Does it make sense to sell silver?
If you have silver bullion, silver jewelry, silverware, or other silver items lying unused, you might be able to turn them into quick cash. When you sell silver jewelry, coins or other items at your neighborhood pawn shop you receive instant cash. Precious metals such as gold and silver are always in high demand, so you can sell silver items to a pawnshop whenever you want to and get a good price for them. If you wish to know how much you can expect the pawnshop to pay for your silver items, this guide is for you.
Factors that determine the price when you sell silver
Purity of silver
The most important factor that determines the price of silver is purity. Silver is normally available as sterling silver or fine silver.
Fine silver or pure silver contains 99.9% silver and .01% trace elements. Most silver bullions are of .999 purity.
On the other hand, sterling silver is .925 silver or 92.5% pure silver. This means that 92.5% of it is pure silver and the remaining 7.5% is other metals such as zinc, nickel, or copper. Copper is the most commonly used metal as it does not discolor silver.
The price that you get for your silver jewelry or silverware will essentially depend on its purity. You will obviously get a higher price for 99.9% pure silver compared to 92.5% or 90% pure silver.
Weight of silver
A simple way to calculate the value of silver is to multiply the number of ounces of silver you have by the current spot price. This may not be the exact price you get from your pawnbroker, but you will get an idea of the upper limit of what you can expect to receive by selling your silver. Again, you will need to determine the purity of silver first. The spot price that you see is the price of silver of 999 purity. So, you will need to adjust the weight and purity to get an idea of what price you can expect.
Example: You have a sterling silver jewelry piece weighing 60 grams that you wish to sell. The effective silver weight would be 55.5 grams. Considering the spot price of silver is about $22 per troy ounce, the highest estimate you can have in mind is $22X1.78, which equals about $39. Now, this is the intrinsic value of the silver, not necessarily the price you will get for your sterling silver jewelry. The pawnbroker has to take several costs into account when making a purchase so they will make cuts and adjustments before offering a price they think is fair.
A jewelry piece or artifact that is unique or antique would definitely command a better price compared to something that is very basic and common. When negotiating a price with your pawnbroker, keep this in mind. Silver bullions and bars have a much better resale value compared to silver jewelry because of their purity and high demand.
If you have some silver items or jewelry pieces that you wish to sell, visit your neighborhood pawn shop. However, make sure you choose a pawnbroker that is reputed and has been around for at least a few years. Please be assured that selling your silver items to a pawnshop offers the most convenient and easy way to earn some quick cash.
Do you have the need or desire to sell silver coins or jewelry. Contact us, we’ll give you a good price.
