Silver is a precious metal with a long history as a form of currency and investment. This precious metal is versatile and has many uses, including electronics, solar energy, and medicine. It is an excellent asset for diversifying your portfolio or selling when you need cash.
To sell silver coins in Michigan, you should know what your coins are worth and find a reputable precious metals dealer. Explore our ultimate guide to selling silver coins and why AU Precious Metals can give you the best cash value on your silver coin investment.
How to Get the Best Price for Your Silver Coins
There are several elements to consider when selling your silver coins to get the best price. You must understand the troy ounce weight of the coins in your collection, know the current price of silver, and work with an established and respected precious metals dealer for a high return on your silver.
To ensure you get the best price when selling, take the following actions:
Understand Your Silver Coin Type
If you inherited silver coins or are unfamiliar with the pieces in your collection, you need to learn their worth. Identify the type of coins you own and have an estimated value, so you get a fair amount when you sell.
Silver coins typically fall into one of two categories:
- Bullion coins. A bullion coin is a minted currency with cash value and 99.9 or 99.99 pure silver. Bullion coins can also have value based on their silver weight. Examples of silver bullion coins include the Silver American Eagle, Silver Maples, Silver Buffaloes, or Silver Britannia.
- Numismatic coins. Numismatic coins are collectors’ items and are often worth more for their rarity than for their metal content. Silver numismatic coins include Swiss 20 Francs, Silver American Morgan Dollars, British Sovereigns, and Peace Dollars.
Identify Common and Valuable Silver Coins
To sell for the right price, identify common coins in your collection or those with a premium value. Common silver coins in the U.S. market are pre-1964 minted quarters, half dollars, and silver dimes.
Specific coins may include:
- Walking Liberty half dollars
- 1964 Kennedy half dollars
- Mercury silver dimes
- Roosevelt silver dimes and Washington silver quarters (1964 and before)
- Franklin half dollars
Silver coins that often fetch a premium due to their numismatic value are the Peace and Morgan silver dollars. The Morgan silver dollar was minted between 1878 and 1921, and the Peace silver dollar between 1921 and 1935. These coins have a monetary value of $1, but due to their age and collectibility, they are often worth more when selling.
Know the Coin’s Mint
Where your coins were minted can affect their value. Identifying the mint location can help you know which coins may be valuable to sell to a dealer.
When going through your coin collection, look for the mint marking, a single letter found on the front or reverse side of the coin. Pre-1965, mint markings were placed on the tail side (reverse).
All silver coins are minted at one of six U.S. mints:
- Carson City (CC)
- Philadelphia (P)
- Denver (D)
- New Orleans (O)
- San Francisco (S)
- West Point (W)
The New Orleans mint stopped making coins in 1909, and Carson City in 1899, so these coins may have numismatic value. If you don’t see a mint mark, the coin was likely minted in Philadelphia.
Have Your Coins Graded
Coin grading refers to the process of determining the condition of a coin. To grade a coin, the grader will look at its aesthetic appeal, physical condition, such as scratches or dents, shine and tone, and level of detail. Although you might be tempted to clean your coins, oxidized coins with a brownish tinge are usually more valuable, especially if they are rare.
The grading scale typically goes from poor (P-1) to mint state perfect (MS-70), with MS-70 being the highest grade available. While the market determines the coin’s value, highly graded coins are often worth the most.
Knowing your coins’ grade can help you fetch a high price. You can pay to become a member of the Numismatic Guaranty Company and Professional Coin Grading Service to have your coins graded; however, you can also work directly with a precious metals buyer to learn your coins’ grade and value.
Review Current Market Prices
The current market price of silver will influence the amount you’ll receive for your coins. Before selling, review silver’s current market index price and familiarize yourself with how it has performed in the weeks and months prior. This will give you a good idea of how much you might earn from your collection.
You can find silver prices on the Trading Economics website and view the commodity’s performance history on the available chart. For example, on December 19, 2022, silver was worth $23.024 per ounce, compared to $23.902 on December 14, 2022.
Sell to a Reputable Dealer
To sell your silver coins, finding a reputable dealer is essential. Choose a local, in-person precious metals dealer with an excellent industry reputation. These dealers specialize in buying and selling coins, so they know how to assess their value and will give you a high price for your pieces.
AU Precious Metals provides exceptional customer service for people selling silver coins in Michigan. Our knowledgeable staff can help you understand the value of your coin collection and offer you top-dollar for your items. We use state-of-the-art X-ray technology to determine the value of your coins so you get the highest price possible.
You can also use our convenient mail in program to get an offer for your silver coins from the comfort of your home. Once we receive your items, we will assay them and offer you a fair cash settlement.
Choose AU Precious Metals to Sell Your Silver Coins
If you want cash for your precious metal coin collection, visit AU Precious Metals. We will offer you top dollar for your items through a hassle-free selling process. Our helpful staff is ready to guide you through the process and answer any questions.
If you are interested in buying gold and silver bullion, we can also assist you in making the right investment for your portfolio.
Contact us today for a quote on your silver coins, or stop into our Rochester or Novi locations to learn about our additional precious metal buying and selling services.