Identifying Valuable Silver Items in Your Home
Search your house for silver treasures by heading to areas where they are collected. Check the drawers, shelves, basements, attics, and storage units. Look out for:
Sterling silver flatware and serving pieces: Sterling silver (92.5% pure) is good for scrap. Knives, forks, spoons, platters, bowls, candlesticks, and more are priced well. Check for “sterling” or “.925” hallmarks.
Silver-plated items: Trays, goblets, and silverware with silver plating can be sold, even if they are less valued than sterling. Looking for “silver plate,” “electroplated silver,” or “EPNS” indications.
Old coins: Collectors prize pre-1965 for their high silver content. Examine coin books for silver content and worth.
Jewellery: Sterling silver or valuable semi-precious stones may be used in antique pendants, brooches, and cufflinks. Before selling, get expert jewellery appraisals to determine silver and gemstone content.
How to Calculate the Scrap Value of Your Silver
First, assess the purity and weight of your silver to establish its scrap value. Sterling silver (.925) is 92.5% pure.
Find silver’s market price next. Check trustworthy commodities market websites like Au Bullion or Kitco. The ounce rate is the price, therefore convert your silver purity to a decimal and multiply by the item’s weight in ounces. The market price of an 8-ounce,.925-purity item at $20 per ounce is computed as:
.925 x 8 ounces = 7.4 ounces of pure silver
7.4 ounces x $20 per ounce = $148 scrap value
Due to processing and profit margins, dealers’ scrap values are lower than retail prices. They may offer 60-95% of silver’s melt value. For the best deal, get bids from numerous purchasers.
Locally Sell Silver Scrap for Top Dollar
Jewellery Stores: Many jewellery retailers buy gold and silver. Find out whether local retailers buy scrap silver and at what price. To see whether they want your silver, describe its sorts and quantities. Jewellery stores pay somewhat less than coin shops but are handier.
Pawn Shops: Pawnshops lend money and acquire old things, including silver. Contact local pawn shops to find out their live market silver scrap purchase prices. Silver coins, bars, jewellery, and more are available.
Coin Dealers or Silver & Gold Dealers: Before visiting their store, check online or phone for current buy pricing and minimums. Your silver will be tested and weighed on-site for a quick cash offer.
Know the offer and costs before selling somewhere. Selling locally lets you be paid in cash without shipping. Silver prices are rising, making scrap profit more profitable than ever.