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How to Pull Cash Out of Your Silver Holdings Without Losing Ounces

By: Dr. Jeffrey Lewis

-- Posted 23 July, 2010 | | Discuss This Article - Comments:

With silver on a bull run, you might be tempted to take some cash out of your silver holdings.  However, if you're like most silver investors, who have an array of different silver coins, rounds, and other metal pieces, you might just be able to cash in without reducing your total holdings.


Silver Grab Bag


You bought a bag of junk silver, it weighs the right amount, and all of it looks quite dated.  The mesh bag is interesting, and it may even have some bank ink on it showing the silver’s origins.  However, other than the price, weight or type of coins, do you really know what you own?


You will need to think like a collector to do this, but for people who have a variety of silver, this can be both fun and rewarding, and maybe it can help better connect you with other silver collectors or investors.


All About Collecting


Coin collectors are interested in picking up coins to complete their sets.  A collection that spans dimes from 1900-2000 is worthless if it is missing even one dime from 1962 because the true value of the collection lies in the collection in its entirety, not the individual pieces.


To obtain individual coins, collectors usually head to coin shops, where they purchase individual coins out of what is essentially a shoebox, with each coin lined up from year to year.  Shopping for coins like this is convenient, though pricy, and in many instances, collectors pay far more than market price just to complete a set.


Grab a Red Book


The Red Book is to collectable coins what the Kelly Blue Book is to automobiles.  All coin shop prices are practically set upon the Red Book’s guidelines, which help stabilize and moderate prices within a relatively disconnected market for collectable coins.  This Red Book will set you back no more than $15, but it will help you find values for your coin collection.


Start Picking


Take quick stroll through the Red Book for collectable coins, values, and years, and then get to tearing through your junk coin collections.  You might just find that some coins, no matter the condition, are worth more than the melt value just because of their own inherent rarity or perceived value to a collector. 


Contract yourself to a coin dealer to see if he or she has a use for your services.  If they do, you might just find that with a few hours of picking through the coins you own purely for their silver content, you can make a quick few dollars – or even work up a trade deal that allows you to trade collectable coins for investment grade coins.


Getting More from Less


If you have a mix of silver – perhaps dollars, quarters and dimes – you'll probably see even more opportunity for profit if you can put individual sets together.  That is, putting together a 1963-D set of quarters, dimes, and dollars to sell to collectors for a premium.


Round Up


Of course, you will not get rich by picking through your investment grade coins, but you may just be able to extract some extra wealth and learn a little bit more about the industry in the process.  It is a great way to network by building relationships that could bring you to lower prices or better coins, or it can be just a fun way to spend the day.  Besides, don't you think it is a little unfair you own so much silver that has, after being bagged up, never seen the light of day?


Dr. Jeffrey Lewis

-- Posted 23 July, 2010 | | Discuss This Article - Comments:

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