Best redeeming strategy?

[tesorobandit]

Okay, out of curiosity, I ventured into a pawn shop, threw down my cache and asked for an assessment and offer. He looked at the two small gold items and said they were plate-which I know otherwise. He then said he would give me a straight price of 18 dollars for 5 ounces of silver. Didn't even care about the coin value.
I laughed, scooped up my pile, and bade him good day.
Obviously I started with the lowest of the low, but where, friends, do we go to get the best redeeming value for our treasure:ebay, coin shows, memerobelia (sp) shows?
Thanks

 

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[ticm]

Have you done any research as to current silver prices? Shirley you have seen signs around where ever you live. You know. We buy gold and silver. And what about google?

 

[WayneCountyDetector]

Probably the best thing you can do is google coin shop in your area. There should be plenty that will give you spot price for your silver, If not right near spot price.

 

[tesorobandit]

As I stated, I started from the bottom. I'm giving an idea of what to expect there. So I will try moving up to , say a jewelry/coin shop, and not a pawn . I follow spot, so Iknow what I SHOULD get. Well, expect 60% on spot perhaps. There are some coin and CW shows coming up-I will test the waters.

Probably the best thing you can do is google coin shop in your area. There should be plenty that will give you spot price for your silver, If not right near spot price.

 

[WayneCountyDetector]

From what I understand, most reputable coin / silver and gold dealers will give you right near spot, If not exactly what spot is running. Where they make their money is reselling the silver and gold and charge a premium for buying it from them. Correct me if I am wrong but this is how I understood how it worked. So I can see the educational value of testing each type of business I guess... Just to see how much each will give. But it's pretty safe to say the best place to get paid for your silver is the businesses listed above.

Edit: I know in my post I mentioned "probably" and "near silver spot." I said this to cover myself in case I was misleading but I am actually 100% sure that you can get your silver redeemed for 100% spot price at reputable dealers. As a matter of fact you won't even have to go "in" stores to find out because most have it listed on their website what they pay for silver and how the 90% silver coins are calculated. It's always spot price.

 

[AC1955]

Not around here (NH and MA). If you sell to a coin shop, at a coin show or to a dealer, you get NEAR spot. They make money on both ends...buying and selling.

Check your local coin shops, coin shows and jewelry shops as prices can and will differ (some may pay a bit more, some a bit less). I would steer clear of the "we buy gold" places. (Personally I would never, ever mail away my gold or silver like advertised on TV). Remember that gold, silver and platinum are bought/sold by pennyweight or Troy ounces (31 grams). Most dealers are buying for melt, not to keep the pieces, unless it is a rare coin or in excellent condition. Check the daily metals prices here on TNet to see what spot price is, as it varies from day to day. (Weekend price will be Friday's closing price.) With jewelry, if it is from a name designer (Tiffany, etc) often the piece is worth more as jewelry, than melt value. Research your finds before you go to sell them.

Hope this helps clarify things.

Anita

 

[tesorobandit]

All great suggestions-thanks

 

[Iron Patch]

Simple question to answer.

You educate yourself to what it's worth, decide on a price, and then sell by your preferred method.