Selling silver for cash is similar to selling gold and can be done through pawn shops, online companies, local dealers, or auctions. It’s important to research the value of the silver item and check for hallmarks indicating the amount of silver present.
Although many people are familiar with the concept of getting cash for gold, silver is also a precious metal that can be sold for a profit, although it is less valuable than gold. Getting cash for silver involves a process similar to selling gold. One of the most popular ways to get cash for silver is to walk into a local pawn shop and have the silver appraised. Many pawn shop owners resell silver to refiners, and this means easy access to cash for those with silver items.
Many companies that buy silver now advertise on television and online. Most of these companies advertise the purchase of gold, however, they will also purchase silver, diamonds, and certain items made from other materials. When doing business with a company that advertises online or on television, be sure to get a kit or at least a written agreement that outlines the responsibilities of the buyer and seller. Most companies will cover shipping costs, and if the price offered for silver is unacceptable to the seller, the company must return the items free of charge.
Another way to get cash for silver is to contact a local dealer or auction house. Dealers will often be able to assist in the sale of silver coins, bullion, cutlery, and serving sets. Be aware of the fees the dealer will charge, and of course, do a background check on the dealer before handing over precious silver items.
Online auctions are another avenue for those who want the most cash for silver. Ebay is a popular option for many sellers; however, the market is so vast that sellers should do some research first and find out who else is selling similar items and how much they are selling them for. Keep in mind that shipping costs, insurance, and auction fees can decrease profits, so plan accordingly.
When selling cutlery or coins, a seller should have simple background information on the items before accepting cash offers. To get the most cash for silver requires the seller to know what the face value or approximate value of the silver item is. By knowing this information, a higher price can often be negotiated.
Most silver is weighed in ounces, and it is best to have access to a scale to record the weight of the silver. To verify that a piece of jewelry or silverware actually contains a certain amount of silver, look for one of the following marks in very small print: Sterling; Sterling silver; 800; 925; 925/1000; or 999. These are known as hallmarks and indicate the amount of silver present, which then helps determine the value of the silver item.
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