Buy & Sell Silver Guide

Online precious metal dealers typically offer the best prices, usually paying 95-98% of spot price for common bullion. Local coin shops offer convenience but may pay less (90-95% of spot). Pawn shops should be avoided as they typically pay only 50-70% of spot value. Always get multiple quotes before selling.

American Silver Eagles are the most recognized and liquid silver coins, though they carry higher premiums (25-40% over spot). Canadian Silver Maple Leafs offer .9999 purity at lower premiums (15-25%). For the budget-conscious, generic silver rounds from reputable mints offer the most silver per dollar at 5-10% premiums.

Never clean collectible or numismatic coins - cleaning destroys their value and can reduce a coin's worth by 50% or more. For bullion silver sold by weight, light cleaning won't affect the price since you're paid for silver content, not appearance. When in doubt, don't clean.

The magnet test is the easiest: silver is not magnetic, so if a magnet sticks, it's fake. The ice test works because silver conducts heat rapidly - ice melts quickly on real silver. The ping test produces a high-pitched ring when you tap real silver. For definitive testing, use a silver acid test kit or specific gravity measurement.

Sell silver when you need the money, when prices hit your target, or when the gold-to-silver ratio is low (below 50:1 historically favors selling silver for gold). Avoid panic selling during price dips. For retirement, consider taking physical possession of IRA silver at 59.5 or converting to cash during high-premium periods.