Sterling silver, it is such a beautiful metal that we have. It is classic, beckons the moonlight, and has qualities that define myths. I think it is safe to say that most of us love a gorgeous sterling silver item. Silver coins and other silver pieces can be an asset, yet how much are they worth?
There are several factors that determine how much your sterling silver is worth.
The price a pawn shop can offer you for silver is based on the following factors:
The purity or fineness; 925 or 999 is the most favorable.
The weight; a Troy ounce weighs in at 31.1034 grams.
Current spot price; This one is tricky, but not really. Let’s look at the details.
As an example:
Assuming you want to sell a sterling silver item that weighs 30.5 grams. Sterling silver is 92.5% pure silver, and your item contains 28.2 grams of silver (30.5 grams x 92.5%). At the time, the current spot price of silver is $24.16 per troy ounce, and it then works out to $0.78 per gram ($24.16 divided by 31.1034). Thus, the value of that silver is $22.00 (28.2 grams x $0.78 per gram).
The item you’re selling has value, and of course, the sentimental value or collectibility of the piece of this precious metal can make a difference. Sometimes, it can actually be worth more as a collector’s piece than the sterling silver it contains. As you will know, there is no price for sentimental value.
Well, come to find out, there are several ways. Whether you have antiques or are looking to purchase new sterling silver items from your local pawn shops, here are a few ways to check.
The first one: Weight test
Silver is known as a dense metal, so its weight should be proportional in relativity to its size and diameter. The weight standard of a silver dollar coin is 26.73 grams, and a silver bar is between 930 and 1,080 ounces. Take this an idea from these weight standards to compare that to your silver piece lives up to the name.
Number Two: The lighter test
Choosing a rather inconspicuous area of your jewelry piece for this test is important. Heat the area moderately with a lighter, and watch for the reaction. If you are lucky, a dark black stain means the metal is authentic silver. You can also use matchsticks to do this. Look for that dark stain, then you know. I actually tried this on one of my bracelets, it works! You can rub it with a small amount of vinegar to remove the stain, though a soft cloth will usually work also.
Number Three: The Bleach Test
Another way to tell if silver is real is to perform a bleach test! Take a cotton swab, dip it in sodium hypochlorite (household laundry bleach) and then rub over the silver object. A genuine silver item will quickly react with the bleach and turn black.
You have a piece of silver jewelry and are looking to potentially pawn it. What can you expect?
First – Take the Leap
It is weird to go to a pawn shop for the first time. It can be awkward the first time you walk in and bring your item to the counter. Rest assured, if the shop is reputable, the associates or pawn broker will know their stuff. They can assess the value of your item, and depending on your needs, give you an amount they are willing to pay.
Second – Negotiate
Did you know that you can actually negotiate the price of silver or any item, including gold, that you are trying to either pawn or sell? Just do some research and check on the current price of silver jewelry or any other item you are looking to drop off at the pawn shop.
Third – Watch, Look, and Listen
When you do take in silver jewelry or coins, be sure your pawn shop broker does a satisfactory inspection of the item, including all testing to ensure that you are getting the proper value for that item.
Of course, there are a few things to remember when you are looking at selling silver or maybe just pawning it.
You want to look at the current market value for silver to gauge what you can potentially get for your silver item or silver jewelry.
The higher percentage of your silver in your jewelry or coins will definitely get you the best prices, so be sure to test and do your research on the item you have.
Silver is undeniably valuable, and as we continue to use this natural resource, we need to remember that once it is gone, we will have to come up with additional precious metals that can take its place.
The estimated value of silver varies from day to day.
As of writing this article, the current actual value is at $19.62 USD per Troy ounce. Keep in mind, just as gold or platinum metals, this can vary from day to day. Keep an eye out on the open market to ensure you get the best value for your item.
Now that you know a few things…
You have beautiful silver coins, a piece of silver jewelry, or even an heirloom. You might want to take it to a local pawn shop to get an idea of what you can expect. Just be sure you trust the shop and have read their reviews.
Parker Pawn and Jewelry in Fayetteville, NC
Parker Pawn offers the best pricing on gold and silver in the Fayetteville, NC areas. They have a trained team who are experts in buying, selling, and pawning gold and silver. There are several locations around the area, plus an eBay site that you can visit. Located at 2 stores in Fayetteville and 1 in Spring Lake, NC, you will have no problem visiting this local pawn shop. Check them out, as they offer competitive spot price of silver coins, jewelry, and even gold items.
Like most pawn shops, Parker Pawn shops pay more for pure silver, pure silver bullion, and for items that the silver content is high. They also buy, sell, and loan against other precious metals. Depending on the market conditions at the time you want to make a deal, Parker Pawn will offer you the best price.
The market for precious metals, gold, and silver is change wildly. From day to day, the market value changes.
Remember to sell silver when the market value is high, and buy when the market value is low.
Parker Pawn and Jewelry also accepts luxury items, name brand watches and electronics, musical instruments, and fine jewelry. The greater demand for the valuable items you want to part with, the more money they will pay.