Silver is one of the best precious metals for storing wealth. It has many uses, including coins, jewelry, dental fillings, silverware and industrial products.
Since this commodity is extremely versatile, businesses and collectors are eager to buy your silver collection with cash. We’ve found the best places to sell your silver and maximize your profits.
Where To Sell Silver
There are several ways you can sell your silver when you need cash. The best option depends on the type of silver you want to sell.
1. Cash for Silver USA
Cash for Silver USA makes it easy to sell precious metals and diamonds online. You get free shipping, insurance and can receive payment within 24 hours of accepting the official appraisal.
How much you earn depends on the weight and purity of your items. In addition, the product can be in working or non-working condition since this factor doesn’t impact the appraisal value.
The service offers a price match guarantee, and they may increase their offer if a competitor provides a higher price with a similar assessment. If not, the company returns your items free of charge.
You can sell these silver items:
- Fine silver jewelry (.999 purity)
- Sterling silver jewelry (.925 purity)
- Silverware and flatware
- Dental scrap (i.e., crowns, bridges, etc.)
Since the silver you sell here will most likely be melted and be made into a new product, you may not receive top dollar for items with collectible value.
Despite the extra effort, consider selling your high-value items another way so you can make more money.
Additionally, this company can also be an excellent option for selling gold.
You may consider this platform if you don’t have local places to sell silver or you prefer the convenience of using an online vendor for an instant price quote.
Live auctions can be your best option for selling high-value silver.
Consider a silver auction for these items:
- Antique silver
- Bullion coins
- Fine jewelry
An auction can help you earn a higher price for collectible items instead of getting an instant buyback quote from a silver dealer.
While it’s possible to fetch a higher price for rare and high-demand items, an auction doesn’t guarantee you will earn more money.
Furthermore, the auction house can charge listing fees and a final sales commission.
If you aren’t sure which auction house to use, Sotheby’s is one of the best auction platforms for selling silver valuables as they have an international presence.
With Sotheby’s, a specialist can provide an estimate and recommend the best method for selling your collections.
3. Coin Shops
Local coin shops are one of the best places for selling silver coins and bars since these items have collectible value.
This option is convenient because you don’t have to mail your valuables and wait several days to receive an appraisal or payment.
Instead, you can get an instant inspection and purchase offer. You also won’t have to pay any shipping and insurance costs.
Coin shops will likely buy these items:
- Bullion: Coins that are also legal tender
- Rounds: Coins made of silver but are not legal tender
- Bars: Silver bars of various weights
Other vendors may only offer to buy your precious metals investments at scrap value, so you won’t make as much money.
The buyback process varies by shop. It’s also worth getting several quotes as the offers and selling minimums can vary.
4. Consignment Stores
Local consignment shops can help you sell silver jewelry and housewares for more than an instant buyback dealer. These stores can also help you sell unwanted clothing, sports equipment and other personal goods.
Most stores only pay you when an item sells. Keep in mind that the store might reduce the selling price after a specific number of days. In turn, this will reduce your profit potential.
There will also be a commission fee for each successful sale.
You should verify the store’s selling guidelines for the qualifying items and purity level. In most cases, your possessions must be in working order.
Some of the items you can sell here include:
- Fine silver
- Sterling silver
- Home decorations
Since you’re selling the item to another retail shopper, your selling price can be the current material value of the silver, any other precious metals or gems and the collectible value.
Consider eBay for selling silver with an online auction or fixed-price listing.
Some of the best-selling products include:
- Bullion and coins
You may be able to earn more than online dealers offer.
However, you will need to wait for a buyer to agree to your asking price. Also, eBay’s seller fees are between 12% and 15% of the final sales price.
You may also have to pay shipping fees if you offer free shipping to the buyer. The shipping fees can be high for bulky items and to insure your package.
It’s also possible to offer local pickup for nearby orders.
While eBay is one of the most popular online marketplaces, these eBay alternatives are worth trying as well.
Craigslist can connect you with local dealers and private collectors. It’s free to list your items, and you can schedule a meeting to make a sale.
You may find postings for people looking to buy your silver. Another option is listing the items you have for sale.
Make sure you provide a detailed description of your collection and include photos to attract more buyers.
Also, consider using Craigslist alternatives to reach more prospective buyers. Other platforms may have more activity for your local community.
You won’t pay any selling fees, but you will need to set aside time for a local meetup. As a result, you can make more money, and the buyer still pays a fair price.
One potential risk of selling on local buy and sell apps is the lack of seller protection. In addition, you might be transacting with a stranger, so it can be hard to verify their reputation.
7. Jewelry Stores
A jewelry store might be willing to buy fine silver and sterling silver jewelry in good condition with a high resale value.
Consider this option if your jewelry also has gold and gems. This way, you can receive payment for the value of these precious materials.
Some places may only compensate you for the silver value.
The buyback policies vary by store. Locally-owned jewelers may buy your collection with cash after an in-store jewelry appraisal.
National retailers such as Jared and Zales have you mail your items to a fulfillment center for an appraisal. Unfortunately, these big chains may only offer in-store credit as payment.
You can also try selling to online jewelry stores. These platforms can offer competitive appraisals.
8. Online Bullion Retailer
Another option to consider for selling silver coins and bars is online bullion dealers.
Online bullion sites will buy these silver types:
- Fine silver coins and bars (.999 purity)
- Junk silver (.900 purity or less)
- Silver rounds
- Licensed products
Silver bullion and bars from reputable producers can sell for the most money. Round coins that private mints publish as non-legal tender can sell for above the current spot price but have a lower bid price.
Most dealer websites list the current purchase price if you sell to them. You can also call a toll-free number if their website doesn’t include a product you want to sell.
You may consider getting quotes from online dealers selling silver dollars. Then, your collection can replenish its inventory as others buy silver.
9. Pawn Shops
Pawn shops can be more likely to buy jewelry and other silver products with a collectible value that does not meet the selling guidelines for jewelry stores and consignment shops.
You may also be able to sell silver currency at pawn shops.
Since pawn shops can offer lower payouts than other local dealers, you may consider other outlets first. Then, take your unsold items to a nearby broker to make $500 fast and avoid the hassle of mailing your items to an online broker.
You might be able to sell your scrap silver directly to a refinery that melts the metal to create new products.
Your items may be unsellable for these condition reasons:
- Incomplete set
However, many refineries may require a large quantity to make a sale.
Instead, you might use a middleman like Cash for Gold USA, which collects small quantities but offers competitive payments.
Your silver scrap can include:
- Medical scrap
- Serving sets
As you will earn the least money from this option and the minimum selling quantities can be high, the other options can make it easier to make a sale.
How Much Is Silver Worth?
The value of silver changes on a daily basis. However, see the chart below for the historical price of silver over the past 20 years.
Tips For Selling Silver
Depending on how large of a silver stash you have, you may be able to receive a substantial cash windfall. Here are some suggestions to help sell your silver for the most money.
Know the Value of Your Silver
You should know the fair value of your silver before you get an appraisal from a potential buyer.
The selling price depends on several factors:
- Weight of the silver
- Purity level
- The value of other precious metals and gems in the piece
- Current market demand for the producer
- The fair market value of similar items
Some buyers may only be willing to pay you for the price of the silver even if the piece contains gold and gems, is made by a famous company, or has a high collectible value.
You should consider getting at least two separate appraisals for a ballpark estimate for your silver portfolio.
Pursue Multiple Selling Channels
Different dealers and private collectors may assign varying values to your collection. For example, you might earn more for antique silver at an auction than at a pawn shop.
Also, coin shops may offer better rates for bullion than other outlets that focus on selling jewelry.
Getting several quotes can require more time, but the additional profit can be worthwhile.
You and the buyer will need to agree on a fair price. In most cases, the buyer is a silver dealer who wants to buy your items at the lowest price possible to increase their potential profit.
You won’t be able to sell for the highest retail price for many sales channels unless you’re willing to wait to find a willing buyer.
If you want to make a quick sale, you will have to come off the current retail price so you and the dealer can make money.
Be Willing to Walk Away
As you negotiate, be ready to reject low-ball offers below your desired selling price. Silver can be an excellent long-term investment, and you will likely find a buyer willing to pay a higher price.
There are several places you can sell your silver locally and online for cash. Selling to a specialty store or private collector can help you earn the most money.
Whether you’re selling jewelry, coins, antiques, or scraps containing silver, get several quotes to earn top dollar.