Everyone who is in business needs to make a profit. This makes it difficult for the average person to buy silver at the spot price, which is the current price quoted on the Comex. Dealers buy at the spot price and then must sell the silver at a premium in order to make a profit. There is an exception to this rule. You can use this exception to your advantage to buy silver at the spot price or very near to it, but it requires that you have cash in hand and that you are at least somewhat adept at negotiating prices.
Study the silver market. Learn everything you can about current prices and price trends. Keep in mind that the spot price of silver can change from minute to minute during the trading day.
Obtain cash. The only way to buy silver at the current spot price is if you are prepared to pay for it with "cash on the barrel head."
Contact several large local coin dealers and let them know that you are interested in buying old silver coins at the best price possible and that you are prepared to pay immediately in cash.
Go to the coin dealers who indicate that they are prepared to sell old silver coins at or near the current spot price. Take a calculator with you. Old coins are approximately 90 percent silver, so 100 ounces of old coins is equivalent to 90 ounces of pure silver.
Negotiate your best price. It is only natural that the coin dealer will want to receive as much as the market will bear. Let the dealer know that you are prepared to pay the spot price in cash, immediately.
Find another dealer if the first dealer will not meet your price. Keep up to date with the current price for spot silver if you are trying to make your purchase during a trading day, as the price can vary considerably from hour to hour, even from minute to minute.
It is not unusual to pay 1 to 7 percent over the spot price, even if the dealer is hungry for cash.