When it comes to selling precious metals bullion - especially American Silver Eagles - following these tips is very important if you want to fetch the best price.
When it comes to selling your precious bullion coins, getting the best price often depends on how much research you do and how careful you are in the selling process. This is especially true if you are selling the popular American Eagle Silver Coin.
That said, if you are planning on putting your precious metal bullion up for sale, we have some important tips to keep in mind.
Tip #1: Research the value
A coin’s value can change over time, so you will want to have a clear idea of how much you can reasonably expect to ask based on the current market price. Selling bullion requires shrewdness when it comes to pricing, so be sure to ask experts about the recent sale of similar coins.
Of course, if the coin is damaged in any way, the price will decrease, but one important thing to keep in mind is that if the coin is dirty, you should not clean it! This can end up damaging it even more. Also, be careful not to get the coin priced by a pawn dealer or similar store. You will need an expert’s eye for your Silver American Eagle.
Tip #2: Consider the timing
Traditionally, selling coins is best done in the months of January, July or August. This is because there are two important coin shows during those months, meaning people who collect coins are on the lookout for new pieces. Some collectors may also have luck during the winter while people are shopping for holiday gifts.
Fortunately, the internet has made it easier for interested buyers to find coins year-round, but selling your coin for the right price requires you to know the ideal time for it.
Tip #3: Compare similar sales
If other American Silver Eagle coins have recently gone up for sale, consider putting yours on the market as quickly as possible. This is especially important if the coin will be sold at auction since many times the people who missed out will be looking for comparable options to purchase. This is why it can be so important to stay up-to-date on the market at all times when selling.
Tip #4: Clean your slab
You do not want potential buyers to have trouble seeing the coin because the holder is dirty. Although experienced collectors might give the coin a chance anyway, you are sure to spook the beginners who will be looking for something that looks great and will not require the coin to be re-holdered. Although it can take time and effort, you should ensure that all slabs are clean.
As previously mentioned, you should NOT clean the coin itself as this can cause damage and lower the coin’s value.
Tip #5: Reference materials
If you are selling to dealers, you ask for their reference materials. This ensures that you are getting a fair price for your coin/s. A precious metal dealer who does not want to provide reference materials is not one you should trust.
Tip #6: Do not be pressured into sale
This is a very important point, especially when selling to dealers. Buyers may do all they can to get you to sell on their conditions and at their price point, but you need to understand that it is your collection. They are your coins, and if you do not feel that you are getting the fairest deal, you should search for other buyers. Do not allow yourself to be pressured into a sale by pushy dealers.
We hope these tips help you have a much more positive experience when selling American Silver Eagle coins. If you would like to expand your precious bullion coin collection, or get started in investing, Provident Metals can help. Check out our American Silver Eagle coin collection to get started or head over to our Bullion Investment Resources.