Selling Silver Bullion Question - Coin Community Forum

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Author	Replies: 6 / Views: 1,791
TheForce Pillar of the Community United States 4870 Posts	Posted 11/25/2018 10:18 pm 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 Report this Post to the Staff

jst1dreamr Pillar of the Community United States 509 Posts	Posted 11/26/2018 01:04 am 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 Report this Post to the Staff
fistfulladirt Pillar of the Community United States 4333 Posts	Posted 11/26/2018 04:09 am 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 Report this Post to the Staff
oriole Pillar of the Community Canada 5245 Posts	Posted 11/26/2018 06:00 am 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. Report this Post to the Staff
SpaceMaNy0 Valued Member United States 343 Posts	Posted 11/26/2018 06:07 am I agree an LCS would be the first try for me. If not sell it here. Report this Post to the Staff
TheForce Pillar of the Community United States 4870 Posts	Posted 11/26/2018 06:36 am 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. Report this Post to the Staff
oriole Pillar of the Community Canada 5245 Posts	Posted 11/26/2018 12:03 pm 999 silver should get at close to spot since it sells for 10% and more over spot. Report this Post to the Staff
	Replies: 6 / Views: 1,791

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