Our Side Hustles Breakdown
We recommend selling silver as a side hustle during high market valuations. Converting silver assets into immediate funds can be straightforward with the right knowledge. Key concern: Avoid scams by dealing with reputable buyers and understanding market rates.
- Market Volatility: Silver prices can fluctuate.
- Authentication: Ensuring the silver’s purity can require tests.
- Potential Scams: Always transact with trusted parties.
- Immediate Liquidity: Silver can be quickly converted into cash.
- Diverse Assets: Silver comes in various forms – coins, jewelry, bullion.
- Relatively Stable: Silver typically retains some intrinsic value.
Are you considering selling silver to pay the bills?
If the market price is right, silver offers a golden opportunity to turn a profit.
Learn the basics of the silver trade and where to sell your silver pieces for the best value.
An Overview of Selling Silver: A Primer
In addition to gold, silver is a precious metal with the potential to fetch a decent profit. It takes various forms, and each type has its intrinsic value and demand.
For example, bullion coins are more straightforward to sell because of their purity. Numismatic silver coins are collectibles and worth more, regardless of their silver content.
Silver flatware doesn’t hold more value than the spot price in the silver resale market. The only exception is if it’s from luxury brands like Tiffany and Cartier.
Of course, silver scrap sells for less than the fair market price. Plated silver, which contains a flimsy layer of real silver over a base metal of copper or steel, is basically worthless.
Note: The spot price is what buyers pay for the physical asset’s immediate delivery.
How Much Can Selling Silver Earn You?
At the time of writing, silver’s spot price is $23.25 per ounce. But aside from the material value, factors like rarity and purity also drive silver prices.
The value of a piece depends on its silver content when melted. For instance, a candleholder with five ounces of silver will cost $116.25 when multiplied by the spot price.
Silver bars and bullion from reputable mints sell for close to the current market price, but premiums apply to specific brands or designs.
If you have silver items with collector’s appeal, you can sell them at online auctions or to antique dealers for prices far exceeding their silver content.
How Much Does It Cost to Start Selling Silver as a Side Hustle?
The primary expense when starting a silver business is acquiring your initial inventory. It’ll depend on your budget and the type of silver you plan to sell.
Consider investing in a silver purity testing machine to ensure you only buy real silver. This can set you back anywhere from $500 to several thousand dollars.
You also need a vault for safekeeping, which will cost you another couple hundred dollars.
Where Can You Sell Silver?
Selling silver can be lucrative, and there are various avenues to do so.
Where to Independently Sell Silver
Below are some places to sell your silver possessions:
- Pawn Shops: Pawn shops buy precious metals, including silver. They offer quick appraisals and on-the-spot cash payments for your silver items.
- Coin Dealers and Antique Jewelry Shops: Some individual dealers and brick-and-mortar stores specialize in buying and selling silver coins and antiques. They can offer expert valuation and competitive prices, especially for collectible silver coins and rare silver pieces.
Gig Economy Platforms Where You Can Sell Silver
Below are some of the most reputable online silver buyers:
1. Cash for Silver USA
This silver exchanger specializes in refining sterling silver coins, jewelry, flatware, and more. The process of selling silver on the site is simple.
You start by filling out a form to request a free FedEx shipping label so you can mail your item to them for evaluation.
Cash for Silver USA will then send you an offer within 24 hours of receiving your package. You can proceed with the sale if you agree to it. Otherwise, they’ll return your silver.
2. JM Bullion
JM Bullion offers a do-it-yourself process for selling your silver coins and bars.
First, create an account and navigate to their sales page. From the list, select the product that matches the silver in your possession and proceed to checkout to lock in the buyback price.
You’ll then receive an email with shipping instructions from the team.
Upon receiving your shipment, JM Bullion will inspect every item. Once approved, they’ll send your payment in 1-3 business days.
GoldSilver is an online buyer of silver and gold bullion.
You’ll need an account to log in and navigate to the Sellback section on the website. Create a new sellback and fill out all the information.
Next, wait for the confirmation email containing specific instructions for packaging and shipping your silver.
After approval of the sale, you’ll receive your payment via check or bank wire transfer for a $25 fee.
Why You Should Consider Selling Silver As a Side Hustle
Below are some reasons to convince you to sell your silver antiques and sterling silver jewelry:
- Potential for Profit: Selling silver coins and bullion can be profitable when the silver market is on the upswing.
- Flexibility: Selling silver allows you to work on your schedule. You can buy and sell when it’s convenient for you.
- Market for Junk Silver: Scrap silver doesn’t have to end up in the trash. Some online buyers and silver recyclers will pay for your broken silver pieces.
Problems With Selling Silver As a Side Hustle
Consider these cons before jumping right into the silver trade:
- High Upfront Cost: Building up your inventory of silver items requires a significant initial investment.
- Market Volatility: The market price of silver can seesaw, which means you won’t always make a profit. Worse, you can even incur losses.
- Storage and Security: You’ll need secure storage for your physical assets, adding to your costs.
Frequently Asked Questions
Can you Make Money Selling Silver?
Of course! If silver’s current spot price climbs, you can turn a huge profit selling silver bars and coins. So keep an eye on the fair price of silver.
Here’s the catch: Unlike other businesses with ongoing cash flow, this is pretty much the only way you can make money from your silver pieces.
What’s the Best Way to Sell Silver?
If you need to make a quick buck, your local pawn shops and coin dealers can pay cash for your silver pieces on the spot.
Or, you can scour the internet for online buyers of silver and other precious metals who can offer the best price.