver coins to silver coin dealers actually manage to get decent prices for each transaction.
Each junk silver coin has a well documented amount of silver content for each mint year. For example, American junk silver dollars typically have 0.715 troy ounces of silver while Morgan and Peace junk silver dollars have 0.7736 troy ounces of silver. This silver amount is then used to determine the sale value for the coins based on the spot price for silver. Of course, because the coins aren't pure silver, many silver coin buyers will offer a slightly lower quote than the expected value but in all likelihood, the price would still be competitive enough to turn a profit.
Based on the silver in the coin, silver coin dealers can then make a realistic offer comparing this figure with the current spot price of silver in the market on any given day. One can expect though that the price quoted will be slightly lower based on condition of the coin and because the dealer will need to make a profit on the transaction. Still, you will be getting a good deal as long as you use this formula when you sell junk silver coins.
The price of junk silver coins is primarily determined by the spot price of silver, which is why it is important that you have a general idea of the price of silver before you make the decision to sell your junk silver coins in bulk. Other factors, such as the condition of the coins and the denomination of the coins that you're selling, may also have an impact on the price that you're quoted, but to a lesser extent than collectible coins, as silver coin dealers primarily purchase junk silver coins for the silver content as opposed to their appearance.
Consequently, with the popularity of silver investments, one must always be careful to do business with the right partners, as there are those who will seek to take advantage of those that sell junk silver coins. For this reason, the task of finding a reliable business partner and silver coin buyer must be given top priority. Do this through research, by talking to as many coin dealerships as possible, and by asking for quotes from multiple sources in order to get as high a price as possible.
In summary, when you sell junk silver coins, it's important to have a relatively good idea of the spot price of silver at the time, understand how that translates to the value of your coins, and only do business with highly reputable and honest silver coin dealers. Do your homework and study the trends. Even if you sell just once and liquidate your junk silver coins, it will be a good feeling to know that you're received the best possible price by following these guidelines.
But first thing's first, how does one draw the line between junk silver coins and high value silver? The answer lies in the amount of silver contained in the coin. A good number of minted silver coins are made out of 99% silver. A few examples include the American and Canadian silver dollars. Contrast this with junk silver coins which are those made from 40% to 90% silver. While the lower amount of precious metal lowers the value of the coin a bit, those who sell junk silver coins to silver coin dealers actually manage to get decent prices for each transaction.
Each junk silver coin has a well documented amount of silver content for each mint year. For example, American junk silver dollars typically have 0.715 troy ounces of silver while Morgan and Peace junk silver dollars have 0.7736 troy ounces of silver. This silver amount is then used to determine the sale value for the coins based on the spot price for silver. Of course, because the coins aren't pure silver, many silver coin buyers will offer a slightly lower quote than the expected value but in all likelihood, the price would still be competitive enough to turn a profit.
Based on the silver in the coin, silver coin dealers can then make a realistic offer comparing this figure with the current spot price of silver in the market on any given day. One can expect though that the price quoted will be slightly lower based on condition of the coin and because the dealer will need to make a profit on the transaction. Still, you will be getting a good deal as long as you use this formula when you sell junk silver coins.
The price of junk silver coins is primarily determined by the spot price of silver, which is why it is important that you have a general idea of the price of silver before you make the decision to sell your junk silver coins in bulk. Other factors, such as the condition of the coins and the denomination of the coins that you're selling, may also have an impact on the price that you're quoted, but to a lesser extent than collectible coins, as silver coin dealers primarily purchase junk silver coins for the silver content as opposed to their appearance.
Consequently, with the popularity of silver investments, one must always be careful to do business with the right partners, as there are those who will seek to take advantage of those that sell junk silver coins. For this reason, the task of finding a reliable business partner and silver coin buyer must be given top priority. Do this through research, by talking to as many coin dealerships as possible, and by asking for quotes from multiple sources in order to get as high a price as possible.
In summary, when you sell junk silver coins, it's important to have a relatively good idea of the spot price of silver at the time, understand how that translates to the value of your coins, and only do business with highly reputable and honest silver coin dealers. Do your homework and study the trends. Even if you sell just once and liquidate your junk silver coins, it will be a good feeling to know that you're received the best possible price by following these guidelines.
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Learn more about the best way tosell junk silver coins. Stop by Atlanta Gold and Coin Buyers' site where you can find out all about selling junk silver coins for the most cash.
