Whether you have a surplus amount of silver or you’re moving on from a specific type of silver, you can always sell it to a dealer or individual and get your money back. Ideally, if the timing is right, you can make a decent profit from selling silver. There are several ways to sell silver in person or online, including FB groups and forums, pawn shops, online with APMEX, and local coin shops. Knowing where to go with so many options can be intimidating, especially with how rampant scammers are on the Internet these days and the dwindling of physical storefronts for precious metals dealers.
We’ll break down the most popular methods, how to look out for reputable dealers, and ways to protect yourself from scammers. By the end, you’ll know exactly where to sell coins, bars, and rounds and how to do so to ensure the best return on your silver investment.
Selling Silver Online
In this modern day and age, there are an abundant number of resources to help you sell your silver over the Internet:
- Online silver dealers such as APMEX, KITCO, or JM Bullion.
- Social media groups specifically designed to sell silver.
- Resale sites such as Craigslist, eBay, or Facebook Marketplace
- Online forums such as Reddit have specific pages for selling certain items such as precious metals.
Online Dealers
If you’re new to the precious metals industry, you might wonder which online retailers are the safest. The top dealers are APMEX, SD Bullion, JM Bullion, Money Metals Exchange, BGASC, and Hero Bullion. Online dealers are among the easiest and best ways to sell silver, but you should know how to identify legitimate ones when shopping around.
There are so many brands and dealers on the Internet who sell precious metals, and it’s hard to tell which ones are reputable sometimes. The key things to look for are an “https:” in the URL, reviews by the Better Business Bureau, customers on the website, customers on Google or Yelp, and even Reddit, which is a good place to check a place’s legitimacy. Of course, some companies have their employees or pay for a service to generate 5-star reviews to boost their ratings, so check the reviews to see if they have any “bot” language, such as one-word reviews, repetitive phrases, or multiple comments left during the same period. If you see those, avoid the business at all costs.
Another thing to check for is the home page at the bottom; most legitimate dealers include logos endorsed by reputable companies to show that they have approved them. Look for ones from the Better Business Bureau, DigiCert, and security companies such as Norton and McAfee. All digital businesses should also have a business address and a phone number.
APMEX is one of the leading online retailers that is known for our impeccable reputation, quick processing, competitive pricing, and a team of numismatists for accurate authentication. We ensure a quote online or via the phone within two business hours for a fast and easy request. APMEX has been in business for over 20 years and we proudly partner with the United States Mint and many international mints. Rest assured, your silver will be taken care of and valued quickly and competitively.
Social Media
Another popular way to sell silver is through social media groups designed explicitly for selling precious metals. On Facebook, Instagram, and X, there are groups you can join where people negotiate precious metal sales through closely moderated conversations. Some people prefer to conduct their sales online and ship their wares, while others prefer to skip the extra cost and offer their wares only to locals.
While this sounds convenient and safe, we strongly encourage you to be careful when going this route. Scam accounts are more intelligent than ever, and many social media sites, even with real moderators who look out for suspicious activity, can be fooled by a well-trained bot. Here are a few ways you can keep yourself safe from getting scammed:
- Look at the age of the other person’s account. If it was recently created and/or has few friends or followers, it’s probably not real.
- Pay attention to the rate of responses. Bots tend to reply almost instantly.
- Phrases commonly used by bots:
- “My [relative/spouse] will come pick it up for me.”
- Asking for your phone number to talk on the phone instead.
- Asking for your Zelle or PayPal account upfront.
- “What is the condition of the item?”
- They also tend to avoid confirming meeting dates and times.
If you feel uncomfortable or suspicious of someone in a social media group, report them to the moderators for investigation. Never give out your credit card information or click on unexpected links during the conversation.
Resale Sites
Websites like eBay and Craigslist are two of the most popular resale sites. Apps like Mercari, Poshmark, iBotta, Nextdoor, and Facebook Marketplace allow you to sell your items to locals or online with shipping. Do your due diligence when using these resale platforms by looking for reviews, avoiding giving out personal information, and checking the profile to ensure they’re legitimate before going through with a sale.
Forums
Forum websites have been around for ages, but they’ve continued to evolve into resources beyond online discussion by offering places for people to sell items to each other. Reddit, The Silver Forum, The Precious Metal Forum, Collectors Universe Forum, Coin Community, and Silver Stackers are all online discussion forums with threads specifically designated for conducting trades, sales, and giveaways with other members. Each forum is monitored by a moderator team, much like a social media group. Like any other online sale through a non-official dealer, protect yourself from scammers by following the tips above.
Selling Silver Locally
While physical storefronts for precious metals dealers are dwindling, there are still several options for selling your silver in person:
- Local precious metals dealer.
- Pawn shops.
- Coin shops or coin shows if you’re selling silver coins.
- Refineries for large quantities of scrap silver.
Our local coin shop directory can help you find the best precious metals dealer in your area, or you can go about it the old-fashioned way and look through a list from your search engine. Remember to look out for reviews and note the shop’s location to keep yourself safe.
How to Know When to Sell Your Silver
Now that you know where to go to sell silver, what happens when you’re ready to sell? Here are a few things to keep in mind before closing the deal:
- Don’t sell to the first person or dealer you talk to. Shop around for different offers and take notes of who will give you the best price before you decide. Don’t be afraid to tell buyers if you’re talking to multiple people for the same product, as that might encourage them to offer you a better price.
- If you plan to ship your silver, get a quote from multiple carriers if the place you’re selling doesn’t automatically calculate it. USPS is often the cheapest. You’ll need a kitchen scale and a box to ensure accurate measurements.
- Don’t skip the shipping protection! Precious metals are an investment, and you want to protect not only yourself but also your buyer from shipping issues.
- Keep a detailed list of what you’re selling, including the amount you paid for it, the current price of silver, and whether you need to report it to the IRS.
- When selling silver coins in consideration of reporting to the IRS, you must report the sales of any combination of 90 percent silver US coins with a face value of over $1000 and 0.9999 fine silver bars totaling over 1000 troy ounces.
- Take detailed pictures of the silver, its packaging, and any issues. A video is also suitable for showing the buyer the piece from all angles in real time.
Social Conduct Online
If you’ve never sold items online before, the nature of precious metals buyers might be a bit of a surprise. Motivated buyers will want to see plenty of photos, ask several questions about the quality and condition, haggle prices aggressively, and might come off as a bit brusque. It’s easy to mistake straightforwardness for negativity, but remember that the buyer is here to negotiate a deal just like you are and wants to be straight to the point without exchanging many pleasantries as other salespeople would do in person.
You could make a new friend or have a loyal customer when the deal is struck, so remember to be kind and open-minded. After all, the precious metals community is tight-knit and can be tough to get into, but any enthusiast is usually open to talking shop once the deal is done. Sharing similar interests and hobbies is one of the easiest ways to break into a community, so engage in online forums, groups, and social media sites to get to know your fellow enthusiasts. People are more likely to buy from you if you have an established presence and see that you’re active in the community, kind to fellow members, and have a good standing with the moderators.
If someone is being unnecessarily rude and calling you names, harassing you, or making you uncomfortable, you can walk away from the deal and report their conduct to the appropriate authority, whether a forum moderator or their manager. While not common, this can happen in online communities as the Internet gives people a sense of anonymity, emboldening those who seek to bully others as if there are no repercussions. Rest assured, this community, across all groups, forums, and dealers, does not tolerate such behavior, so don’t be afraid to speak up.
