The true price of silver
The price you pay for physical silver may be higher than the silver spot price given by our calculator. The silver spot price is dictated by paper contracts that trade on the COMEX and other major futures exchanges. These contracts may have little or no relationship with actual physical silver bullion inventories. For example the total open position of silver contracts on the COMEX are approximately nine times as large as the total physical inventory of the COMEX and about 156% the world's total mine production.
The table below give you the approximate markup you will pay when buying silver.
You can find more information on comparative silver prices here.
This useful calculator will tell you if your coin is silver.
A neodymium or rare earth magnet can be used to test for silver. Although silver cannot be picked up with a magnet, there is a different reaction between a rare-earth magnet and pure silver as opposed to the reaction to adulterated silver.
You can trade silver futures using social trading.
The best way to buy silver is in a form that you can use and enjoy such as jewelry or tableware. It is no more expensive than buying coins or bars.
More example the spoons and jewelry in this picture weigh 5.9 grams and costs $200. The markup over the melt value is less than you would pay for a quarter ounce coin and you have the additional advantage of being able to actually use them rather than just keep them in a safe.
If selling silver, a refinery will give you about 90% of the melt value of the metal.
You should check the quality mark on your silver to find out the purity.