If you’ve got a stash of old silver coins, jewelry, or even broken chains lying around, now might be the right time to turn them into cash — or maybe not just yet.
Silver prices in Canada surged to $50 per ounce this week, more than doubling over the past five years, and some analysts believe there could be even more upside ahead.
Why Silver Is Soaring
While gold has dominated headlines, silver has quietly staged its own bull run. According to David Erfle, founder of Juniorminerjunky.com, silver crossing US$35 marks a “technical breakout.” The last time that happened was in 2011 — and within six weeks, silver soared to its all-time high of around US$50.
Beyond being a safe-haven investment, silver is also in high industrial demand for solar panels and electronics, which is helping to push prices higher.
A 2024 report by the Silver Institute revealed global demand exceeded supply by 15%, and that gap is expected to continue in 2025.
Is It Time to Sell Your Silver?
If you’re sitting on pre-1967 Canadian dimes, quarters, 50-cent pieces, or silver dollars, you’re sitting on real silver value.
Here’s how much silver these coins contain:
- Silver Dollars (pre-1967): ~0.6 troy ounces
- 50-cent pieces (1920–1967): ~0.3 troy ounces
- Quarters (1920–1966): ~0.15 troy ounces
- Dimes (1920–1966): ~0.06 troy ounces
To estimate a coin’s value, multiply the current spot price of silver by the coin’s silver content.
However, some coins — like the rare 1948 silver dollar, with only 18,780 minted — have higher collectible (numismatic) value beyond the silver weight.
If you decide to sell:
- Deal with reputable coin or bullion dealers who pay close to the spot price.
- Research before selling — avoid buyers offering well below market value.
- Check the Canadian Association of Numismatic Dealers (CAND) for trusted professionals across Canada.
And remember, capital gains tax may apply if your profit exceeds $1,000, according to Scotiabank.
If you want to lock in profits and have no emotional or collectible attachment to your silver, now is a good time to consider selling.
But if you’re optimistic about silver’s long-term potential — especially with ongoing global supply constraints — holding on a bit longer might pay off.