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 Mankato 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.

The Gold Shop, Inc.

1850 Adams St, Mankato, MN 56001

(651) 304-0321

Fw3 Coins

121 E Main St Ste 305, Mankato, MN 56001

(507) 550-1160

Quality Gold & Silver Trading Emporium

409 N Riverfront Dr, Mankato, MN 56001

(507) 625-8565

Butterfly of Life, Cancer Awareness Jewelry | Can

1660 Tullamore St. A, Mankato, MN 56001

(800) 418-9033

Quality Pawn

409 N Riverfront Dr, Mankato, MN 56001

(507) 625-8565

Kottkes Coin Service

914 N Broad St, Mankato, MN 56001

(507) 388-5472

Coins, Cards & Collectibles

931 Madison Ave, Mankato, MN 56001

(507) 625-7721

Kay Jewelers

1850 Adams St Suite 300, Mankato, MN 56001

(507) 388-4827

Julee's Jewelry

222 S Minnesota Ave, Saint Peter MN, 56082, Saint Peter, MN 56082

(507) 934-3344

O'Donnell Greg

48 N Park Ave Ste 3, Le Center, MN 56057

(507) 357-6685

Aigs

1112 8th Ave N, Saint James, MN 56081

(507) 621-9014

Pawn Minnesota

230 Central Ave N, Faribault, MN 55021

(507) 384-3777

Pawn Minnesota

230 Central Ave N, Faribault, MN 55021

(507) 384-3777

Douglas Diamonds & Fine Jewelry

300 Western Ave NW Ste 107, Faribault, MN 55021

(507) 332-2347

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.