Where do I sell a silver coin?

October 24, 2005 11:43 AM

I have a silver coin. I would like to sell it. Where would I do so, and what should I be aware of?
posted by solistrato to Work & Money (6 answers total)

"silver coin" is a fairly inadequate description, but, assuming you're talking about an old, collectible coin, I can give you one piece of advice: If you don't already collect coins and know how to do it, don't polish it. Polishing it incorrectly can ruin the original patina, which is a desirable attribute.
posted by o2b at 11:47 AM on October 24, 2005

My brother sells and buys coins on ebay and he says he has never had a problem. He says if you know what the coin is look on ebay to get an idea of how much the coin is going for. But he says the big thing is to research your coin. Is it in good condition? Has it been graded? If you have it graded it may sell for more. Research, research, research.
posted by govtdrone at 12:51 PM on October 24, 2005

Don't send it to the mint to ask them what it's worth.

Don't show it to anyone until you know what it's worth by researching the coin.

If you find that the coin is legally in your possession and not worth too much, ebay or a coin store are your best bets.
posted by ewkpates at 1:30 PM on October 24, 2005

Be prepared for the fact that, even if it is quite old and in good condition, it is likely to be worth very little - I'm going on my own experience as a one-time amateur collector of USA currency. Silver isn't worth much intrinsically so only a relatively small percentage of coins have any particular value, because they are very rare for one reason or another. I haven't actively collected for over 15 years: I kept a certain percentage of items that were slightly rarer than usual or had sentimental value and when I reviewed likely values a few months ago I was a little dissapointed by how low the values were.

Easy and cheap method if it is a U.S. coin, go to the library and look for the most recent "Official Red Book (A Guide Book of United States Coins)" which will help you with identification and grading, to get a ballpark value. A coin shop, which you can find in the yellow pages, is not the worst place to go, though if you go some sort of direct route like eBay, you're likely to get closer to the book value. My own experience is that the majority of coin dealers are honest individuals who will make a fair deal, but of course buyer (and seller) beware.

If you believe it is actually a very valuable coin it may be worth it to have it professionally appraised. Again, the phone book or the research desk at your library can help find this service locally. Appraisal can be relatively inexpensive. Sometimes dealers will do free appraisals at coin shows, if you are not in a hurry you could look into when a coin show will be in your area.

If you don't even know where to start, feel free to email me info on the coin (denomination, date, anything you can tell about the condition) and I will tell you what I can about basic research. I'm not interested in buying anymore (and wouldn't have the money if I was) so I will give you my honest input, but of course it isn't professional and should only be seen as a starting point to research. Email in my profile.
posted by nanojath at 6:54 PM on October 24, 2005

What I'd do is find out what sort of a coin it is, and then consult a recent guide to find out how to grade its condition, and what its estimated value is.

Then take it to a coin shop and let the proprietor make you an offer. Retain possession of the coin while she inspects it - don't let the coin out of your sight for even a moment.

If you want to take a pic of it and post it here, I'm sure someone would do that work for you - if it's a U.S. coin I'd take a shot at it myself.

Definitely don't clean, polish or otherwise even handle the coin; touch it by its edges only.
posted by ikkyu2 at 6:56 PM on October 24, 2005

Also, nanojath, don't jump the gun. My grandfather kept a bunch of silver dollars he received in 1932-1933 (when the 'peace' dollars were going out of circulation, IIRC) and a few gold coins from when the Mint retired them; a few individual coins from that collection are worth upwards of $10,000 today.
posted by ikkyu2 at 6:58 PM on October 24, 2005