Gold $2,356.00   $-3.10  Silver $28.23   $-0.05  Platinum $977.90   $-15.80  Palladium $1,061.00   $-3.50

Silver is an incredibly valuable metal, so sometimes the amount of silver in a coin might actually be worth more than the coin’s face value. There are coin buyers who will pay you for the amount of silver in the coin and then melt it down to extract the silver. However, selling your coins for melt isn’t always a good idea. Before you sell your silver coins for their melt value, here are a few things you should know, brought to you by the precious metals experts from First National Bullion, the silver and gold dealers San Diego collectors rely on for outstanding quality and service.

Some Collectible Coins Have a Higher Value

Almost all silver coins are worth more than their face value because the price of silver has increased more rapidly than the value of the dollar. The typical silver dollar contains around $20 worth of silver. However, some silver coins are worth even more than the value of the silver in the coin. Called collectible or numismatic coins, these are coins collectors will pay extra for due to their rarity or age. Melting them down would be a waste of money. For example, a 1922 Peace dollar in fantastic condition can sell for around $50, while its melt value is just $18. 

Certain Scrap Shops May Not Pay You the Full Melt Value

Another thing to consider before selling your silver coins for their melt value is that many scrap shops have the potential for unethical behavior. Some of these businesses target desperate customers who need money fast, and they often don’t pay the full value for any silver you sell them. It’s important to do your research and find a reputable shop. Before selling coins, look their melt value up online so you can negotiate a better deal. This will ensure selling your coins for melt doesn’t result in your getting scammed.

How to Determine a Coin’s Melt Value

As you can see, selling a coin for melt value might be worth it, but you need to be informed about the coin’s potential value before proceeding. To find the melt value for a coin, you need to know the year and design of the coin. Then you can look up just how much silver the coin actually contains. Cross-reference this with the current price of silver to get the melt value. There are several websites that can calculate all this for you if you enter the year and type of coin.

How to Find a Coin’s Collectible Value

Collectible value is more variable than melt value. You can research the value by looking up the age and type of coin on a coin collecting website. The coin’s condition has a huge influence on value. Uncirculated mint condition coins have as much as double the value of corroded, worn coins. Some coins with unusual mistakes or minting errors may also be worth more. 

Whether you’re a veteran coin collector or you’re simply looking to sell your old silver coins, reach out to the experts at First National Bullion. In addition to buying and selling coins, we also offer a huge selection of gold, platinum, and silver bars. San Diego collectors who are looking for the finest-quality coins, bars, and bullion should give us a call at 858-666-6570 to speak with one of our precious metals experts. The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.

By |2021-01-25T05:01:21-08:00October 19th, 2020|Miscellaneous|0 Comments