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Scrap Silver

What is Scrap Silver?

With the price of silver riding high, particularly when viewed over the long term, finding and selling scrap silver is a great way to make some extra money. Many people have some scrap silver hidden away in the back of an un-emptied drawer, which can be taken to a dealer and sold on for hard cash.

When people talk about scrap silver, what is really meant is anything made of silver that no longer has a worth for its intended use. Most commonly this will be old, now unfashionable jewelry. Bracelets, rings, cufflinks, and the like that are no longer used, or perhaps are broken and irreparable, that contain silver will have real value when melted down (sometimes called the melt value).

A tip here: if you are scrapping jewelry, then remember to remove the stones before taking them to the silver dealer (he’ll only be interested in paying for the weight of the silver).

Old sterling silver tea sets, cutlery, and plates – even old trophies – may be unwanted. Why not srap them and sell them to a silver dealer?

Even some clips, pins, and wire have silver content. Instead of throwing them in the waste bin, throw them in a scrap silver bin instead. Soon your scrap silver will mount up, and this can then be sold for melt value.

And there are lots of other items that can be gathered together and sold as scrap silver. What about that old watch that doesn’t work anymore? And that picture frame that Aunt Mary bought for your wedding, and you’ve never used? Tankards and cups, old coins, pens, cigarette lighters…the list is almost endless!

How do you know its silver?

A silver testing kit, costing about $50, will test for the grade of silver in your possession: the lower the grade, the lower the value. Don’t rely on hallmarks to confirm the metal you hold in your hand is silver: there are a lot of bogus hallmarks around, especially with so much counterfeit product now on the market.

So, what to do with scrap silver?

Sell it!

Most high streets have a silver dealer willing to purchase scrap silver, to melt down and resell. Then, of course, there are the online dealers, though if using one of these always ensure that yopu use a recorded delivery postal service.

The price you receive will depend upon the ‘cash price’ of silver. Then the dealer will discount this price, usually by 5% to 10% to allow for wastage in the melting down process and a margin for his troubles. Silver is measured in troy ounces (there’s 12 troy ounces to a pound), and this is equivalent to approximately 31.1 grams.

Take Care When Scrapping!

The last thing you want to do is sell an item that you believe is scrap silver, only to discover that it’s the rarest piece of jewelry in the world. The same goes for trophies, plates, tea sets… in fact almost anything that you could scrap. It’s always worthwhile doing some research into the scrap silver you possess, either at the local library or on the internet, before making that sale. It’s easy to be wise after the event, but clever to be wise before.

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