Selling Silver Coins for Melt Value
Silver coins remind us of the Victorian era and the era when the blue blood used to dominate world affairs, as depicted in so many films! Now, although we do not use silver coins as a way to buy things, they are still an item we like to collect as an investment as well as a memento. Numismatists do collect these coins as a hobby, and to add a unique touch to their coin collection.
However, some people look at it more with an investment perspective; it is instant money when you sell them. To sell them for what the coins in your possession are worth, you need to know about the melt value and face value of silver. If at all you were thinking of selling silver coins for melt value, allow the following text to elaborate about that.
Knowing the Melt Value of Your Coins
Before you get your silver coins appraised, you will need to gather all the information (the type, the name, metal content, mint year, and so on) you can on the coins you possess. Then, for understanding the melt value of those coins, you can research on the Internet or in books (Comprehensive U.S. Silver Dollar Encyclopedia) too. There are US government websites available on the Internet that give related information. Apart from the melt value, there are two other values for a silver coin – intrinsic value and face value.
All of these are determined by the primary silver price. For instance, if you have Kennedy or Franklin Half Dollars, their melt value is $10.52, as of December 2011. Roosevelt Dimes, on the other hand, are $2.10. Getting the grip of the melt value of silver coins prior to selling the coins then becomes crucial. If you know a numismatist, get a verdict on the coins you have, which will give you an idea as to where do your coins stand in the silver market.
Selling the Silver Coins
Half your job is done when you dig out the information on the coins in your possession. Now, we take a look at actually how to sell silver coins.
Getting an appraisal done of your silver coins akin to gold coins is the primary requirement for selling them for melt value. You have already taken a numismatist’s opinion. Now, it is time to hit the real market. An appraisal and evaluation are done by an authorized coin dealer, preferably, a member of American Numismatic Association at Money.org, is advisable, as it will help you in listing the best possible price.
Explore and research the best place to sell silver coins. It need not necessarily be a coin dealer, which has its own set of advantages and disadvantages. Scrap dealers too can prove to be lucrative regarding selling coins for melt value. The biggest advantage here is that these pay as per the market melt value, which is the value that the market pays for silver at present. A considerable transaction fee and the shipping fee is a bit of a concern with these shops though. Another point is that, in case the coins are old, antique, and rare, it is the coin dealer that will consider it, and not the scrap dealer.
Selling silver coins for cash can never be easier than selling them through an auction. You might get lucky and even get a good price for your coins, either through online auctions like eBay or actual auctions. The demand of collectors, as well as the condition of the coin, are important aspects of putting the coins for auction. There can be a disparity in the prices and it can vary a lot, which is the only issue with auctions. In order to avoid this, a good idea is to ensure that the starting bid is as close as possible to the market value of silver. Remember the adage, a coin is only worth what someone will pay for it.
Selling silver coins for melt value is, thus, quite an interesting and lucrative prospect too, provided that you do the requisite homework prior to taking them to the market. The rarer and lesser circulated silver coins you have in your kitty, the upper an edge you will have.