Selling Gold and Silver

The two primary ways of selling gold and silver are to local coin shops and to internet precious metals companies. This web page covers both.

Silver and Gold Coin Dealers – Sell Gold and Sell Silver
Silver and gold coin dealers are an excellent place for purchasing and selling your gold and silver. There are usually several coin shops in every major city.

If you established a good working relationship when you purchased your gold and silver these will be the best places to consider selling your precious metals.

If you haven’t purchased gold and silver before (your precious metals are from your family or other source) determining who to do business with will take a little longer.

Before determining which coin shop (or coin shops) to purchase precious metals from consider the following.

The coin shop should be in business for at least 7-10 years.
Longer is better—especially in these volatile economic times.

Do comparison shopping when selling gold and silver.
Go to several coin shops and ask what they sell (and buy back) gold and silver for. Ask for how much you will pay over the spot price.

Stay away from numismatic coins.
A numismatic coin is a collector coin that has a value in significant excess of the base metal. You will pay a high premium that you may never get back.

Find a coin shop that deals in decent quantities of gold and silver.
It’s good to have a selection to choose from.

Know your State Sales Tax for Gold and Silver.
Different states have different sales taxes. Sales tax are an extra cost on the precious metals.

For more in depth information about buying and selling to coin dealers see: Silver and Gold coin dealers.

Gold and Silver Coins

Selling Gold and Silver online
When sending in your gold or silver online you will need to pay shipping, handling and insurance. Thus, selling small quantities of silver online probably doesn’t make much sense.

Silver and gold coin dealers are usually much better to do business with. Having a brinks and mortar coin shop instead of an internet help line when you sell silver and gold is good business savvy.

There is an exception. If you are dealing with large amounts of precious metals (or you have a high state tax charged on precious metals) then you may want to consider selling online.

If you do decide to sell online, thoroughly checkout the company to ensure they have been in business for several years and have a stellar reputation.

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