Did you know that there could be hundreds of dollars gathering dust in your kitchen cabinet or that old jewelry box in the attic? Whether it's an antique tea set or vintage bracelet, selling your silver goods is a quick and easy way to make a little extra cash.
It's essential to keep in mind that not all silver is made equally. Depending on the type, condition, and quality, the price of silver will vary. Read on to learn just how much your silver might be worth.
Understanding the Price of Silver
It may surprise you to learn that the price of silver varies day-to-day. To get the most out of your silver pieces, it's essential to keep an eye on the spot prices.
A spot price is how much an asset costs to buy on the market. Being aware of trends and selling your silver when the spot price is high is the best way to get the most out of your silver.
The Price of Pure Silver
Pure silver tends to be more expensive than sterling silver due to its higher silver content. However, that value can vary depending on what form the pure silver is in.
Silver Bullion Coins
Also known as investment coins, these pure silver coins are minted by specific organizations, either privately or by the government. They were mass-produced and designed to be traded as a product. If you have bullion coins you would like to sell, expect to make the spot price or a bit lower.
Silver Bullion Bars
Operating similarly to bullion coins, silver bullion bars serve as a means of trade and investment. Unlike bullion coins, they are a little less valuable because they aren't as aesthetically pleasing.
Any pure silver coin minted before 1960 falls into the category of "junk silver." Don't let the name dismay you, as junk silver can garner prices similar to bullion bars and coins. Some currency coins are extremely rare and may get you a higher price.
The Price of Sterling Silver
Sterling silver is pure silver mixed with other elements to strengthen the metal. Pure silver is too soft and malleable to craft jewelry or flatware, making it necessary to mix it with more potent elements like copper or steel.
Most sterling silver is comprised of 92.5% pure silver and 7.5% other metals. It will be marked with a 925 to differentiate it from other metals.
Sterling Silver Jewelry
One of the most lucrative aspects of sterling silver jewelry is that it's often crafted with precious or semi-precious gems. The combination of gemstones and high-quality silver can fetch a high price. It's incredibly important to sell to a reputable buyer when dealing with gemstones.
For sterling silver jewelry, expect to get back the spot price, or perhaps a little less.
Sterling Silver Flatware
This is one of the most prevalent markets in the silver industry. Factors like age, ware, and commonality can impact the price of flatware. If it's in good condition, expect to receive just below the spot price for silver.
Ask the Experts
When selling your pure or sterling silver, be sure to vet your buyers. Some may try and lowball the price of silver or lack the knowledge to differentiate between the investment silver you're trying to sell.