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 kitco.com.
Count 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% below the spot price of silver. This allows for the buyers profit. If your silver rounds are brilliant uncirculated in quality and contain silver bullion coins from a major government mint like the USA, Canada, Austria or China then a good offer is 10% above the spot price of silver.
Things You'll Need
- Metric ruler
- Coin scale or postal scale
If you are selling silver coins along with silver rounds, be sure to get a separate price for them. Grouping them together will result in a lower price for your silver coins. In general, silver coins are more valuable. Research the value of each coin before selling them. If they are rare, they could be worth significantly more than the value of silver in them.
If a coin or bullion dealer offers you well below the spot price of silver, take your silver rounds someplace else. It is perfectly acceptable to shop around your silver rounds for the best deal. Silver rounds can also be sold on websites like eBay and Craigslist. If you do this, be sure to get your money up front and insure all shipments.
- coins image by drx from Fotolia.com