Showing posts with label sell silver. Show all posts
Showing posts with label sell silver. Show all posts

Thursday, May 26, 2011

How to sell silver coins

Silver coins are popular investments among coin collectors and speculators. Investors buy them to hedge against inflation.

When prices rise, people seek to sell their collections of silver coins, but most are ill-prepared to sell.

Knowing how and where to sell coins and how to maximize return requires several considerations.

   
When to Sell

To reap the rewards of investing in silver, collectors and investors need information on when to unload their silver coins. Essentially, the best time to sell is when prices are high. Prices for silver coins depend on the scarcity of a particular coin, its condition and the current trading price for silver.

In the early years of the 21st century, prices rose due to increased industrial demand for silver. Because silver has unique properties, it is used for a variety of industrial purposes. Supply also plays a role in the value of silver.

In 2008, the world's supply of above-ground, refined silver totalled just 300 million ounces. According to an August 2009 article in "The Motley Fool," an investing publication, mining output is on the rise.

In 2008, a troy ounce of silver brought £8.59 ($14), the second-highest value since trading began in the mid-1800s. In August 2009, a troy ounce sold for approximately £7.97 ($13), which was still 100 percent better than the 2001 price.

Selling to Coin Dealers

The obvious first concerns when selling coins is to know the value of a coin before you decide how to sell it. For some coins, market value might be fine. For others, though, you might miss a great opportunity to receive a premium for the coin. For example, American Coin, a company that buys and sells coins as collectibles, values some silver dollars at $5, which might be more than they are worth in terms of their silver content.

Bookstores and websites offer pricing information for many silver coins, but coin dealers also help value coins that come into their shops from prospective sellers. Make sure the coin dealer is a member of the American Numismatic Association, which requires that they subscribe to a code of ethics. That ensures you'll receive a fair quote. If dealers do not want them, there's a chance they will know someone else who might. Don't be afraid to ask about other places to sell your coins.

Selling to Scrap Dealers

Selling coins to scrap dealers offers several advantages. Foremost, dealers pay market value for silver coins. Market value is known as melt value, which is the value that the current market pays for silver. With a predetermined price, sellers know in advance what they will receive.

One dealer, the American Precious Metals Exchange, buys coins through its website. According to the APMEX website, the company only buys in bulk. A seller must offer a minimum of $1,000 in silver coins. Those who sell to APMEX must call the company to receive a quote price for the coins. That price stays locked in for five days. After receiving the quote, sellers have those five days to ship the coins to APMEX. After the company receives the coins, it issues payment in the form of a check sent via mail.

A drawback to selling silver coins to scrap dealers is that many charge a transaction fee and require that you pay for any shipping costs. The American Precious Metals Exchange does not charge a fee for a transaction, but the company says it charges $25 for anyone wishing to receive payment via a bank wire.

Another drawback to selling coins to scrap dealers is that they do not consider the scarcity of the coins. In fact, many do not research a coin's demand among collectors until after they purchase the coins. Therefore, a rare coin might sell for far less than what an active collector might pay.
Auction Selling

The easiest way to sell coins to collectors is through an auction. Live auctions, as well as Internet auctions such as eBay, attract several prospective buyers, and the competitive bidding process drives up the selling price for a coin. Collectors also pay more than face value for coins deemed in high demand. Factors they consider include the condition of the coin and collector demand.

The primary drawback to auction selling is that price varies. While a seller might receive a premium for his silver coins, minimal competition also might cause coins to sell for less than market value. To avoid such concerns, ensure that the starting bid is at least equal to the actual market value of silver.

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Wednesday, April 13, 2011

Identifying French Silver


French Silver ware is still hugely collectable. Examples for sale can be found almost anywhere in the world. This is a testament to the huge popularity of French Silver.

What is French Silver worth? Well, anywhere between a few pounds sterling to the thousands paid for a beautiful or rare piece of fine French Silver.

Hallmarks the markings in assayed silver were first used in France in the mid-13th century. There are hundreds of different French hallmarks, some of them obscure and rare. However, you can identify many French hallmarks by looking for a few distinguishing features.
To begin you will need a Jeweller’s loupe or a strong magnifying glass and a guide to French hallmarks.

1. Turn the silver item round with your hands until you can find a hallmark.

2. Look for a diamond-shaped lozenge with letters inside. This is a French maker's mark, designating the original item manufacturer.

3. Search for what looks like a woman's head facing right, wearing a helmet. This is the Roman goddess Minerva. Minerva is the mark for French silver.

4. Check for a boar's head looking left or a crab mark. These are found on smaller items such as snuff boxes, vinaigrettes and card cases.

5. Search for other hallmarks that have a bearded man, duck, cockerel, wolf or a man with a winged helmet. These were all used as hallmarks during various eras in France, according to the website 925-1000. A decorative letter "A" with a crown on top means that an item was made in Paris.

6. View the list of hallmarks on the 925-1000 website or in a reputable French hallmark guide, such as "Tardy's International Hallmarks on Silver."

More: Identify Silver Index 

You might also be interested in

French Silver
Guide to Spanish pieces of eight
How to Understand International hallmarks


Friday, April 1, 2011

The Difference between silver and silver plate

Sterling Silver and Plated Silver both have a characteristic sheen that can reflect brillianly under both candle light and natural light. both types of silver can be similar weights but sterling silver is considerably more valuable financially than silver plate.

So when one tell whether their silver coloured metal is the real thing?

Well, Sterling silver has several characteristics that distinguishes it from plated silver.

Silver jewelry comes in various forms, including sterling and plated. Sterling has 92.5 percent silver content; plated has a thin layer of silver bonded to a base metal.
Sterling silver is more expensive and retains its value over time because of its high silver content.

How to distinguish between Silver and silver plate

1 Check for sterling markings. These are words or numbers stamped on a item that represent its value. If it is a piece of jewelry, such as a necklace or ring, turn it over. For silverware, look on the handle, and for tea pots, look at the bottom. You should see the number ".925" marked on the piece. You may also see, "925/1000", or just the word "Sterling". Any of these indicate the piece is sterling silver.

2 Check for plated silver markings. These are found in the same places as sterling markings. You may see "EP," "EPNS," "EPC" or "Heavy Plate." These or any other markings other than sterling markings usually indicate an item is silver plated. Sometimes the markings are so small that you will need to use a magnifying glass.

3 Look for markings from other countries. Not all countries mark sterling silver the same way. For instance, some sterling silver items in England have a lion's head engraved, and sterling silver from Norway is marked "830." Research a silver marking guide, such as the "Online Encyclopedia of Silver Marks, Hallmarks and Makers' Marks" "Guide to gold and silver hallmarks"to compare the markings on your item and determine its country of origin.

4 Apply nitric acid to the surface. It will not affect sterling silver, but will turn silver-plated items green. Buy a silver jewelry testing kit; it will likely include a nitric acid-based solution. Find an inconspicuous spot on the item. Lightly scratch the spot with your fingernail or a needle, and apply a small drop of nitric acid.

Tuesday, March 8, 2011

How to sell silver on eBay

There are many opportunities for eBay sellers and buyers in the growing market for antique and collectible silver. The fast rising prices of silver and gold assure this but it is easy to make mistakes in this arena.

Fact: An amazing one-third of the eBay sellers incorrectly list and describe items because they've learned just enough information about marks to be incompetent. Often these sellers think because there is a lion, crown, or anchor mark on their item it is English sterling when, in fact, it is a silver plate bearing a pseudo mark.

If least 30% of the 12-15,000 weekly listings in the 'Antiques-Silver' category have inaccurate or misleading descriptions. The resulting buyer confusion and uncertainty will cause low selling prices, lost sales and seller credibility problems.

Those who are just starting into antique silver selling need to be very wary not to misinterpret marks. As already mentioned, one-third of the eBay sellers incorrectly list and describe items because they don’t know enough about silver and gold.

“So, how does one avoid these mistakes to become successful on selling silver on eBay”.

The best answer is, “With knowledge and care”.

Please take a look at the best way to list and silver correctly on ebay and avoid making the mistakes that will lose you credibility and sales on eBay.