Guide for First-Time Sellers of Silver Coins
Sep 1, 2023
{
"Title": "Beginner’s Guide to Selling Silver Coins: Purity, Weight, Melt Value, and Safe Shipping",
"Date": "09/01/23",
"Content": "
A Practical Guide for First-Time Sellers of Silver Coins
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If you’ve discovered a collection of silver coins—perhaps inherited, tucked in a drawer, or purchased long ago—you might be wondering how to safely and fairly sell them. Many first-time sellers feel nervous about identifying purity, calculating melt value, packaging, mailing, and making sure payment is secure. This step-by-step guide will walk you through the process of selling unwanted silver coins in a professional, trustworthy way.
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Step 1: Identify What You Have
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Knowing exactly what type of silver coin you possess is the foundation for getting accurate value.
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Look for Purity Marks
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Sterling silver coins: Usually marked “.925” or “STERLING,” meaning 92.5% pure silver.
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Coin silver (U.S. coins made before 1965): Quarters, dimes, and half dollars minted before 1965 are 90% silver. See the U.S. Mint coin specifications for official details.
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Modern bullion coins: Such as American Silver Eagles (99.9% pure, marked “.999”), Canadian Maple Leafs, and others clearly stamped with purity.
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Check Hallmarks and Dates
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Examine your coin with a magnifying loupe. Look for hallmarks, mint marks, and dates. These details determine silver content and whether the coin has melt-only value or additional collectible (numismatic) value.
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Magnet Test
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Silver is not magnetic. If your coin is strongly attracted to a magnet, it may be plated rather than solid silver. Note: Some counterfeits use non-magnetic cores, so this test alone cannot confirm authenticity.
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Step 2: Weigh Your Coins
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Silver value is tied closely to weight. Use a digital pocket scale that measures in grams. If you don’t own one, many inexpensive options are available online or in office supply stores. For reference, 1 troy ounce = 31.1035 grams.
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Common Coin | Silver Content | Approx. Pure Silver Weight |
|---|---|---|
Pre-1965 U.S. Quarter | 90% silver | 5.625 grams |
Pre-1965 U.S. Dime | 90% silver | 2.25 grams |
Pre-1965 U.S. Half Dollar | 90% silver | 11.25 grams |
American Silver Eagle | 99.9% silver | 31.1 grams |
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Step 3: Understand Melt Value vs. Offer Value
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The “melt value” is the raw worth of the silver in your coin, based on current silver prices. However, the actual offer you receive may differ for several reasons:
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Purity: A .999 bullion coin fetches higher rates than 90% coin silver.
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Condition and rarity: Collectible coins may sell for well above melt value.
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Weight: Heavier batches generally bring more interest from buyers.
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Market demand: Spot prices fluctuate daily; offers may reflect recent changes.
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Sellers often use an online quote form for a preliminary estimate. Remember, testing and weighing by the buyer will finalize the payment amount.
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Step 4: Organize and Sort Before Mailing
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Keeping your items organized protects you and speeds evaluation.
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Group coins by type (quarters, dimes, bullion, etc.).
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Use small, labeled bags or envelopes to avoid confusion.
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Remove non-silver items from the batch.
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Take clear photos of everything you send.
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Write brief notes on weight and counts for your reference.
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Some people use simple record-keeping tools such as spreadsheets. For larger collections, external inventory software such as GavelBase can help track items.
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Step 5: Safe Packing and Shipping
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Coins should always be shipped securely and with tracking. Many mail-in services send you a pre-labeled and prepaid kit, but if packing yourself, follow these steps:
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Wrap coins in protective pouches or plastic sleeves to prevent scratching.
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Use a small, sturdy box rather than an envelope.
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Cushion with bubble wrap or packing material.
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Seal with strong tape.
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Choose a tracked and insured shipping method, such as USPS Registered Mail or insured Priority Mail.
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Always keep your tracking number. Many buyers provide regular updates so you know when the package has arrived and is being processed.
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Step 6: What Happens During Testing
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Once your coins arrive, the buyer may use several simple methods to confirm purity:
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Visual inspection: Checking stamps, wear, and edge patterns.
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Electronic tester: Measures conductivity to estimate silver content.
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Acid test: A drop of test solution on a small scratch mark reveals purity; usually done in an unobtrusive spot.
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Reputable buyers provide clear results explaining how purity was verified.
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Step 7: Payment Options
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After evaluation, you decide whether to accept the offer. Payment methods often include:
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PayPal and Venmo: Fast, convenient, but may include fees or limits.
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Zelle: Direct bank-to-bank transfer, usually very quick.
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Cash App: Popular for smaller, personal transactions.
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ACH Bank Transfer: Secure, often used for larger amounts. Funds may take a few business days.
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Check: Traditional, but slower delivery time.
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Choose the method that balances speed, security, and your comfort level.
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Step 8: Keep Records
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Always document the process:
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Save photos of the items you sent.
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Note weights, descriptions, and quantities.
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Keep shipping receipts and tracking numbers.
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Save email confirmations and payment records.
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Quick Checklist Before Sending Coins
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✔ Confirm silver content using stamps, dates, and U.S. Mint guides
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✔ Weigh in grams to estimate melt value
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✔ Separate coins by type and purity
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✔ Take photos and document everything
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✔ Pack securely in a box with cushioning
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✔ Send with insured, tracked shipping
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✔ Review payment method options
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FAQs for First-Time Sellers
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\n Q: How do I know if my coins are plated instead of solid silver?\n
A magnet test, careful inspection of edges, and acid tests can help reveal plating. Solid sterling and bullion coins will usually have clear purity stamps.
\n\n Q: What if I send coins and don’t accept the offer?\n
Reputable services will return your items if you decline their payment offer.
\n\n Q: How quickly will