Getting the Best Price
Wait for the market price to rise before selling your silver. Silver is an extremely volatile investment, especially when compared to gold and other precious metals. If you really want to get the most money for your silver, wait until the market peaks and sell your silver before it starts to fall as everyone gets excited about selling their silver. As an investment, silver moves up and down quite frequently, so hold on to it if the price isn’t right when you’re selling.Tip: It can be hard to predict whether the market is peaking or not, and it can often take a few days to sell your silver. Selling after the market price surpasses the price that you paid is a good way to ensure that you don’t lose out. Don’t get nervous if this takes some time, though. Some people hold on to silver bars for decades before selling them. The reverse is equally true. The best time to buy more silver and add to your position is when the market is bottoming out as everyone sells out of panic. To check the market value of silver, visit https://silverprice.org/silver-price-chart.html.
Avoid cleaning your silver to maintain its value. Like gold, silver retains its value so long as it hasn’t been cleaned with abrasives, vinegar, lemon juice, or some other abrasive tool or chemical. Even if your bar is looking a little dusty, it’s better to simply leave your silver the way it is if you want to fetch the best price. If you do want to get tarnished silver bars cleaned, take them to a coin collector, not a jewelry store. Jewelry stores are more likely to use chemicals that are bad for the silver. The cost of a proper cleaning typically outweighs the value added to your silver, though.
Keep the protective case or wrapping on the bar. If your silver bar came in a plastic wrapper or hard case, don’t take it out. While you won’t directly diminish the value of the silver bar by touching it, there simply isn’t any real reason to take it out. If you leave fingerprints or residue on it, you’ll have a harder time selling it. Silver bars typically come in thin, plastic wrapping. The hard cases tend to be better at protecting silver bars, though. You can purchase these cases from coin dealers or online. If you do handle your silver bars, put on a pair fabric or rubber gloves to avoid leaving marks on the silver.
Get your collection appraised to identify rare assets. If you have a variety of silver bars that you’ve accumulated over the years, take them to a silver or gold appraisal service and have them inspected. The appraiser will be able to determine if you have anything especially rare, like a minted bar by a famous manufacturer that is no longer in business. Sell particularly rare bars privately and separately from the rest of your silver to get the highest value possible. Silver coins tend to have more diversity in terms of pricing than bars do. Cast silver refers to bars that are made using a mold. A minted bar is made the same way that a coin is—there are multiple steps that involve striking the bar. Since minted bars require more work, there is more diversity among the way that they are priced.
Finding a Private Buyer
Post an advertisement on eBay to get the best price. Without a doubt, eBay is the most popular choice for selling silver to a private buyer. Create an eBay account, take a photo of your silver bar, and list it on your profile. Set your price by checking the market value of silver at the time while considering the amount of similar bars on the marketplace. Wait for someone to purchase your silver for the purchasing price or auction it off to get as close to the market value as possible.Tip: You are rarely going to get 100% of the market value for your silver. This is because collectors and investors tend to only buy silver when it is underpriced. In gold and silver investment, the market value at any given time is often referred to as the “point price.” If the market price for your bar is $105, but there are 20 other sellers competing with you, you may need to lower your price to $85-95 to encourage people to buy your specific bar.
Find an auction house to sell large collections to the general public. If you have a large collection of older silver bars that you’re trying to sell quickly, contact an auction house in your area. The auction house will take a percentage of the purchase, but you may make that money up in a highly-competitive auction. This is a great option if you want to liquidate your investment quickly and you have a large collection of unique bars. Auction houses typically take 25-30% of the purchase in fees. If the audience at the auction isn’t all that interested in your silver, you may end up selling your coins for less than market value. There are online auctions for precious metals as well. However, they tend to be unpopular among most coin and bar enthusiasts because it’s difficult to get close to the market value on these sites.
List an ad on social media to sell unique or rare bars. Another way to appeal to private buyers is to find a social media group dedicated to buying and selling gold and silver. These groups are commonly found on Facebook. Find a group by searching online and take a photo of your silver. Post an ad in the group with your asking price and a description of the bars that you have. Once a buyer agrees to your price, contact them privately to work out the shipping and payment method. When you ship your silver bars, pay a little extra to get the tracking added. If anyone tries to claim that you never sent them your silver, you’ll have definitive proof that they’re trying to scam you.
Selling Your Silver to a Shop
Contact a broker online to sell your silver quickly. There are plenty of online brokers that deal in silver bars. Search online to find a reputable silver dealer and click the “Sell to Us” link on their homepage. Then, follow the broker’s instructions on how to sell your silver. Typically, you will take photos and the broker will send you back an offer. If you accept their offer, ship them the bars. They will pay you electronically or send you a check to buy your bars. You are going to make less money selling to a shop or broker than you are selling to a private buyer. However, a shop is going to be easier to work with and you won’t need to worry about fickle buyers or scams. Popular online brokers include JM Bullion (https://www.jmbullion.com/) and SD Bullion (https://sdbullion.com/).
Visit a shop in your area to get an in-person quote. Any shop that buys and sells coins will purchase your silver bars. Search online to find a coin or precious metal shop in your area and call them to confirm that they buy silver bars. Take your bars to the shop and allow the clerk at the store to inspect your collection to come up with an offer.Tip: Feel free to negotiate the price if you’d like. While you’re never going to get 100% of the market value, you may be able to get the price shifted from 75% to 85% of the point price. If you go this route and want to make sure that you aren’t getting ripped off, get quotes at 3-4 shops before choosing 1 to sell to.
Find a scrap dealer that buys damaged or junk bars. Junk silver refers to coins that are minted after 1965, bars that are less than 99.9% pure, and silver that is damaged or has been cleaned. Most shops will not purchase junk silver, so look online to find a scrap dealer near you. Take your silver to the shop and sell your invaluable collection of silver bars in bulk. Don’t be surprised if your junk silver only fetches 25-50% of the market value of silver. Junk silver doesn’t tend to go up and down in value as dramatically as the rest of silver market does, so it isn’t really worth holding unless you’re making a long-term investment. Refineries will often purchase junk silver.
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