Silver is an extremely valuable metal, yet many homes contain unwanted silver items. Check your closets, attics and basements to see if you have any old medals, pins, jewelry or silverware lying around. Silverware can be quite valuable so be sure not to discard anything unnecessary!
Silver coins minted before 1964 contain 90% silver and are commonly referred to as junk silver. These coins are primarily valued for their silver content rather than their numismatic value.
How to Sell Your Silver
If you have outdated or broken silver items that are no longer useful, you can sell them for cash. Broken necklace chains, rusted spoons or earrings, even an old gold watch that you no longer wear can all be turned into valuable scrap silver.
Before selling silver, it’s essential to research the current market value for silver. Doing this can help protect you from being taken advantage of by unscrupulous silver buyers.
In general, the value of your silver is determined by its spot price on that day. You can check this rate by visiting an online precious metals website.
Another excellent source for silver is a coin shop. However, these establishments must make a profit, so they won’t give you the retail price for your items.
Pawn Shops
If you’re short on cash or just want to make some extra money, pawn shops can be an excellent place to sell your scrap silver. Before visiting one however, be sure to familiarize yourself with the process and current silver prices.
Pawn shops will take your item, inspect it thoroughly and then issue a pawn ticket with all the loan information – such as interest rate, repayment term and other terms.
However, sometimes the terms given may not reflect what an item is actually worth in the market. That’s why many people take out loans at pawn shops that they cannot afford to repay.
When possible, avoid visiting a pawn shop altogether. Instead, search for an online buyer who will purchase your silver from you. Doing so allows for easier shipping via mail and more valuable prices on your items.
Online Buyers
If you have an abundance of silver scrap, it may be worth selling to a buyer. You can search for silver scrap buyers online or in your neighborhood.
These dealers usually offer competitive prices for coins, rounds and bars. It is essential to consult multiple coin retailers before selling your items in order to guarantee you receive the highest possible price for your items.
These dealers are ideal for high-value silver objects, such as broken or damaged jewelry. While it may take more time to sell your precious metals, you could potentially earn a higher price for your precious metals. You can buy silver bullion Perth from Gold Buyers Melbourne.
If you don’t have a lot of silver to sell, consider visiting your local pawn shop. They usually offer lower prices than coin dealers but may be an easy alternative if you live close by one.
Testing
There are various methods you can use to test whether your scrap silver is genuine or fake. Some are straightforward and easily done at home, while others require professional assistance.
Nitric acid testing is an enduring method that ensures silver purity. Simply file away some metal surface and drop some drops of nitric acid onto it – if the silver turns creamy white, you know for certain it’s pure silver or sterling silver.
Bleach is another straightforward way to test your silver. Unfortunately, this destructive process could damage the item being tested.
To determine whether your silver is authentic, have it tested by a professional. Most specialists dealing with precious metals use spectrometers or XRF detectors which provide near instantaneous measurements of metal content and composition. These instruments are highly reliable and don’t cause any physical harm to the items being tested.
