How to Sell Your Silver / Gold Bullion Locally?
One of the nice things about owning gold and silver is the universal acceptance of the metals for trade and investment purposes. That means that when you need to cash in your collection of gold and silver in a hurry, you will have a number of available options where you can liquidate your collection of coins, bars, ingots, rounds, jewelry, and collectable coins. For practical purposes however, where you end up deciding to sell your bullion might end up costing you some money for the convenience of a quick and easy sale. As with most investment opportunities, patience is rewarded because it allows you to dictate the terms, but when you are pressed for funds, precious metals give you the flexibility you need for a quick sale.
Selling Gold at a Pawn Shop
A ubiquitous sight in any major city, pawnshops offer a ready avenue for you to sell your gold or silver collection locally. With an estimated 12,000 shops across the nation, you won’t need to go far to find a willing buyer of your gold and silver. The advantages of working with a local pawnshop include instant payment in cash, and the knowledge that they will take a wide array of coins, scrap gold, jewelry, and sterling. The disadvantage, in addition to lower process received for your gold or silver, bringing in rare coins of numismatic interest is unlikely to deliver its true value.
Selling Silver at Coin Stores
Local coin dealers are an ideal outlet for selling your gold and silver locally. With the ease of going to the local supermarket, these neighborhood shops are ideally suited to buy your coins and bullion products. Generally speaking, collectors get a fair price for their gold and silver bullion products when they do business at a local coin shop. Unfortunately however, by its very brick-and-mortar nature, local coin shops operate with overheads, so to help recoup those expenses you will probably be offered melt value for your gold and silver. Melt value represents the intrinsic value of the metal used in making the coin. In other words, you pay for the convenience of having a brick-and-mortar coin shop locally, but you get instant cash in your hand and the transaction is private without any electronic footprint.
What About Coin Shows?
Not only are coin shows a great place to get wide exposure to a number of dealers, it is a nexus point for large numbers of numismatics that are knowledgeable in collectable coins and fine bullion products. Indeed, you might well come across dozens of dealers all in one location. Unfortunately, unlike the local coin store, coin shows are periodic events, so you may have to wait for them to come to you, or you will need to travel to take advantage of this option sooner than you would otherwise have to wait.
Smelters and Refiners
While this local option for selling your silver and gold bullion demands largely being in the right locality, namely that you have a smelter or refiner in your neighborhood, but you can sell your gold and silver directly to these businesses at a tidy profit. By going directly to a refiner and smelter, you cut out the middleman, local coin shops for instance, and you can earn more for your scrap metal valued gold or silver bullion. Since these operations buy your gold and silver to be melted down, this option is great for silver cutlery, jewelry, scrape gold, or sterling silver. Owing to this business model, you would not want to bring your bullion coins and numismatics to a local smelter because you would make a great deal more money going through another option.