The thought of selling their silver is not a pleasant one for most people as this precious heavy metal is a widely recognized standard of value, most suitable as a savings vessel. Besides, we tend to develop an emotional attachment to silver objects, especially silver coins. When you see collectors demonstrating their stack of silver bars and coins, you think that they will never sell silver, whatever the circumstances.
If, however, you decide to sell some of your silver in a time of need or, better yet, to improve your portfolio, it is important to know the current value of your silver pieces as well as the specifics of the silver market: before you bring your sterling flatware, silver bars or coins to a scrap silver dealer’s counter, you should know exactly what they are worth, and be certain you are getting a fair price in exchange.
Sell silver bars
The silver market is a dynamic market and silver prices change daily and usually show increased volatility compared to gold prices. The spot price of silver is measured in US dollars per troy ounce, but in the case of the white metal it is useful to know the spot price per gram, as kilo bars are very popular. You will easily find price charts on the Internet in all major currencies per oz. or per gram or kilo, so if you are selling silver bars, step 1 is not hard at all.
Bullion bars represent one of the most cost effective ways of purchasing physical precious metals. Nevertheless when you buy silver bars (official or generic) you always pay a small premium for refining, depending on the manufacturer and the size of the bar; when you sell your bars however, you should expect no more than spot price at best, as most dealers try to make a profit from the transaction.
Bullion bars produced by internationally recognised mints (such as Heraeus or the Perth Mint) are stamped with brand marks, followed by certificates, and sometimes include a serial number, therefore they can always be traded internationally without the need for assay. Still, paid cash at spot price is the best you can do.
Sell silver coins
Government mint-issued silver bullion coins are most popular with investors both for their portability and international tradability. Due to their small size and high manufacturing cost, silver bullion coins sell for a relatively larger premium, but their market value exceeds that of a a lump of raw silver as many issues carry a certain numismatic value.
The value of a silver bullion coin varies depending on its rarity, demand, condition and the number originally minted. And if you think that a bullion coin is by definition not rare, consider that China has raised silver Panda mintages from 600,000 to 8 million just in the last six years, and still it is doubtful if 2014 silver Pandas will meet demand.
Many reputable dealers, such as coininvest.com offer amazing buy back prices for silver bullion coins, always adding a little extra to spot price.