Who Buys Scrap Silver
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.
who buys scrap silver
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 by the percentage of silver will yield the approximate silver content of a piece, and multiplying this number by the spot price of silver results in an estimation of its value.
There are numerous places to sell scrap silver. Local pawn brokers, coin collectors, and bullion companies are popular options that allow you to closely work with your buyer to negotiate the best possible price for your stock. Another option is to sell silver to online companies specializing in precious metals. Online dealers can also often work directly with you to determine a fair price.
Be sure to check all of your silver coins for valuables before selling them for their scrap price. All coins minted prior to 1965 by the United States Mint contain 90% silver content. But some coins, especially pristine editions minted before 1935, can be worth far more than their price in silver.
Hero Bullion provides an environment that is informative and safe for those looking to own physical gold and silver bullion as an investment. We love helping folks at all stages throughout their bullion journey making progress towards acheiving their financial goals. Whether you are a seasoned bullion investor or brand new to the game of gold and silver bullion ownership, we're here to help and serve you in any way we can.
Furthermore, I also buy scrap from customers and fellow jewelers. Buying metal for scrap price is a huge cost saving over buying new wire and sheet. With large projects, especially gold, using scrap saves me a lot of money in materials costs.
The first and most important point is to identify your metal and keep it pure. As you work, collect all your offcuts in clearly labeled pots. Do not mix metals or karats. Keep your work area tidy. Use a tray under your bench peg to collect filings and offcuts. Sweep it out after each job, storing the scraps in the appropriate container.
Top tip: - if you are recycling low karat gold like 14k or British 9ct, add a small touch of 18ct or a few pieces of new casting grain. Likewise, with sterling silver scrap Jewellery add a few grams of 999 silver. This is to keep the purity up and allow for any solder in the items (especially chains), which when melted may bring the overall purity down a little.
Be aware that lobster catches, bolt rings, and certain cufflink backs, have tiny steel springs inside them. Cut them open and remove the springs. Test your scrap with a magnet to check there are no steel springs anywhere. Likewise, remove any stones or other non-precious metals.
Top tip. I highly recommend the Smiths multi jet nozzle, below. Two versions are available one for use with propane, and one for use with acetylene. The casting nozzle will allow you to melt several ounces of silver or gold in just a couple of minutes.
Use a ceramic crucible, with lots of flux (borax). I chip a few pieces off my borax cone and add them to the silver as it melts. (Or you can spray your scrap with liquid smart flux). This helps to trap the impurities and helps the metal flow together. As the silver melts use a solder pic, ideally a tungsten or titanium one which can stand the heat. Stir the molten metal to mix it all together and rake the pick through to pull out any stray springs.
Pepetools also offer a range of specialist rollers for making oval, triangular, and rectangular strips. Including D shape and comfort fit oval strips, ideal for making wedding rings. Coupled with the Pepetools ring shank bender and Pepetools wedding ring stretcher/ reducer, you can very quickly turn your scrap into finished wedding rings. Remember too that they also offer a range of texture sheets, to turn your ingots into beautiful, patterned sheets, strips, and patterned wire. Adding style to your designs and adding value to your (previously scrap) material.
We buy scrap in any form; sell us your scrap silver for the highest settlements. We buy silver from jewelry, silverware, dentistry, photography, electronics, mirrors and optics, medical, and industrial applications.
We are buyers of silver overstock scrap including; coin silver, silver shot, silver contacts, silver flake and silver rejects and obsolete items. We buy silver bearing material from clients throughout the United States who want to silver scrap direct to the refiner. We buy jewelers sweeps and jewelers polishings containing silver.
Items like jewellery or silverware are made in sterling silver, and contain 92.5 % silver and 7.5 % alloy (copper or zinc), to make them more durable. These include jewellery, silverware, plates, platters or coffee sets.
The best way to assess if a silver spoon or a piece of cutlery is made of sterling silver is to give it a little flex. If it bends easily, it is made of one piece solid 925 silver. In the contrary, if it is very rigid, it is likely to be silver plated.
Welcome to the Scrap Silver Calculator, a handy online reference tool brought to you by the Australian Coin Collecting Blog. Here you can determine the bullion value of any scrap silver by weight when you know the fineness of the silver. This could be silver coins, silver forks or spoons, or that silver tea pot you picked up from the market or your grandmothers estate. Simply weigh your silver items, enter the weight into the calculator and select the fineness of the silver from the drop-down box and the calculator will give you the current silver value calculated from the current silver price and exchange rates. Make sure to read the paragraph at the bottom of this page entitled "Before you Use the Silver Calculator".
The scrap silver value calculator is particularly useful if you have bulk scrap silver coins you want to value. Here's what to do, simply sort into fineness, for example US 90% silver, weigh your coins and enter the mass in grams, ounces, or troy ounces and select 'Coin Silver (900)' from the silver purity dropdown. This eliminates the need to value coins by denomination and allows you to calculate the silver scrap value by weight. Here's some other sorts of bulk scrap silver coins you could value by mass:Pre 1946 Australian Silver (925 fine silver)
Post 1946 Australian Silver (500 fine silver)
Pre 1921 Great Britain Silver (925 fine silver)
1921 to 1945 Great Britain Silver (500 fine silver)