Who Buys Scrap Silver
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Some jewelry shops might buy scrap metal in the form of old or broken silver jewelry, then turn around and sell it to a refiner (which means you miss out on some of the profit). Before you sell, check your silver jewelry for markings and weigh your item to determine how much silver it contains.
Like medals, most modern trophies are made of bronze or brass, but older trophies and other awards made before about 1970 might contain solid sterling silver, which is worth 92.5% of the spot silver.
While many people are familiar with purchasing and selling off scrap gold, not as many people are aware that scrap silver is another lucrative and less tapped market. Depending on your interest level, it's possible to make some spending money selling off your spare silver or start a full-time scrap silver business with scrap you purchase.
The best way to avoid being manipulated by silver buyers is to arm yourself with as much knowledge about the value of silver scrap as you can. Figuring out the value of silver scrap requires people to apply the most current silver spot price to their silver scrap. The silver content of scrap silver can vary from item to item, so it is important to accurately identify the amount of silver in an item before searching for a silver buyer.
Various kinds of coins also hold value as scrap silver. Collectible coins are easy to identify, as they are often purchased by the collector with their silver content in mind. But it can be easy to forget how many non-collectible silver coins are in circulation in the United States. As a general rule of thumb, any U.S. quarter, nickel, or dime minted by the U.S. mint before 1965 will contain about 90% silver.
However, be careful when selling old silver coins for under melt or scrap price. Some coins, especially rare editions or special mints, can be worth far more than simple scrap value. We recommend that you become acquainted with key date lists for the main types of pre-1965 circulated American coins.
Other types of silver, such as jewelry or flatware, is just a bit more tricky. The trouble with selling non-coin bullion is that it can be difficult to figure out exactly how much silver is contained in a given item. Some silver will be marked with a number (such as 925) to represent the percentage of pure silver it contains. However, these stamps can sometimes be inaccurate, and some manufacturers might not include them on their silver pieces at all.
It might be helpful to test to see whether or not your items are really made of silver before trying to sell scrap silver near me. You can do this either by approaching a local silver distributor and requesting an appraisal or by using your own silver detector. These devices are fantastic investments, especially if you plan to frequently sell silver or silver scrap.
There are many different places where we can sell scrap silver near me. Local coin dealers, coin shows, and pawn shops are three very common options. The advantage to selling silver at these local places is that it comes with an extremely human touch. Looking your buyer in the eyes and negotiating directly with them is a wise way to do business.
Online bullion dealers are another popular modern way for people to sell scrap silver near me. This is a great option for silver collectors who live relatively far away from local silver scrap buyers. Some small mints and collectible coin/bar distributors will often offer to purchase gold and silver scrap from people.
A: We recommend starting out with your LCS (local coin store), coin forums like Silverbugs and other local coin or jewelry distributors. Dealing directly with these kinds of companies might allow you to work out a better deal than larger silver buyers might be capable of offering. Online retailers are also popular ways to sell scrap silver.
Our biggest piece of advice is for people to know the worth of their junk silver before looking to sell it for scrap. Weighing the pieces out and multiplying this weight