How Do I Sell Silver to the U.S. Mint?

The U.S. Mint purchases precious metals from large, commercial suppliers. However, the private individual can return mutilated silver coins to the U.S. Mint for redemption at scrap metal prices. "Uncurrent" coins can also be received by Federal Reserve banks, which ship the uncurrent coins to the U.S. Mint.

Examine your silver coins. If they are in excellent condition, then they are not suitable for being treated as "uncurrent" or "mutilated." Indeed, if they simply count as being "current," then they cannot be returned as uncurrent, nor does it make sense to treat them as mutilated. Only worn corns are uncurrent or mutilated.

Sort the coins based on the categories of "current" or "worn."

"Worn coins" have wear of a certain level, including the wear of being chipped or fused. Determine if the level of wear is so great that the denomination cannot be read. Then the coin is to be classified as "worn." Indeed, if there is any difficulty with determining the denomination, that is typically grounds for the "worn" classification. And, as mentioned, chips or fusion results in this classification. Coins that are not "uncurrent" or "mutiliated" fall into the category of "current" or "fit for circulation." If the coins are not worn, and so are not chipped, fused or unreadable in machine-counting, then they are current.

Sort the coins classified as "worn" into "uncurrent" versus "mutilated." Uncurrent coins are classified as "worn." However, uncurrent coins should still be machine-countable, and their "genuineness" and denomination must still be apparent. Otherwise, they are to be classified as "mutilated." According to the U.S. Treasury, "coins that are chipped, fused and not machine-countable are considered mutilated."