Did you know that you could be sitting on a small fortune in those discarded boxes in your attic filled with Grandma’s jewelry or that dusty old coin collection? What about that vintage bracelet, or those unused silver cufflinks? Three factors play centrally into the value of your silver: type, quality and condition. Selling your silver is easier than you may think, and it could garner you a respectable sum. It’s good to have an idea of what you have before going into your local dealer to make a sale.
Quality Stamps
One helpful tool in identifying what type of silver you are holding onto is searching for the marks or stamps inlaid on your silver item. These markings can be small enough that you need a magnifying glass to see them, but they are essential in determining the value of your object.
Because silver is an element, it is combined with other metals to create the types of silver most commonly used in finished silver jewelry or silverware, along with most other silver objects. Without the combination of other metals such as copper or nickel or gold, silver is too malleable and fragile to hold up over time. Quality stamps will tell you what kind of silver you have in your possession.
Understanding the Price of Silver
In order to get the best price for your silver, you are going to want to keep track of the spot prices. A spot price is how much an asset costs to buy on the market, and it can change from day to day. The price of your silver pieces will fluctuate with the rise and fall of the spot prices. You will want to sell your silver when the spot prices are high in order to obtain the most value for your goods.
Pure Silver
The price of pure silver is known to be higher than other forms of silver because of its high silver content. More accurately dubbed “fine silver”, is marked .999, which indicates that it consists of 99.9% silver, the other .01% being trace elements that are of no significance. That said, its value is also based on what kind of form it is in. For example, fine silver earrings may garner a higher price than silver fillings.
Sterling Silver
Sterling silver is comprised of 92.5% silver, combined with 7.5% copper, nickel or steel. Hence the marking 925. On its own, silver is too malleable to forge objects of any lasting quality. These other metals help to make sterling silver durable and lasting and allow for the luster and shiny finish for which it is so well known. The result is a silver that is harder than fine silver but still soft compared to other metals.
Sterling is the jewelry quality standard in the U.S. and in most other world markets. The most common quality marks are .925 and Stg.. You can expect it to go for the spot price or slightly lower. Because it’s commonly crafted with precious or semi-precious gems, it can fetch an even higher price.
There is a huge market for sterling silver flatware. Check the condition and the stamps on your flatware. Depending on its age, wear, and commonality, your flatware could receive just below the spot price for silver.
Silver Bullion Coins & Bars
Though not classified as legal currency by the government, silver bullion coins and bars are of significant interest to serious silver investors. They are mass-produced and intended to be traded as a product, which is why they tend to be sold at the spot price or slightly lower.
Silver Coins
Despite their reputation as “junk silver”, pure silver coins minted before 1960 are not at all that. Not only can they garner similar prices to bullion coins and bars, but you may have some currency coins in your possession that are extremely rare and that will fetch an attractive premium.
Ask the Experts
At Gold Rush Colorado Springs, we guarantee you a solid, comprehensive consultation, answering any questions that you have along the way, as well as the highest possible payout for your silver. Our experts are equipped with the current spot prices and well-versed in gold, silver, and other precious metals. We are eagerly awaiting your arrival so that we can set about putting you at ease and making you the highest offer on your silver.
