When it comes to silver bullion products there is one other product that does not get as much exposure as bullion coins and bullion bars and that is silver bullion rounds. Silver bullion rounds are not actually money and therefore have no monetary value. For rounds, the price of silver rounds depends entirely on the precious-metal content. Most of them are made in a 1oz. However not all rounds are made of the highest quality silver. However, not all rounds are made of the highest quality silver. When you sell, you should check the size and weight of the rounds you have. In general Silver rounds are typically 40mm in diameter and weigh about 1 Troy ounce or 31.3grams. You may find it hard to sell silver bullion rounds that are not 99.9% silver. Silver coins can actually be worth money, silver rounds are not.
When selling silver, separate the different types of products. Silver bullion coins are made by both sovereign mints as well as private mints. However, they will be worth less than silver coins because they do not have the intrinsic designs and therefore the numismatic value.
The bid price is what a wholesale buyer pays for the silver purchased and the ask price is what he would be selling the silver for. Go online to find the spot price of silver. This price changes daily so it is important to know what it is exactly on the day you decide to sell silver bullion rounds.
A simple way of working out what the price of silver is likely to be, measure the silver you want to sell and. Multiply the weight by the day’s spot price. The result is the amount that your silver will ultimately be worth.
To do things more professionally take your silver rounds to a precious metal dealer. He will examine your rounds, weigh it and give you a more precise valuation. The price you are likely to get for silver rounds will typically be 5% below the spot price. This allows the buyer get enough profit. If your silver rounds are produced from world renowned mints or refineries across the globe they may be worth a pretty amount of money.
If you have coins and rounds make sure that you have separated them because they will not be priced the same way. If you Group them together, it may result in you getting a low price because silver coins are generally priced higher. They are considered to be more valuable than rounds. Rounds are ideal and more liquid because they are portable and easier to carry from one place to another. However, just because they are blanks does not mean they have to be handled less delicately than actual silver coins. The condition of your silver rounds will also play a role in the final price.
If a bullion dealer offers you an amount to low to the silver spot price then take your bullion elsewhere. It is perfectly alright to shop around for a dealer that will offer you more. Silver rounds can be sold virtually anywhere. You can even advertise what you have to sell on consumer sites like Gumtree or use online auction sites like eBay.