Hi All!!! I was wondering if the spot price for silver shown on Silver Coin Calculator is what you should get for your coins. The same guy at the Coin Show appraising outfit said that an individual couldnt get spot price for Silver, that only big bulk silver could get that price. Anybody ever sell any coins for the worth of silver?
A dealer needs to make a profit and is always going to pay as little as possible for your silver. Try selling your coins on Ebay. Most silver coins sell on Ebay for well above their melt value. Also, before you sell anything you should buy a book and learn a little about how to grade and value coins.
Presently, physical silver is generally selling for more than spot in auction markets with multiple buyers and sellers [like Ebay], although a dealer buying from you will try to talk you down if he can. It's how he makes a living, but isn't necessarily the best you can do. The spot price is set in the futures market and recently has become somewhat disconnected from the real world. This could change very quickly.
Selling siver in any condition is not a good idea right now. It's the lowest it's been in maybe 5 years. Silver is going up and up. Stand by for the rest to catch up. I do use the silver market to price or value my own collection being either 10 times face, 12 times face or whatever. But to sell, nope. I'll sell 'em for a combo red book and silver value (10 times face or whatever) divided by 2. But even then, if I feel the value is too low, maybe the silver market is too low, so I'll hold out. Only sell if you need the money. Coins will continue to increase in value. Juss gotta be patient.
