The price of silver has continued to increase over the last decade as the demand has grown faster than silver supplies. Since demand for silver is high, it has become a valuable commodity in today’s market.
If you have any damaged jewelry, coins, silverware or any silver pieces tucked away in a drawer or closet, these items can be sold and turned into cash.
What is Scrap Silver?
The term “scrap silver” is used for items that are damaged, unwanted, or has little collector value.
Silver can be found in jewelry, flatware, tableware, coins, decorative pieces, and many other items. Instead of discarding the pieces as junk, the silver can be sold and melted down to be processed for medical, industrial, and emerging technologies.
Determining the Value of Scrap Silver
When you find a buyer or dealer who will purchase scrap silver, they will first need to test the item(s) for the amount of silver to determine its worth.
If your item is hallmarked, it will provide the amount of silver in the piece.
It has become a law in the US and the UK to put a hallmark on both silver and gold jewelry when produced. In silver, the most common hallmark is STERLING or .925 in the US and the Lion Passant if made in the UK. The hallmark is translated to 92.5% silver and 7.5% alloy. Alloy is needed both in gold and silver in order to shape it into jewelry or decorative pieces.
Silver is priced per ounce. To determine the value of silver, you can check live price charts online. Being aware of the price of silver will provide an estimated price for the value of your item(s).
Remember, like gold and other precious metals, the price on silver does change.
Where to Sell Scrap Silver?
Once you are ready to sell your scrap silver, the next step is to locate a buyer. Its important to find a buyer who will give you a fair price and one you can trust.
When you decide to sell scrap silver, or any precious metals, it’s important to know some information for your own protection before selling:
- current price of silver,
- how much silver you have, and
- where to sell your silver scrap
Selling scrap silver can be rewarding and profitable.I just wanted to get a little feedback on my services with Silver and Gold Exchanged. I was very please with the overall service. I loved the fact that shipping was paid for and that I was able to just print the label offline. This made the service quicker. Was very pleased that I received an email right away with my offer, and that all I had to do was reply to the email stating my decision and payment option. Silver and Gold Exchange, in my eyes, keeps their word and offers outstanding services. And if I get a hold of any scrap silver or gold, I will be sure to use this company again. Thanks again for a wonderful experience. Thanks, – Tiffany K., Mentor, OH
Silver and Gold Exchange has earned a reputation of being one of the top precious metal buyers in the United States. We have been in business for years and give personalized service to all our clients. We have worked hard to maintain our reputation of being honest, fair, and giving top rates for precious metals.