How to Sell Silver Rounds

By Kent Ninomiya

Silver rounds resemble silver coins. They are called rounds because they are not actually money and have no stated monetary value. The value of silver rounds is in their precious-metal content. Most silver rounds are made in a 1-oz. size. This makes them approximately the same size as a large U.S. silver dollar.

Make sure your silver rounds are actually made of silver. You can determine this by checking their size and weight. Silver rounds should be about 40mm in diameter and weigh 1 troy oz.., which is 31.1g. If you don't have a coin scale, you can weigh each silver round at the post office on their scale. If the round weighs less than 1 oz., it is not 99.9 percent silver. Most buyers will not purchase silver rounds that are not 99.9 percent silver.

Separate your silver coins from your silver rounds. Silver coins are actual money, and have a country and value stated on them. Silver rounds are not money. They are bullion, and can be made by both government and private mints. Silver coins are generally worth more than silver rounds, because they have numismatic value on top of their bullion value.

Check the spot price of silver. The spot bid is what wholesale buyers are paying for silver, while the spot ask is what they are selling silver for. Find the spot bid price that is stated in dollars per ounce. It changes every day, so it is important to know what it is on the day you sell your silver rounds. You can find the spot price of silver in the business section of any newspaper or at the Kitco website (follow the link in Resources).

Add up the number of ounces of silver you are selling and multiply it by the spot price of silver. The total is the spot price for the lot of silver rounds you are selling.

Take your silver rounds to a coin or bullion dealer. Most will gladly examine your lot for free and offer you a price. If your lot contains only low-quality silver rounds, a good offer is 5 percent below the spot price of silver. This allows for the buyer's profit. If your silver rounds are brilliant, uncirculated in quality and contain silver bullion coins from a major government mint (like that of the U.S.A., Canada, Austria or China), a good offer is 10 percent above the spot price of silver.

About the Author

Kent Ninomiya is a TV news anchor and reporter who worked in Los Angeles, Chicago, San Francisco, Minneapolis and San Diego. He is a prolific writer and editor who pens articles on a wide range of subjects. He is the managing editor of Bellamax Media which owns websites such as PRESSthePOINT.com, FreeGoldTips.com, CopyOldVideo.com, EmergingDragon.com, TelevisionNewsAnchor.com, CrowdedPassport.com, PUNCHandKICK.com, and IwantTHEMfired.com. Kent Ninomiya holds a Bachelor of Arts degree from the University of California at Berkeley in Social Sciences with an emphasis in History, Political Science and Mass Communications. He was a fellow of Journalism Ethics at the Poynter Institute. He is an avid traveler who lived abroad in Europe, Africa, and Asia. He is a lifelong martial artist who holds black belts in karate, tae kwon do, and hapkido. His hobbies include photography, numismatics, scuba diving & fitness.