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Selling Silver Jewelry For Cash: How to Price and Sell Scrap Silver Jewelry

By Edited Nov 13, 2013 1 0

I Need Money Now: Sell Silver For Cash!

Want to sell your silver for cash?  No matter what condition your silver jewelry, silver coins or silverware is in, you can pretty much get some kind of money for them by selling them to a pawn shop or selling them to someone who buys silver jewelry for their scrap metal value. Selling silver for cash could include selling just about anything that has a high silver content, usually the silver has to be more than 90  percent pure silver.  Collecting silver scraps and selling them is a relatively simple process so if you are doing it just to get emergency cash or it you are doing it as a steady source of income, you could do well either way.


How Do I Collect And Price Silver?

Sterling silver items are usually marked "sterling silver", even on jewelry there is something that indicates that the jewelry is pure silver content. The price of silver, just like the price of gold fluctuates continually, to the prices varies almost daily.  You can collect silver from friends, family, flea markets, getting a metal detector and going metal hunting, or  by "picking" which is the profession of collecting other people's "junk" and reselling it to pawn shops, recyclers, auction houses or selling them at flea markets or even online. 

To price  your silver, you will need a gram scale and an online silver calculator such as the one on silverrecyclers.com. Weigh the silver in grams, then in the online silver calculator, enter the spot price, weight in grams and the purity of the silver you want to sell.  The calculator will tell you how much your silver is worth.  You can use this silver calculator the person you are selling your silver to, will do the calculation based on their variables. But you should have a general idea of what your silver is worth before you approach a dealer so that you don't get robbed.  Silver recyclers and jewelry shops may only offer you pennies on the dollar for your scraps, however, you may get a higher price from pawn shops or if you sell them yourself online.


Who Do I Sell My Silver Scrap Metal To?

Who buys silver scraps? Just about all pawn shops, silver recyclers, coin dealers, silver refineries and even medical manufacturing companies. You can also decide to sell your own silver scraps on your website or another online auction site such as Ebay, or Etsy.

It is up to you what you do with your precious metal after you collect it.  You can try different avenues and see which one works best for you.  You can make good money dealing in this precious metal and it can be a fun activity for the whole family to get involved in. 

You can start out doing it as a hobby and slowly grow your businesses over time to realize a great and stable income stream. However, if you need emergency cash now, your best bet is to sell your precious metal scraps to a pawn shop or sell it yourself to an online bidding store.  Make a list of all the pawn shops in your area and test each one to see who will give you the best deals and who you feel comfortable dealing with.  When you are in this business, you need trusted alliances, so now is the time to start making them.

Establishing your precious scrap metal business can be a very rewarding experience and you will learn a great deal in the process. Make sure you keep accurate records and you will need to know the daily quote for the precious metal you are dealing in, so you will need to find a reliable source for that.  Other than that, all you need is a gram scale, a precious metal calculator and the will and the drive to succeed.




Silver Recyclers: Precious Metal Calculators





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