A reader asks HerMoney CEO Jean Chatzky: “We’ve had a bar of silver for 40 years. I would like to sell it, but I don’t know how. Do we sell it at a bank?”
Twice a week, our CEO and resident money guru Jean Chatzky tackles your burning questions in the HerMoney newsletter. We’ve pulled some of the best to feature on our website — and this one made the cut! Got a question for Jean? Send it her way right here.
Q: Today’s question comes from Jill. She writes: “We’ve had a bar of silver for 40 years. I would like to sell it, but I don’t know how. Do we sell it at a bank?”
A: If after looking at current silver prices it still makes sense for you to sell, one of the best spots to do so is with a reputable coin dealer. “If it is a bar from a well-known mint with a serial number on it, it would be much easier to sell close to the spot price of silver,” explains George Gagliardi, a CFP and founder of Coromandel Wealth Strategies. Bars without serial numbers are trickier because an assay – a test to determine purity and authenticity – may be needed.
When choosing a dealer, one of the most important factors to consider is transparency. “I have a very good coin dealer in town who is open about discussing his buy and sell prices and readily discloses his margin,” adds Gagliardi. “That’s the sort of establishment you want to look for.”
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