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Now Is The Time to Sell Ungraded Silver Coin
Daryle Lambert’s “Guy in the Red Tie” Blog:
Do you have loose, ungraded silver coins or other scrap silver that you’ve been saving? With the high price of silver these days, I think this just might be the right time to consider selling them.
There is always a top to every market and I think this is it for silver. I remember back in the 1970’s, when the Hunt brothers tried to corner the market in silver, and people were waiting for the market to go even higher before they sold. Well, it didn’t.
Many might be thinking it is necessary to get these coins graded before selling, but this might not be the best idea. The increase you might gain for the grading might not even make up for the commission charged for the grading. Common coins are common no matter how they’re graded.
You can send your coins away to different companies that will set a grade on them from mint or brilliant uncirculated to poor quality. Poor quality says that the surface of the coin is worn until there is little of the original image and writing left on its surface. The higher the grade, the higher the value. But the same coin can be graded differently by each company it is sent to, and unless you have a coin that is in very good condition, the cost of having it graded might not justify spending the money it takes to get the grading, like I said before. Grading a coin can run $25 or more per coin. Unless you are a very serious collector, you might be well advised to stay away from getting invested in this game, because the novice won’t win. The only one here that has a sure thing is the companies doing the grading.
However, I do think that this is a good time to take advantage of the price of silver, because the metals only have industrial uses today. I was just informed that the metal dealers were paying eight times or more for the face price for silver coins minted before 1965. Under these circumstances, my recommendation –Sell — Sell — Sell — all the silver coins you own now. If you can buy coins at four times their face value do it, but immediately turn around and sell them, putting the profit in your account to purchase other items. This means that if you have a silver quarter, you can sell it for $2.00. I think that you will be able to buy these coins back at half that price within a few years. Yes, this is a little different recommendation from me, but remember, my goal is to have you double your money on each sale, and that isn’t restricted to selling only Antiques or Collectibles.
The metals don’t serve as hedges against inflation like they did in the past, and there are problems owning bullion. For starters, you have to store it. Second, it isn’t easy to transport and third, the value can become very unstable. Just ask the Hunt Brothers about unstability.
The vehicles that most used today as a hedge against inflation are other currencies. The risk reward for owning silver has dipped to where I think now is the time to liquidate all silver holdings where there isn’t collector value, only raw metal value.
About Daryle Lambert:
Daryle Lambert is author of 31 Steps to Your Millions in Antiques & Collectibles, leader of it’s spin-off wealth-building club, the 31 Club, and the voice behind “The Guy in the Red Tie” Daily Blog.
