Both less volatile than gold and more common, silver has been used as currency for thousands of years. Even in the United States, there are few forms of currency more common than silver. Whether you're looking to sell now, or just get an honest estimation of what you have, there are a few simple ways to make sure you're getting the most for the silver coins you've been holding onto.
Grading and Appraisal
The real test of a coin's value is its grading, but without years of experience and a keen eye it can be hard to tell whether or not older coins are even worth having professionally graded. Before you take a step that could end up telling you a coin is worth little more than face value, consult a local expert. Professional coin dealers are in the business of buying and selling rare and valuable coins, making them a great resource if you're trying to figure out just what you have.
In order to get the full value of a coin there are few methods more effective than certified grading. Before you take this step though, talk to an experienced dealer and see if they even think it's worth the time. Don't be fooled, even a coin that looks like it's in rough shape can end up being highly sought after. However, most grading organizations will charge between $14 and $55 per coin, so hedging your bets can help ensure that you're don't end up paying for a low value coin to be appraised.
Melt Value, Face Value and Appraisal Value
It's rare that these three numbers bear any similarity at all, so avoid any dealer offering to buy a coin at a high melt value without an explanation. That said, there are many good reasons why a simple $1 coin might be worth twenty dollars or more. Silver's price fluctuates regularly, between $22 and $15 per ounce in the last twelve months, but older coins will often command prices much higher than this.
There are exceptions to this rule of course, especially in the case of coins minted in large numbers for the specific purpose of selling to collectors. This flood of coins saturates a market, reducing demand and lowering the appraisal value of each individual coin. They retain their melt value, but lack the scarcity to be in high demand. This is often the case with proofs, unless a documented flaw or error occurred during the minting process, making a small number more desirable due to their unique characteristics.
Silver coins are one of the most common forms of currency in the world, making them a good starting place for novice collectors. However, without guidance and experience it's easy to end up selling a coin for far less than its actual value. For assistance selling coins, talk to a professional like Beaverton Coin & Currency.
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