Selling silver can be very profitable.
Silver is a precious metal that is readily available and part of both jewelry and electronics. This availability means that if you can collect it and sell your silver, you can make a good profit.
But the question remains, “Where is a good place to sell silver that will not take advantage of me?”
Where to Sell Silver? Best Silver Buyers
Before you go out to search a map for “best places to sell silver near me,” check out these online options that will get you much better rates.
CashforSilverUSA is a silver refiner. This means they will take whatever silver you give them and melt it down for the raw materials.
Anyone who has broken jewelry, silver scrap, or any silver items to sell can benefit from their services. CashforSilverUSA is owned by CJ Environmental, a well know precious metals recycler.
If you are looking to sell a piece of silver jewelry or other fine silver that has more value than just the metal, then you should look at the next company on this list.
Worthy partners with anyone looking to sell their high-end jewelry or watches.
If you have silver jewelry or a silver set diamond engagement ring, you will do much better allowing Worthy.com to sell it for you.
Worthy.com will receive your silver jewelry, appraise it, take professional pictures, and place your item up for auction on their marketplace. This will allow you to get the top price from multiple silver jewelry buyers.
The whole process with Worthy is very transparent, and you even have an opportunity to decline to sell after the auction.
A pawn shop is always going to be an option and they will get you cash faster than any other option.
The problem with selling locally is that you are typically dealing with a business that will sell your silver to a refiner, who will process it and sell it to another company for sale. That’s three middlemen between you and the final sale.
Each one takes their cut, and you get left with less.
How Selling Silver Online Works
For all of the silver buyers we listed, the process is pretty similar. It works in three steps.
Send in Your Silver
Legitimate online silver buyers will send you an envelope or printable shipping label so you can send your silver to them for evaluation.
To do this, you have to fill out their contact form with your personal information. They will either send you a shipping envelope in the mail or package up your shipment with their paid-for label.
These options will be insured to make sure that if anything happens, you get paid for your sliver.
Get Offer for Your Silver
Once the company receives the package, they will evaluate your silver and either make you an offer or, in the case of Worthy, place it up for sale.
This offer is usually good for a specific time, giving you plenty of time to accept or decline.
Payment or Return
Once you have your offer, you can accept it and receive payment (usually within 24 hours) or decline the offer and receive your silver back.
Any company that doesn’t give you this option isn’t legit and should be avoided.
How Much is Silver Worth?
Silver prices are changing all the time, varying every day on the exchanges.
If you are weighing your silver on a home scale, make sure you understand that silver is measured in Troy ounces, not standard ounces. Troy ounces are slightly heavier than standard ounces (31.1 grams compared to 28.3 grams).
As of the writing of this article, October 2, 2019, the value of a single troy ounce of pure silver is $17.31.
Is Your Silver Real?
Check the Stamp
Real precious metals will frequently have a stamp on them, indicating the purity of the metal. This three-digit number will be the percentage.
As we mentioned before, sterling silver is 92.5% pure, so it would have a stamp of 925.
Real silver is not a noticeably magnetic metal. So if your silver is attracted to a magnet, it is not real silver.
You can purchase a silver acid test. This test has different colors to determine how real your silver is.
Bright or dark red, and you are dealing with pure silver or sterling silver. Brown is 80% while green is 50% (both of these will be silver plating). Other colors indicate some different type of metal is present and not real silver.
Tarnishing is an indication that you are dealing with real silver. If you can polish your silver piece to look nice and shiny again, then it’s real. If the fogginess or discoloration remains, then it’s a fake.
Look for peeling, metal layers, and discoloration. All of these are an indication of a piece not made of real silver.
Silver does not have any sort of smell to it. If you smell sulfur or some other weird aroma, you’re dealing with a fake.
Metal that is bumpy or lacks smoothness is not silver. Silver also is not a super strong metal, so a bit of flexibility should be expected.
The Value of Your Silver
Now that you know the approximate price of silver and that your item is real, you need to figure out the value of your silver.
Sterling silver is the easiest to calculate because the stamp tells you precisely what you need to know. Since 925 represents 92.5% silver, you can simply multiply .925 by the current price of pure silver.
Using our benchmark price, we take $17.31 x .925 and get $16.01 if you have one troy ounce or 31.1 grams of sterling silver.
If you don’t know how pure your silver is, then your best bet is to ship it off and get the price from one of the silver buyers above.
Types of Silver Popular with Buyers
Pretty much any silver that is actual silver is popular with silver buyers. The easiest items to sell are:
Even if what you have is not listed here, there is a market for all things silver.
Selling Silver for Cash Bottom Line
Silver is one of the easiest metals to sell. It’s well known, popular, and easily recycled into other products.
Whether you sell your silver on a market like Worthy.com or to a silver buyer like CashforSilverUSA.com, you can get a solid return for your silver items.