Coin Community Family of Web Sites
Like us on Facebook! Subscribe to our Youtube Channel! Check out our Twitter! Check out our Pinterest!
Username:
Password:
Save Password
Forgot your Password?

Welcome Guest! Need help? Got a question? Inherit some coins?
Our coin forum is completely free! Register Now!

Selling Silver Bullion Question

 
To participate in the forum you must log in or register.
Author Previous TopicReplies: 6 / Views: 1,019Next Topic  
Pillar of the Community
United States
4685 Posts
 Posted 11/25/2018  10:18 pm Show Profile   Bookmark this topic Add TheForce to your friends list Get a Link to this Message
What are your thoughts on selling silver bullion to a pawn shop or a jewelry store? Do they give you spot or take into consideration any numismatic value? Is there any paperwork or tax filings? I got around a pound of silver in the form of Canada Maples/Incuse and Canada 150, and some Krugerrands. Just exploring my options.
Edited by TheForce
11/25/2018 10:19 pm
Pillar of the Community
United States
504 Posts
 Posted 11/26/2018  01:04 am  Show Profile   Bookmark this reply Add jst1dreamr to your friends list Get a Link to this Reply
What the pawn shop buys and what they pay is all the decision of the owner of the pawn shop but if silver is the only value in what you are selling then it is likely that you will receive more like 70-80% of the spot value. They also have to make money when they sell it at possibly close to spot. (also remember if your coin is say .900 silver they will only pay on 90% of the weight of the coin).
Tax filings may depend on the value you sell. Like winning at a casino, they take tax info over a certain dollar amount you get at one time. Sell it in smaller quanties to get around that. Good luck and may "TheForce" be with you.
Edited by jst1dreamr
11/26/2018 01:06 am
Pillar of the Community
United States
3929 Posts
 Posted 11/26/2018  04:09 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
Not sure, as the pawn shops here won't deal in PM's.
Strange, isn't it?
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Pillar of the Community
Canada
3430 Posts
 Posted 11/26/2018  06:00 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
From what I hear, in my city pawn shops give the lowest rates for your bullion. The best rates in my city are from the coin shops.
Valued Member
United States
343 Posts
 Posted 11/26/2018  06:07 am  Show Profile   Bookmark this reply Add SpaceMaNy0 to your friends list Get a Link to this Reply
I agree an LCS would be the first try for me. If not sell it here.
With all these Barbers around, you'd think I'd have shorter hair.
Pillar of the Community
United States
4685 Posts
 Posted 11/26/2018  06:36 am  Show Profile   Bookmark this reply Add TheForce to your friends list Get a Link to this Reply
I may try to sell it here. I don't have a LCS to go to sadly. I know there is a Gold Rush Jewelers near here that I think would buy but I don't know what they pay.
Pillar of the Community
Canada
3430 Posts
 Posted 11/26/2018  12:03 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
999 silver should get at close to spot since it sells for 10% and more over spot.
  Previous TopicReplies: 6 / Views: 1,019Next Topic  
 
To participate in the forum you must log in or register.

Coin Community Member eBay Sales

Certified Coins   Certified VAMs   Certified Errors  




Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2020 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us  |  Advertise Here  |  Privacy Policy / Terms of Use

Coin Community Forum © 2005 - 2020 Coin Community Forums
It took 0.47 seconds to rattle this change. Powered By: Snitz Forums 2000 Version 3.4.05