Finding someone to buy your silver items can take some time, so you need to make sure that you look around and find the best silver dealers Allegany has to offer. This way, you can make sure that you get the best price possible for all of your valuables.

A good buyer will carefully assess all of your things to give you an accurate understanding of how much they are worth. You can then use this information to decide what to do. Selling your silver can earn you quite a bit from the right dealer.

Olean Gold & Silver

315 W State St, Olean, NY 14760

(716) 378-5784

Valley Gold and Silver

1602 West State Street, Olean, NY 14760

(716) 790-8334

Ask Design Jewelers

175 N. Union St., Olean, NY 14760

(716) 373-4367

Bell's Coin Shop

109 S 8th St, Olean, NY 14760

(716) 373-0698

Kay Jewelers

400 N Union St, Olean, NY 14760

(716) 372-6373

Firstcut Woodworking

316 West Green Street, Olean, NY 14760

(716) 378-7431

Clair's Coins

4317 Route 219, Great Valley, NY 14741

(716) 265-2024

Frii Electronic Cigarettes

100 Main St, Salamanca, NY 14779

(888) 707-0095

Bradford Coin Shop

15 Chestnut St, Bradford, PA 16701

(814) 362-1980

Suttles Morris & Silver Pearls

3920 Hadden Rd, Cuba, NY 14727

(585) 968-8334

A Few of A Kind

31 W Washington St, Ellicottville, NY 14731

(716) 699-5055

Thorn Brandi

10 Dennison Rd, Frewsburg, NY 14738

(716) 569-3449

Thorn Brandi

10 Dennison Rd, Frewsburg, NY 14738

(716) 569-3449

Hart's Jewelry

148 N Main St, Wellsville, NY 14895

(585) 593-4166

Tactics That Successful Silver Dealers Use

Silver is a commodity. That means that any single ounce of silver is worth the same as any other ounce of silver at the same purity level. It's been used as money in a variety of cultures and silver dealers use tactics to buy and sell silver and make a profit. Here is how they do it.

Wholesale Markup

Silver dealers are in business to make money and they often do it by buying silver coins or bullion at wholesale prices. Perhaps they were able to buy a silver coin for the rock bottom price of $15. When these coins become scarce in the market, the dealer may choose to offer them to a collector. Collectors pay a higher price and remove the coins from circulation. The dealer makes a profit on the markup over the wholesale price that he paid.

Replacement Cost Price

A dealer should never sell anything for less than the cost of what it would take to replace it. That's the philosophy of most successful dealers in metals. They take the long view and buy silver when it reaches a low. Let's use the same number we used above. Say they bought an ounce for $15.

That's a good buy because the price of silver typically goes for more than that. To gain a profit, the dealer will have to hold onto the bullion until the price rises. At that point, he must sell it at a price no lower than what it would cost him to replace it. If silver has risen to $30 an ounce, he's made a tidy profit when he sells.

The first tactic requires finding the right kind of buyer in order to make a profit. The second one requires patience while waiting for the market to change. Both can be very lucrative.