It is possible to make extra cash by selling your silver.Maybe you have old sterling silver jewelry pieces that you don't wear anymore, or you've been hanging on to your silver coin collection and want to get rid of it.There are many options for finding a buyer.Before you sell your silver, make sure you're happy with the price.
Step 1: You can separate your silver into coins, collectibles, sterling, scrap, or junk.
Knowing what type of silver you have will help you choose a strategy for selling it.Most silver is either bullion coin, rare coin or collectible, scrap silver, sterling or flatware, or junk silver.You can find a seller for each kind of silver if you separate them.If you have a rare coin, it's most likely part of a collection or hobby.Junk silver refers to all of the extra change that was issued before 1965, made of 90% silver.
Step 2: Determine if your silver is plated or sterling.
sterling silver is worth more than plated silver, so you want to sell it.To find out if your silver is sterling or not, check to see what it's labeled as.The silver is sterling if it says "sterling."The silver is plated.The purity of sterling silver is 92.5%.When talking about plated silver, there are two words that come to mind.
Step 3: Keep your silver clean.
If you want to sell your silver so that it looks shiny and new, it's a good idea to polish it first.If you need to clean up your silver, use a jewelry polishing cloth.
Step 4: You can research the value of your silver on the internet.
If you have an idea about how much silver is worth, it's better to sell it.When it comes time to sell your silver, this will allow you to make the most money.You can get an online valuation of your silver for a small fee.
Step 5: If you know a professional that appraises silver, you should take it.
If you want to get your silver assessed in person, take it to a pawn shop, jewelry store, or similar dealer.They should be able to tell you how much silver is worth.The International Society of Appraisers can help you find a professional.
Step 6: Compare prices with potential buyers.
If you want to find out who's going to give you the best price for your silver, do some comparison research.You can do this by asking people you know for recommendations, checking the Internet for respectable buyers, or calling the businesses themselves and asking how much they pay per ounce.
Step 7: You can sell your silver at a pawn shop.
Pawn shops are popular for selling silver.Pawn shops are great because you get paid on the spot, but you won't get a good price for your silver unless it's really valuable.If you have quality items, such as sterling jewelry, firearms, or a nice watch, visiting a pawn shop could be the right choice for you.If you have quality coins or sterling silver jewelry, you can check out the price estimate at a coin shop or jeweler.
Step 8: If you have silver coins, you can go to a coin show.
If you go to a coin show, you could end up being very pleased with your sale because they're full of dealers and experts interested in your coins.If you want to sell your silver coins, you need to research when and where the nearest coin show is.It's easier to sell complete sets of coins than just a few from a random collection.It's easier to sell at a coin show if you have a lot of coins.
Step 9: You can sell your silver to an online dealer.
Many people prefer to sell their silver online because of the hassle of visiting a dealer in person.You can easily compare prices with several different buyers if you sell your silver online.If you want to ship silver through the mail, you should research online dealers.Kitco is one of the popular online dealers.If you're planning on working with an online dealer, make sure you have a manageable amount of silver because shipping a huge amount through the mail can be expensive.
Step 10: If you have a lot of silver, you can sell it to a refiner.
Smelters and refiners pay you according to the weight of your silver.If you have scrap silver, it's best to take it to a refiner.Smelters usually pay well, but they prefer large amounts of silver.If you have less than 10 ounces of silver, you should choose a selling option other than a refiner.
Step 11: Private buyers look for silver in your local newspaper.
Private buyers will sometimes look for silver.Private buyers are more likely to pay a good price for silver items than other options.If any private buyers are looking for silver, check your local newspapers or online ads.
Step 12: If you want to know how high the bids will go, sell your silver on eBay or an auction.
There's a wide audience for online auctions, and your silver could sell for a high price due to multiple bids.It is possible that it could undersell during an auction.You can try out an auction if you have unique silver items.The seller will usually get a commission from the auctions.If you want to sell your silver on eBay, you should contact a professional silver matching service.
Step 13: Before selling, you should research all of your options.
Sell your silver slowly.If you want, you can take the time to research your options and get several different appraisals.The buyer will be more likely to give you a better price if you know what your silver is worth.Make sure you're happy with your decision when the time comes to make the sale official.When dealing with rare coin buyers, hagling isn't always a good idea.If you want to try to get a better price for your silver, name it higher than what you'd actually like to make.