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How do I get spot price for my silver?

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  • How do I get spot price for my silver?

    Kind of curious on how to get spot price for my .999 Pure Silver Santa Claus coin. The pawn shop wanted to give me $25 for my 1 troy ounce coin. Spot is 40+.
    "It's a trap!!!!" -- Admiral Ackbar

  • #2
    I would try a different shop... You most likely won't get spot price for it because usually the shop has to make a cut fit themselves. My local shop usually gives spot -2 or 3 bucks... But the 25 dollars sounds like a lowball offer... It's not the value of the santa coin your after... It'd purely for the melt value.

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    • #3
      You could offer it for sale on Craiglsit, ebay, or on a forum that offers a service like that.

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      • #4
        Go here for spot price Right now it is $38.49. If you want to sell it, take it to a real coin dealer, or better yet sell it to someone you know for the asking price. I would hold it, as I feel it will go up from here, unless you really need the money. Remember just a few weeks ago it was pushing $50. I think we will see that again, and maybe higher over time. Pawn shop is in business to make money and they will offer you a lowball number. Coin dealer is in it to make money as well, but they will know you know what it is worth and will have a fairer offer.
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        • #5
          I would hold it if you can afford to. If you sell it on craigslist, be sure to meet in a public place (like a bank lobby) to consumate the deal. Just a thought.
          "It wasn't raining when Noah built the Ark"

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          • #6
            I assume the coin is 1 troy oz? I might consider going to a coin shop and offering it in exchange for a U.S. Silver Eagel. You'll have to pay a few bucks in cash to make up the differrence in premium, but in the long run, if people start using silver for a medium of exchange, the recognition difference beteween these two coins will be huge.

            (or I'll give you $30 for it :-)

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            • #7
              I agree with sheepdog...go to a silver dealer bud

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              • #8
                thanks everyone for the input, much appreciated. I really appreciate having this community!
                "It's a trap!!!!" -- Admiral Ackbar

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