If you stack silver bars, there may come a time when you need to sell some of them. You’ll want to get the best price and close the transaction as quickly as possible. Here are five options that you can use to sell your silver bars:
Local Coin Dealer
One of the fastest ways to sell your silver bars is by using a local coin dealer. It’s convenient and you won’t have to wait around for a check to come through the mail. Also, coin shop owners will typically offer a decent price for the precious metals you have to sell. Since it’s a face-to-face dealing, you may want to try negotiating the price with the dealer. Do some research and make sure that you know the current spot price of silver so that you can get the best deal possible.
Pawn Shop
Most metropolitan areas have a pawn shop. These establishments are well-versed in buying and selling precious metals. Like a local coin dealer, you have the ability to receive instant cash for your silver bars. The disadvantage of using a pawn shop is that they usually pay less than a coin dealer.
Local or Regional Coin Shows
Coin shows have participants who are willing to sell and purchase collectible coins and other types of bullion. If you have a coin show coming up in your area, it’s one other way that you can unload your silver bars. While these shows are geared more towards buying collectible coins, gold or silver bullion, dealers and other participants will usually be willing to purchase silver from you as well.
Using Online Silver Dealers
A fourth way to get cash for your silver is by using an online precious metals dealer. Typically, there are a number of dealers to choose from. Most have reviews so that you can see how they fared with previous customers. An advantage of using an online dealer is that they are used to buying and selling large quantities of silver. Unfortunately, you will have to wait a certain amount of time for a check to be delivered back to you. Also, while you may get a good price for your silver, it will not be a private transaction as online metals dealers electronically stamp and record these type of sales.
Auction Sites
An online auction site such as eBay is another place where you can sell your silver. They specialize in handling online commerce and have thousands of listings where customers can find silver bars, coins and other items made from precious metals. One of the disadvantages of using an online auction company is that fees are equal to as much as 10 to 13 percent of the profit. However, if you are willing to wait for just the right price, you can sometimes sell your silver at a higher value to cover that cost.
One of these options should work for you. You will have to determine your priorities and consider the advantages and disadvantages of each choice.
Jim Treebold is a North Carolina based writer. He lives by the mantra of “Learn 1 new thing each day”! Jim loves to write, read, pedal around on his electric bike and dream of big things. Drop him a line if you like his writing, he loves hearing from his readers!