How to Sell Silver Coins in Nashville (And How to Avoid Common Mistakes)

With the price of silver approaching all time highs, many are digging out their collections in hopes of cashing in.

For those in the Nashville area who are looking to sell silver coins, we at Nashville Gold and Coin are ready to help in any way we can. That’s why I am taking the time to put together this simple guide to help in the process and hopefully avoid many common mistakes.

Before Selling Silver Coins:

1. Sort your coins to know what you have.  This will help things run smoothly when you sell and let the buyer know that you have some base level of knowledge.  There are apps available to help you identify each coin individually, but many of our clients find that this a waste of time.  Instead, we offer clients a Coin Sorting Guide to help with sorting common, circulated United States coins to get coins grouped together by series. From there, we offer our Rare Coin Guide as a free download to help you identify any coins with numismatic value.
2. Identify silver bullion coins.  Silver bullion coins are typically 1 troy ounce of .999 fine silver, however some mints offer these coins in various purities (.900 and .925) and various weights from fractions of a troy ounce to weights over one ozt such as 1.25, 1.5, 2 and 5 ozt.  All such coins will be marked with fineness (purity) and weight. Here’s a list of common bullion coins and what you might expect to receive relative to the spot price of silver assuming all coins are in pristine, retail condition:
   • American Silver Eagle 1 oz .999 fine silver: these coins should bring spot price or slightly more depending on market conditions with some years bringing a premium over spot.
   • Canadian Silver Maple 1 oz .999 fine silver: should bring 93-96 % of spot price depending on fluctuations in the market.
   • Mexican Libertad 1 oz .999 fine silver: some years can bring over spot price, but on average an offer at or just below spot may be expected.
   • South African Krugerrand, Great Britain Britannia, Austrian Philharmonic, Australian Kangaroo and Chinese Panda 1 oz .999 fine silver: these bullion coins will typically garner an offer 92-95% of the spot price as the market for these tends to fluctuate more than the American, Canadian and Mexican silver bullion coins.
3. Identify other silver bullion such as bars, ingots and rounds (rounds look like coins but do not have currency value such as dollars or euros).  All silver bullion should be marked with a purity of .999 and the weight in troy oz (ozt).  You should expect a percentage of the spot price ranging from 90% to 95% of the spot price for common sized rounds and bars in good retail quality condition.  Off quality or odd weight bullion will be discounted a few percent by most dealers.
4. Have question about selling silver in Nashville?  Ask!  Reputable dealers should always be willing to answer your questions.  If you have other coins or items that you think may be of value, we recommend sending a brief list and pictures via email to sales@nashvillegoldandcoin.com.  We can quickly determine if it’s worth a visit to our office.

Tips for Selling Silver Coins in Nashville To Avoid Common Mistakes

Call Ahead. Insuring you get the best possible price for your silver requires giving the dealer time to thoroughly evaluate your collection.  Walk-ins and storefront deals are often rushed and therefore result in offers that cover the dealer more than they help the client.

Check Reviews. Genuine reviews will have a mix of both positives and negatives, but should be overwhelmingly positive.  Be skeptical of businesses with nothing but 5 star reviews as this may indicate fabricated or paid-for reviews.

Check credentials. Look for dealers affiliated with professional coin / numismatic organizations (e.g. PCGS, NGC, CCE, etc) as they may be more trustworthy.

Be wary of “We Buy Gold/Silver” businesses. Some of those are less scrupulous about pricing — you will most likely get a lower offer than a reputable coin and bullion dealer. Additionally, they are regulated differently than those who deal in precious metals exclusively.

Ask for prices. Reputable dealers should be willing to share their minimum prices for common items.  If they aren’t willing to share, they are probably banking on you not being willing to walk away.  Ask if they use live silver spot price, subtract a percentage, or use flat rates? Nashville Gold and Coin is the only dealer in the area to provide minimum purchase prices for silver coins at NashvilleGoldStore.com/What-we-pay/

Do bring ID and documentation. Dealers may require seller identification for recordkeeping.

Avoid mail-in selling if possible. Face‑to‑face gives you more leverage and transparency, as well as saving expensive shipping and insurance costs.  The risk of losing your items in the shipping process is real and leaves you with little recourse.  There are situations where this is unavoidable and we recommend dealing only with dealers who provide you a single point of contact.

Avoid going to pawn shops. Pawn shops tend to discount more, because they have to factor in risk, overhead, and holding periods due to extreme regulation compared to coin and bullion dealers.

For more related information on silver, visit these service pages on our website:

• Sell Your Silver Bullion
• Sell Your Silver Coins

Selling silver coins doesn’t have to be complicated. By knowing what you have and working with a reputable local dealer, you can make sure you’re getting a fair price and a smooth experience. At Nashville Gold and Coin, we offer private, one-on-one appointments to evaluate your silver coins, bullion, or collections. If you’re ready to sell, visit our Sell Silver Coins in Nashville page for more details — or call today to find out what your silver is really worth.