How to Buy Silver Coins for Sale Near Me
Finding where to purchase silver coins near me is one of the first concerns that new bullion collectors voice. With so many distributors and mints vying for your attention, it can be hard to sift through the options and find a way to buy silver coins that really works for you. Every method of purchasing bullion comes with its own pros and cons.
An informed buyer of gold, silver, or platinum knows exactly what he or she wants from a distributor. For example, someone who wants maximum authenticity and coin condition should consider buying bullion directly from a government mint. Some people are more interested in buying rare silver coins from foreign nations; online distributors might be best for these collectors.
Hero Bullion offers an extensive selection of silver coins from mints around the world. But this guide isn’t an advertisement for our products. The goal of the Hero Bullion Academy is to provide new silver coin customers with the tools they need to make their first purchases with confidence. Today, we’re answering the ultimate question that inexperienced collectors often have: “How do I buy silver coins for sale near me?”
In this guide, we’ll introduce you to four solid options for buying silver coins for sale near me. Our guide will also cover two major concerns for people buying silver coins online or in-person: how to spot fake silver coins and how to ensure safe coin shipping.
What is a Silver Coin?
Sure, this might sound like a simple question. Many people who are new to buying gold and silver coins figure that a silver coin is anything shaped like a circle that contains pure silver. In reality, the term “silver coin” refers specifically to coins that are minted and distributed by a federal mint.
Private mints can produce bullion products that look almost identical to silver coins. These are generally referred to as “silver rounds.” A key indicator that you’re dealing with a silver coin will be its face value. Because silver coins are minted with the backing of sovereign governments, they will have a face value on their obverse or reverse sides.
Silver coins are distributed from a number of different public mints. The United States Mint, the British Royal Mint, the Royal Canadian Mint, the Austrian Mint, Perth Mint, and several others are popular mints capable of minting silver coins backed by their host governments.
Buy Silver Coins Near Me from Pawn Shops
Pawn shops can be hit or miss for bullion consumers. If you’re wondering “how to buy silver coins near me,” a pawn shop might be the first option that comes to mind. Pawn shops might be the most convenient way to purchase silver coins near me. They’re everywhere; there’s probably a pawn shop with silver coins for sale within ten miles of you! This is the main advantage of buying silver coins from a pawn shop. There’s no browsing endless catalogs of bullion coins and bars, and you don’t need to worry about a lengthy shipping process to get the coins you order.
The downside of buying silver coins from a pawn shop is twofold. First, pawn shops might sell counterfeit or defective coins. Most pawn shops carefully examine coins to verify authenticity before buying them from sellers, but there’s always the chance that your local shop forgot or neglected their due diligence. We highly recommend testing coins you buy from pawn shops in order to guarantee that you got the real deal instead of a cheap counterfeit.
Second, some pawn shops sell silver coins at extremely high premiums. This is especially true if a coin is vintage or rare, these pawn shops may be more than willing to hold onto the piece until they can find a buyer willing to pay well above market price. You can avoid this problem by price-checking any coin you want to purchase from a pawn shop. Make sure that you’re not getting raked over the coals for your silver coin by weighing the shop’s price against multiple online distributors and mints.
Buy Silver Coins Near Me Locally
The term “locally” is probably a bit of a misnomer. Many local bullion distributors near you are likely also online mints. For example, Hero Bullion has a physical location in Texas where customers can stop in and see some of our favorite silver, gold, and platinum pieces on display. However, we included local distributors on this list for a reason. There are several advantages to picking up your silver coins from a local location.
First, buying locally allows you to negotiate in-person with the mint or distributor. While email and phone communication is great, it doesn’t often allow the kind of negotiation that some customers can get with a face-to-face meeting. Buying silver coins is a lot like buying any luxury product. Would you rather buy a car in-person than over the internet? The same logic applies to silver coins, some of which can easily cost the same amount as a cheap used car.
If you’re looking to buy “silver coins near me,” another major upside to buying silver coins from local distributors is that you avoid the risks associated with shipping. Hero Bullion is committed to providing the safest and most efficient shipping process possible; that’s why our customers consistently praise the state and condition of their mailed coins, bars, and rounds.
However, some companies are not so careful. One wrong move in the packaging process can be costly. A silver coin with a chip or scuff on it immediately loses a significant portion of its collectable value.
The main downside to local silver coin purchases is the lack of variety. While local distributors are likely to have quite a few different coins available, the selection of online retailers just can’t be beat.
Buy Silver Coins Near Me from Mints
This is the classic option for people asking “how to buy silver coins near me.” Buying directly from a mint has a few clear advantages, but it also comes with a significant downside. You can buy directly from the United States Mint, as well as most mints around the world. The biggest upside to purchasing directly from the source is that you can save some cash. When you buy from secondary distributors, you’ll often pay the price of the coin plus a small profit for the seller. Buying from the mint minimizes the premium cost tacked onto the top of your coin’s value.
Government Mints also provide the highest level of security against counterfeits, while also maintaining quality, reliable shipping practices. The U.S. Mint is extremely experienced in shipping bullion coins safely and securely, and the odds of this national mint shipping you a fake is basically zero. You can rest assured that purchases from government mints will come in perfect condition and with a guarantee of authenticity from its creators.
Like local mints, government mints suffer mainly from a lack of selection. The U.S. Mint will occasionally sell coins from the previous year on their website, but most U.S. Mint offerings are limited to the current year. Yep — this means you won’t be able to find a 2016 Silver Eagle from the U.S. Mint. If you’re looking to buy a coin that has been released recently, buying straight from the mint is a cost effective and safe option. But collectors looking for rarer or older pieces should look elsewhere.
Buy Silver Coins Near Me from Online Distributors
While there are several options for buying “silver coins near me,” we tend to prefer the versatility and convenience of online retailers. There might be a bit of bias at work here; Hero Bullion certainly has a strong online presence! However, we’re confident that most new and experienced silver coin buyers should strongly consider buying from an online distributor.
The biggest upside to purchasing silver coins online is the variety. Because online distributors are able to forge connections with mints and other sellers all over the world, they are often able to offer their customers coins that local providers just can’t get ahold of. Hero Bullion sells coins from the Cook Islands, Great Britain, Austria, and France, for example. Online bullion dealers also offer coins from all time periods, rather than just the most recently released editions.
The main disadvantages of buying from online distributors can be mitigated if consumers are diligent in their research. We’ll cover two big things to consider when buying silver coins near me from online distributors in the sections below. How does your distributor ensure safe shipping? What protocols are in-place for returns if you are dissatisfied with your purchase? Are coins shipped with certificates of authenticity or other guarantees of legitimacy? These are all valid questions to ask yourself when buying from a new online bullion dealer.
How to Spot Fake Silver Coins
If you’re asking “how to buy silver coins near me,” chances are that you have more than a few questions about the bullion purchasing process. We discuss the issue of spotting counterfeit silver coins more in-depth in a separate Hero Bullion Academy post here. There are a few tests that you can use at home to help identify counterfeit or fake silver coins. The ping test is one example; it involves dropping a coin onto a surface and listening to the distinct “ping” noise that silver makes when it hits the ground. Of course, we never advise this test when evaluating an expensive piece, as it can result in aesthetic damage.
For now, you should know that the best way to avoid fake silver coins is to only work with reputable bullion dealers. Bullion dealers with a solid track record are unlikely to distribute fake coins. Some states require bullion dealers to register as precious metal distributors before doing business. If this is a rule in your state, only do business with companies that have followed the proper procedures to distribute bullion products. If you plan to buy from a distributor like a local pawn shop, it’s always good to get a second opinion or test your bullion at home.
How are Silver Coins Shipped?
This is a major concern for anyone buying silver coins from online dealers. Most reputable distributors will have a returns policy to compensate buyers whose coins are damaged during the shipping process. But the returns process for bullion coins can be stressful and costly, especially if you’re forced to cover return shipping fees on your own. For this reason, it’s best to learn how your online bullion distributor ships their coins.
Ideally, silver coins should be packaged carefully to reduce or eliminate the chances that the coin will be shaken around inside the package. Many coin distributors will also ship coins inside sleeves, cases, or tubes. It is abnormal for silver coins to be shipped loosely inside a package, as this can damage the coin while it’s being delivered.
Always consult the FAQ or “shipping and handling” section of a silver coin dealer before making a purchase. If you have any questions about the Hero Bullion shipping process, check out our “Frequently Asked Questions” page or contact our support team. We would be glad to walk you through our extensive shipping process and protocols.
Final Thoughts on Buying Silver Coins Near Me
This is one of the most common questions we get from new silver coin collectors. If you want to know how to buy silver coins “near me,” then you’ve come to the right place. We outlined four popular ways to find silver coins near me: pawn shops, local distributors, mints, and online coin dealers. There is ultimately no right or wrong answer to this question; it all depends on your preferences and priorities. While some consumers might prefer the security and savings of buying straight from a mint, other collectors prefer the wide selection and convenience of online retailers.
Regardless of how you choose to purchase silver coins near you, be sure to buy with confidence by carefully researching your options before checking out.
About The Author
Jake HaugenFollow @herobullion
Hero Bullion provides an environment that is informative and safe for those looking to own physical gold and silver bullion as an investment. We love helping folks at all stages throughout their bullion journey making progress towards acheiving their financial goals. Whether you are a seasoned bullion investor or brand new to the game of gold and silver bullion ownership, we're here to help and serve you in any way we can.