Selling silver junk coins is an easy way to get involved in the precious metals market with only a small amount of initial investment. “Junk silver” coins are those that do not contain as much as pure silver bullion coins, which typically contain at least 99% silver. Even if they do not contain quite a high amount of silver as bullion coins, these junk silver coins still contain anywhere from 40%-90% silver, which means that in bulk, they are still a very viable investment capable of turning a profit if bought and sold at the appropriate times. Selling junk silver coins requires that the investor pay attention to different market indicators; the investor needs to pay attention to the going rate for silver on the open market on any given day, rather than looking to the historical value or rarity of the coins themselves.
But let’s get back to the basics. First, ask yourself how many of these coins do you have? You might be a novice when it comes to selling junk silver coins, so that initial number might not be too high. This should not give you too much reason for concern–there are reliable coin dealers who are willing to work with you, whatever the amount of coins is, at however small the price may seem.
Earlier, we started to go over the mechanics of how you can start selling silver junk coins for profit. Let’s go into a little more detail here to help clarify the process. You sell junk silver coins based on their pure silver metal content. Going into this with the right information will help you to understand the amount of profit that could possibly be gained. For example, certain junk silver dimes have 0.07234 ounces of silver per coin, select half dollars have 0.36169 ounces of silver per coin, and the biggest hitters are a couple silver dollars weighing in at 0.77344 ounces of pure silver per coin. In comparison, silver bullion coins typically are composed of at least 99% silver, which is equivalent to roughly 1 troy ounce of silver.
Once you know this number, you will only need to multiply the spot price of silver by the total silver content in your coin to get the idea of the price for selling junk silver coins. Obviously, you cannot expect buyers to pay you this exact number because of their own concerns over making a decent profit, but most good coin dealers, and buyers should pay you a competitive amount that is reasonably close to the actual price. Approximately 80% of the price is a reasonable expectation
If you decide that this will be more than a one-time transaction, that you get bitten by the precious metals bug, you can start developing a system of knowing when to buy and when to sell. You can start pondering the different amounts of investments available to you. In their inventories, coin dealers usually have different junk silver bags in stock, varying both in denomination and bag value, ranging anywhere from a $100 bag of dimes to a $1000 bag of silver dollars. As before, the total silver content of the coins themselves determines the price of the bag, in terms of both buying and selling. Make sure you keep up-to-date with the spot price of silver and how it might trend in the future so that you are able to turn the greatest amount of profit. Some even relatively minor changes in the spot price of silver can result in hundreds of dollars of profit, but it is also important to remember that the initial capital investment in those cases may be greater.
Find a reliable dealer so you can buy and sell when necessary. Try to get multiple quotes from silver coin dealers to see which dealer might be able to work best with you. It also doesn’t hurt to see if a dealer can offer free appraisals for your junk silver coins as well.
Selling junk silver coins is an easy way to get involved in the exciting world of precious metals investments. Take the first step–find a trustworthy and reliable coin dealer who will be able to help you start down the road to profit.
Want to find out more about selling junk silver coins, then visit Atlanta Gold and Coin Buyers’ site on how to choose the best silver coin dealers when you sell junk silver coins.
