If you’ve decided that it’s time to sell your old silver or unwanted valuables, you may not be sure of the best place to start. It’s easy to collect the silver that’s lying around your house in boxes and junk drawers, but taking the necessary steps to sell your pieces can feel overwhelming if you’re new to the process. You may be surprised to learn that decluttering your home by selling your silver is very easy, and bringing home cash in its place makes the experience all the more exciting. Before you bring your silver pieces to your trusted local dealer, you will first want to educate yourself about how silver is evaluated so that you can be sure to get the best price.
Get to Know Your Silver
The first step to securing the best possible price for your silver is developing an understanding of the items you have. There are several different types of silver, and it exists in several forms. You’ll want to learn a little bit about the silver items you intend to sell, whether they are silver coins, bars, or jewelry, so you are knowledgeable enough to be confident speaking with your dealer.
Sterling Silver and Pure Silver
Silver items are typically made from either sterling silver or pure silver. While pure silver is more valuable, it is not necessarily the most practical material for producing jewelry or other types of silver goods. Pure silver contains 99.9% silver, but it is incredibly soft and malleable, meaning that it is not durable enough to withstand wear and tear from regular use. Items made from pure silver are likely to bend and lose their shape. Items made from pure silver will often have a hallmark that says .999 or 999, and you will want to look for this mark before taking your items to a buyer to be sure of what you have.
Sterling silver is the ideal alternative to pure silver. Sterling silver contains 92.5% pure silver and 7.5% other metals, typically copper, nickel, or steel. Sterling silver is far sturdier than pure silver, and though it is slightly less valuable, it’s far more practical. Sterling silver is commonly used in the production of jewelry as well as silverware and serving trays. Hallmarks on items made from sterling silver will typically say .925 or 925. Sometimes you will encounter items that are silver plated, which are generally considered worthless save for any sentimental value.
Silver Bars & Coins
Many coins are produced from silver, and while the majority are only worth their face value, some silver coins can be worth quite a bit. Silver coins are not only valuable for the metal from which they are made, but rare coins are incredibly valuable to coin collectors. For example, one specific type of American Eagle coin can fetch up to $2,500 apiece. A great rule of thumb is the rarer the coin, the more it is worth.
The government does not consider bullion silver coins, rounds, and bars to be forms of legal currency, however, that does not take away from their value. Serious silver buyers will attest to silver as a sound investment.
Keep Your Eye On the Price
The spot price of silver fluctuates from day to day, and sometimes minute to minute. Before you bring your silver to your trusted local dealer, be mindful of the current spot price. While prices have continued to trend upward overall, you want to avoid selling when prices dip. Instead, keep a watchful eye on spot prices and sell when the spot price of silver reaches a peak.
Get the Best Price for Your Silver at Gold Rush
When you’re ready to sell silver and other precious metals that have accumulated, you need to look no further than Gold Rush. For more than a decade, Gold Rush has made delivering excellent customer service and the highest possible payouts the most important priorities. Our team prides itself on delivering discreet, comfortable, and professional service and our consultations are free. If you decide to sell, you’ll leave with your cash payout in hand. Our specialists are looking forward to serving you!
