How to sell precious metal?

Let’s say I’ve come into possession of a gold bar, or a silver bar, or whatever bar.

OK, let’s say silver.

Any idea where a guy would look to move many ounces of silver?
I doubt that a small time guy like me could get full price for it, but I’d THINK that some one would be willing to offer me .90 on the dollar for it. Or maybe not? Can I only expect .50 on the dollar?

Thanks for any experience with this.

Don’t most coin shops buy precious metals as well?

Read Frederick Forsyth’s short story “The Careful Man” (I think it’s in his collection No Comebacks.
The story’s a couple of decades old, now, but I’ll bet the circumstances are pretty much the same.

His character went to the firm Johnson Matthey to sell his ingots of platinum, and would’ve gotten more money for them if they’d still had the original assay marks on them.

I think that wherever you bought precious metals would be a good place to start.

It was a gift, essentially.

And, it’s 30 years old, at least.

I’m not much of an eBayer, but I might go that route. I was sniffing around there for “silver bars” but since I’m not an established seller, I’d be concerned about trying to sell something like that.

You need to try a place like this. Most coin dealers will only pay a percentage of the weight value, generally less than 50 to 85% of the spot value of that given day that you walk in. Even a good one. They are in the business to make money and the price can vary wildly from week to week. They also know a lot more about coin collecting than you probably do. Also, they tend to buy based only upon the weight value. If the coin or jewelery has collectors value they will almost always ignore it. They also tend to ignore the value of any stones in jewelery, unless they are diamonds.

Interesting site.

This is a silver bar, not coins or jewelry.

They claim to pay 92% of the price of silver. I believe this is entirely silver, not sterling or anything like that.

If the bar is stamped .999 fine silver, we currently buy them and pay spot less seventy-five cents/ounce. We’re the biggest buyer of this in the Northern Ohio area. Most other dealers will be a little less, depending on how much they need to make. OH, yeah, we’re coin dealers…

Silver closed today in NY at about $14.40/ounce. Even a bad coin dealer ought to pay you about $13/ounce.

As far as shipping it, you’d spend as much on shipping as you would on taking it to the local coin dealer.

Call every coin dealer listed in your area to get quotes. Ask them how much under spot you’ll get.


I’ll look into that. I was figuring coin guys, but I didn’t know whether coin guys, or pawn shops, or jewelers might be the best place to go.