Anyone Sold Any Silver Or Gold?

[Cabin Fever]

Looking to turn some silver into "green". Been looking around for my options. I see some jewelry stores buy it and have also seen a lot of those shady looking little store front type shops with signs. Curious if anyone else has sold any gold or silver and what their experience was like? Any advise? I know the prices aren't the best right now, but I would at least like to come up with a game plan, for when I am ready to sell. 

[sits in trees]

I think your best bet is Ebay.

[Hardcore]

unless you have collectible coins you want someone paying spot price....if you have collectible coins you want a reputable coin shop, i am guessing that 95% of silver dollars are considered junk silver the good one are hard to find....hopefully someone here knows a lot more than I do....I know a little cause I have sold some here and there...there are coin value websites that you can do a little research on what could be a valuable coin but then there is the grading of the coin which is really out of knowledge base

[EspressoBuzz]

There is only one way to know if youre being treated fairly when selling gold or silver. You must know the spot month value of what youre selling. This is not hard to do, a good scale and good loop for reading the type of gold or silver if you weighting jewelery and if youre sell silver coins there are plenty of website which will clue you in as to silver percentages or intrinsic coin value.

 

Once you know what the spot value at any given time is you can bargain. Be wary of places that say "what do you want for it" a shady question to which i would shoot back the full spot value i had figured out before walking into anyplace. However remember you will never get the full spot value from any store front. Every time I was offered a fair price I'd ask for another 100 bucks and get it. Know the value going in!

[sits in trees]

What these guys say^^^^^^ but forget going to a shop and expecting a fair shake. Do what was recommended as far as knowing spot at the time and having a scale to weigh. If they are coins then then find the value of the coin, type year etc by researching completed sales of the same coins on Ebay. Goodluck.

[Lawdwaz]

Interesting stuff.  I have some silver dollars I was going to peddle last year.  I waited too long.........

 

Some are from the 1800's and in very nice condition.  I also have a bunch of paper money and some other odd ball coins I'd like to move but just don't trust anybody due to my lack of knowledge on the subject.

 

 

[BizCT]

I bought a bunch of silver bars from apmex when silver was around $16/oz. I sold them in the diamond district years later at over $40. Turned like $5K into $13K. Too bad I didn't have more $ back then. Not gonna lie I was a little scared going in a back room with my bookbag full of silver bars and walking out with all that cash

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[HectorBuckBuster]

Biz-R-OWorld, If you did not claim that you may want to delete that post. Do you know that the IRS payment is 28 percent on capital gains tax on gold and silver sales if you make money .

Edited March 6, 2014 by HectorBuckBuster

[Cabin Fever]

I'm mainly interested in selling 1oz silver bars and old silver dollars. I did some research last spring and sorted the silver coins out from the rest. Prices are way down now, from where they were a few years ago. I don't need to sell now, but I just want to have a game plan for when I'm ready to pull the trigger. 

[philoshop]

This will give you the current spot prices, http://www.greysheet.com/cdn/currentspots.asp

I'm a coin collector and I've used ebay quite a bit over the years with good success. You'll end up paying about 13 to 14% in various fees and shipping charges and you need high quality photos, but you tend to get top dollar relative to the current spot.

Don't worry about grading the coins as ebay doesn't want you to put an official grade on them anyway, other saying "very nice quality", etc. Post high quality close-up photos of both sides and the buyer will decide what to pay for it above spot value. Low grade coins are generally called 'scrap' and will sell at spot or a little more.

Hope this helps a little.

 

[BizCT]

Biz-R-OWorld, If you did not claim that you may want to delete that post. Do you know that the IRS payment is 28 percent on capital gains tax on gold and silver sales if you make money .

I'm aware

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[BizCT]

Your other option is trading etfs in precious metals. You don't have the physical metals but you can buy and sell on command. I've used Td Ameritrade to buy and sell SLV and GLD

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