3 Facts You Should Know Before Selling Silver

If you have silver items, such as silver jewelry or cutlery, that you would like to sell to obtain some much-needed cash, then you should learn more about the silver buying and selling process before you sell your silver. Many new silver sellers are surprised to learn that their silver items are more or less valuable than expected when they do not understand how the value of silver is determined or just how much pure silver the average silver item contains. 

Read on to learn three facts you should know before selling silver to ensure you and the silver buyer are satisfied after your first silver trade. 

1. Spot Price Is Rarely Offered by Silver Buyers

Many new silver sellers calculate how much money they think they will be offered for their silver items by multiplying the weight of these items in troy ounces by the current silver spot price. While silver spot price is the current purchase or sale price for immediate, or on the spot, delivery of silver, most silver bullion dealers will only offer a silver seller about 95 percent of spot price or less. 

Since these sellers run businesses that have many overhead costs, many would not earn a steady profit if they gave all silver sellers the full spot price. 

2. Sterling Silver Is Not Solid Silver

Some silver sellers expect more for their sterling silver valuables than they are truly worth because they think that sterling silver is made of 100 percent pure silver. However, the truth is that sterling silver is only 92.5 percent silver, so the value of a sterling silver item is determined by multiplying its weight in troy ounces by 92.5 percent and then multiplying this number by the current spot silver price. 

Other silver items, such as silver coins, are also not typically 100 percent silver and are instead a mix of silver and other metals, so always keep this fact in mind when estimating how much a silver buyer may offer you when selling these items. 

3. Some Silver Types Are More Valuable Than Others 

While the pure silver content of an item plays a role in just how valuable a silver item is, some silver types are simply more valuable than others, regardless of their pure silver content.

For example, Argentium silver, which is a type of silver that contains 92.5 percent pure silver is typically considered more valuable than sterling silver because this silver type is rarer than sterling silver and is produced in a way that limits tarnishing. 

If you are new to selling silver, then keep these three facts in mind as you prepare to make your first silver transaction. 

About Me

Save Money on Clothing by Learning How to Accessorize

I love fashion, but working at a non-profit facility means I don't have the income to spend on a huge wardrobe filled with the latest trending clothing items. I know there are other fashion-lovers like me on tight budgets, so I wanted to start a blog to share my tips for feeling like a "fashionista" on a shoestring budget. Most of my posts will discuss what I love and helps me create many looks with just a small clothing wardrobe -- jewelry! My friends and co-workers are always amazed to learn just how many distinct look I can create with just one outfit and the right accessories, including jewelry. I stay on top of all of the latest jewelry trends, so I plan to discuss those along with general tips for choosing jewelry and creating great looks with it. Come back often for some fashion inspiration!