How To Make Cash From Silver
Silver is a precious metal that has been used as currency for tens of thousands of years. It has been used to make cutlery, coins, jewellery and much more. It used to be quite famous in the olden days and was commonly used for making jewellery embedded with stones and gems. These days, silver has lost some of its charms and has been replaced by platinum. Despite that, it has actually gone up in value. Due to this reason, many people who have had silver ornaments and jewellery in their families for generations have actually started selling it to get hefty amounts of cash. There are many different ways to sell silver for cash.
Some banks these days buy silver for cash. Other generic options, of course, include pawn shops, jewellery shops, and various online stores.
Things to Know Before Selling Silver
Here are a few tips and tricks you should know about before you sell your silverware, jewellery or scrap silver:
- Know What You Are Selling
This is an important point because many people willing to sell are handed down the silver from a family member and they are unaware of its true value. Sometimes they sell it for much cheaper than the actual value, whereas other times they overestimate the value and do not get high enough offers.
There is a market price of silver that changes every day but apart from that, the silver is divided into various categories which will all fetch different prices.
- Bullion coins fetch the highest price because they are extremely pure silver (.999 to be exact) and they hold extra value as they are government minted coins. You get paid for the value of the silver as well as the value of the coin which makes them the best value you can get for silver.
- Silverware and cutlery made from Sterling silver sell very well too. It is 92.5% pure silver along with other metals in the mixture to provide it with strength. Many such items have great antique value and they sell for a great premium over the market price. If there is no history involved, then they are usually sold at the melt value.
- Silver bars are also as pure as bullion coins but they hold no significance other than that. They fetch a good price due to purity as they are later melted to make jewellery or coins. They sell at exactly the melt value but no premiums are involved.
- Junk silver consists of US coins that were produced before 1965. They do not fetch a very high price and generally sell at melt value or just below it.
- Rare artefacts or collectables made of silver can sell for high value. Rare or special edition collectable coins made of silver sell for huge premiums as well. The shine, quality, and age of the coins can determine the exact value they sell for. If you think that you possess a unique silver coin then you can submit it to a coin grading service that will let you know the history as well as the exact value of the coin. That way, you will know exactly what price to look for when you are selling.
- Scrap silver would fetch the lowest price out of all the types because all of it would be melted and turn out into a form that would be sellable. To turn it into bars or jewellery, the process of melting would be used which would cost money as well. To save on that, buyers purchase scrap for quite low prices.
- Where to Sell Your Silver?
As mentioned, there are plenty of buyers out there that pay cash for silver and other precious metals. Some of your options are as follows:
- Any Local Pawnshop
The pawn shops are the easiest and fastest way to sell your diamond for cash. They pay cash up front and the deal can be done in minutes. Pawnshops generally pay less than actual value but if you have a silver item that is unique and has some historic value, pawnshops may actually pay a good amount of money for it. If you have a centuries-old coin that is very rare, expect to get good money for it from a pawnshop. You can also try a coin shop or a local coin collector as they might pay even better for a unique silver coin.
- Central Banks
Banks have been known to buy silver as well. They do it for two reasons. Firstly they save gold and silver in their reserves. Secondly, they use it for the production of coins as well.
- On Your Own Online
You can also try selling silver online on sites like eBay. Online marketplaces are quite dependent on luck. You might sell in a short time for a great amount of money or you may not get a very good bid for a long time. You can try your luck but there are definitely better options.
Sell To London Gold Centre
London Gold Centre is one of the best options to sell silver. You can sell silverware, utensils, jewellery, coins, bars and scrap silver for the best price on the market. They have trusted buyers with an easy buying process. Your items would be inspected for quality and then you will be given an offer. The payment is made within a day and they provide the best prices. Here are some frequently asked questions about the London Gold Centre that may help you out as well:
- Any Local Pawnshop
London Gold Centre FAQ
- What Is A Better Investment, Gold Bullion Or Silver?
We believe that a diverse portfolio is the best way to go as it reduces risk to a great extent. Silver has volatile prices which is great as a short term investment which can be sold as soon as profit comes. Gold, however, is used as a defence by investors against different economic factors, which may be useful in the long term.
- What Makes London Gold Centre The Best Option To Sell Silver?
We give the best-guaranteed prices on the market with no hidden fees or charges. We believe in customer satisfaction and smooth processes.
Cash for Silver
Want to sell your Old Scrap Silver or Silverware you have come to the right place. We specialise in valuing antique silver to give the best value for your item. If the item does not have an article value it would be bought for Scrap Silver.