Silver is a precious metal whose value is second only to gold. The three key factors in selling your rare silver coins are condition, demand, and scarcity. Selling your rare silver coins is a good way to make some quick money. The experienced dealers from First National Bullion and Coin suggest these four reasons you may want to sell your coins.
1. Save for Retirement
Keeping your silver coins guarantees nothing, since the silver market is hard to predict. Having some extra money to put toward your retirement is never a bad thing. You could add funds to your current account or start a new one. It’s never too early or too late to start a retirement fund. If you have a 401k, deposit the proceeds from selling your silver into that account to get the maximum matching contribution from your employer. You can also put the money into a traditional or Roth IRA.
2. Pay Bills
Sometimes, you might fall behind on bills, or you may feel like you’re living from paycheck to paycheck. Selling your silver can give you the boost you need to catch up on your bills and lower your stress levels. Even if you’re dealing with your bills well, certain situations can still cause financial stress. The extra money from the sale of your silver coins can ease some of that pressure.
3. Buy Something You’ve Been Saving for
Maybe there’s something big you’ve been saving for and you’re almost there. Everyone has a dream vacation they hope to take, but they can’t always find the money to pay for it. Selling your silver coins could help you afford that fantasy getaway. If you’ve been saving for a new car, the extra money could make it a reality, or you could get that new laptop or computer you’ve wanted for a while.
4. Start a College Fund for Your Children
You should start saving for your children’s education as early as possible. This way, the funds can grow over a longer period. The proceeds from the sale of your rare silver coins can jump-start your children’s college fund, and several types of funds are available for this purpose. A 529 plan is a tax-advantaged savings plan that allows adults to save for their children’s future education costs. Coverdell Education Savings Accounts, which are similar to 529 plans, allow you to add up to $2,000 annually. A Uniform Gifts to Minors Act (UGMA) account gifts the money to your child, but you remain the custodian.
If you’re looking for the best place to sell your rare silver coins, call on the professionals at First National Bullion. We buy and sell all kinds of precious metals, including silver, platinum, and gold coins. San Diego collectors who are looking for trustworthy dealers and high-quality service should give us a call at 858-666-6570 to speak with one of our rare coin 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.