How to Sell Silver
Want to sell your assorted silver but do not know how to start? This will help you get the most value when you sell silver coins, bullion, junk, or scrap silver.
To start selling them at the best value possible, we should be able to identify these different silver pieces and separate them accordingly as they have different values.
It is a fact that among the precious metals, silver may seem the lowest in value compared to gold, platinum, and palladium. Nevertheless, know your silver’s worth first – some rare coins can be worth millions of dollars!
Rare Silver Coins
If you have silver coins which are rare and have been way out of circulation, it is best you bring them to a shop that buys coins or to a coin show and have them appraised. Coin shows happen several times a year and you can search for their schedules online.
Have it checked for rarity and numismatic (collectible) value. Who knows it can make you a millionaire?!
Silver bullions are bars, coins, or rounds with high silver purity (99.9%) and are mainly for investment purposes. While they are solely valued for their fine silver content, some have numismatic value depending on rarity.
Silver Bars are produced by private refineries except by the Perth Mint of Australia and the Royal Canadian Mint.
These silver bars range from 1 gram to 5 kilograms, maybe more, and are either minted or poured into molds. Compared to legal tender bullion coins, silver bars are cheaper.
Silver Bullion Coins
What are silver bullion coins? They are 99.99% silver that is also legal tender. There are other bullion coins such as gold, platinum, and palladium.
This is the world’s most popular silver bullion coin, the American Eagle introduced in 1986.
The Canadian Silver Maple Leaf is another popular silver bullion coin introduced in 1988.
Aside from the purity of 99.9% silver, these silver bullion coins are 1 troy ounce (the unit of weight of precious metals) each. This makes tracking your inventory of silver bullion coins easier.
These coins are legal tender.
There are, however, larger bullion coins being minted for their collectible value as opposed to the silver content value. So if you have a 2,5, or 10 troy ounce bullion coin, up to 10-kilo bullion coins, you should sell them at numismatic value, not just the spot price of fine silver.
Silver rounds are like silver bars in round form. They are not legal tender and are more for commemorative pieces. They generally cost lower than their coin counterpart.
US Silver Coins (Pre – 1965)
US Silver coins before 1965 are 90% silver and the difference between the coins then is the silver weight in each.
|Silver Coin||Silver Weight in Grams||Silver Weight in Ounces|
|Dollar Coin||24.06 grams||0.77 ounce|
|Half Dollar||12.5 grams||0.36 ounce|
|Quarter||6.25 grams||0.22 ounce|
|Dime||2.25 grams||0.072 ounce|
Aside from the ones above, there are other coins that contain silver:
- A half dollar from 1965-70 is 40% silver
- 1942-45 war nickels are 35% silver
To compute how much is the worth of the silver content in your US coins, we first need to get the pure silver content, since they only contain 90% silver. Multiply the coin’s actual silver weight by 0.90 then by the current market price.
For a pre-1965 US Dollar coin which has 0.77 ounce of silver, multiply 0.77 by 0.90 then by today’s market price. If today’s silver price is $25/ounce, 0.77 x 0.90 x 25= $18.00 is the worth of your US Dollar coin.
Hence it goes without saying, if you have collected assorted coins, group them according to denomination.
After 1965, silver was removed from US coins (except for the half dollar fr 1965-70) due to the growing demand then.
Sterling silver has 92.5% purity, hence the computation is the weight of your items multiplied by 0.925 then multiplied by the current price.
Silver Price Chart
Below is a live chart to know the current price of silver. (Price is per ounce, not per gram):
Scrap Silver Calculator
This is another way you can calculate the value of various silver items according to purity and weight.
Please bear in mind that this is just the value of the item but when you take them to a buyer, such as a coin shop or pawn shop, you will get less than the estimate here, as with any business, they need to make a profit too.
Frequently Asked Questions
What is considered junk silver?
Junk silver is any silver coin that has no numismatic/collectible value and the value of which is the actual silver content. The pre-1965 US coins are considered junk because they are generally non-collectible and are valued for the silver content.
How much does silver sell for?
Compute the pure silver content of the item (% purity of silver x actual silver weight) multiplied by the current market price. This also depends on the quality of the item, for example, rare silver coins with collectible value can be worth thousands if not millions of dollars.
Is it a good time to sell silver?
As silver’s price is fluctuating, monitor the market and study the history of the market price. If you are getting rid of silver or any precious metals such as gold, platinum, or palladium for a good business idea, then it can be worth selling your precious metals.
How much silver can I sell without reporting?
The law requires you to report sales of 90% silver coins when it exceeds $1000. This also applies to any other precious metal such as gold, platinum, or palladium.
Where can I sell pure silver?
You can search online such as eBay or in your local jewelry store especially if you are selling in a hurry as you can be paid in cash quickly. Check prices online to get an idea. Wherever you decide to sell, look for buyers that have an established business and a proven track record.
Our team has the expertise to estimate the actual value of your items and offer a good price, guaranteed. We pride ourselves on stellar service which you can check through customer reviews. Contact us today!