What to Expect When Selling Silver Coins for Cash in Florida
Last Updated: May 16, 2026 | By Chad Busby, Owner of Busby Antiques
If you have been wondering what to expect when selling silver coins or bullion in Florida, you are in the right place. I am Chad Busby, the owner of Busby Antiques in Oviedo, and I buy silver from folks across Orlando, Winter Park, Lake Mary, and the rest of Central Florida every single week.
Some people walk in with a coffee can of grandma’s old quarters. Others bring me 100-ounce bars they bought ten years ago and want to cash out. The process is the same either way, and so are the rules of the game. Let me walk you through it.
TLDR Summary
- Silver pricing starts with the live spot price. Most fair buyers pay 90 to 98 percent of melt value for common silver.
- Junk silver means circulated U.S. coins minted in 1964 or earlier. Each $1 face value holds about 0.715 troy ounces of pure silver.
- Florida charges zero state sales tax on gold and silver bullion as of August 1, 2025.
- Biggest mistakes people make: cleaning coins, selling rare pieces as junk, going to pawn shops, and taking the first offer.
- At Busby Antiques, I test, weigh, and pay cash on the spot. Appointments only. Text Chad at (407) 529-6952.
How Silver Pricing Actually Works
Every silver buyer worth their salt prices off the same thing: the live silver spot price. That is the going rate per troy ounce on the global commodities market, and it changes by the second during trading hours. You can check it any time at Kitco or APMEX.
Here is the part most people miss. I do not pay full spot. Nobody does. A reputable buyer pays a percentage of the spot price, and the percentage depends on what you are selling. The reason is simple. I have to refine it, resell it, cover overhead, and still keep the lights on. Anyone telling you they pay the full spot price is either lying or burying the gap elsewhere in the deal.
Here is a quick guide to typical payouts I quote at Busby:
| Silver Type | Typical Payout | Notes |
|---|---|---|
| American Silver Eagles | At or above spot | Very high demand, easy resale |
| 1 oz silver rounds and bars | 95 to 98 percent of spot | Common brands trade close to spot |
| Junk silver (pre 1965 coins) | 90 to 95 percent of melt value | Priced by weight, not face value |
| Sterling silver flatware | 70 to 85 percent of melt | Refining cost is higher |
| Numismatic coins | Full retail or higher | Rarity and grade beat melt every time |
For real-time context, silver hit an all-time record high above $121 per troy ounce in late January 2026 before correcting sharply, according to Trading Economics. Through spring 2026, it has been trading roughly $70 to $90 per ounce, which is still well above where it sat for most of the past decade. Always confirm the live spot price the morning you plan to sell.
The Three Kinds of Silver People Bring Me
Most folks who walk into the shop have one of three types of silver. Knowing which kind you have changes what to expect on your offer.
1. Silver Bullion
Bars, rounds, and modern bullion coins like American Silver Eagles, Canadian Maple Leafs, and Austrian Philharmonics. These are priced almost entirely by weight and current spot. Easy to value, fast to pay out.
2. Junk Silver Coins
Do not let the name fool you. There is nothing junky about junk silver. It is a nickname for circulated U.S. dimes, quarters, half dollars, and dollars made of 90 percent silver before 1965. Jefferson nickels minted from 1942 to 1945 are 35 percent silver. Half dollars from 1965 to 1970 are 40 percent silver.
A $1 face-value bag of 90 percent silver contains roughly 0.715 troy ounces of pure silver. Multiply that by the current spot price and you have a baseline value before any premium or discount is applied.
3. Numismatic and Collectible Coins
These are the wild cards. A 1916 D Mercury dime, an 1893 S Morgan dollar, or a key date Liberty Seated piece can be worth hundreds or thousands of times their silver weight. This is why I never let someone sell numismatic coins as junk silver without a second look. I have seen folks lose four figures because they did not know what they had. If you are not sure what you are sitting on, my guide to what your antiques are worth walks through how I assess value.
The Five Biggest Mistakes I See People Make When Selling Silver
I have been doing this a long time. These are the mistakes that cost people real money.
- Cleaning the coins. Please stop. That dark tarnish you think is ugly is called patina, and serious collectors will pay extra for it. Polish a Morgan dollar and you can knock half its value off in under a minute.
- Selling rare coins as bullion. Bagging up everything you find and walking into the first buyer for melt value is how families lose serious money. A good buyer sorts your pile and flags anything with collector value before quoting.
- Going to a pawn shop. Pawn shops are not silver buyers. They are lenders. Their job is to flip stuff fast, so they offer well below melt to leave room for resale. Stick with antique shops, coin dealers, and bullion buyers.
- Taking the first offer without comparing. Call two or three buyers before you sell. Honest dealers will not flinch when you tell them you are shopping the offer. I prefer it. It shows me you take this seriously.
- Not asking how the offer was calculated. Any real buyer should be willing to show you the math. Weight on the scale, current spot price on the screen, percentage they pay. If a buyer cannot walk you through it, walk out.
What Happens When You Bring Silver to Busby Antiques
Here is the exact process at my Oviedo shop.
- Text me first. I see customers by appointment only because I am usually working with someone or out on a house call. Send a text to (407) 529-6952 with a short description of what you have. Text works better than calling because I can answer between customers.
- Bring your silver in. No need to sort or polish. Bring a photo ID since Florida requires me to log every precious metal transaction.
- I test and weigh it in front of you. I use a calibrated scale and quick authenticity checks. You watch every step. I pull up the live spot price on screen so there are no surprises.
- I give you a written offer. Breakdown by item, weight, percentage of spot, and total. You can take the deal, counter, or walk. No pressure either way.
- I pay you cash the same day. For larger transactions, I can do a check or bank transfer if you prefer.
Florida Tax Rules That Apply to Silver Sales
Good news for Florida sellers. As of August 1, 2025, Florida fully exempts gold, silver, and platinum bullion from state sales tax. The old $500 threshold is gone. U.S. legal tender coins were already exempt before that change.
Two things you should still know:
- Federal capital gains tax may apply if you sell silver for more than you originally paid. The IRS treats precious metals as collectibles, which carries a different rate than regular investments.
- Cash transactions of $10,000 or more trigger IRS Form 8300 reporting by the dealer. This is not a tax. It is paperwork required by federal law.
For the official rule on bullion, see the Florida Department of Revenue TIP 25A01-03 and the IRS Form 8300 reporting requirements.
How to Get the Most Cash for Your Silver
A few tips before you bring silver to any buyer.
- Check the spot price the morning of. Prices can swing 2 to 5 percent in a day. Bookmark Kitco’s live silver chart.
- Sort by type. Bars in one pile, junk silver in another, sterling separate, and anything that looks rare or graded in its own group.
- Bring everything. A forgotten coin in the corner of the box can turn out to be the most valuable piece in the lot.
- Skip pawn shops. Around Central Florida you have antique stores like Busby Antiques in Oviedo, The Coop Antiques, and coin dealers in Winter Park. Get a couple of quotes and pick the buyer who shows the math.
- Do not feel rushed. A trustworthy buyer will hold an offer so you can think on it.
Frequently Asked Questions
How do I know if my silver coins are valuable?
Check the date and the edge. U.S. dimes, quarters, and half dollars minted in 1964 or earlier are 90 percent silver. The edge of a silver coin will show a solid silver stripe with no copper band. Beyond silver content, rarity, mint mark, and condition all add value, which is why I recommend bringing the whole lot to a buyer who can sort the bullion from the collectibles.
What is the difference between junk silver and bullion?
Junk silver is circulated U.S. coins that hold value mainly for their 90 percent silver content. Bullion means bars, rounds, or modern coins like American Silver Eagles that were minted as an investment product. Both are priced off the spot price, but bullion usually pays a slightly higher percentage because it is easier to resell.
Should I clean my silver before selling it?
No. Never. Cleaning can wipe out the patina that collectors prize and ruin numismatic value. Bring your silver as is.
Do I need an appointment to sell silver at Busby Antiques?
Yes. I see customers by appointment only so you get my full attention. Text me at (407) 529-6952 with a short description of what you have, and I will set a time that works.
Will I pay sales tax when I sell silver in Florida?
You will not. As of August 1, 2025, Florida fully exempts gold, silver, and platinum bullion from state sales tax regardless of the transaction size. Federal capital gains tax may still apply if you sold at a profit.
How much can I get for a 1 ounce American Silver Eagle right now?
After silver hit an all-time high above $121 per ounce in January 2026 and corrected into a $70 to $90 range through spring, a single Silver Eagle typically commands at or above spot when sold to a reputable dealer. Larger lots may earn a small premium. Always check the live spot price before you sell.
Do you buy gold coins and bullion too?
Yes. I buy gold coins, bullion, and jewelry every week. See my guide on where to sell gold coins near you, my comparison of selling gold coins vs. gold jewelry, and how to tell real gold from fake.
Ready to Sell? Text Chad Today
If you are sitting on a coffee can of old dimes or a safe full of silver bars, I would love to take a look. I am Chad Busby, and I have been buying and selling silver across Central Florida for years. You get my honest opinion, a transparent offer based on the live spot price, and cash the same day.
Text Chad: (407) 529-6952
Email: busbyantiques@gmail.com
Store: 838 Eyrie Drive, Suite 1060, Oviedo, FL 32765 (by appointment only)
Serving: Oviedo, Orlando, Winter Park, Lake Mary, Altamonte Springs, Winter Springs, Casselberry, Apopka, Maitland, and Mount Dora
Learn more: Gold and Silver Buying | Selling Antiques in Florida | Antique Appraisals | About Chad | Contact Us
Now you know what to expect when selling silver in Florida, and you have a trusted local buyer ready to help you turn it into cash.
