Best Place to Sell Silver
Where you sell your silver matters more than you think. The difference between a pawn shop and an online dealer could be 40% of your silver's value. Here's how to get maximum return on your precious metals.
Quick Answer
Online precious metal dealers pay the most for common bullion (95-98% of spot). Local coin shops offer convenience at slightly lower prices (90-95%). Never use pawn shops - you'll lose 30-50% of your value.
Selling Options Compared
| Selling Option | Payout | Speed | Rating |
|---|---|---|---|
| Online Precious Metal Dealers | 95-98% of spot | 5-10 business days | |
| Local Coin Shops | 90-95% of spot | Immediate cash | |
| Coin Shows & Conventions | 92-97% of spot | Immediate cash | |
| Private Sales (eBay, Forums) | 100-110% of spot | Varies (days to weeks) | |
| Pawn Shops | 50-70% of spot | Immediate cash |
Detailed Breakdown
Online Precious Metal Dealers
Pros
- +Highest payouts for common bullion
- +Competitive, transparent pricing
- +Easy shipping with insurance
- +Buyback programs from major dealers
Cons
- -Must wait for payment
- -Shipping costs for small amounts
- -No negotiation possible
Local Coin Shops
Pros
- +Instant payment
- +Face-to-face transaction
- +Can negotiate on rare pieces
- +No shipping required
Cons
- -Lower prices than online
- -Limited by dealer's cash on hand
- -Quality varies significantly
Coin Shows & Conventions
Pros
- +Multiple buyers competing
- +Good for rare/collectible pieces
- +Can compare offers instantly
- +Expert appraisals available
Cons
- -Infrequent in many areas
- -Must transport your silver
- -Cash limits may apply
Private Sales (eBay, Forums)
Pros
- +Highest potential return
- +Capture full retail premium
- +Set your own price
- +Direct to collector sales
Cons
- -Risk of scams and chargebacks
- -Time-consuming process
- -Fees eat into profits
- -Must handle shipping/disputes
Pawn Shops
Pros
- +Quick, no-questions cash
- +Available everywhere
- +Will buy almost anything
Cons
- -Terrible prices
- -Staff may not understand silver
- -Designed to profit from desperation
- -May lowball rare pieces
Tips for Maximum Value
Before You Sell
- Check current spot price (use Kitco or similar)
- Research premiums for your specific coins/bars
- Get quotes from at least 3 different buyers
- Separate bullion from numismatic coins
- Gather original receipts for tax purposes
Common Mistakes to Avoid
- Selling to the first buyer without comparing
- Cleaning coins (destroys numismatic value)
- Using pawn shops or cash-for-gold places
- Selling during panic or price dips
- Forgetting about tax implications
Frequently Asked Questions
Where can I get the most money for my silver?
Online precious metal dealers typically pay the most for common silver bullion (95-98% of spot price). For rare or numismatic coins, private sales or coin shows may yield better results. Local coin shops offer convenience but typically pay 90-95% of spot. Never sell silver to pawn shops - they pay only 50-70% of value.
Should I sell silver to a pawn shop?
No, avoid pawn shops when selling silver. They typically pay only 50-70% of the actual value, meaning you lose 30-50% of your silver's worth. Pawn shops are designed to profit from people who need quick cash and don't know better options. Even local coin shops pay significantly more than pawn shops.
How do I get the best price when selling silver locally?
To get the best local price: 1) Know the current spot price before you go, 2) Get quotes from at least 3 different dealers, 3) Bring documentation of authenticity if available, 4) Be willing to walk away - dealers may call you back with better offers, 5) Visit during slow periods when dealers have more time to negotiate.
Is it better to sell silver online or locally?
For common bullion in larger quantities, online dealers typically pay more (95-98% vs 90-95% locally). For rare or numismatic coins, local dealers or coin shows may pay premiums. For immediate cash needs or small quantities, local is more practical. Consider shipping costs - for under $500 in silver, local may net more after shipping.
What documents do I need to sell silver?
Requirements vary by state, but typically you'll need: valid government ID, proof of ownership for large transactions, and for amounts over $10,000, be prepared for IRS reporting (Form 8300). Some states require holding periods for precious metal purchases by dealers. Original purchase receipts help prove cost basis for tax purposes.
Thinking About a Silver IRA Instead?
Rather than selling, consider rolling your silver into a tax-advantaged IRA. Augusta Precious Metals offers buyback programs and can help you understand your options.