Selling scrap silver
Over the years numerous stories have appeared in the papers about lucky folks who discover precious metals in their lofts and attics which were left behind by parents and grandparents. Many of us even have old silver around the house. At a time when the price of silver is increasing and some experts are of the view that it could soon touch $30 an ounce, you can make some quick cash by selling off this scrap silver.
But how does one go about selling scrap silver? Indeed, there are newspaper adverts from dealers who offer cash for your scrap silver. But, is this a viable proposition? In this article, we’ll look at some of the basic things you need to know if you intend to sell your scrap silver.
Know your prices
Silver is traded around the world at spot prices. Each troy ounce of silver will command a spot price on a given day. It’s important for you to look at these prices before you walk into a dealer shop or contact an online dealer about selling your scrap silver. If you don’t know the trading price of silver in the first place, you’re likely to be short-changed.
Separating your silver
Getting ready to sell your silver is a process during which you should separate the different items of silver that you have. For example, if you have silver coins it’s important to segregate these from the rest of the silver that you plan to sell. Do a bit of research about the coins that you have, as some of them may have numismatic value. If you sell your valuable silver coins at scrap prices you’re losing a lot, so a bit of homework usually goes a long way.
In the same way, you need to separate out your junk silver, including bits and pieces of old and damaged silverware that maybe in your house. Sterling silver, silver plated artefacts and pure silver are different things. So it’s important that you determine what you have before you rush off to get a price for them. There may be different marks on your silverware, which could give you an indication whether your silver is Sterling or plated. For example, the letters EP often stands for electroplated and the letters EPNS denotes electroplated nickel silver. There may even be a number indicating the purity.
Keep your silver unpolished
Many people don’t know about this, but leaving you’re silver unpolished is likely to fetch you a better price. It’s true that your silver may look shiny and new when you polish it, however, the polishing process may damage the silver and erode the surface, devaluing it in the process. If you feel the need to clean it at all, it’s best to use a jewellery polishing cloth.
Finding a buyer
It might be a good idea to take your silver to a professional dealer if you know one, to get an appraisal on the price of the silver you’re about to sell. You can check the website of the British Numismatic Trade Association (BNTA) to find a reliable dealer. Physical gold is a reputed BNTA approved, online dealer and our team of experts will be happy to help you out on this.
Always shop around and check the different offers that buyers are giving you. If you have silver coins, you might consider visiting a coin show in order to sell your collection. You could definitely get a much better price for your coins at an event like this. Similarly, if you have silver items of value, it might be worth visiting a high-street pawnshop to see what they offer. Another way to get a good price for your items is to list them on eBay and auction them. If any of your items are valuable, it’s likely that buyers on eBay would pick up on this and bid against each other, raising the price.
Talk to our precious metals experts before selling your silver
At Physical Gold, we love interacting with customers just like yourselves. Our precious metals team can help you identify the items of value that you may have in your possession, without knowing it. Call us now on 020 7060 9992 or drop us an email via the contact form on our website. Remember, the time and energy that you spend now in doing your homework before selling your silverware could reap you higher dividends. Happy selling.
Image credit: Wikimedia Commons