What to Know When Selling Silver Coins

Wondering how to sell silver coins for cash? First, make sure you have gotten your silver coins appraised. And then, get a second opinion. Find out more about your silver coins, figure out what types you have, if they are junk or collectible, and how much they are worth. Learning about your silver coins is the only way to make knowledgeable decisions on selling them.

There are too many reasons to sell your silver coins for us to list off. What you do when you do decide to sell your silver coins is important to make sure that you get what they are worth.

If you are looking at how to sell old silver coins for cash you do not need to do it alone. 

Our experts at Coinfully would love to give you a free online coin appraisal so you can learn how to sell your silver coins and their value to make an informed decision.

Types of Silver Coins

Silver has been included in almost every denomination of coin.

If you have a jar or handful of coins lying around or if you have inherited a coin collection, there is a good chance one of your coins can include silver. The coins containing silver are:

• Nickels
• Dimes
• Quarters
• Half-Dollars
• Dollar Coins

Yes, it is not crazy to find silver dimes worth significantly more money than their face value.

How to Tell if My Coins Are Silver?

Most coins before 1965 contain silver. Though the amount of silver is dependent on the type of coin and year.

The amount of silver in coins ranges from 35% to 90%. With few exceptions containing more.

The most popular 90% silver coins are the Morgan Silver Dollar, the Peace Silver Dollar, the Barber series (dime, quarter, and half dollar), the Franklin Half Dollar, the Washington Quarter, the Mercury and Roosevelt Dimes, and the 1964 Kennedy Half Dollar. 

Why is Silver Not Still Used in Coins?

The Coinage Act started phasing out coins made of 90% silver.

On July 23rd, 1965 President Lyndon B. Johnson signed the coinage act removing silver from dimes and quarters. With the Coinage Act, the amount of silver in half dollars was cut from 90% to 40%. Silver was totally removed from half dollars in 1970.

Silver nickels were only produced during WWII in an effort to save copper and nickel for the war. 1942 to 1945 are the only silver nickel years.

One dollar coins have always contained about 90% silver, except for the Eisenhower Dollars from 1971-1978. The American Silver Eagle (1986-Present) and the 2021 Morgan Silver Dollar contain 99.9% silver.

How to Sell Silver Coins: Make Informed Decisions

Know that your first offer might not be the best offer.

Just because your first offer may be high does not mean that whoever gave it to you is the best place to sell your silver coins.

A second opinion is also a smart idea in case you are told your silver coins are not worth much. It is possible that your silver coins are not collectible to coin collectors. It is also possible that you are being tricked so that you sell your “junk” silver coins for their silver value and not what they could really be worth. 

It is also smart to get a second coin appraisal opinion in case you are given a fair price for your silver coins, but not the best. You always want to sell silver coins for the most money you can get.

You really will not know what the value of your silver coins really are unless you verify with someone else or a coin appraisal. Shop around your collection or get more than one appraisal, it is never wrong being informed.

If you are struggling on where to selling your silver coins or how to get a coin appraisal on your silver coins, 

How Much Are My Silver Coins Worth?

Their value depends on if your silver coins are junk or collectible.

If you have silver coins then they will be worth money. How much they are worth is dependent on if they are junk or collectible. You can sell junk silver coins at most local coin dealers.

Junk 

Junk silver coins are only worth their weight in silver.

Think of these coins like you were investing in silver. Their value lies in the market prices of silver at the time you are looking to sell them.

Though junk coins are not necessarily scrap silver, you will most likely not get a higher price on these coins whether you take them to a coin dealer or anywhere that buys and sells gold, silver, or platinum.

There are not any set years or coins that are automatically junk. Rarity and condition helps determine if certain coins are junk or not. Common coins in poor condition would be marked as junk coins.

Collectible

Collectible silver coins hold value that far surpasses the amount of silver in them.

This means that you are selling your coins for their numismatic value and not just their silver content. 

In case you have found coins or you inherited a coin collection and are lost, coins with numismatic value are the specific coins you read about selling for millions of dollars. 

Reasons that can make a silver coin collectible are the same ones that make one junk. Only in reverse.

• That coin only exists in limited quantities, all hard to find.
• It is a coin in a condition that either is, or feels close to, uncirculated.
• Or a mix of being rare and in great condition.

You want to keep these coins away from any place that could only see their value in the silver content as you could lose out on a lot of money.

The most collectable and popular silver coins are morgan dollars. Morgan silver dollars are worth money, if you have any know that their value is in more than their silver content’s worth.

How to Tell if a Coin is Junk or Collectible?

Unless you know a lot about coins, it can be hard to tell if your coin is junk or collectible. Which is another reason why we recommend appraisals.

It can be hard to tell the rarity of a certain coin. You can get an idea by looking online, but that will only tell you what other people are listing similar coins for and not necessarily what yours is worth. And, like we said, rarity is only part of the price, the other part is condition. 

It is almost impossible to learn what condition a coin is in without any training in numismatics. The smallest mark, oil, or dirt on a coin can affect its condition and in turn value. These are things that experts are trained to look for during an appraisal so that they can properly value your silver coins.

If you want to find out if your coins are junk or collectible we can help. Let our experts Coinfully tell you what your silver coins are worth with a zero-pressure free coin appraisal.

Where to Sell Silver Coins

Coin shops or buyers and bullion dealers will buy your silver coins.

You can sell your silver coins to a shop that buys and sells silver and gold. Just know that precious metal dealers will only see your silver coin collection as an investment in precious metals and will pay you according to that without including their numismatic worth. 

If you are selling your silver coins for their value as coins you have many options. With pros and coins for each option.

• Selling your silver coins to personal collectors: It can be a one stop after you find someone who seems interested. But, you are taking a chance on them being knowledgeable and giving you a fair price for your coins without changing their mind when you get there.
• Sending your silver coins to auction: This could start a bidding war and your coins could sell for more than their worth (before the auction house fees). But they could also sell for significantly less if no one at the auction is interested.
• Going in person to a coin shop: You know experts will be there who could appraise your coins and give you a price. But, if you do not want to take their price you have to pack up all your coins and take them back.
• Selling your silver coins online: Take pictures of your coins for an appraisal and if you like what is being offered you send them in without ever leaving your home. But, you do not interact with anyone.

If you like the ease of selling your coins online but prefer to interact with someone in person try Coinfully’s at-home appraisals. For certain coins or collections, Coinfully offers to send an expert to you for an appraisal free of charge and with zero-pressure.

How to Sell Silver Coins: Frequently Asked Questions

What is the best way to sell my silver coins?

The best way to sell silver coins is online. You tend to get better offers, free appraisals, and avoid the hassle of gathering and transporting your coins to a coin store.

Is it worth selling old silver coins?

You will need an appraisal to decide if its worth selling your silver coins. Consider a free online appraisal for your silver coins to find the best deal.

Where is the best place to sell silver coins?

Local coin stores are an option to sell silver coins, but the best place is very often an online coin buyer if you want to get a convenient and competitive offer that typically comes in higher than a coin shop.

Is this a good time to sell silver coins?

Timing the silver market is tough. If you are selling silver coins based on the value of the silver itself, you’ll need to decide whether the price of silver makes sense for your financial goals with selling coins. For numismatic value, you’ll need a professional appraisal to determine whether its a good time to sell your silver coins.