If you happen to have unused, unwanted, or inherited silver lying around, you may be unknowingly sitting on quite a bit of cash. Silver is a valuable precious metal, and it can be found in everything from old coins to cufflinks and fine jewelry. Once you’ve decided that your silver pieces are no longer serving their purpose, the best way to put them to good use is to sell them for cash. Local dealers will be delighted to evaluate your pieces and offer you a payout based on their quality and condition. It’s easy to sell your silver, but before you head to your buyer, it’s important to understand the key factors that impact how much your pieces are worth.
Hallmarks of Quality Stamps
Hallmarks of quality stamps are marks or stamps that are often inlaid on your silver that indicate what type of silver the item contains. If you don’t immediately see them with your naked eye, don’t worry. In many cases, these marks can only be observed with a magnifying glass, the information they display is key to understanding the value of your item.
Silver is an element, which means that it is commonly combined with other metals before it is used to produce items like coins, silverware, or jewelry. Pure silver is far too soft to hold up to any amount of use over a prolonged period, so alloys that include copper, nickel, or gold are often preferable. The hallmark of a quality stamp on your piece will indicate the purity of the silver in your item and the number of other metals that have been used.
Determining the Price of Silver
The price of silver, which is frequently referred to as the spot price, fluctuates constantly throughout the day. The current spot price of silver will have a significant impact on how much you expect to receive for your silver pieces. It’s ideal to try to sell your silver when spot prices are at their peak.
The most valuable of all silver is pure silver, also called fine silver. Hallmarks on pure silver will typically read .999, which refers to the fact that it contains 99.9% silver. The value of pure silver is further impacted by the form in which it exists. For example, silver fillings may be less valuable than fine silver earrings.
Sterling Silver
Made up of 92.5% silver and 7.5% copper, nickel, or steel, Sterling silver will usually have a hallmark or quality stamp of .925 or 925. Sterling silver is a popular form of silver because pure silver is incredibly malleable and therefore very delicate. Adding additional metals ensures that silver is more durable so it can withstand far more wear and use. Sterling silver often goes for slightly below spot price.
Silver Coins
Though current silver coins may not contain enough silver to be considered valuable, there are several coins produced before 1960 that are made from pure silver. These coins have the potential to be quite valuable, not only for the silver they contain but for their rarity. Many of them can be worth far more than the value of their silver, up to $2,500 for a rare variety of American Silver Eagle coins.
Gold Rush Is Your Trusted Source to Sell Your Silver
After deciding to sell your silver, Gold Rush is ready to guide you through the process step by step. Our team prides itself on providing a discreet, professional, and comfortable experience that begins with a free consultation. We’ll answer all of your questions before we offer you the highest possible payout for your silver items. If you choose to accept our no-obligation all-cash offer, you’ll receive your payment right on the spot.
For more than a decade, Gold Rush has been the go-to source for those looking to sell silver, gold platinum, diamonds, and other precious metals and precious stones. Our team of specialists holds the highest industry certifications in precious metals, diamonds, and gemstones. When you’re ready to sell, you can count on Gold Rush to answer all of your questions and provide world-class customer service backed by genuine expertise.
